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HomeMy WebLinkAbout1040 : i i ,f , 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 thu paragraph 7, with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to othef terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the dale of disbursement at the rate payable from time to time on oteistanding principal under the Note unless pajrmeat 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 expenses or take any action hereunder. 8. Iwspcetiow. lender may make or caux 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 I-enders interest in the Property. 9. Coadewwatbw, 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 assigrrtsd 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 czcess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeeds as is equal to that proportion which the amaent of the some secured by this Mortgage immediately prior to the date of 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. If the Property is abandoned by Borrower, or if. after notice by Lender to Bormwer that the c3ndemnor otters to make an award or settle a claim for damages. Borrower fail. to respond to Lender within 30 days after the date such notice is mailed. Ixnder is authorized to collect .and apply the proceed, at Lender's option, either to restoration or repair of tots Properly or to the sums secured by this Mortgage. Unless Lender and Borrower olherwix agree in writeng. any such application of proceeds to principal shall trot extend or postpone the due dale of the monthly installments referred to in paragraphs I and 2 hereof or change the amount o[ - such installments. s 10. Borrower Not Releroed. Extension of the time for payment or modification of amortization of the sums ensured 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's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otheewix modify amortization of {he sums xcured by this Mortgage by reason ofrny demand made by the ori¢inal Borrower and Borrower's successors in interest. 11. Forbearawce try Lewder Not a Waiter. Any forbearance by Lender in exercising any right or remedy hereunder, or . otherwix afforded by applicable law.. shall not tee 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 Lenders right to accelerate the maturity of the indebtedness xcurrd by this Mortgage. 12. Remedies Cwwwlattie. 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. Swccesaors awd AssiRws Bound; Joiwt awd .Several f.isbelify; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. A!I covenants and agreements of Borrower shall tx join( and several. The captions-and headings of the paragraphs of this Mortgage are for convenience only and arc not to tie ustxi 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 Mortgage shall be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i.ender as provided herein, and ~ (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lenders 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 j Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ~ 1S. UnNonw Mortgage; l;orerwing Law; Severab8ity. This form of mortgage combines uniform covenants for national i use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall tee governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of thic'Mortgage or the Note conflicts with applicable law, such conflict shall not afTect 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 Coq. Ber-over shall be furnished a conformed cop~• of the Note and of this Mortgage at the tune of execution or after recordation hereof. I 17..Trawsfer of the Property: Aswwptiow. 1f all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writeen consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creatson 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 years or less not containing an option to purchase, Lender may, at Lender c option, declare all the sums stxured by this Mortgage to be immediately due and payable. Lender shall have w•rived such option to accelerate if, prior to the sale or Transfer. Lender and the person to whom the Property is to be co1J or Transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intereu payable on the sums secured by this Mortgage shall tx at such rate ac Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Boerower'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 acrnrdancc 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 tails 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 hercc?f. Norr-UNIFORM CoveNAPITS. Borrower and Lender further covenant and agree as follows: 18. Accekratiow; RewtKdtea. Bscep as'rovided iw passigrarle 17 rcreof. rpow Barsover'a rereaer of a.y coreettawt or agreewxwt of Borrower i• tlti~ Mortgage. fwdwdiwg ere corewwwts to pay wbtw dese wwy tewresa sec.red h iris Morfgeegt. Lewder prior to accelerstlow sW wrap wotke to Borrower see provided Iw paragrapr /4 rereot gecifytwg: (1) ere Mcwer; (21 ere st:ttow s regwtred to sae etsxr recast; (3) a dale, woe las traw 30 days trove ere date ere wotke r wsafkd to Betrower. df' wrkr senor beeacr weert >K erred; wwd (4) trN failwre to cwre teener brewer a or beQorc ere date geetAed r ere wotiee way reswlt d wceekratiow at ere eteewaa tte.cenrcd by Iris Mortgage. torccbewe~r h jwdicW'roeetdieeg awel ttwle oft trt rropcrty. 7Ue wotice stall fwrtrer iwforw Borrower of ere riRrt to reirntste after sccekntdbw awd ere right b avert h ere toreelowre proeoeiw8 ere wow-a:Wewce d a defawM or aver otter defcwsc oft'orrowcr to.ccekrstbw awa foreelonrre. Here 6reacr r ttwt cwred ar a before the dNe geciied i• ere wotke. Lewder at I.ewder's opiow wuy dcclwe si o[ ere wetas seewred ~ fris Motrt;ape N be iewwsedbtely dwe awtl pyable wifroM fwrtrer demand awd ewsy foreclose tris Mortgage h jwikW proteeiwR. Lender stop be twtltkd to coxed V serer poesedirtg v espewses of forecloswee. iwchediwg. bed teat tlirerifed to, reattora8ie atbxeeYs few. wwd costs of doer'!~ewtttq eridewee, arstrwets awd title rcperts;. - 19. Berrowa's Rkrt to Reiwdate. NotwithstandinE Lenders acceleration of the sums secured t~? this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time RO?K PaCE ~~9