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HomeMy WebLinkAbout0394 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums 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 thereat, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless pa}rntatt 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 experae or take any action hereunder. 8. laspeetiorr. Lender may make ar 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 Lender's interest in the Property. 9. Cowdemration. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Properly, or part thereof, or far conveyance in lieu of condemnation. are hereby assigned and shall be paid to I~nder. 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 athtrwise agree in wrning. there shall ere applied to the sums secured by this Mortgage such proportion of the prot:eedt as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ taking bears to the fair market value of the Property immediately pricer to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Barsower, or if. after notice by lender to Borrower that the condemnor oRetx to make ~ an award or settle a claim for damages. Barmwer fails to respond to Lender 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 ratoration 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 shall not extend ur postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. 10. Borrower Nol 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 roquired 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 aryr demand made by the original Borrower and Borrower's successor in interest. 11. Forbearawce br Lender Not a R?dver. Any forbearance by Lender in exercising any right or remedy hereunder, or ~ otherwise aBorded 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 stcurrd by this Mortgage. j 12. Remedies Cemnlaflve. All remedies provided in this Mortgage art distinct and cumulative !o any other nigh! or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors awd Assigns Found; .Icier sad Several l.iab~tr; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inrrr~ to. the respective successors and assigns of Lender acrd Borrower, I 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 arc not to Ile used to interpret or define the provisions hereof. j 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 Mortga¢e shall be given by mailing such notice by certitkd mail addressed to Borrower at ~ the Property Address or at such other address as Borrower may designate by notice to fender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to tender's 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 MorigaRe; Governing Law; Severabiiitr. 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 properly. "ibis Mortgage shall be governed by the law of the jurisdiction in which the Properly is located. 1n the evtnt that any provision or clause of chic Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given eBect without the conflicting provision. and to this end the provisions of the Mortgage and the Nate arc declared to be severable. 16. borrower's Copy. Borrower shall be furnished a conformed cop}' of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trawsfer of the Property; Assumption. if all or any pan of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior wriurn consent. excluding la) the creation of a lien or encumbrance wbordinate 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 (dl the grant of any leasehold interest of three years 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 Stich option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be colt ar transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interc~t 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 i7, and if Borrower's 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 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 perrrritted by paragraph IR hereof. Noty-UtvtFOrtnr Covew~tvrs. Borrower and Lender further covenant and agree as follows: 18. Acceknrtbw; Rewedks. Except as provided in Mragrapb 17 rercot, Boa Borrawa's 6e+erer o1 say coveant or agreettsewt of borrower ~ tiffs Mortgage. irelydfwg ere covenants to pay wrcw fire awr ewwa secared r!' tris Mortgage. Lewder prior M actegerrtlow drag mail notice fo borrower as provided le paragraph 14 iereof R~rrht8: (1) fire breaei; (2) tit aetiorr r+egrired to tree steer 6rescr; (3) a date, woe less craw 30 days trorw ere date the wotiee r rsapsd to borrower. ~ wrkr seer bract aarst re erred; awd p) tree taBtrre to stye eaxr bract ow or before tic date peeYed V ere wotice tear nsrN d weeekratiow of ere star aecresd br trb Mortgage. forcelosrrre br jrdkial proceednwg awd sale of ere Peoperry. Tye wotke shall frrtAer irtotrwr borrower of ere rigrt to rciwdate after acceleration and ere rigrt to aaeert rr tie fortdowro ~ocsNrtg tie wow-esistewce of a aef'awlt or awy firer detewse of borrower to accekratioa awd torecloawre. K ere 6reacr b woe creed aw or before the dste specified i• ere wotice. Lewder at Leaders optiow rear declare d of tie srrr starred i7' trls Mortgage to k irwwediateir fire awd pywMe wiflwd father demand and war toecclose thin Morf;age LI' jrdicW rroceedlwR. Lender snap be eatitlcd to collect V stet rroceeding aN sxpcases of foreclosrec. iwchrdiwg. bit wet bwdtd M. eeasowabie stt.xaev's fees. aed costs of doer-aewtarr eddewee, wbdraces awd tick repro. 19. borrowa's Rift to Reiwstate. 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 uU~~ ~~i DlGE