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HomeMy WebLinkAbout2977 l.ende~ 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 inlare=t thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrowtr and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment therrnf, 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~rrrertt 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 expeme or take any action hereunder. 8. laspectioa. lender may make or cauu to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrowtr 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 tfrereot, or for conveyance in lieu of condemnation, are hereby sssigtred and shall be paid to Lender. In the event of a totrl 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 agrce in writing. there shall he applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion tirhich 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 ptt,ceods paid to Borrower. if the Property is abandoned M• Borrower. or if. after notice by Lender to Borrower that the condemnor offers to matte an award or settle a claim for damages. Burrower fails to respond to Lender within 30 days after the daft such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair o[ the (Property or to the sums secured by this Mortgage. Unless lender and Borrower otherwise agree in w•ritinc. any such application of proceeds to principal shall not extend or postpone the due date of the monthh• installments referred to in paragraphs I and 2 hereof or change the amount of such installments. 16. 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 intttest. i_ender shall not be required to comrnerxx _ proceedings against such successor or rtfrrst 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 wecessors in iMerett. 11. Rorbearance by lender Not a Waiver. Any forbearance by I.tnder 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 ere a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmalati~e. 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 he exercised concurrently, independently or srrccessivtly. • 13. Soccessora and Assiiges Bound: ,loint and Several i.ial>rTily; Ceptbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall inrrr~ to, the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall bt joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to tie used to interpret or define the provisions hereof. 11. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortga¢t 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 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 have been gn•en to Borrower or lender when given in the manner designated herein. 1S. Uniform MortRaBe; Governing law; Se.erability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to corutitute a uniform security instroment covering real property. This Mortgage shall be governed by the 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 affect other provisions of this Mortgage or the Nott which can be given effect without the conflicting provision, and to this I end the provisions of the Mortgage and the Ncte are declared to be severable. ~ 16. Borrower's Copy. Borrower shall be furnished a' conformed cope of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. ,Treader 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 wrirrcn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase mont~• security interest for household appliances, (c1 a transfer by devise. descent or by operaSion of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may. at l.ender'c option, declare all the sums secured by this Mortgagt to tie immediately due and payable. Lender shall have ss•:iived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be sotJ or transferred reach agreement in writing that the credit of such person a is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. 1[ 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 obljgations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower metier of acceleration in accordance w•irh paragraph 14 hereof. Such notice shall provide a period of not 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, Ltnder may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. NON-UNIFORM COVENANTS. BorrOWer and Leridtf further COYtDaOt and agree as follows: 18. Accderatiow; Remedla. E:rcpt m provfdcd iw prairapi 17 Irtritd, wporr Borrowers breach of any covetaswt of agreetwest of Borrower fa this Mortgage, Inducting the covenants to pay wicw dart say sass secured by tits Mortgage. Lesser prior M accekrefiow sbaB mail rsotlce to Borrower as provldtd fa parngrapi 14 iereo[ speclfybig: (1) tit brnwci; (21 tie setbw rcgdred to true reset breast; (3) a date, wet less than 30 days trorw tk date tie wotke b aa0ed to Borrower. ~ wl?icb swei bract amt be cwred; acct (4) Ibat taUnre to core sect brreci ow or before the date gtcifed d tie wotke Carey restlt b y ti~• fondosart by jndlcid proceeding ~~l'- accderatiow of fie attics secured b fhb Mort awi sate of t1K P TAe siaY frrrticr inform Borrower of the right to rclostate after sccckratba sad the right to assert is fire foreclosure proceealrtg tie sow-a:istence of a default or say other defense of Borrower to sccekratbw and foreclorwrre. K tbt br~cb M wM cwrea ow or before the date specf8ed ie tie wMke. Lender at Leader's optbw rway decbme v oR tie wws seesrer by fib MoAgags N be immediately doe sect pysbk witbowt farther demand and may toredose Ihls Mortgage by jwdkW proeaediwR. Lender step be eetilkd fo coYed d acct proceeding sM a:peaces of foreclosure, bclwdias, but sot limited t0. reasonable att.xaeY's fees. sad costs of docr:~sestary evidence, abstracts sad title reports. 19. ~ Borrower's Rlgit to Rittaststc. NcNwithstanding lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedmgs begun by Lender to enforce this Mortgage discontinued at any time r >.-»x 319 Pa~E2~~4