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HomeMy WebLinkAbout1059 , ~ _ , Lender's written agreement or applicable law. Borrower shelf pay the amount of all mortgage insurance premiums in this manner provided under paragraph 2 hereof. Any amounts disbursed by I.cnder pursuant to this paragraph 7, with interest thetpon. • shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower anJ Lender agree to other terms of payment. such amounts shall ere payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment 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 expetrse or take any action hereunder. 8. laspectiow. Lender may make or cause to tie 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 LendePs interest in the Property. 9. Cowdewrafiow, The proceeds of any award or claim for damages, direct or consequential, in eonnoction with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to [.ender. In the event of a total taking of the Properly. the proceeds shall he applied to the s:ttms 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 otherwise agree in writing. there shall be applied to the Gums secured by this Mortgage such proportion of the prooeeds as is equal to that proportion ss•hich 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 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 Borrower that the condemnor otters to matte an award or settle a claim for damages. Bi~rmwer fails to respond to lender within 30 days after the date such trotioe is mailed. Lender is authorized to collect and apply the proceeds. at Lender c option, either to restoration or repair or the Progeny or to the sums secured by this Mortgage. Unless lender and Borrower otherwise agree in w•ritme. 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. Borrower Not Released. Fxtcncion of the time for payment or modification of amortization of the sums stst:ured by this Mortgage granted by I-ender to any cuccecsor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. i_ender shall not be required to comrnenoe 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 orieina) Borrower and Borrower's successors in interest. 11. Forbearance br Gender Not a Waiver. Any forbearance by !.ender in exercising any right or remedy hereunder, or otherwise 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 reties 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. Remedks Cot»uhttire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently, independently or successively. ' 13. Soccessors awd Assigws Bound:.]oint sad Severs! Liability; Capdons. The covenants and agreements heroin contained shall bind, and the rights hereunder shall inure to. the respective suceeswrs and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All cove~anls and agreements of Borrower shall be joirtl and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to tie used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to tx given in another manner, (a) any notice to Borrower provided for in this Mortgage shall tx given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mad designate by notice to Tender as provided herein. and ~ (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's address stated herein or to j 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 heroin. IS. Uniform MoriRage; Gorernirrg Law; Seversbility. This form of mortgage combines uniform rnvenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to cor?stitttte a uniform security instrument covering real property. This Mortgage shall tie governed by the law of the jurisdiction in which the Property is located. In the S event that any provision or clause of this ivtortgage ~r the Note conflicts with applicable law, such conflict shall not aRect 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 NMC are declared to be severable. ~ 16. Bormwtr'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. ,Trswder or ere Property; Assumption.. If all or any pan of the Property or an interest therein is sold or transferred by Borrower without Lenders prior wrincn consem. excluding (al the creation of a lien or encumbrance subordinate 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 jrnnt tenant or (dt the grant of any leasehold interest of three yeah or less not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this MortgaEe 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 t.. be so;d or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the Brims 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 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 obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance v?•ith 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. 1f Borower 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 IR hereof. Y Note-UNIFOaM CoveNeNTS. Borrower and Lender further covenant and agree ss follows: 18. Acceleratbo; Rewredks. Except as provided in paragraph 17 bereor. trpow Sorrowsr's rreaelr of awr eoretawt K aueetsiest of Borrower b this Mort=a6c. Iwclrr~wg ere cotenants to par wrcw dwe say tawrs secured b kris Mortgage. Levier prbr M acceicrstiow shad wrap rwtlce to Borrower s protfdcd iw paragrspb 14 tercel speclrrlw~: (1) ere track (2) ere setlew required to cuee wcr Dreacr; (3) a dMe. wok less thaw 30 days trove ere Gate the wotke r wailed to derrswer. b wrfcr serer bract vast be erred; awd (4) trek ta8rrro to care twcr breast w or before ere date specliett r ere wotke war reswM i• ttKederatbw of ere stews ttectrr+ed br ebb Mortgage. roreAosrrre br jtrdkb>y proeseliw~ awl Bak of ere Propcrry. Tate wotice shad ftrrtrer iwtorrw sorr+ower of ere riRrt to rcfwstale sttcr accekratbw and ere right to awed h ere loraloaue prvcse~ ere ww.exietewce of • lefatrk or tr.r otter defetase or Mrrower to sccekrNbw and tortcloarre. N ere ~reaer V tent ettrei eve or 6dorr the late specitiei d ere ssotke. Lender at Lender's option war declare v of ere wws seemd b trio MortptRe tore iwwcdistelr drre awl prabie witrotrt trrthcr demand and wrsr rorcclose ebb Mortsage br jtraicW preceedltrg. Lender dead be ewtltled to collect iA strcr proceednsB d expenses of foreclosure. iwclrtdiwg. brit teat dwNsd a. reaaawaMe stl•xser's fees. awd costs or doc~-!~eMary tridewce, abstracts awl talk reports. 19. )sorrowa's Rl~rt to RefwNate. Notwithstanding Lender's 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 ~~~x32i Pa~E105~ -