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HomeMy WebLinkAbout1075 r • Y ~ ~ ~ a ~ t . j Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage iasurartce ptsmitrats is the manner provided under paragraph 2 heteot. ; Any amounts disbursed by !.ender pursuant to this paragraph 7, with interest thereon, shall become additional } indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender egret to othk terms of payment. such amounts shall be payable upon notice from Lender In Borrower requesting payment Iht:rebt,'~i d shaAl bear interest ft~om the date of disbursement at the rate payable from time to time on outstanding principal under the: Note unless payrnewt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interat at the highest rsie + permissible under applicable law. Nothing contained in this paragraph 7 shall•requirc Lender to incur any expense or trite , any action hereunder. 4 8. It>eptetiow, 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 I.ertdePs interest in the Properly. 9. Condewtwatbw. The proceeds of any award or claim for damages, direct or consequential, in connection with say condemnation or other taking of the Property, or part therrnf, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. i in the event of a tM~l taking of the Property. the proceeds shall he applied to the sums secured by this Mortgage. j 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 pt+ooeeds paid to Borrower. if the Property is abandoned by Borrower. or if. after notice by I-ender to Borrower that the sort- demnor offers to mate an award or xttle a claim far damages. Borrower fail. to respond to Lender within 30 days after the date such notice is mailed, I~nder is authorized to collect and apply the proceeds, at Lender's option, either to ratoration or repair of the Proneny or to the sums secured by this Mortgage. Unless Linder and Borrower otherwise agree in writing. any such application of proceeds to principal steal! not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. ltl. Eorrower Not Released. Extension of the lime 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 i successors in interest- Lender shall not fie required io commence proceedings against such successor or reface to e+ctend 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 wccessors in interest. 11. Forbeesawee by Leader Not a Wsivcr. Any forlxarance by !.ender in exercising any right or remedy hereuntkr, or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or xerttedy. 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 indehtedrttss secured by this Mortgage. 12. Remedies Cttnwalstive. All remedies provided in this Mortgage are distinM and cumulative to any other tight or remedy ttttder this Mortgage or afforded by law or equity, and may be exercixd concurrently, independently or successively. ' 13. 3wccessors sod Assigws Bound; .joist awd Several 1.iabBity; Captions. The covenant and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender seed 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 13e used to interpret or define the provisions hereof. 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 certitkd mail addressed to Borrower at the Property Address or at such other address as Borrower mav_ designate by notice to T_tnder u provided herein, and 'I (b) any notice to Lender shall he given by certified mail. return receipt requested. to lender's 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 have been given to Borrower or Lender when given in the manner designated herein. 15. Uwiforwt Mortgage: Governing Law: Sevenbility. This form of mortgage combines unifottitt covenant for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unifot•ttt sxurity 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 clattx of this Mortgage or the Note conflicts with applicable law, such conflict shag not affect other provisions of this Mortgage or the Note which can be given effect without the eonAicting provision, and to this end the provisions of the Mortgage and the Note are Jerlared to he xverable. 16. Eotrower's Copy. Borrower shall be ftt:niched a conformed cop}• of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. ¢ 17. ,Traoster of the Property: Assumption. If all or any pan of the Property or an interat therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the creatton.of a purchase money ucurity 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 purchax, [.ender may, at Lender's option, declare all the sums secured by this Mortgage to be immediately dtte and payable- Lender shall have warvcd such option to accelerate if, prior to the sat or transfer. Lender and the person to whom the Property is a. be colt or transferred reach agreement in writing that .the credit of such person is satisfactory to Lender and that the interr.t payable on the sums secured by this Mortgage shall be at such rate as Lender shall reyuat. Tf Lender has waived the option to accelerate provided in this paragraph 17. and if Borrowers successor 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. Lender shall mail Borrower notice of acceleration in acrnrdartcc with t paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay effete sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. NoN-UNtFOaat COVENAPITS. Borrower and Lender further covenant and agree ss fOlbws: li. Accekratio~ Remedies. Btcccpt es provided iw psra[rapb 17 hereof. tspw /orr+awes's hstiwer of awy ayvestnM K agreement of lorrower ire this Morgage. hrclndiu= the co•tnsnts to pay wrtw dse any ssres seew~d ~ tfW iMerq fags. Lewder prior b stede*atlow shay trail wotke to >dorrowcr ar provided fw psragrspr 14 ltiereof's*ecfityisgs (1) rte Meech: (21 rte setNw twegsJrd b care effect Meech: (3) a dsh. woe less thaw 30 days tress the date the notice r ttssdied tr /srnswrr. ~ whficlt stoclt Mesta wstnst re awned; ttwi (4) that fagwtt to sere such Meech a or retore the dMa getYed r ere wotict way rearM i• accelkrMios of the stws~ stxtared by this MoAgaRe. toseeiosore h ~w'rsesediwg turd sat at ere Property. Trs wstiee shat further iwtot~w lorrsaer of the right to reiwstfc steer sceeleratiort steel ere trfght b stttrert M Ire forseiastste preeseitg j ere ¦ow•etcWetice d s ddstslk or a¦y otter ddewse of Borrower to sceekrMbs awd toreeiowri. N Hie rreacr it ttwt etsted M ~ or Moore the date geeiied i• ere motke. Lewder st 1_ewder's optiow ttssy declare r at ere stems seewtid ti iris 1MIsrtR,a(pe w ht iwaiedisteiy dse and pyshie witroN tttnther demand and way foreclose this Mor~age r7' jwdieW prteeediwR. Lender dnM !K esttidai to eoi>eet iw steer proceeding sr acpcsses of forcchmre. hxhadiwg. Mrt fist 8siiied M, ttewwabit stbxnelr's fee. and Best ~ i~a-~ewtarl, svidewee. abstrsct awd title repro. 1'. •orrowa's Rlgrt to Reiwstate. Notwithstanding Lenders acceleration of the sums secured by the: Mortgage, Borrower shall have the right to have any pra:eedtngs begun by Lender to enforce ttis Mortgage discontinued at any time ..d - - -