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HomeMy WebLinkAbout0669 .I i , Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner provided under paragraph 2 htroof. . -y Any amounts disbursed by !.ender pursuant to tha paragraph 7, with interest thereon, shall become additional indkbtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall bt payable upon notice from Lender to Borrower rcyuesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa'yrnerrt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expense or take any action hereunder. g. Inspection. Lender may make or cause to be made reasonahde 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 Lerder's interest in the Property. 9, Condernnatbn. The proceeds of any award or claim for damages, direct or consequential, in conncetion with any 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 Properly. 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 immediately prior to'the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower. or it. after notice by Lender to Borrower that the condemnor offers to matte an award or settle a claim for damages, Bormwer fail. to recaond to 1-ender within 30 days after the date such notice is mailed, lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the ProFerty or to the sums secured by this Mortga fee. Unless I_tnder and Borrower otherwise agree in writrnF, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization 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. 1_ender shall not be required to commence proceedings againu such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Rorbesrance by Ltrsder Not a N?aiver. 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 Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. l2. Remedies Crmulatine. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Srccessors and Assigns Bound; .Joint sad Several i.iaM'1ity; Cspdoss. The covenants and agreemxnts herein contained shall bind, and the rights hereunder shall inrrrp to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph I7 hereof. All covenants and agreements of Borrower shall be joir~ and several. The captions and headings of the paragraphs of this Mortgage see for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pfOVided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mav_ designate by notice to Tender as provided herein, and (b) any notice to Lender shall he 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 Borrrnver 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. iS. Uniform Mortgage: Governing Law: Seversbility. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering eta! properly. This Mortgage shall ba gover:.ed by tF~z law of the jurisdiction it whi:.F the Property is !a` ed. In Llsx 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 eHcct without the conflicting provision, and to this end the provisions of the Mortgage and the Note are Declared to be severable. ~ 16. Borrower's Copy. Borrower shall be furnished a conformed cop}- of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trsssfer of ere Property: Asaumption. 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 (al 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, - dtsccn! or by optiaiiGt-: vs` i3ik iifivis ii z aicails isf a yi:s::i icaiaslt yr (ss'i tell: grai.ivf arty izs~:iasid it:lsszal ~f t::rY yea: ~ z' k3i not containing an option to purchase, Lender may, at Lender i 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, Linder and the person to whom the Property is to be colD or transferred reach agreement in writing that the credit of each 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, tender shall mail Borrower notice of acceleration in accordance M•irh paragraph 14 hereof. Such notice shat! provide a period of not lest than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. if Borrower tails to pay such sums prior to the expiration of such period, Lender may, without further !!Deice or demand on Borrower. invoke any remedies permitted by paragraph 1 R hereof. Nox-UtvtFOttu~r COVENANTS- Borrower and Lender further covenant and agree as follows: lg. Acceleration; Retssedla. E:cep! r provided id psragrapr 17 rcrcot, upon Botrrower's breasts of any covenswt rr agreement of Borrower b this Mortgage, fnclydirsg ere eorenants to py wren ire awy soars sectstred by tlsb Mortgage. Lender prior to aecehrs>lion sraY mail notke to Borrower as provlded in paragrspls i4 rereot specifybg: (1) ere btreacr;l2) lee actor r+egrircd to care ttocr brestcr; (3) s date. rot less trap 30 days ewes tee Gate tee tootke Y nsa8ed to Borrower, by wbklat seer breacr mtnst be erred: !rand (4) teat hflrre to ctrue serer brescr on or rdorc tic date specified V ere notice assy resrh i• sceekratbn of the seem tsectrrcd by tlsis Mortgage. toreeiosrre rT jrdkist proceedngg atni sole of tic lhoperty. The rotiee sraU fvrtlser iototrns Borrower of ere right to relsssfate after sccekrstbr sad tee rigrt to sssert ~ ere toreclosrtt proeeedltrg ere teos~e:fstence of a dettttnk or any otter ddcnst of Borrower to acceleration sad toreelowre. N the bread fr not eared ore or before the date speeiied r ere !notice. Lender at Lender's optior nary declare V of ere srtrrs scenrcd by tW Moefga1lt fe be ianscdiately die and pysbk witront trrtrer demand and nay foreclose tbis Mortgage by jndicW protteding. Leneier slop - be ettttftlcd to collect d stsefh proceeding sN arpcases of torecbsrre. inchsding, bet not ffirrited ts+, rasowable sta,rner's fees. sad costs of docs:.~nentary etrideeee, abstracts swd Iitk repels. 19. Borrowa's Right to Reirtate. Nalwithstandinf< Lenders acceleration of the sums secured by the Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time '.x~ p