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HomeMy WebLinkAbout0681 t 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 sdditional indebtedness o[ Borrower secured by this Mortgage. Unless Borrort~er and LcnDtr agree to other terms of payment. such amounts shall be payable upon notice from Ixnder to Borrower requesting payment thereof, and shall bear interest from the date of disburxment at the raft payable from time to time on outstanding principal under the Note unless pa~rrrtatt o[ interest at such raft would be contrary to applicable law, in which event such amounts sAafl bear interest at the highest rate j permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any experae or take any action hereunder. t;. Twsrecfiort. Lender may make or caux to be made reasonable cattier upon and inspections of the Property. provided that Lender shall give Borrower notK-e prior to any such inspection specifying reasonable caux therefor related to Larder's interest in the Property. 4. Coodemoatba. 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, arc hereby assigned and shall be paid to I.cndtr. Tn 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 Fender otherwix agree in writing. there shalt be apptitd to the sums secured by this Mortgage such proportion of the proceeds 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 prior to the dale of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Bor:ower, or if. after notece by Lender to Borrower that the condemnor oRers to make an award or xttle a claim for damages, Bcxrower fails to respond to l_tnder within 30 days a[ttr'the date such notice is ~maikd. 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 olherwice agree in writin(e, 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 of such installments. 10. Eorrowcr 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 rclesse, in any manner. the liability of the original Borrower and Borrower i successors in interat. Lender shall not be required to commence proceedings against such successor or refuse to e!ctend time for payment or otherwix modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interca. 11. Forbearatoct try Lender Not a Waiver. Any fnrhesrance by Lender in exercising any right or remedy hereunder, or otherwix 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 Larder's right to accelerate the maturity of the indebtedness xcurrd by this Mortgage. 12. Reoxdks Cemolafl?e. 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. Sweeessors and Asalges Found; .Joint sod Streral T.isbility; Captbos. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respectivt successors and assigns of Lmdtr apd Bprrovrer, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to tie used to interpret or define the provisions hereof. 14. Notice. Except for any antler required under applicable law to be given in another manner, fa) any notice to Borrower pgovided 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 T_endtr as provided herein, and (b) any notice to Lender shaft he given by certified mail. return receipt requested. to Lender's address stated herein or to such other addrus as Lender may designate by notice to Borrower ss 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. Uoiforsa Mortgage: Govcrniag Law: Stverability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with timitecl 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 caaux of this Mortgage or the Note conflicts with applicable law, such conflict shall not afTed other provisions of this Mortgage or the Nate which can be given efftct without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc Declared to be severablt. !f. >sorrower`s Cory. Borrower shall be furnished a conformed rnp}- of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trsoder of the 1~'ropeny: Assamptioo. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written conxnt, excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (e) 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 not containing an option to purchax, Lender may, at Lender c 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 sold or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. Tf Lender has waived the option to accelerate provided in this- paragraph 17, :rid if Borrower's successor in _ interest has executed a writttn assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercixs such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paratnph 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. Tf Borrower fails to pay such sums prior to the expiation of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. NoH-UNIFORM CovExntwrs. Borrower and Lender further covenant and agree ss fotlarvs: lA. AccdeHtbw; Reaaediea. Esctpt as provided io pratrsrr 17 rector, Rso >sorrewers 6reacr of say coretuot or atteetwewt of Eorrewer fsr trio Mattate, htehrdint eke eoveuawts to py wren dwe soy sttmu seeorci by tris Monfort. Lender rrlatr b atcekratbrt shall aaafl wotke to dorrewer s provided fa prtRrapr 14 recent areclifyl~t: (t) ere Mteacr: (2/ ere action regttlred N erne sstcb bread; (3) a dale, cot leas Ur 30 days tt+sor the Gate ere works lr niafiled to rerrower. by wrier serer beeaeb more be eared; awd (4) frog idbrt to curt aicr breast ow or betort ere date srecMed V ere ootiet wtay rwlt d accekrMiow of tie taros sectn+ed 6y trio Mortgage. fortclostrre by judicw rrocsedMt awl sale of ere Trorerty. Tre wotiet sraM ftrnber inform lorrower of tre riRM to reftastNe after aceekradow awd the rltrt b area b the toettlsare rnoeesittg tie wow~e:Wenee of a detawk or soy otter actetrse of sonower to aceekrMbo sot! fore~rloare. It ere bear b cwt csrtii oa or bdore ere dtde srtelfied iw ere wotke, Lender at I.eoders ortioo rosy declare a/ a+f ere atwa seetrrtd by trio Morttsgt to Tic itwrwediately dtre awd pysbie witbowt Grater dctnnnd and may foreclose tltla Montage 6y jtrdkW'roteediog. Lender stag be eatltled to collect d smtr rroceediot aM e:peases of foreclosrrt, iwchrifat. btrt wet Wrdtd te. rtaaowabie stt.,rner's fees. rte casts of doet.'~ewtsYy evidetxt. abatrae4 and tkk rtrorb. l9. >torrowa's Rkrt to Refwstate. Notwithstandin;t Lenders acceleration of the sums secured by the Marttate, ' Borrower shall have the right to have arty proceedings begun hr Lender to enforce this Mortgage discontinued at any time - 6=.h,x J~~ PAGE