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HomeMy WebLinkAbout2679 w .ur ' ) ; s Lender's written agreement or applicable law. •Borrower shall pay the amount of all mortgage insurance pt+aaiurm in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to 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 outstanding principal under the Note unless paj?eneat 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 expense or take any action hereunder. g. ~ Tttnpeetiost. Tender 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 Lenders interest in the Property. 9. Cotridemaation. 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 [.ender. c ~ + a r',, ~ q In the event of a total taking of the Property, the proceeds shall he applied to the Burns secttrod by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Leader otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the pt+ooeeds as is equal to that proportion which the amount of the some 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 ahandoned by Bor:ewer. or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fail. to resx~nd to tender within 30 days after the date such notice a mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of tlSe 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 tat etttertd ' or postpone the due dare of the monthly installments referred to in paragraphs 1 and 2 hereof or change the anaunt of such installments. 10. Borrower Nof Reka~sed. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Tender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and &?rrower's successors in~ interest. Lender shall not be r>rquired 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. 17. Forbearance rl' Lender Not a Waiver. Any fohearance by tender in exercising any right or remedy hetetmder, 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. 12. Remedies Camuhtlire. 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. ' 13. 3acccsaors and Asaigas Bound; Joint and Several T.iaM'lity; Captions. 'Ttte covenants and agreements herein contained shaD bind, and the rights hereunder shall intrr~ to. the respective successors and assigtu of Lender altd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join! and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to lie used to interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) :ny notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Properly Address or at such other address as Borrower may designate by notice to Tinder as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to [.enders 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. 1S. Uniform Mortgage; Goreraing 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 coveting 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 ailed ~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. borrowers Copy. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 19. ,Trsader of ere Property; Assumption. Tf all or any part .of iht Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior writrcn consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a pur~hace 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 (d) the grant of any leasehold interest of three years or less F 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, pray to the Bak or trarufer. Lender 3 and the person to whom the Property is to be co1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ~ shall request. 1f Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in - interne has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obijgations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower ratite of acceleration in secordancc v?•ith 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 Beech sums prior to the expiration of such period, j Lender may, without further ratite or demand on Borrower. invoke any remedies permitted by paragraph lg hercaf. d - Non-UNIFOaM CoveneNTS. Borrower and Lender further covenant and agree as follows: lg. Acederatiot.; Rewedla. E:cep m provided is paragraph 17 rereot, upon sorrowes's teener et tstq cortenattt err agrecateat of borrower is trfs Mortgage, btKlttdiag ere corcaaat to pay when due any ttttatta aeerrrsd ~ iW Matxage. Lstsier prior to accderatbn sW Snail sotice to borrower as prodded fa paragrapr 14 rereet spedtylags (1) fee brace; t2) ere ttclMa j ~ to core ttucr rreaer; (3) • date, trot less traw 3o days tram ere date ere trotiee is ttaabei to btrrower. y wrkr suer a treacle more be awned; tend (4) teat hilutc to care suer teener a or rdore trc date spet:lAed r ere tuotke tray result b aecekrMba of ere ttttsa ttecur+ed by eels Mortgage. torccbsore rl' jndkW proceednag tstsd Bak of ere Properly. Tee aoties ) ttltaq ftrrtrer Mors borrower of ere rfgM to reinstate after acceleratiow sad ere right b atrcrl iw ere totreelottttme psoeeeirtg ( ere twa-esWence of a ietwlt or any other detcwse of Ibrrower to accekrMioa awd torecioare. K ere 6reacr fa ueti eursd eo or before the ~ geeUied d ere notice. Lender at I.enacr's option fay aeclnt err of ere ttut¦a seeursi b7' this Morlpge fo lee imt¦tdiahiy due atstl payable without truther demand and fay foraioae this Mortgttgt h' jniitW proacedisR. Lender Brant n s be eNitltd to cofteet ba suer proceeding ant espetues of foreclosuro, hrclrraittg. but teat flydletl N. reasoable tNturaev'a fees. atsd costs of doati.~seahry erideaee, abstract after 1Hk report. 1!. borrower's Rlgrt is Rciastate. Notwithstandinf; Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have arty proceedings begun by Lender to enforce this Mortgage discontinued at any time at ~~Y.~Gi) PSGFG~I~.) t