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HomeMy WebLinkAbout2449 • ' / ~ ~ f tender's written agreement or applicable low. Borrower shall pay the amount of all mortgage insurance pt?emiutra in toes manner provided under paragraph 2 hereof. Any amounts disbursed by 1_ender pursuant to this paragraph.7~ wjth~,interest thereon, shall become additional indeMedness of Borrower secured- by this Mortgages Unless Bomptlvfar ;red Lender agree to other teens of payment. such , amounts shall be payable upon notice from lender to Borrower requesting payment thereof, and shall bear interest fr+ottr the date of disbursement at the rate payable from tune to time on outstanding principal under the Note unless pa~rment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rafts permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any experae or faire any action hereunder. Iwspertiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. providrt that lender shall give Borrower notice prior to any such inspection specifying reasonable cause theretor related to Lender'; interest in the Properly. 9. Cotsdewwatbw. The proceeds of any award or claim for damages. direct or consequential, in conrrectiow 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 1_ender. In the event of a total taking of the Property. the proceeds shall be applied to the stuns scarred by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Fender 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 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 Barrow-cr. if the Property is abandoned by Borrower. or if. after notice by lender to Borrower that the condemnor of[ets to make an award or settle a claim tar damages. &~rrower fails to resiond to Lender 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 tots Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in svritrnF. any such application of proceeds to principal shall not attend 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 stxur+ed 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 corrtrnerrce 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 arty demand made by the original Borrower and Borrower's successors in interest. 11. Forbesrawce b7' i.cwder NW s Waiter. Any fnrhearance by Lender in exercising any right or rcrnady hereunder, ar 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 shag not be a. waiver of Lender's right to accelerate the maturity of the indebtedness scarred by this Mortgage. 12. Remedks Cwmulstire. 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. Swccessors sad Assigns Bound; .!Dint and Several t.iability; _ Csptlora. The covenants and agreements herein contained shall bind, and the rights hereunder shall inrrr~ to. the respective successors and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several. The captions and headings of the paragraphs c?f this Mortgage are for convenience only and an not to tk 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 provided 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 may designate by notice. to Tender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to tenders address stated herein or to i 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. lS. Uniform Mortgage; Gorerwirrg Law; Sererability. 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 coveting real property. This Mortgage shall be governed by tlr~ 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 afied other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are Declared to be severable. i 16. borrowers 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. ,Trassfer of the rroperty; 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 (al the creation of a lien.or encumbrance subordinate to this Mortgage. (b) the creatron 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 three years or less. trot containing an option to purchase, Lender may, at Lender's option, declare ail the sums secured by thi; Mortgage to be immediately due and payable. Lender shall have waived srich option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be so1J ar 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 BotTOwer's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Harrower from all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accotdanc~ with paragraph 14 hereof. Such notice shall provide a period of raw 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. a NoN-UNIFORM CoveNaHrs. Borrower and Lender further covenant and agree es follows: li. Accelentbw; Rewedles. B:cept ss prodded in paragrspb 17 Mcreotf. nest /orsower's breach d nay tfavewawt er t agrcewewt of >:orrower V ebb Motagage. lwdrrdiag the corcwasts to pay whew sae s.y wr secrrretl y this Mortgage. I.ea/er prior to accekrattow sisLL mail wotke to borrower a prortded iw paragraph 14 hereof speeityisbs (1) the breach: (2) tic show regwbed to care ttwci breach; (3) a ds~, woe less thaw 30 days tww the date tie tsotice 4 walled to •errower. by wild stsci bsescb wwst be coved; and (4) that failwre to cwre swch brrscb ow or before ti~' dste speefided r the wotice way trestslt accekratiow of tie sews secured by this Mortgage. torcclossre sy judklal pr+aeeedlwg awl ale ad the fhoperty. The wetlee s sbaM ttrrtier iwforw •on+ower of tic right to reltWatt deer sccekrtrtbw awd the right b red i• else fosYClsane'roeeeitrg tie wow-a:btesce d a detawk or over other decease of borrower to xcelcratiow awd toseelowre. N the is~e~aclr it teat c~ ow or bdore the date s}edied a eke ttiotke. Lewder at t.ewders optbw aray declare r st tie over st:ewtred bT Ibb Mortgage Iw k iwwscdistely doe awd pyabie witiotrt twttber demand and wrsy foreclose ebb Mortgage ~ jrsikW ~rtsceedisR. i.ewder soap _ be eaWler to coxes! b sweb p+oeeediag sp expewses of torecloswre. bchrdiwg. 6rd-sat ~i M. riessotabte sttunrer's fses. ~ awd costs of doc.•wewtary esidewce. abstrscts sad tick repro. 19. liorrowa's Right to Reiwstate. Notwithstanding Lenders acceleration of the sums secured by th,a Mortgage, f Borrower shall have the right to have any proccedings begun by !.ender to enforce this Mortgage discontinued at any time a R ari~X • )~O PeGE~~~~