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HomeMy WebLinkAbout0549 • Lender's written agreement or applicable law. Burrower shall pay the amount o(all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lcnder pursuant to this paragraph 7, wuh intcred thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lcnder agree to other terms of payment. such amounts shall he payable upon notice from Lcnder to &~rn?wcr reytresting payment lhereoL and shall bear interest ft+otn 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 hear interest at the highest rata permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense Or take any action hereunder. 8. hespeclion. lender may make or cause to be made reasonable entries anon and insnectinnc of tt~ prnparty; provi+~!+cl that [.ender shall give Borrower noNcc prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Properly. 9. Cowdemnatbn. The proceeds of any award or claim for damages. direct or consequential, in rnnrtection with any condemnation of Cher taking of the Properly. or pan 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 pnkceds shall Ix 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 he applied tc. the sums secnred by this Mortgage such proportion of the proceed: as is equal to that proporlion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the talc 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 Bor.uwer. or if after nMice by 1 ender to Borrower that the condemnor offers to make an award or settle a claim for damages. B.~rrower Loh to rc.rx,nd t.• Lender within ~0 days after the dale such notice i3 ' mailed, Lender is authorized to collect and apph• the proceeds. a1 Lender's option, either to restoration or repair of the Property or to the sums secured by this mortgage. Unless [.ender and Borrower otherw•ice agree in wrihne, any such application of proceeds to principal shall not extend - or , cxtpor?e the due date of the momhh• installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Fxlension of the time for payment or modification of amortization of the sums sxurcd by this Mortgage granted by Lender to env successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Bc~rrower'c successors in interest 1_ender shall not be required to commence proceedings against such successor or refuse te. extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reaxxn of an~• demand made by the original Borrower and Borrower's successors in interest. 11. Forbesuance by Lender Not a Waiver. :any forbearance by Lcnder in etercising any right or remedy hereunder, or otherwise afforded by applicable law. shall nit he 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 Oi charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indehtcdnecs secured by chic Mortgage. 12. Rernedks Cnmulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by !aw or equity, and may be exercised concurrently. independently or successively. 13. Steccessors and Assigns Borrnd; Joint and Several I.iabrlity; Captbns. The covenants and agreements herein contained shall bind. and the riehts hereunder shall innrr tc, clip rrcnrrrivr c.u•r~ccnre ~n.t ~«to..e ~f T ~r..r~r ~.ur la.,.....,... o-- subject to the provisions of paragraph 17 hereof. .qll covenants and afreements of Borrower shall be joir~ and several. The captions and headings of the paragraphs of chic Mortgage are fo: convenience only and are not to Be used to interpret or define the provisions hereof. 14. Notice. Except for any n~ricc rcynired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this MorlgaYC shall he given by mailing such notice by certified mail addrtssed to Borrower at the Property Address or at such ocher addre<. as Borrower mav_ designate by notice to fender as provided herein, and (h) any notice to Lender shall F?e given by certified mail rewrn 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 ha~c been given to Borrower or 1 ender when given in the manner designated herein. 1S. Uniform Mortgage; Governint! Iaw•: Severrability. This ferm 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. This Mortgage shall be governed h~• the law of the jurisdiction in which the Properly is located. In the E event that any provision or clause of chic M~rlgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can t+c: gisen e[fect without the conflicting provision, and to this end the provisions of the Mortgage and the tiote arc declared to he uverable 16. Eorrower's Copy. Borrower shall tk furnished a conformed cop} of the Note and of this Mortgage at the time _ ~ of execution or after recordation hereof. ~ 17. ,Trawsfer 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 wnttrn consent. excluding cal the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creatton of a purchase m~~nw cecurit} interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold interest of three years or less not containing an option to purchase, 1_ender ma}•. at t_ender'c option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shah have warxed such option to accelerate if, prior to the sale or transfer, Lender and thr person to whom the Property is to be colt or transferred reach agreement in writing that the credit of such, person is satisfactory to Lender and that the intcrcct payable on the sums secured by this Mortgage shall be at such rate ac 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 obljgation3 under this Mortgage and the Note. If Lender exercises such option tc. accelerate. Lender ,hall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall 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 fails to pay such sums prior to the expiration of such period, it Lender may, without further notice or demand rn~ Borrower. invoke any remedies permitted by paragraph IR hereof. g NoN-Utvtt=oant CovErv~rvTS. Borrower and Lender further covenant and egret as [ollows: Y. 1><. Accekrstbw; Remedies. E:ceps as pro.idcd in paragraph 17 bereot. upon Eorrowcrs breach of awy covewawt a y agreemewt of ilbrrower fa tbb Mortgage. facludir,Ig the covenants to pay when due awy stems stetrtrei bf tYie Mortgage. Ltteder a prbr to accekratlos shall mail racks to tilorrower as provided la paragraph 14 btreot specltyftr~: (1) the 6seacb;l2) the setiow trequfrred to store arch bt~eacb; (3) a date. wok less than 30 days from the date the notice b mailed to lorrower. by wbkb snob breach oast be cared; awd (1) that failure to curt such breach os or before the date speckled r the wotke twat resrk d sccdetrstbw of the soma secured by tbts Mortgage. toredosrre by jndietal procrctdlw~ awe ale of the Pwpcrty. The wtetiee ~ shall frrtber inform Borrower of the right to reirutate after sxcekratbn and the right b avert iw the torteiosrte proeetaittg the rwn-a:lslewct of a default or any other defense of 1~lorrower to aectkrat'bw gad toreclwnre. N the 6treacb b got erred ow or before the date specified is the notice, Lender at l.rnder's option may declare all of the wms ser:rrsd by this MottRage to be immediately dne awd payable without inrther demand and may forecbit this Motrtgage h' jodkW ptoetiediag. Lender shall be ewtitkd to collect b arch proceeding afl expenses of forecbstere. fncludirrg. brt wok tlraltd to. reasowable stturner's fees. awd cods of dvc~~ewtary evidence. abstracts and tick reports. 19. ilbrrowa's Rlgbt to Reiwdate. Notwithstanding Lender's acceleration of the sums secured by the Mortgage, Borrower shall have the right to have any procctdtngs begun by 1_ender to enforce this Mortgage discontinued at any tune t a~'~x319 P!GE 547