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HomeMy WebLinkAbout2443 r~ • _i ~ 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 Lender 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 payat?k upon notice from Lender to Borrower requesting payment therrnf, and shall bear interest from tha date of disbursement at the rate payable from time to time on attstanding principal under the Note unless paytnatt o[ 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 fate any action hereunder. >R. Iwsree8ow. [.ender 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. Cowdemaatba. 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 het+t:by sssigned . 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 ague 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 amcurnt of the sums secured by this Mortgage immediately prior to the date o[ 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 if. after notice by [.ender to Borrower that the condt:tnnor offers to make an award or settle a claim for damages, Borrower fails to respond to I_cnder within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at 1~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 postpcKre the Bete date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. lforrower Nof Released. Extension of the time for payment or modification of amortization of the sums secut+ed by this Mortgage granted by Lender to any successor in interest of Borrower shall not opt*ate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to comtrrertoe proceedings against 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 Borrower's successors in interest. ll. Forbearawce 6y Leader Not a Waiter, Any forbearance by Lender in exercising any right or remedy heretmder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procttrcment 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. 12. Remedies Cawnh~F?e. 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 concurrently, independently or successively. ' 13. 3wceessors and Assigns Bound; .Ioiat and Several i.iabiNty; Captiods. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ to. the respective successors and assigns of Lender and BorroMrer. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jolty and several. The captions ~ and headings. of the paragraphs of this Mortgage arc for convenience only and ate not to tae used to interpret or define the provisions hereof. 11. Notke. Except for any notice regrtired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed to.Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall tx given by certified mail. return receipt requested. to t.endet's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided Eor in this 'I Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uaitorm Mort~e; Carerwitrg Law; Sevenbility. This form of mortgage combines uniform covenants for national use and twn-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall bt governed by the law of the jurisdiction in which the Property is located. to the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall twt affect other provisions of this Mortgage or the Ncue which can be given effect without the conflicting provision, and to this j end the provisions of the Mortgage and the Note are Declared to be severable. .I 16. lorrower's Cory. Borrower shall be furnicheD a conformed cop)• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. ,Trawler of the Property: Assnwption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders 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, z descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender i option, declare all the sums secured by this Mortgage to tx 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 Properly is to be so1J 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. Tf 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 front all ~ oblisations 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 c?f not less than 30 days from the date the notice n mailed within ~ which Borrower may pay the sutras declared due. If Borrower fails to pay srtch sums prior to the expiration of such pitied, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ Not+-UNIFORM CovENANTS. Borrower and Lender further covenant and agree as follows: x 11t. Accderatiow; Rewredia. Except as provWed io paragraph 17 hereof. Row >sorrower's Meacr of any covesad or agrceasewt of lorrowes b this Mostgagc. huclttAintg the coewawts to py whew Atse wY wws acacA rf thir Mortgage. I.ewtler prior to aceekratiow tsWll t~ tsotke to Eorr+owcr as provided Iw pragrarM 14 hercot specifying: (1) the breach: (2) the setiow - s~gwlreA >o care web 6rreacb; (3) a Aare, wet less thaw 30 days from fire elate the wotke is mailed to 1osr~ower. ~ whkb wt:b ~ F bereaeh matR 6e eareA; a¦A N) that faBrtre to cure web breach ow or bdore the dale geetOeA i. the wotire way resatt V 4 ' wecderalion of eke wr secrttreA by this Motrtgage. forectowre by jwdicW rreeeeAirtg awA sale of the h~operty. 71re wtttitx shat twrtber hJotrw liomower of the riRM to reiststale after aceelerNiow awA the rt~t b assert iw tbt torrtioage rsoceeawg the wow~e:irtewee of a AefawM or awr other Aetewse of Borrower to acceleratiow swd forecbwre. N the 6reaeh is ws+t eatretl ow or before the Attie sretiR[A i• the wotke. Lewder at I.ewder's optiow way Aetlare a/ of fbe wnr seewseA by fbls Mort=ttRe is k _ iw~g,~r Aae awl pyable witboat ftrrther demand awl way fereciae th4 Mortgage b jaAkW rrocsediag. Lender daN be swtitlcd to coYat b web prot:ecAiwg s0 e:pcases of forccloswre. iwclaAiag. 6wt ¦at IlwdteA to, aasowable rrtturReYs fen. awl cats of iae..`weMary' evidence, abstrat:~ awn title repro. 19. >serrowa's Rkbt tw Reiwstate. Notwithstanding Lenders acceleration of the sums secursd by th~a Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ ~`1~K31,8 PAGE 2437