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HomeMy WebLinkAbout2785 i} , f } t i 1 Lender's written agreement or applicable law. Borrower shall pay the amount o[ aU mortgage insurance premiums iw the i manner provided under paragraph 2 hereof. i Any amounts disbursed by lender pursuant to this paragraph 7, with interest thereon. shall become additiond indebtedness of Borrower securt:d 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 item time to time on aitstanding principal under the Note unless p¦ymatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rttAe permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expettae a take any action hereunder. 8. Itt~speetiow, i_ender may make or cause to be made reasonable entries upon and inspections of the Property, pr+at?ided { that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's ! interest in the Property. 9. Co¦der¦walio¦. The praceedc 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 i_ender. In the event of a to1a1 taking of the Property. the proceeds shall bo alfpl~d 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 Ltxtder 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 amatnt of the sums secured by this Mortgage immediately prior to the date of t taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the pr+ooeeds paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to resaond to !.ender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Txndcr's option, either to restoration or repair of 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 sha8 not exEatd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 19. 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 i successors in interest. Lender shall not be tequir+ed to corrtrrtertoe 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. Forbearance by Lender Not a Waiter. Any forbearance by fender in exercising any right or rorrtedy heretmder, 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 fazes or other liens or charges by Lender shall not be a waiver of I.endec's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedks Ctrwruhtite. 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 be exercised concurrently, independently or successively. ' 13. Stsccessors awd Aseig¦s bound:.Joiat aad Scrotal i.iabiBty; CspMoras. The covenants and agreements herein contained shall bind, and the rights hereunder shall inorg to. the respective successors and assigns of Lender seed 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 Ile used to interpret or define the provisions hereof. i 14. Notice, Except for any notice required under applicable law to be given in another manner, (a) any ratio to Borrower provided for in this Mortgage shall be given by mailing such notice by certitkd mail addrt~sed to Borrower at i the Property Address or at such other address as Borrower may designate by notice to i.ender 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 Borrower as provided herein. Any ratite provided for in this F Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. U¦iform Mort~e; Gorenrirrg Law; Serenbility. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdictan to constitute a uniform security iratrument oflvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. 1n 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 effect 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 copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. ,Trawder of ere Property; Assomption. if all or any part of the Property or an interest therein is sold or transferred s 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 money security interest for household appliartoes, (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 imerest of three yeah or less g 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. prior 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 interest payable on the sums secured by this Mortgage shall be at :trclt rate as Lender ~ shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s xuccessor 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 sccordartc-c s?•ith paragraph 14 hereof. Such notice shall provide' 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, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hera+f. ~ Non-UnIFORM CovenenTS. Borrower and Lender further covenant and agree as folbws: lfl. Aceeleratio¦; Re¦redia. E:ceps a prorided is pr,ragrapr 17 tercet. trp¦ bernwers btrs¦ci et ¦¦y ave¦awt or agreeoest of Dorrswer d trk Moripge, l¦cl¦di¦g ere corewuts to p.y wre¦ d¦e a¦y stutss asc¦rei by Mtb Merigaga Ltt¦ier - ~ prior M accelerwtlo¦ ttri .rail wotlce to Borrower w provided iw paragr¦pr 14 tercet s~etl[yi¦g: (1) ifs IM+e¦elr; (2) ere setM¦ regoired to eta+e steal btraer; (3) a date, wet less traw 3A days trore ere Gate ere ¦oMce r rstaMsl M Mrnwer. ry wrier s¦ci breast cwt k awrca; a¦l (4) trot tailan b etrre stet breast ow or bdore ere dale specYei V ere woMee sq res¦k r ; aceekrafiow of ere w¦t¦ secaed by ells Mortgage. toredostrre by j¦dkW poceeiirt~ oral sale of Cite h+u'erty. 1fe wodee stall hrrtrer iwfor¦r borrower of ere riRrt to rN¦state otter accekratbw awd ere right to attoert iw tie tereclas¦ie ~oeeetb¦g tie w¦-exWe¦ce of ¦ ieta¦M or a¦r otter dcic¦se of borrower to ¦cccleratb¦ awl torscior¦re. N !re rreaA b ¦N carol o¦ or before ere date s~ecliel i• ere twMte. Lewder at I.ewler's optfow .ray dtxhrte a/ of Mee tta¦s secweti bP Mti Merlgattpe fr• k i¦tttsediately d¦e awl pyabk wkrod tttaArer demand a¦d nray foreclose tr4 Mortgage h ~W N' Lender start be e¦tlMei to coYeef V nci proeeeai¦g sM a:pewses of forccbs¦re. Mchsdi¦g, b¦t toes li¦tftel Ia. re¦»w¦rie stturrrcn's tees. a¦d cods of ioct:!tse¦tary evidc¦ce, abdracts awl tkk repro. 19. borrower's Rlgrt to Rei¦date. Notwithstanding Lenders acceleration of the sums soured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ n a~»x 320 PaCE~~1