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HomeMy WebLinkAbout0590 a - , i i Lender's written agr~eetnent or applicable law. Borrower shall pay the amount of all mortgage insurance premiums is the manner provided under paragraph 2 hereof. . Any amounts disbursed by Lender pursuant to the paragraph 7. with interest thereon. shall become additional indebtedness of Borrower securt:d by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payable upon rtolice from Lender to. Borrower requesting pay ~j n ~f t~ttd shall bear interest from the date of disbursement at the me payable from time to time on attstanding pd:the Note unless payment of interest at such me would be contrary to applicable law, in which event such amounts shall bear interest at the highest resole permissible under applicable law. Nothing contained in this paragraph 7 shall rtquirt Lender to incur any expense or fate any aMion hereunder. f >R ittoleclion. 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 therefor related to Lender's interest in the Property. 9. Condetwtt~stbn. The proceeds of any award or claim for damages, dittet 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 asaigrred and shall be paid to Lender. - 1 In the event of a total taking of the Properly. 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 iertder otherwise agree in writing, there shall bt 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 o[ taking bean to the [air market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. 1 if the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor oRers to mate an award or settle a claim for damages. Btrrower fails to respond to Lender within 30 days after the date such notice b mailed, Lender is authorized to.colkct and apply the proceeds, at Lender's option, either to ratoratioo or r+epsir o[ t>te Property or to the sums secured by this Mortgage. Urtlcss 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. it. >sorrower Not Releases. 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 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 u~ms secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. l 1. Forrearawce ry I.enier NoI a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall .not he 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 tender shall not be a waiver of Lenders right to acceknte the maturity of the indebtedness secured by this Mortgage. 12. Rerncdks Cetwtnhtl~t. All remedies provided in this Mortgage arc distinct sod cumulative to any other right a remedy under this Mortgagt or afforded by law or equity, and may be exercised concurrently, independently or suooessively. 13. Snccessers sod Aasiga iwtnd:.Joint stss Several I.isbiWy; CaplMos. The covenants and agreements herdn contained shall bind, and the rights hereunder shall incug to, the respective successors and assigm of tender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joie and several. ~ The captions' and headings of the paragraphs of this Mortgage arc for convenience only and an not to Ile used to interpret or define the provisions hereof. 14. Notke. 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 ranee by certiAed mail addressed to Borrower at ! ~I the Property Address or at such dher address as Borrower may designate by notice to Tender ss provided herein. and ~ (b) any notice to Lender shall he given by certified mail, velum receipt requested. to tenders address stated herein or to such other address as Lender may designate by notice to Borrower ss provided herein. -Any notice provided for in this Mortgage shall be domed to have been given to Borrower or Lender when given in the manner designated heron. j 1S. Uniforw 1ortgage; tvovcrniag Lsw: SeversbiKty. This form of mortgage combines uniform covenants for national I use and nonuniform covenants with limited variations by jurisdiction to constitute a uniform security iratrumertt 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 clause of this Mortgage or the Note conflicts with applicable law. such eonAict shall not aRect other provisions of this Mortgage or the Note which can be given elTect without the eatAicting provision. and to this 3 end the provisions of the Mortgage and the Note arc declared to be sevenbk. lei. lorrowers Co*y. Borrower shall be furnished a conformed copy' of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trastster of ere Pr+o*erq: Aswerption. if all or any part of the Property or an inter+at therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a1 the creation of a lien or encumbrance subordinate to _ this Mortgage. (b) the creatan of a purchase money security interest for hotnehold appliances. (c) a transfer by devise, desoatt or by operation of law upon the death of a joint tenant or (d) the gent of any leasehold interest of three yeah a less f 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 psyabk. Lender shall have waived arch option to aocelente if, prior to the sale or transfer. I.ertder and the person to whom the Property is t~. be cold or transferred reach agreement in writing that the credit of such person l is satisfactory to Lender and that the interc~t payable on the sums secured by the 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 Borrot~rer's stx~cessor in interest has executed a written aswmption agreement acrcpted in writing by Lender. Lender shag release Borrower from all obljgations under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in acoordancc with - paragraph 14 hereof. Such notice shall provide a period of not less than 30 days tram the date the notice a mailed within which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiation of such period, ~ [.ender may, without further notice or demand on Borrower, invoke any remedies permitted by pan~graph 18 hereof. NoN-UntFOant CoveNarrrs. Borrower and Lender further covenant and agree ss follows: ~ lf{. Aeederntloaq Reaedies. Except as'rovided h pragraNt 17 reseo[. upn 111orrwres's ~sener of attry cevestant K agrcerneat of ioenwtr i. Iris Mostgage. iwc~tg ere costtsatsts b ia7' wrsn des asry ssms seaursd 6? tlsls Me~ptgt. i onset prior N seceiesaMan tri ttsall notice to iosrower as prorfdcs r pnigraplt 14 retool speeryitrgs p) Ire tseacr: (>h ere action rs'trir+ts b etrre wet ireae~ (3) • dale. oat ks uaw 3t says frerw ere sale Ire netlee fis straMd M ilNsrower, y wrki stet rreaer ..¦I re erred; cad (4) trot failure b core we? rtreaer ow K retose ere dolt s*eeirett V tJre tuotiee troy vault r aeeekratMw of ere wms secured r!' IW Mortgage. feeeAosnre b jn~kW lrocse~rtg astd ale N ere Pre~erty. Tre tuslitt srai further inters iorroweFol ere right to reiwstate after acceleration and ere right N aweA i• Ire ttrteissnre pseeeeittg Ire nofsxMewet of a detatsM or any otter defttwse of llortewer to eccekratMw and torttiostMt. • trt treacr r nM coati M or bdore Ire hle apacired r ere stotiee. Lender at t.etrser's o'tiow any declare ai of Ire wtr settrs~ai fry Iris Mtstgsype w k - i..tdWely doe and pyaNc wkrod fnrtrer dewtand ones Wray foaeelae tris Mer~ags rf' lu+feW prretesitrR. Lender ,rant k entlAed a eortet t• atser'reettding r a:pcnsts of foreclosure. lndndirtg. rut net ¦nrMsd Mr reasonailt t>fturtteYs fs~es. } asid•tosb a< see.~aeMary trisenee. aratraets and title repro. 1f. lionowes's Rttrt ta+ Reinstate. Notwithstanding Lender's acceleration of the sums secured by thtt Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time Rt1~C.)~ 01Ct