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HomeMy WebLinkAbout1265 • t r ~ t') s. f t ll F • Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage iawrance preautura in the manner provided under paragraph 2 hereof. Any amounts disbtarxd by 1_ender pursuant to .this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of paymtM, such amounts shall be payable upon notice from lender to Borrower requesting payment thereof, a~rd~shall bear interest from the date of disbursement at the rate payable from time to time on wttstanding prirtt:i~al ItadEr the Note unless paytrteat of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest tale - permisaibk under applicable law. Nothing contained in this paragraph 7 shall requite Lender to incur any expense or take any action hereunder. las'eetioa. 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 tht:refor related to Lenders interest in the Progeny. 9. Coadewaatba, 'The proceeds of any award or claim for damages, direct or rnnsequrntial, in rnnrtectioa with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of conderanatioa, art 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 Lamder otherwise agree in writing, iherc shall be applied to the sums secured by this Mortgage such proportion of the prooeedr 5 as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the dale qt taking bears to the fair market value of the Property immediately prior to the date of taking, with the balanax of the pt+ooeeab paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by lender to Borrower that the condemnor oRers to make an award or settle a claim for damages. Borrower fail. to respond to Lender within 30 days after the date such notice b mailed, Lender is authorized to collaxt and apply the proceeds. at I~nder's option, either to restoration or tspair o[ tlse 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 extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount at such installments. . lfl. >:orrowtr Not Released. 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 rcksae, in any m~tar~r~ ' the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to eomrrtettoe - - proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the soma secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's wccessors in interest. ' 11. Porisaraaee y Lanaaier Not a Waiver. Any forbearance by Lender in exercising any right or rcmody heretrader, or otherwise afforded by applicable law, shall not be 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 Lender shall not be a waiver of i.ettder'a , right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Reareaiiec Cawartlve. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or aRordetf by law or equity, and may be exercised cortcurrintly, independently or sucogaivtly. 13. Saecesrors swd AaaiRas iortad; Joint gad Several i.i~ility; Captions. The .covenants and agreemxnts herein contained shall bind, and the rights hereunder shall incrg to. the.rispective successors and assigns of [.ender geed 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 arc for convenience only and ate not to tie used to inter ref or define the ' p 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 sorb notice by certified mail addressed [o Borrower at _ the Property Address or at such other address as Borrower may dasi ate b notice to I~nder sa herein, and . gn Y Provided (b) any notice to Lender shall he given by certified mail, return receipt requested. to Lender's address atatid herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this ~ Mortgage :hall tx deemed to have been given to Borrower or Lender when given in the manner designated herein. IS. Uwitona Ma~rlRage; Goreruiag Law; Severabllitp. This form of mortgage combing uniform covenants for national use and non-uniform covenants with limited variatinnc by j~~rivticrinn to cnngilt!tt a lnifn~ .rr..rily irts~trtatt!sn! ip•?eri:zg real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. 1n the event that any provision ax clutse of this Mortgage or the Note conflicts with applicable law, such conflict shall not aRa;ct t other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to that end the provision: of the Mortgage and the Note arc declared to be severable. lf. lsonower'a Cofy. Borrower shall be furnished a conformed cop}' of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Traadcr of fie Pro'ertp: Acaataptioa. if all or any part of the Property or an inter+e:< therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the crcataon of a purchase money security interest for hanthold appliartaxs, (c) a transfer t+y device, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehdd intergt of three yeah or less not containing an option to purchase. Lender may, at Lender's option, declare all the sutra 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 so1J 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 wch rare as Lender :hall requgt. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in intergt has executed a written assumption agreement accepted in writing by Linder, Lender shall release. Borrower from sll oblijations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance M•ith 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 such satins prior to the expintioa of such period, Lender may, without further notice or demand on Borrower, invoke any remedig permitted by paragraph Ig hereof. I NoN-UrtrFaeat CoveNar>TS. Borrower and Lender further covenant and egret as follaas: j li. Aeeeksatio~ Rearcaiiea. Bscert as p+oviaied err pragrRi 17 iereot. Rua liorrrwea'a iecaci of atsy pvataawt err agreegnat of lsorrawetr i• fir Mortgage. iteiaatirtg the cova:asals to pp wica doe gap earao tteraraai try err Mortgage. Iwtaier 'rbr a acYelerauoa arai rsafl wotlce to tbrrower ar provided fa MragraN 14 iereot e'ecitprg: p) tic r.raei: (2) tie axttarr rcaNireai 1o tare fence ireaci: (3) • argyle, ao/ leas tea. 3f1 der errata ere :tale tit ttwtiee r armed w borrower, rep wrki saes tercel attest k tared; aai (1) flan talirrre b cure aatci rreaei a,rr a>t refute tie aisle s*ecYett r tic tatke gray result V aceekratioa of tie ssgr oecar+eai 6p err Ma>Ngage. torcclowre b jrdlcW lrocesiirg aa~i ogle sit tie rr~operty. Tic aeries clr.p tartrer irtrw tiorrewer of tie rfgrt to reiadate after accekrNba a.a tie rlpt to assert to eie teretlaarae ~raeeetir~ de awa•exirteace'a~t • detatrlt or any artier aiefewse of >sorrowatr to aecekratioa gate toreclosare. K tie ireaci r not cereal w or (tetore tic able s'eciiad V trt taotice, Leader at I.cader'a oN~ crap iechre si act tie wgs seeareai b tilt Ma>KtgaRe fat k ~ I¦urtdittely due :tad NpaMe witiorM fatter demand gad utsy foretlooe err MatK~age i7' jufkW pteeafltrR. I-ender siaM k etatiged fo collect V wee pe~Oeeediag ate a:peaces of torecbwre. twelatriag. cal Hall ttwtleti M. reaooaaYt att~xaeYs faces. _ and iaa4 aft aioea.'~aeMary evldcaee. aiatracb gad tick ratprls. 1!. tierrrowa'e Rtdtt b Reiuetate. Notwithstanding Lenders acceleration of the sums caseated by thte Mortgage, Borrower :hall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinua:d at any time i rag[ nn~ a nn .