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HomeMy WebLinkAbout1028 y Lender's written agreement or applicable low. 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, wqh interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless &?rrower and I cn~kr agree to other terms of payment. such amounts shall he payable upon rx~tice fmm Lender to Borrower requesting p:.yment thereof, acrd shall bear interest from the date of disbursement at the rate payable from time to time gut outstanding principal under the. Note unless pa}rmatt 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 sha8 require Lender to incur any expertse or take any action hereunder. fl, ittapectioa. Lender may make or cause to he made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower notice prier to any such inspection specifying reasonable cause therefor related to Larders interrst in the Property. 9, Cowdesatatbw. 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.ender. In the event of a total taking of the Property. the proceeDC shall t+e 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 Leader otherwise agree in writing. there shalt bt applied to the sums secureD by this Mortgage such proportion o[ the pr+ooteds 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 Pn+perty immediately prior to the date of taking, with the: balance of the proceeds paid to Borrower. If the Property is ahandoneD by Bor:ower. or if. after notice by I ender to Borrower that the condemnor offers to make an award or settle a claim for Damages. Barn.wer fail. t<. rc,~ond to Lender within 30 days after the date such notice is mailed Lender i< authorized to collect and apply the proceeds. at lender t option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless I_en~r and Borrower otherwise agree in wrihne- any such application of proceeds to principal shall not extend orti~wstpene the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount o[ such installments. 10. Eorrower Not Rektased. Extension of the time for payment or modification of amortiution of the sums. securrd by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rcksse, in any manner, the liability of the original Borrower and Borrower's successors in interest. t-ender shall not be required to commence proceedings against such successor or refuse to extenD time for payment or otherwise modify amortiution of.the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers wccessors in interest. 11. Forbearawce by Lender Not a Waiver. Any f~rhearance by l.cnder in exercising any right or rcmody herrttnder, or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares or other liens or charges by 1_ender shall not be a waiver of Lenders right to accelerate the maturity of the indeMedness secured by this Mortgages 12. Remedies Cnmuhitire. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or aRordcd by law or equity. and may he exercised concurrently. independently or successively. 13. Srecessors and Assigns pound:.]oint gad Sererd liability: Captions. The covenants and agreetrtents herein contained shall bind, and the rights hereunder shall imirg to. the respective successors and assigrts of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to tk used to interpret 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 provided for in this Mortgate shall be given by mailing such notice by certilkd mail addressed to Borrower at the Property Address or at such other address as Burrower mav_ designate by notice to Lender as provided herein. and (b) any notice to Lender shall he given by certified mail. return receipt requested. to [.enders 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 F+een given to Borrower or l-ender when given in the manner designated herein. 15. Uniform Mortgage: Governing Ian; Se.erability. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with IimitcJ variations h}• 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 clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nr•te which can be given eBect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are Declared to be severable. I`. Iborrowea's Copy. Borrower shall t+c furnished a conformed cope of the Note and of this Mortgage at the time of execution or after recordation hereof. - 17..Trawder of the Property: Aswmption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrinrn concern. excluding (al the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the creation of a purchacr m+•nes 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 grrnt of any leasehold interrst 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 such option to accelerate if, prior to the wk or transfer. Lender and the person to whom the Property is to be :old 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 attch rate as Lender shall request. T[ Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written usumption 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 i4 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 expiation of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. NoN-UNtFOtet?t COVENANTS. Borrower and Lender further covenant and agree u followrs: lfl. Accderatbw; Reoaedies. Except m pmvldcd in parttgnpb 17 hoed, upon >sortrowers beeaci d aa~r cotrrrtawt K agretsewt of >dorrower V ebb Mortgage, itoelraditag the corenaats to pay when doe ~r suss secttnrtd y this Mortgage. tewder prbr to acceleratbr sbap staN wotke to eosrower ss pabridrd la paragrsph 14 hereof specYyi¦g: (1) the breach: the aetbw ff egtairtd to crate srei 6rraci; (3) ~ date. woe less tbsw 30 days troy the date the wotke b ttsafaed to lorrower, br whki sreh be+esclo std b< need; gad (4) that /ailnrr to care retch breach ow or before the date geciied i• the wotioe tense essak b accekratbw d the steer sectored br fhb Mortgage. foreclosnrr br jndkW'rocsedMg atsd sale of the Tro'eofr. Tire wotice sbap frriber idotnw •orrower d the right to relrtstate after sccekralba awd the right b asseol b fiat tortelowre proceedlrtg tie trove-a:btewce d w detsnlt or aver other dcfease of Eorrower to sccekratbw awd torecloswre. N lire breach b arot erect ow or oeforr the dste sperfied d tie awtke. Lender at Lender's optiow sat detibst ap d tie ttratas seerrsd b'!' lib ModpRe is be issediatelr drat sod prsbk witborot trrtber demand and wear forrelose fhb Mortgage it jwdkW /rateedltrg• iende? drop be eatltled to coped b srei prncecding aM a:peones of foreclosrrr, irocluditog. bed woe poaMei ta, er<aroeoabie stt.xwev's fees, gad costs d doer'!rratRarr tvidttnet, abstracts gad tick rsprb. 19. lionoweo's Right to Reiadate. Notwithstanding Lenders acceleration of the sums secured by this MoRgage, Borrower shall have the right to have any proceedings begun by tender to enforce this Mortgage discontinued at any time E:17K321 P~cE~027