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HomeMy WebLinkAbout2279 • i Lender's written agreement or appiicabk law. Borrower shall pay the amount o[ 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 payrneM, such ~ amounts shall be payable upon notice from Tender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the me payable from time to time on outstanding principal under the Note unless pa'~meat of ~ interest at such me would be contrary to appiicabk law, in which event such amounts shall bear interest at the highest rate permissible under appiicabk law. Nothing contained in this paragraph 7 shall require Lender Io incur any experae or fate any action hereunder. 8. Iwspectiow. Tender may make or cause 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 Larder's interest in the Property. j 9. Coadearaatiow. 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. are hereby a:sigtred and shall be paid to Lender. In the event of a total taking of the Properly. the proceeds shall he 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 Larder 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 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 Tender to Borrower that the condemnor oRets to rrrate an award or settle a claim for damages. Borrower fair to respond to Lender within 30 days after the date such notice a mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair o[ the Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writin~e. any such application of proceeds to principal shall not extend o~ postpone the due date of the monthly. installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Eorrower Not Released. Extension of the time for payment or modification of amortization of the wms secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to reksse, in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be 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 successors in interest. 11. Forhesrawce by lewder Not a waiver. Any forbearance by Lender in exercising any right or remedy her+etmder, 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 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 CamalMl~e. 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 be exercised concurrently, independently or successively. ' 13. Sweeessors awd AssiRas Found; .Joint awd Several I.iabiBly; Captiows. The rnvenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender strd Borrower. subject to the provisions of paragraph 17 hereof. All covenants 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 lie 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 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 Tender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to I-ender's address stated herein or to such other address as Lander 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. j 1S. Uwitorm Mortgage: Governing Lary: Sevcrab8ity. This form of mortgage combing uniform covenants for national use and non-uniform covenants with limited 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 i event that -any provision or clause of Chic Mortgage or the Note conflicts with appiicabk law, such conflict shall riot affect other provisions of this Mortgage or the Note. which can be given etIect without the conflicting provision. and to this end the provisions of the Mortgage and the Note arc declared to be severable. 16. Ison+ower's Copy. Borrower shall be furnished a conformed cop}' of the Note and of this Mortgagt at the time 3 of execrrtan or after recordation hereof. ( 17..Trawder of the Troperty: Assomptiow. if all or any part of the Property or an interest therein is sold or tnnsferrcd by Borrower without Lender's prior writrrn consent. 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, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may. at Lender x 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 such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rare as Lender shall request. if Lender hu waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written auumption agreement accepted in writing by Lender. Lender shall release Borrower from all obli8ations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordanc-c M•ith paragraph 14 hereof. Such notice shall provide a period c+f 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 I8 hereof. Note-UNIFORM CoveHarrrs. Borrower and Lender further covenant and agree as follows: 18. Accdentbw; Rerwedia. E:cgit as provHed ~ MntgrapU 17 Irereot, Row >sorrtrwer'a hseaclr of ry covewwwt er a agreemewt of >dorrower V fhb Mont=age. b+elwdiag the eo•ewawts to M7 whew dtre awy soap satrrtd hyr tWs Mortgage. Lewder pricer to aceekratlow sha/ raaY wotke to iorrewer a provided Iw paragraph 14 hercot geclf7iwg: (1) the breach: (21 the seeks rgwired to care sweh hresch; (3) a date, wet less thaw 30 days trove the date the wotiee b aaYed to Borrower. h!' which sweh breach wswrt fie evened; awd (4) that tsvitare to ctue wch hrssch ow or before the date speeYei b+ the aotke rtay resale r aecderstiow of the swwrs uctaed by this Mortgage, fonecioswre hr jwdkW'roeesdiwg awl sale of the )rr+uperry. The wetke shall brther hforwr •orr~ower of the right to reiwdate after aceekratbw awd the right b swore i• the foreeioarre protee~rrg tk wow-a:ilewce of a defawlt or aw,y other detcase of l:orrower to accekratba swd toreeloawre. 11 the brexlr b aN a~ ow or bdore the date Reclied V the wotke. Lewder at l.ewders opba wrg deeb*e r of the: arras seesrei b fhb Matgagje tti he bawrediately dse awl payaNe wifhoN isniher demand awd wray for+ecloae fhb Mor~age by ~wikW preesedlwR. Lender thaM be ewtltled to conset to arch'rocesdiwg V espessa wt forecloswn. bcisdiag. bd vest Waited te, rsaprrtble sttxwer's tea. awd Dods of doerc.~ewtary eddewce, aMtrwcts awd tkk rtprts. 19. ldorrewa's Right to Relwdste. NMwithstanding Lenders acceleration of the sums secured by thrs Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ ~~~~?x 321 Aa~E2276