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HomeMy WebLinkAbout3004 i s . • f I.cndcr's written agreement or applicahle law. Borrower shall pay the amount of all mortgage iasur,~ncc premiums in the • manner provided under paragraph 2 hereof. Any amount; disbursed by Lcndcr pursuant to this paragraph 7. with interest thereon, shall became additional indeMedness of Harrower secured M• this Mortgage. l'nless Rarnw+er and Lender ague to other terms of payment. such amounts shall he payable ulx~n notice from Lender a. Borrower reyucuing payment hhereof. and sh:~ll hear intcrest from the Date of dicburcemcnt at the rate pa}•ahlc from time to time on outstanding principal under the Note unlace payment of intcrest at such rate +could be contrary to applicable law. in which event such amounts shall hear interact at the highest rate • permissible under applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expense or take any action hereunder. • 8. Inspection, Lender may make ar cause to be made reasonable entries upon and ircpectionc of the Property, provided that I ender shall give Borrower notice prior to any such inspection specifying reasonabie cause therefor related to iender's intcrest in the Property. 9. Condemnation. The pnxeedc of am• award or claim for damages, direct or 4anseyucntial. in cc~nneclion with any ~ _ condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. arc hereby assigned j and .hall l+c paid to Lcadcr. in the event of a total taking of the Property, the proceeds shall he applied to the sums secured M• this 1?iartgaRe. with the excess, if any, paid to Harrower. in the event of a partial taking of the Property. unless Borrower and i.endcr otherwise agree in writing. them shall he applied to the Gums secured by this Mortgage such proportion of the proceeds as is equal to that proportion +vhich the amount of the sums secured M• this Mortgage immediateh• rs~ior to the date of taking heart to the fair market value of the Property immediately prior to the date of taking, with the balance of the proxeeds paid to Borrower. if the Property is abandoned M• Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make- an award or settle a claim for damages. Borrower fails to reslx.nd to Lender within 30 da}•s after the date such notice is mailed. Lender is authorized to rnllect and apply the proceeds, at Lender's option. either to restoration or repair of the ~ Properly or to the sums secured by this Mortgage. Unless lender and Borrower otherwise agree in w~ritine. am• such appliritian of proceeds to principal shall not extend. or Ixxtponc the due date of the monthly installments referred to in paragraphs 1 and 2 hereof of change the amount of such installments. 10. Borrower Not Released. Extension of the time for pat•ment or modification of amortization of the sums. secured by this Mortgage granted by Lender to any successor in intcrest of Borrower shall not operate to telease. in any manner. the liability of the original Borrower and Borrower's suecescc.rc in interest. i_ender shall not he required tc. commence `s proceedings against such successor ar ref~+S~ to extend time for payment or otherwise modif}• amortization of the sums . secured M• this Mortgage b}• reason of any demand made by the arieinal Borrower and Borrowers success, rc in intcrest. 11. Forbearance by fender \M a Waiver. Am• forbearance h+• Lender in exercising am• right or remedy hereunder. or otherwise afforded b • a livable law. shall not he a waiver of ar > pp preclude the exercise of any such right or remedy_ The pra-urement of insurance or the payment of taxes ar other liens or charges by lender shall not be a waiver e•f Lender s right to accelerate the maturity of the indebtedness ce•_ured M• this Mortgage. 1 12. Remedies Cumulative. All remedies provided in this ;Mortgage arc distinct and cumulative to am• other right or remedy under this Mortgage ar afforded by law or eyuiq•, and ma}• he exercised concurrently. independently ar successively. - 13. Successors and Assigns Bound; Joint and Several f.iability; Captions. The covenants and agrecrnentc herein contained shall bind, and the ri~ehts hereunder shall inure to. the respective successors and assigns of i.ender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several. The captions :rod headings of the paragraphs of this Mortgage arc for convenience only and arc not t+. he used to interpret ar define the pro+-icionc hereof. 14. Notice. Except for any notice required under applicahle law to be given in another manner. (al any notice to Burrower pr~wided for in this Mortgage shall he given by mailing such notice by certified matt addressed- to Borrower at i the Property Address or at such other address as Borrower ma_+• designate M• notice to i.cnder as provided herein. and - Ihl an+• notice to 1_ender shall he given b}• certified mail. return receipt rcyucsted. to Lender's address stated herein or to such other address as Lender may designate b}• notice to Harrower ac prm•ided herein. .Any notice provided for in this Mortgage shall he deemed to have been gi+rn to Borrower or Lender when given in the manner designated herein. i 15. Uniform ~tortgage; Governing Law: Severabilit~•. This form of mortgage rnmhincc uniform rnvenantc for national use and non-uniform covenants with limited variations by jurisdiction to rnnstintte a uniform security instrument covering - real pmpert}•. This ;\4artgage shall he governed h}• the law of the jurisdiction in which the Property is located. In the £ event that any provision or clause of this Mortgage or the Kate conflicts with applicahle law. such conflict shall not affect - other pn?sisions of this Mortgage or the Note w-hick can t?e given elTect without the conflicting provision. and to this end the pruv~icionc of the ;1ortgage and the Vote arc declared to he severable. 16. Borrower's Cop}. Borrower shall be furnished a rnnformed copy of the Note and of this titortgage at the time u( execution or after recordation hereof. 17. Transfer of the Propert}•; Assumption. if all or ant part of the Property ar an intcrest therein is sold or transferred _ by Borrower without I_rndcr's prior written content. escluding (al the creation of a lien or encumbrance subordinate to this Mortgage. Ihl the creation of a purchase nu~ney security intcrest for houcehoW appliances, (cl a transfer by devise, descent ar by operation of law upon the death of a ioim tenant ar t.f? the grant of an}' leasehold interest of three years ar less nut crn+taining an option d. purchase. Lender ma}. at Lender's option. declare all the sum: secured h+• this ~1~~rlgage to be immediateh• due and payable. Lender shall haye vcaiyed such option- te. accelerate if. prior to the sale or transfer. i_ender 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 :rod that the interest pacahle on the sums secured M• this Mortgage shall bC at s::ch rate ~c Lender shall request. If Lender has waived the option to accelerate prrn•ided in this paragraph 17. and if Bor:~x•er s successor in intcrest 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 not~re of acceleration in ac•conlanee with paragraph 14 hereof. Such notice shall provide a period of not Tess than 30 days fn~m the date the nat~_°tc mailed within - which Borrower may pa}• the aims declared dux. if Borrower fails to pav such sums prior to the expiration of each period, Lender may. without further notice or demand on Borrower. invoke am• remedies permiitccl M• paragraph 1 R hereof. Nov-U:vtt=ote~t Covev~!vrs. Borrower and Lender further covenant and agree as folMws: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrowers !mach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such 6resch; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such - breach must be cured; and (4) that failure to cure such breach on or before the date specified iu the notice may result in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sak of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. if the breach is sot cured on or before the date specified in the notice. Lender at bender's option may declare all of the sums secured by the Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled•to collect in such proceeding all expenses of foreclosure. including. but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and Iitk reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have am• proceedings begun by Lender to enforce this Mortgage discontinued at any time . n0 AA ~ wAAw