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HomeMy WebLinkAbout0609 ~ ' ' ~ , ~z~ n~ . Lender's written agreement or applicable law. Borrower ~liall pay the amount of all mortgage insurance ptsmiwna in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedntss of Borrower secured by this Mortgage. Unless Borrower and Lender ernes of payment, such amaints shall be payable upon notice from Lender to Borrower requesting payment te~anll s~ll bear interest fmm the ~ date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paytweot of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at tl?e highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require lender to incur any expewe or take any action hereunder. S. Irsspectiow. Lender may make or cause to he made reascuiahle entries upon and inspections of the Property. provided i that lender shall give Borrower name prior to any such inspection specifying reasonable catue therefor :elated to Lenders interest in the Property. 9. Cowdetwwatbw. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or other taking of the Property, or part therrnf, or far conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. In the tvent of a total Taking of the Property. the proceeds shall he applied to the stitiis 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 he 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 i taking bears to the fair market vattx of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. - If the Properly is abandoned by Bor:over. or it. abet notice by lender to Borrower that the con_ ckmnor otfea to make an award or settle a claim for damages. B~?rrower fail. to res~+ond tc? 1-ender within 30 days abet the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not exttaid or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount d suer installments. 10. Borrower Nof Rtkased. 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's successors in interest. i_ender shall not be required to rnmmenoe proceedings against such successor or refuse to extend lime for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Farbearawce by Lender Not a VMaiver. Any fofiearance by l-ender in exercising any right or remedy heretmder, or otherwise afforded by applicable law. shall not t?e a waiver of or prcelude the exercise of any such right or remedy. The procttrement of insurance or the payment of taxes or other liens or charges by [.ender shall not be a waiver of Lender's right to accelerate the maturity of the indehtc~inr,s secured by this Mortgage. ~ 12. Rtrwedks Cwmahd~e. All rcmeclies 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 tx exercised concurrently, independently or sticcestively. ' 13. Swceessors sad AsaiRws Bound; Joiwt awd Several t.iabBity; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successor and assigns of Lender seed Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirtj and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to lie teed to interpret or define the provisionx hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any ratite to Borrower provided for in this Mortgage shall he given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to under as provided herein, and (b) any notice to Lender shall t+e given by certified mail. return receipt requested. to lenders address stated herein or to such other address as Lender may designate by nt?tice to Borrower as provided herein. Any notice provided for in this Mort a e shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 68 'I combines uniform covenants for national 1S. Uwiforwr Mortgage: Governing I,aw; Severability. This form of mortgage i use and non-uniform covenants with limited variations by jurisdiction to rnnstitute 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 2 event that any provision or clause of this Mortgage ar tht Note conflicts with applicable law. such conflict shall not affect ~ other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to this C end the provisions of the Mortgage and the Note are declared to be severable. 16. >sotmower's Copy. Borrower shall be furnished a conformed copf• of the Note and of this Mortgage at the titrx E of execution or after recordation hereof. 17. ,Ttzosfer of the Property: Assumption. It all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wriurn consent. excluding (at the creation of a lien or encumbrance subordinate to 444[ 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 kaseho)d interest of three years or less not containing an option to purchase, [_ender 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, prat 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 intcrr.t 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 stscetssor 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 Note. if Lender exercises such option to accelerate, Lendkr shall mail Borrower native of accekratton in accordance with paragraph 14 hereof. Such notice shall provide a period rf not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared dot. If Borrower fails to pay such sums prior to the expiration of such period, s Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph Ig hereof. 1 Not+-UNIFOnM Covenar?TS. Borrower and Lender further covenant and egret ss follows: ls. AccelcrwNow; Rewtdktr. Bxcepf as provided iw pragrspb 17 tiered. trpw •orsowera heeatdr d a.y eoewawt K ~ atreearewt d Eoerower b thb Mortgage. bicltidiwg the covenants to pay whew dwe awy trawls aeettmd Oy fW 11~• Lewder • prior to weeeleewtbw stiaN wrail wotke to Borrower m provided iw paragraph 14 belted tyetMylrrgs (1) thtt Otitrat0: (2) tOe oetiow 3 required N cwre tiwch 6tr+earh; (3) a dwte, isM k9a thaw 30 days troiw the date the wotice is waged a iarrower. try which sweh he+eaci mere 6rc twsed; awd (4) that failwr+e to cure arch breach ow or before the dMe apecYed b the twtke way rwh d sreeekrrrtiow d the twtwta tiettttrt:d Ory this Mortgage. torecloswre by jwdkial peoessdiw~ serf [tale d the Troperty, 71ie ttiotlee shall fwttber iwforws lbr>"owK d the right to relisstate dtK ticcekiratbw awd the right to there iw the fos'lelOatttl'! psOteadhlg j the wow-exWewee d a detaolt or wwy other defense d Borrower to accekratbw awd totreelowse. N the M~exh V wN eres~d M or before the dale aptdfied i• the wotke. Lender at Lender's opliow rway declare sir d the titwtr aeewsd by this Merge M b< imwe8ylety dwe awl pywbie witlwM fwrihtr demand and Wray fotreeloae this MeetgaBe Oq jwdicW /meseiR. Lender shah be etNWtd to toYeet is tweh ptroceedirrg i>r expenses of forecioswre+ tsclwdiwg. Ott tiiat BniNed a+ s~eaaotnMe tittsrner'a fees. ~ s+wd Boats d doer-~sewtary sridewee. abstrscls awd tick repro. j 1!. iioerowa's RFght to Rttiwstate. NotwithstandinE Lenders acceleration of the sums secured by this Mortgaje. Borrower shall have the right to have any proceedings begun by l.tnder to enforce this Mortgage discontinued at any time I,R [IAA