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HomeMy WebLinkAbout0603 a ~ ~ i Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurartoe 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 tender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment t~~~jr~ittlll bear interest frtxn the date of disbursement at the rate payahk from time to time an attstanding prints 1Pe Mee' Note unless pa}rrnertt of . interest at such me would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any experae or take any action hereunder. r ~ ; >L Imlcetiorr, i_ender may make or cause to be made reasonable entries tijio~ and inspections of the Property. provided i that Lender shall Rive Borrower ndice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdewrwstiow. The proceeds of any award or claim for damages, direct or consequential, in connection writh any i 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. ~ ` 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 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 pr+ocetais paid to Borrower. if the Property is aharrdoned by Bor:ower..or if after notice by Lender to Borrower that the condemnor'offers to matte an award or settle a claim for damages, Borrower fail. to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apph• the proceeds. at Lender's option, either to restoration or tspair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in w•rittng, any such application~of proceeds to principal shall rtot extend or postpone the due dart of the monthly installments referred to in paragraphs 1 and 2 hereof or change the -amount of j such installments. 14. Borrower Nof Released, Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by [.ender to any successor in interest of Borrower shall not ope•ate to release, in any manner, the liability of the original Borrower and &?rrowcr's successors in intemt_ 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 an)• demand made by the original Borrower and Borrower's wccessors in interest. ' i 11• itorbes~rawce by Leader Not s Wsiver. Any forhearance by Lender in exercising any right or remedy hereunder, or , (f otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any stuh right or remedy.. The procurement of insurance or the payment of rates 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. l2. Rearedies Curouhrlii.e. All remedies provided in this Mortgage arc distinct and cumulative to any other right a , i remedy under this Mortgage or aff~rdcd try !aw n; egsity, and may- be exercised cuncurrentiy, irrdepettdentiy or successively. ~ 13. Successors and AasiRus Bound; ,Joist sad Several I.isb~r; Captions. The covenants and agreetirmts herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigtts of Lender and 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 are for convenience only and are not to lie used to interpret tx define the provisions hereof. I 11. 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_tx given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher address as Borrower mav_ designate by notice to i~nder as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to I.endePs 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 ha~•c been gwen to Borrower or Lender when given in the manner designated herein. 1S. Uwiforur Mort e; Go~erni Law- Severe 1't Rag bit .This form rqt v of mort a combines erns _ forth covenants for national B Se use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform sxurity instrument covering real property. This Mortgagt shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of Chic Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eQect without the conflicting provision, and to this end the. provisions of the Mortgage and the Note arc declared to be severable. . 14. Sonower's Corr. Borrower shall be furnished a conformed cop)- of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. ,Transfer of the Property; Assnmption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Leader's prior wrincn consent. excluding (al the oration of a lien or encumbrance wbordinate to this Mortgage, (b) the creation of a purchasr money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a jrnnt tenant or (dl the grant of any leasehold interest of three yeah or less rat 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 :old 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 assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obljptions under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordanrr xc•ith paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the tatice is mailed within which Borrower may pay the sums declared due. if Borrower (ails to pay such sums prior to the expiration of such period. tender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. Nonr-LINIFOUM COVeNerrTS. Borrower and Lender further covenant and agree as follo+rs:- lt. Accdastio~ Raredia. E:cep ss rrovided iu paragraph 1'f hereof. upon >sorrowtts'a ~eseh of say cotntwswt or agreement of IMrrswer L this Morigsge, hxluditsg the co.ewawts to psy whes sae say sates seeure~ br this Morglage Leader pritx fo acceiesatlon s~ urdl notice to Borrower as provided 1u pangrsph 14 her~eot yeeteriwgr (1) /he btresch: (2) the arttbw e~tNuieti fe guru sacs btreseh; (3) • isle. woe less thaw 3s days trorw the date the wotke Is maiid fo iorrrywer. b!' whkh stoeh bRach tansat be etre~t:~ arcs (1) that faWrrs to care such breach ow or before the date sretkad d the wotke mar re:rlt d aeeekratisw of the s¦ttr secured 6r this Mtxigage. foreciosurr br Judklal procsedirtg awi ale M the Troperry. The wotke shsN ewrther btorm Itonowet of the right to refustate after aeeeleratiow and the right b assert Iw the forseloswre leeeee~rtg the sow•exMewee of s detsuk or ear other ddcwse o1 Borrower to acct:leratiow and foreebwre. N the btreach r woe ewtei ow or before the hle sleeked V fLe notice. Lewder st I.ewder's optlow tusr iecWe aN ot.the area steursr b'!' this Mortgage f.6e imstsikfelr dtatr and lwraMe without further demand and tour toret{ost this Mortgage b futlfclal lrocsedfaR. Lender shall be aatlitlei N eoieet V sego lroeesdiag sA espcwses of ftxechxare. hxhdisg. but tent ilkr~i M. remaraMe tttl.xaev's feu. ani oasts of tioc.t.~ewtarr evidence. a6strsds awi title repro. tf. ltsrrowa's RIgN s• Reisatate. Ndwithstanding !.enders acalerafion of the wms secured by tht• Mortgage, Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time r':w AAA w~.,.