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HomeMy WebLinkAbout2287 • ~ , ~ , ' Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance prcmiumt in the ' manner provided under paragraph 2 hereo[. Any amounts disbursed by 1.enJer pursuant to this paragraph 7, with interest therc:rn, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and i.ender agree to other terms of payment. such amounts shall bt payahk.upon notice from Lender to Borrower requesting payment~tbertof: artds~tall bear interest from the date of disbursement at the rate payable from titre to time on attstanding principa! under the Note unless pa}rmettt of` interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest raft: permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any txpewt or take any action hereunder. , I~spectioa. Lender 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 thefefor related to L•ertder's interest in the Property. 9. Cotttdewwtba. 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 Lender. - . - ln the event of a total taking of the Property. the proceeds :hall 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 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 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 1_ender to Borrower that the condemnor offers to matte an award or settle a claim for damages, &~rrower fails to respond to 1_ender within 30 days after the date such notice b mailed, Lender is authorized to collect and apply the proceeds. at tender's option, either "to ratoration or repair of the: • Property o~ to the sums secured by this Mortgage. Unit~c 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 1 and 2 hereof or change the amount o[ such installments. 10. Idormwer Not Released. Extension of the time for payment or modification of amortization of the sums secured 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 Bc~rrower'c successors in interest. Lender shall not be required to commence proceedings against such successor or refute to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of an)• demand made by the original Borrower ar~u Borrowers successors in interest. 11. Forbearance by Lender Not a Wainer. Any forbearance by Lender in exercising any right or rcrnedy hercttnder, or otherwise afforded by applicabk 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 !sties or other liens ur charges by Lender shall not bt a waiver of Lender's right to accelerate the maturity of the indebtedness secured by chic Mortgage. 12. Rearedks Comulati~e. 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 br exercised concurrently, independently or successively. ' 13. Strccewors and Assigtas Found:.Joint sad Seretral i.iablity; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ to. the respective successors and assigns of Lender aqd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreemrnts of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions herrnf. _ 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice -to Borrower pt~ovided for in this Mortgage shall be given by mailing such notice by certified 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 Lender shall he given by certificJ mail, return receipt requested. to Lender'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. Uniforw Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering j 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 applicabk law, such conflict shah 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 are Declared to be severable. 16. Isormwer's Copy. Borrower shall be fttrnicheD a conformed cop} of the Note and of this Mortgage at the titre p of execution or after recordation hereof. 17. ,Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, c!ccluding (a1 the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchaee money security interest for household appliances, (c) a transfer by device. 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 cwt containing an option to purchase, Lender may. at t_ender'c option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have w•atved such option to accelerate if, prior to the sale or transfer. Lender ' and the person to whom the Property is ti? be co1J 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 as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower i 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 Notes if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance 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 dtx. Tf Borrower fails to pay such arms prior to the expiation of such period, M1 Lender may, without further novice or demand on Borrower. invoke any remedies permitted by paragraph 18 hercot. e Nor!-UNIFORM CovEtvervrs. Borrower and Lender further covenant and agree as follows: li. Accderatbn; Reweditx. Except as Provided in paragraph 17 hereof. Mort •anower'a (breach of tray coverawt K agretweN of Borrower b fhb Mortgage. hrdtrdirr~ the eorensntt to Pay whe. dtre a.y wws neerirei y this Mortgage. Leader prior a acceicratbw tibaB wail ootlce to Borrower as prodded in paragraph 14 hereof specMyfag: (1) the breach; (2) the aetiow 1 refired to crone wch Meacb; (3) a date. cwt less than 30 days trove the daft the notice b waxed fo 1arr+ower. h7' whkh stseh hr+ach wtrtt be eared; sad (4) that ta0trre to care such breach on or before the date geclfied i! the twtlee way restit b secekratiorr of the saes need by fhb Mortgage. toreclowre h7' ~adicial Prucsedhrg acrd tale of the Property. 71re notice shat ftttrMrer fatorw Ifbrrower of the riRM to reltttstate after accekratbn surd the right to assert h the foreeiowre Proeeeitr~ t!e tww-a:btewce of a ~etatdt or say other dcfease of Borrower to accekrMbrr sad forsclowre. U the breach b sot erred ore or before the date sPeciied V the notice, Leader a1 I.etttder's oPtbw way dtchre aM of the wws teeta+ed by Phis MertgirRe tt? he bsarcdhtely drre atsi payable witba ttuther demand sad racy rorrchxe chi. Mort~a~e y jtriieW P»eeeding. Lender .haY be eatlded to toYeet b wch Proeeediag all expenses of forcchtstrrtr. hrcht+diq. bot tttM >inrNer ~ tltrOwaYt ~t1~Nntv's fees. Yes COita Of dOercewestary t~{dtaeer ahdraCtf sad title report. 1!. fllorrowa's Right to Refwtate. Notwithstanding Lenders acceltration of the stuns secured by thts Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any time ~~~K 321 PaGE2284