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HomeMy WebLinkAbout2791 1 . Lender's writteh agreement or applicable law. Borrower shall pay the amount of aq mortgage insurance ptemitrms is the manner provided under parsgraph 2 hereof. Any amounts disbursed by Lender purswnt to this paragra~lt 7~ with interest thereon, shall becorrre sdditiond indebtedness of Borrower secured-by this Mortgage. Unless Borrotrt~ sr~d Lrnder agree to other terns 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 tune to time on a~tstanding principal under the Nett: tmless payment o[ interest at such rate would be contrary to applicable law, in which event such amount: shall bear interest at the highest tale permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate any action hereunder. fl. lw!~eeflew. 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 rdated b I.ertders interest in the Property. 9. Cowdewrrraduw, The proceeds of any award or claim for damages, direct or consequrntial. in oonnectioa with say 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 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 Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of tha prooeedt as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the dste of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balantx of the proceeds paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower thst the condemnor offers b orate an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days aher the date such notice is mailed, Lender K authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortga~te. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not exlatd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. le. )sorrrrwer Not Released. Extension of the time for payment or modifkation 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 &?rrower s successors in interest. Lender shall not be required to eomrrterret proceedings against such stKxessor or refuse to extend time for payment or otherwise modify amortintion sf the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's wccessors in interest. 11. 1Porrearawee ~ i.ewier Not a Waiver, Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude tht exercise of any such right or remedy. The procurement of irt:urartce 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 indehtedrxss secured by this Mortgage. 12. 1Renedlea Cawnhtlre. All remedies provided in this Mortgage are distinM and cumulative b any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or wooexivdy. 13. 9wceeassrs awi Asstgws Eonad:.Joht sad Several i.isbility; Cwptlows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and sssigns of Lender sod Bort~ower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joird and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are rat to lie used to interpret or define the provisions hereof. 14. 1Votke. Except for any notice required under applicable law to be, given in aratlrer manger. (a) any notice to Borrower p~ovidod for in this Mortgage shall be given by mailing such notice by certifkd mat addressed to Borrower at the Property Address or at such dher address as Borrower may designate by ratite to Lender ss provided herein, and (b) any notice to Lender :haQ he given by certified mail. return receipt requested. to Lender's address, stated herein or to cash other address as Lender may designate by notice to Borrower as provided herein. Arty notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when givrn in the atamrer designated herein. 1S. Uwitors Mort~e; Gorerwirrg Law: Severabitity. This form of mortgage canbinea uniform oovarants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unifona securtryr 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 Nole conflicts with applicable law. such conflict shall not aRect other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision. and to this end the provisions of the Mortgage and the Note art declared to be severable. lf. )forr~ower's Cont. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trawsier of tie Pro*erry; Aswsptiow. if alt or any part of the Property or as interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the cration of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase 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 yeah or less rat containing an option to purchase. Lender may, at Lender's option, declare all the scans soured 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 such rate as 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 auumption agreement accepted in writing by Lender. Lender shall release Borrower from sll obljgrttions under this Mortgage and the Note. If Lerttkr exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in sccordance 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 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. Note-[JrrltiORt4r COVENAtVTS. Borrower and Lender further covenant and agree as follows: If. Acoderatb~ Remedies. Except as'rovNtd iw paragrapr 17 terser. ~ iorrtwes'a irach of ay arewaat K agree~t of lorroarer b tris Mortgage. rrehsaiag tie eorewaw/s to py view dire awy twuws seewtd ti Mris Marlgage. iewier prior M sKeeieialiow dri sail wotlce to iorre..er as'ro~laca b pragnpM 11 tercet s'eelytwgs (1) tie Urewer: (2) the aelbw rgiai a cs+a wet ~k (3) a dale. wet less Iraw 30 days iron the tare tie notice r ~tl M)terrerer. b whirr swcr breast scant k ese~ scat N) fiat taihrre to scare stscr rreacr ow or lreiore tie date yseiSatt b tie wolke say resait b at.•eeierallow of lie wtws aecwrtta by trb Mortgage. foseaiowre h !i asd sale wt tie h+o'erry. 71re waUee drag tstrer blocs >sornwer of tie riRM to refwstate after at:eeitratlow >sa tie right b assert b tie toretlast psrteeeirg Ire wow~exldewee of w tadawk or awy otter acfewse d Borrower to aecekratiow scat toreclowre. N tie breach la ttat etrssd err or bdore tie isle s'eefiei b Ire rrofke. Lewder at Lender's optiow say deehre all et tie car seewrer by tits Mertpgps fr re bswrediately dwe scat pyaMe wilrorrt tstrllrer dtarand awd wuy foreclose tits Mortgage ry jwditW prrcoe~. Lender daB be ewtiUed to collect b wet V a:pcsses of foreclosure. iwelwdirrg. 6wt vat lirwitai Iar reasowabie attwrrer's ha. scat coats at ioca-nsewtaq evidcsce. abstracts scar tick repro. 1!. )forratwa's Rkrt to Rel¦atate. Notwithstanding 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 IiR ~ ~,,~x32~ P~~E2787