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HomeMy WebLinkAbout2711 : ~ t - ~ ~ f~ lender i written agreement or applicable law. Borrower shall pay the amount of all mort=age insurance p,-emiums in the manner provided under paragraph 2 hereof. - Any amounts disbursed by Lender pursuant to this wragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting paymert~ thgrpf~ ago~hall bear interest ftorrt the date of disbttrxrrtent at the talc payable from time to time on outstanding principal under t Note unless paytaent of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interat at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any exptrrse a faire any action.hercunder. 8. faspectios. Lender may make or cause to be made reasonable lntrie4 upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any such inspection speci[ying reasonable cause therefor related to (.cadet's interest in the Property. 9. Condcrarratba, 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 (hereof, or for conveyance in lieu of condemnation. are hereby assigned 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 excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and (.ender 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 xciired by this Mortgage immediately prior to the data 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 td Borrower. - Tf the~Property is abandoned by Borrower. or if_ after notice by (.ender to Borrower that the rnndemnor often to mate an award oir settle a claim for damages, Borrower failx to respond to Lender witliiu 30 days after -the date such notice is a?ailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or ro the sums secured by this Mortgage. Unless 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 of such installments. - ld. Borrower 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 Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwix 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. l 1. Forbearance by Leader Not a Waiver. Any fortxarance.by lender in exercising any right or remedy hereunder, or otherwix 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. Remedks ComuWve. 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 bt exercixd concurrently, independently or successively. ' 13. Successors and Assfgas Bound; .Joint and Seved lbbility; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall iniir~ to. the respective successors and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and arc not to lie used to interpret or dtfine the provisions herrnf. 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 certified mail addressed to Borrower at . the Property Address or at such other address as Borrower may designate by notice to Tinder as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to i-cadet's address uated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shat! be domed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform 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 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 cluix of this Mortgage or the Note conflicts with applicable law, such conflict shall not alfed other provisions of this Mortgage or the Note which can be given eBcct without the conflicting provixion, and to this end the provisions of the Mortgage and the Note arc ikclared to be severable. 16. I:orrowe>'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..Truster of tOe Troperfy; Asstrmptioa. Tf all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior writinn consent. excluding (a) the creation of a lien or encumbrance subordinate 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 (d) the grant of any leasehold interest 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 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 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's successor in interest has executed a written auumption 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 accordane-c with paragraph 14 hereof. Such notiox shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums oieelared due. If Borrower faits 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 1R hereof. Norr-UNIFORM COVENeNTS. Borrower and Lender further covenant and agree ss follows: li. Accelesatlo~ Rewscdks. F~cept as provided iw parsgrsP0 17 Oereof, Rea Borrowes's 6seaci of stay co•eaaat or agrerwsewt of Borrower d tits Mortgage. fwdrdiwg tie toiewaats to pay wlrea dal nay slaws seearsd ~ tOls Mortgage. Leader prlior a acceleratlow straB wsaN wotke to Borrower as'tovidcd is pragtapi 11 iesco[ speelfyiwg: (1) the Oseaci: (2) tie setbw r+cquistd to care stria iscsek (3) a date. not las tOaw 30 days frown the dMe tie wotke is swaged N Borrower. try whki sad bseaci east be ews~ed; aai (1) fiat failure b ctrce arch btcac0 ow or before lie date gecYed la the wotke .ay rearlt iw acedera8ew d tie art secured by tOh Mortgage. foreclosure b judkW poesediwg awd Bak of tOe hoperty. Tice aetice shay brtOer iwtoras Borrower of fie right to reis>date after acceleratiow awd tie right to assert fw the foreeloswse Noeeeiag tie saa-exWewce d a defaN or awy atlrer de/crrse of Borrower to accelerNbw awd toreclowre. N ire brexM k sat ear~si oa or before the rite geeiied i• tie rrotke. Leader at Leader's o'tbw wrwy dedtse ant d tie suwts seeuse~ i!' IOis MetlgsRe t• Oe i..ealately due and pgwDk without turtlrer demand awd Wray foreclose this Mortgage try jadkW /roeeedlrrR. Linder drag be eutltled to eoBset tw sad pnoesediwg a• expenses of foreclosure. fiwdudiwg, Owl sat Brwtlsd N. s~easowaOlt sdtwaetrs feu. asd costs of ioet:~ewfarp evidence. abstracts astd tick repro. 19. Bornswa's Rigit -to Relastate. Notwithstanding Lenders acceleration of the sums secured by thn Mortgage. j Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time e1,oK321 PAC~2707