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HomeMy WebLinkAbout0692 ..f t . Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance ptrmiurru in the manner provided under paragraph 2 hereof. Any amo?mts disbursed by 1_ender pursuant to this paragraph; 7,, ith interest thereon, shall become additansl in~khtedness of Borrower secured by this Mortgage. Unless Borrower and ender agree to other terms of payment. such amounts shall be payahle upon notice from Lender to &amwer requesting payment thereof, and shall bear interest ft+om the date of disbursement at the rate payahle from time to time on outstanding principal under the Note unless paj?mart of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the hight~t rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require [.ender to incur any experae or take any action hereunder. 8. IaspteKon. i_ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that 1_ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I.endet's • interest in the Property. 9. Condemaatbn. 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 the Pmperty. the prcx:ecds 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 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 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 lender to Borrower that the condemnor offers to mate an award or settle a claim for damages. Borrower fail. to respond to Lender within 30 days after the date such tatioe is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to ratoration or repair of the . Propeny or to the sums secured by this Mortgage. Unless lender and Borrower otherwise agree in w•ritine. 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 payment or modification of amortization of the sums soeur+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 Borrowcr'c successors in interest. 1_ender shall not be required to commence proceedings against such successor or refuse to etitend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the orieinal Borrower and Borrower's successor in interest. 11. Forbearance by Lender Not a.Waivcr. Any fort+earance by 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 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. l2. Remedies Cnmuhttivt. All remedies provided in this 1?iortgage 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. Snccessors and Assigns Bound: Joint sad Several Liability; Capfbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall intir~ to. the respective successors and assigns of Lender atad 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 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 Mortgase 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 he 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 Bormwer as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender whin given in the manner designated herein. 1S. Uniform Mortgage: Governing Law: Severability. This form of mortgage combines uniform rnvenants 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 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 applicabk law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eBcct without the conflicting provision. and to this ! end the provisions of the Mortgage and the ?dote are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a confotYned cop}- of the Note and of this Mortgage at the time ! of execution or after recordation hereof. 1 17..Traasfer 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 written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase manes• security interest for household appliances, (c) a transfer by devise. descent or by operation 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 Lender's option, declare all the sums secured by this Mortgsge to be immediately due and payable. Lender shall have v:aived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such- pt:rson 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. 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 obligations under this Mortgage and the Note. It Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aceordanc.: with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailsd 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 1R hereof. - Nort-Utvrcotint CovtaNetvrs. Borrower and Lender further covenam and agree as follows: lg. Aceeleatbn; Retnedla. Except ss provided in paragraph 17 hereof. npa Borrower's breach d terry covewt K agreement of Botrrower b fhb Mortgage. buchrdiwg the covenants to pay when dne sat sneers rteetmed bTr that MatBage. Lender ~ prior to accekratlori shah mail wotice to Borrower as provided in panigrsph 14 hereto[ spedr<yfrrg: p) the brench: (2) the actien tregtrirtd to cnre snob breach; (3) • date. not less than 30 days troen the date the notke b ttssYer fo Borrower. by wNcr sateb a breach mfr! be esrcd; sstd (4)-that hilrrre to care wch btrcsch on or before the date sprelBetl V the tsotke nay ressrk iw acceleration of the saau secured b fhb M ssrtt steak a< the The notate y ortgage. foreclosure by fN'~ML shag ttrrtber iwfortts Borrower of the right to reinstate after accekrstiow sod the right b avert b the foreeloaue proceaisg the rwn-exbteace d a detsdt or aar other defense of Borrower to actekrstion sni toreclowra. N the 6rexh is rani cnr~ei on or before the date getified i• the notice. Lender at Lender's optiow tnay dechr+e s# of the sntns settrrsi by Ibb Mortgage is be inrtnediately due sni pyabk witbotN fnrlher demand and msy foreebae fhb Mortgage ~ jrditW prticeedlag. Lender shah be eNitled to co0eet b trrreb proceeding sal expenses of foreclosure. iwclndiag. but net Ywitsa tor. rtasowaMr stt~xnetr's fees. snd casts of ioc.-!nestary evidence. abstracts and rick reports. lp. Borrowa's Right to Rehtstate. NotwithstandinE Lenders acceleration of the sums secured by this Mortgage. ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time s nn ~ , sex 32u PAGE '