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HomeMy WebLinkAbout0698 ~ a Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage instuatrce premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with intereft .thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and ~lje}?ol~r.agr'oe to other terms of payment. such amounts shall be payahk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payahk from time to time on outstanding principal under the Note unless pa}rment of interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing a~ntained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. laspectba. lender 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 s?tch inspection specifying reasonable cause therefor related to Latder"s interest in the Property. 9. Coademaatba. 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 herrby assigned and shall be paid to Lender. in the event of a total taking of the Property. the proceeds shall be applied to the cams 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 sec?tred 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 daft 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 Borsower. or if. after notice by Lender to Borrower that the eon- dt:mnor offers to ma)<t an award or settle a claim for damages. Borrower fails to rec~ond to Lender within 30 days after-the date such r?otiot: is mailed, Lender is authorized to collect and apply the proceeds. at 1_ender i option, either to restoration or repair of tlSe Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writine. any such application of proceeds to principal shall rat 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. Eorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any c?tccecsor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. 1_ender shall not be required to commence 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 oritinal Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any fort+earance by l.cnder in exercising any right or remedy here?tnder, or otherwise afforded by applicabk 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 Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Comulati.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. ' l3. Successors and Assigns Bound: Joint sad Several I.iaM`Hty; Csptbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the- respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jo>;nj and several. The captions- and headings of the paragraphs of this Mortgage are for convenience only and are not to lk 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 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 mav_ designate by notice to Tinder as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lenders 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 given to Borrower or Lender when given in the manner designated herein. ~ IS. Uniform Mortgage; Governierg Law: Severability. 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 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 he given elect without the conflicting provision, and to this end the provisions of the Mortgage and the Note 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 tune ~ of execution or after recordation hereof. I7..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 wriucn consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, Ib) the creation of a purch~ce 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 (d1 the grant of any leasehold interest of three yeah or less not containing an option to purchase, Lender may. at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. prat to the sale or transfer. Lender and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intcrrst 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 Borrowers 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. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragnph 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 s?tms prior to the expiration of wch period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. Nort-UNIFORM CoveNe>rTS. Borrower and Lender further covenant and agt~oe as follows: lg. Aeeekratloa; Remedies. Except as provided is pan?gnph 17 hereof. upon >sorrowes's brescb of nay cotcuawt or agrteoreat of >dorrower b this Mortgage, iadtrdiag the coveaaMs to py whew due nay nms secures ti tbls Mortgage. Loader prbr to accderstloa shag mail aotke to )dorrower s provided la paragraph 14 hereof specl/yiag: (1) the breach; (2) the sctlow rquired to cure such breach; (3) a date. not less than 30 days from the date the aotkc Y aratled N Borrower. ~ wbkb such r breach must b< cured; and (4) that fa0are to cure such breach ow or betwc the date specYed i• t`e uotkt rosy resit b accekrMiou of the sours accord by this Mortgage. toreclonre by jadicial *roesediag sad sale o[ the Pro'crty. Tire wdke , shall turiber iaform'orr+ower of the right to trcitsstatc after accekMba and the right to assert iw the tsreclearre proeeeig the aoa-exWewce o[ a detauk or nay other defense of >sorrower to accekratba sad toreelonrte. H the breath r not deed arc or 6etortr the date apefid d the aotke. Lender at Leader's opioa may dcchre r of the bums secured by tW MKtgtrge N be immediately due sad pyable without hrtluer demand and may torcclose this Mortgage by judieW pr~ateedlaR. Lender shah be entitled to eo8eet ba nob poceeding s/ a:peases of foreclosur+c. hrtludiag. but set Hurtled M. rrasoaaMt stt~xaeYs fees. std cosh of doc~!tteMary evldeace. abdrscts sad title rcpotb. 19. lsonowa's Ritht to Reinstate. NotwithstandinE Lenders acceleration of the sums secured by the Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any tithe ~ t au~~ 3~u PacE 696