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HomeMy WebLinkAbout2587 - ~ - _ Leader's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premitrars in the manner proveded under paragraph 2 hereof. - Any amounts disbursed by Lender pursuant to this paragraph 7, with iater+est ther+eoa, shag become additional indebtedness of Borrower sxured by this Mortgage. Unless Borrower~arrd Lender agree to other tertrn of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest. from the date of dhburaement at the rate payable from tithe to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shaft bear interest at the highest rate - permissibk under applicable law. Nothing contained in this paragraph 7 shag require Lender to-incur any expense or take any action hereunder. 8. laapectloa. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Progeny. - 9. Coadearrrsdoa.- The proceeds of any award or claim for damages. direct. or consequential. in connection with say condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. in the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any. paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender - otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediatety prior to the date of taking, with the balance of the proceeds paid to Bornower. If the Property is abandoned by Borrower. or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. bender is authorized to collect and apply the. proceeds. at Lender's option. either to restoration or repair of ibe Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortintion of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in-any manner. the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured b_ y this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in Interest. ll. Forbearance Iry Leader Not a Wsher Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Leader's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedks Cmm~ld_ira -All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrentty. independently or successively. 13. Saeceasors sad Aadtas boned; Ioiat and Several i.isbiBfy; Captions. The covenants and agrcerrrents herein contained shall bind. and the rights hereunder shall inure to, the respective successors and assigns of Linder and Borrower. subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (s) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by ceniHed mail addressed to Twerower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and ~ (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice .provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. j 1S. Uniform Montage; Gorerniag Law; Serery. This form of mortgage combines uniform rnvenants for national l use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform. security instrument covering real property This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. bon+ower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of throe years or less not containing an option to purchase, Lender may, at Lender s option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or- transfer. Lender and the person to whom the Property into be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option .to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on-Borrower. invoke any remedies permitted by paragraph 18 hereof. Nox-UrnFOaur Covt:xet+rrs. Borrower and Lender further covenant and agree as follows: 18. Accderatba; Remedies. Except as provided la panrtrapb l7 hereof, spots borrower's breach of say coreatmt or atreemeat of Borrower is this Montage, iaclodint the rnreaarrts to pay whets dae say sams secarei by this Montage, Leader prbr to accderstioa sbaD aril notice to borrower ss provided in paragraph 14 Hereof specifying: (1) the breach; (2) the actMa required to care snob breach; (3) a date, not leas than 30 days tram the date the notice b mailed to Borrower, by wlskb web breach mmt be cared; sad (4) that failure to core ancb breach oa or before the date specified L the aotke my rswit iw accderatioa of the arenas secaured by this Mongage, forecloanre by )sdklsl proceeding sad sak of the Progeny. 'I1re aotke shall fnnher Hrform Borrower o[ the rfgM to reinstate after accekratba sad the right to asaen is the [oreelowre proeeediag the aoa-eskteace of a default or say other decease of borrower to accekratba sad for~eclowr~e. If the breach is sot eaeei oar - or before the date specified is the aotke, Leader at header's option may declare se of the wars secared by this Morf:age b be immediatdy due asd payable witboat twther dearaai sad rosy foreclose this Mortgage by jadkW procee~¦g. Larder shat be eatltled to coUed b sack proceeding all espeoaa of fortclossre, brchrdlsg, bat sot limited to, reasoaabk attorseys fns, sad cosh of docameataq erldeoee, abstracts sad title reports. 19. lbrrower's Right to Rtieatate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at say time BooK 3~.7 ~5~33