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HomeMy WebLinkAbout0739 Lender's written agreement or applicable law. Borrower sb~ll 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 tender to Borrower requesting payment thereof, and shall bear interest frorw flee date of disbursement at the rate payable from time to time on aitstanding principal under the Note unless pa`ytrtemt of interest at such rate wooed 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. S. laspcctiow. 1_ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that I ender shall give Borrower notice prior to any sash inspection specifying reasonable cause therefor related to L.endePs interest in the Property. , 9. Cowdemtsation. 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 situ of condemnation, are hcteby assigned and shall be paid to I~nder. - in the event c*f a total taking of the Properly. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. 1n 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 the proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the: date d 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. [f the Property is ahandoned by Borrower, or if. after notice by Lender to Borrower that the wndemnor offer to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after flee dale such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair d the Properly 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 or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount d such installments. - 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums stxurrd ~ by this Mortgage granted by [.ender to any successor in interest of Borrower shall not operate to release, in any manner, the Iiabilily of the original Borrower and Borrower c successors in interest. [.ender shall not lx required 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 succeswrs in interest. i i. Eorbearawce by l:.ewarr Not a iYsiier. Any forficara:n°e by i.e^dtr i^. txtrrising any right or remedy herrttoder, or othervvise 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 Camulative. All remedies provided in this Mortgage art 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. Swecessors awd AssiRws )sound: ~Joiat awd Several ibbility; Captions. The covenants and agreements herein . contained shall bind, and the rights hereunder shall intir~ to, the respective successors and assigns of Lender and Borrower. 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 arc for convenience only and are not to tk used to interprot or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower ptovided for in this Mortga¢e shall be given by mailing such notice by cenifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to [.ender as provided herein, and (b) any notice to Linder shall he given by certified mail, return receipt requested. to i.endet'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 Morigsge: Goverwiug 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 covering Beal 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 chic 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 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..Trasder of the Property; Assumption. Tf all or any part of the Property or an interest therein is sold or t?ansfemd by Borrower without Lender's prior written consent, excluding !a) the oration of a lien or eneumbnnce wbordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c1 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 purchase, Lender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have N•rived Stich option to accelerate if, prior to the wle or transfer. Lender and the person to whom the Property is to be cold 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 regttest. it Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obli4slions under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordanrc 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 18 hereof. Not+-UrtlFOaM CovEHAN7s. Borrower and Linder funkier covenant and agrtre as follows: If. Aceekradow; Rewtedks. E:ctpt ss prodded iw prrsgrsph 17 htxeot, wpw lionowes's ht+each d awy covewawt or agreetwewt d Borrower V ibis Mtntgage, iwchtdirtg tbt corewrwts to pry whew +we ay swats seewred h7' thls Mortgage. iew4er prior M rectittratiow sbsB mail ttotlce to Borrower as proriaed Iw parsgraph 14 leered s}ecttyirt: (1) the breach:l2) the sctiow tregwh~ to swig tttsch inrch; (3) r thh, woe lest draw 30 days [raw the dstt Lira notice b ttaaUta to Borrower. b whkh such hrach wttatt ht cwrsd; awd (4) that hilrn to ctm swch ft+nach ow or heton the date gtcMta M the wMkt sway result Iw accderMiow d the twurs second by this Mortgage. fortc~osun b jwdkW poeee~iag awl sale of the Property. 71re ttotke shah hither iwtortw Bortower d the right to relwstste tlter rcctkrMbw awd flee right to rsseA iw the loreclsswrt p~oceeig tht.ow-t:atw~t d w rtttdr or r.r olhtr atttwst of llorrowt. to,t~tkrtb. rwa rore~lo..n. N the 6nach M woe cute[ ow or bdon the rite s'ctNiei b the awtke, ILtwder st i.ewdtr's opiow way declare V d the wtws secured by fhb Mottgsge b be irwtwaiiately due awl pysible withod father demand and rosy foreclose th4 Mortgage by jitttiew poeeediwR. Lender shag be ewtltled to coYtct b tareh pocetdiag s/ t:pesses of forccbsun, iwcludfe;, hat woe BtttNti to, reasows4k sttorseYs fees. awn coats d tfiocrc~ewtary eddewet, abstract aua tick r~tRorb. 1!. Bon+awa's Rlglrt to ReiwNate. Notwithstanding Lenders acceleration of the sums secured by Ihro Mortgage, Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time ~`:321 PAGE 739