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HomeMy WebLinkAbout1556 1 1 . Lender's written agreement or applicabk law. Borrower shall pay the amount o[ all mortgage instuanoe premiums in the manner provided under paragraph 2 heroof. Any amatnts disbttrsed by 1_ender pursuant Io this paragraph 7, with interest thereon, shall become additional 'indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from lender to Borrower requesting payment thereof, and shall bear interest from the ` date of disbursement at the rate payable from time to time on art:tandmg principal under the Note unless paynreat of interest at such rate would be contrary to applicable law, in which Burnt such amounts shall bear interest at the hightwt rate permissible under applicable law. Nothing contained in This paragraph 7 shall require i.ender to incur any expense a fate } any action hereunder. >R Iwspeetiow. 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 such inspection specifying reasonable cause therefor related to Cinder's interest in the Property. 9. Cotdearwatbw, The roceedc of an award or claim for damn P Y ges, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereoL or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. - ln the event of a total 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 Larder otherwise agrcs in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeeda as is equal to that proportion which the amount of the sums secured by shin 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 I-ender to Borrower that the condemnor oRers to make an award or settle a claim for damages. Borrower tails to respond to 1_ender 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 o[ the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, 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 o[ i such installments. 10. Eorrower Not Released. Extension of the lime for payment or moditkation of amortization of the sums secured by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to rcksse, in any manner. the liability of the original Borrower and Borrower c successors in interest. Lender 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 original Borrower and Borrower's successors in interest. 11. Forrearsnce r9 Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy here~mder, 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 i.enders right to accekrate the maturity of the indebtedness secured by this Mortgage. 12. Rcwedies C1waWhe. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aRordcd by law or equity, and may be exercised concurrently, independently or sucoasively. ' 13. 3raeeerors sad AariRss idonnd:.Joirtl and Se•aal 13sbiNtr; Captions. The covenants and agreements haein contained shall bind, and the rights hereunder shall inttr~ to. the respective successors and assigns of Lender spd Borrower. - subject to the provisions of paragraph 17 hereof. All covenants and agreemrnts 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 lk uxd to interpret or define the provisans hereof. - 11. 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 under as provided herrin, and ~ (b) any ratite to Lender shall he given by certified mail, return receipt requested. to [_enda's sddresra 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 desisnated herein. 1S. Usltorw Mortgsge: Goventiug Law; Sevcrabitity. 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 applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eQect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. lei. )sorrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time i of execution or after recordation hereof. r 17..Trassfer of tie 1•ropertr: Assstwptiow. 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 wbordinate to this Mortgage, (b) the creation of a purchase money «curity 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 yeah or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums atxured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accekrate if, prior to the sale or transfer, Lender and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of wch person is satisfsctory to Lender and that the intcrrct payable on the sums secured by this Mortgage shall be at arch rate ac Lender shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Bon~ower s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obljsations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in accordance: with 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 wms prior to the expiration of such period, [.ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. a Note-UNIFORM COVeNetvrs. Borrower and Lender further covenant and agree as follows: li. Aecekration; Rewedks. Except s provided iw psrrrgrapr 17 hereof. report loarrwers isesch of am aewawt K s agreesent of •orrower d tr4 Mortgage. ricindirtg ere eorewash to pay wrcw doe My snws tteew~ei ti tits Maafgage. Levier prbr a scedaatlow stall mail notlce to Borrower as provided is paragrapr 14 tercet speeltrlsg: (1) ere raescr; (21 ere sefion rgsired b csre seer rtnaer; (3) • date, sot less eras 30 days trots ere date ere .otke iz .taiki N Mrrswer. y wrier seer 6reacr moat re awrsa; nisi (4) tint tsilrrrr to nn serer btxscr os or retors tic dale yeeliei r ere wotiee rear res>tN iw acceleratbw of ere snr sectrred br file Mortgage. to.rclosrrr r!' f ndicW procseiirtg ant sale of ere !'r~opertr. 71e no~tirti ~ stall trrrtrer inters >Torrower of ere right to rNnstste after accekrstlow ant ere tigrl to ar.ert b ere totraelowre paoeeeitg ere non~e:irtenee of a detaolt or anti otter defense of Borrower to scceleratiow asi foaelowrre. N Nee rreaKr is nN ewaei ew ~ or retore ere ante speclRed i• ere notice. Lewder st Lender's optics way declare nit of ~e snwa seenrei b tW MertgaRe a re iwwtdistelr dse awl psrark witrotrt f.rtrer demand and msr torrcloae tits Mortgage h' }t1kW preeaedintt. Lewder sraN be entitled to collect V srrcr proceeding v expesses of foreclosure. incltriiwg, r>,t not Bntitei M, reaaorarie sttxttey's fess. ant casts of doctc!weatarr eridewee. sbstrscts swi tick reports. 19. )sonowa's Rigrt t• ReisAate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings hepun by Lender to enforce this Mortgage discontinued at any time hR 32O PAGE 15~~ 3~~7K