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HomeMy WebLinkAbout2420 • Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by i.ender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting 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 payment 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. fl. lnspectba. 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 Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection 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 tite 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, ttnlecs 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 Propert}• immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned b}• 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, Lender is authorized to collect and apply the proceeds, at nder's option, either to restoration or repair of the 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 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for pa}•ment or modification of amortization of tthd sums secured by this Mortgage granted by LenJer 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 require) to commence proceedings against such successor or refuse to extent time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the orieinal Burrower and Borrowers successors in interest. 11. Forbearance by fender Not a Wai~•er. An}• forbearance h}• 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 tares 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. 12. Remedies Cumulative. All remedies provided in this Iliortgage are distinct and cumulative to any other right or remedy under this Mortgage or afiordrd by law or equity, and may he exercise) rnncurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Seseral I.iabilih•: Captions. The covenants and agreements herein comaineJ shall hind, and the riRhtc hereunder shall inure to. the respective successors and assigns of Lender and Borrower, subject to the provisions M paragraph 17 hereof. All covenants ant agreements of Borrower shall be joint and several. The captions ant 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. !a) any notice to Borrower provided for in this Mortgage shall he given h}• 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 Lender as provided herein, and (b) an}• notice to Lender shall be given by certifnJ mail. return receipt requested. to Lender c addretc stated herein or to such other address as Lender may designate by notice to Borrower as prwideJ herein. Any notice provided for in this Mortgage shall he deemed to has~e been given to Borrower or 1_cnder when given in the manner designated herein. I S. Uniform Mortgage; Governing LaN•; Severability. 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 real property. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law w this mortgage. fn 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. Borrower's Copy. Borrower shall be hirnisheJ a conformed copy of the Noternd of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of fhe PropeHy; Assumption. If all ar ant, part of the Propert}• or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding tal 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 Jeath ofa joint tenant or (J? the gram of any leasehold interest of three 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 a immediately due and payable. Lender shall have valved such option to accelerate if, prior to the sale or transfer. lender ant the person to whom the Property is to be solJ 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 ;~iorigage shall be at such rate as Lender shall request. If lender has waived the option to accelerate provide) in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by LenJer. Lender shall release Borrower from all oblieations under this Mortgage and the NMe. i If Lender exercises such option to accelerate. LenJer shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than i0 Jays from the date the notice is mailed within which Borrower ma}• pay the sums declare) Jue. If Borrower fails :o pay ,~i~h sums prior to the expiration of such period. j Lender may, without further notice ~r .3_;;;ard on isornrwer. invoke am remedies permitted by paragraph I R hereof. Norv-UNrFOa!?t Coverv~tvrs. Borrower and Lender further covenar+.t and agree as follows: ~ r lg. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secnred by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) fhe breach; (2) the action i required to cure such breach; (3) a date. not less than 30 days from the date the notice is msiled to Borrower, by which such breach must be cured; and (4) that failure fo cure such breach on or before the date.spectfied in the notke may resWt in ~ acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrow•cr to acceleration and foreclosure. If the breach is twt cured on ; or before the date specified in the notice, Lender at Lender s option ma}~ declare all of the sums secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's fees. i and costs of documentary evidence, abstracts and tilk reports. 19. Borrower's Right to Reinstate. :Notwithstanding Lender's accclcratron of the sums secure) by this Mortgage, ~ ? Borrower shall have the right to have am' proceeJings txeun by I ender to enforce this Mortgage discontinued at any time ! i f aa~i 310 YaGf z~ 4 i