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HomeMy WebLinkAbout1496 ,w i.. ~~l "tom ~ N r • ~ ~ t . ~ ),l Lenders written agreement or applicable law. Borrower shall pay the amount of alt mortgage insurance premwms in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, w~lh interest thereon, shall become add~t~onat indebtedness o1 Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from Time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable taw. Nothing contained in this paragraph 7 shall regwre Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior toany such inspection specifying reasonable causetheretor related to Lenders interest in the Property. 9. Condtmnatlon. The proceeds of ar~yaward or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, hereby assigned and shad be paid to lender. In the event of a total taking of the Property, the proceeds shall be applied td 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 lair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to the Borrower. If the Property is abandoned by Borrower. or it, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days aster the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lenders 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 appticat~on 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 of such installments. 1 O. Borrower 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 release. in any manner, the Lability 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 sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors ~n interest. 71. Forbearance by Lender Not a Waiver. Any forbearance by lender rn exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waver 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 Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or rC~~~CU•l1~lUCrtillJ fViUiha"C UiaffUlUCU tJ Iah U~ Vii dfilJ fiiti Ur CAE'r(,ISrd 1. Jlll.1}frl--'lilt IiiUC t1Uelltl Ul aUla.eSSWeI Y ~J Y r4 Y• Y ~ Y• 4~ Y Y 13. Successors and Assigns Bound; Joint end Ssvsral Liability; Captions. The covenants and agreements herein contained shall bind. and the rights hereunder shall Inure to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shalt be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, la) any notice to Borrower provided for in this Mortgage shalt be given by maiing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and I, (b) any notice to Lender shall be given by cert~hed mad, return receipt requested, to Lenders 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 i Mortgage shall be deemed to have been given to Borrower or Lender when given m the manner designated herein. 15. Uniform Mortgage; Governing Law; Sewrabfllty. Ttus form of mortgage combines uniform covenants for ~ national use and nonuniform covenants with limited variations by iurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. I n the event that any provision or clause of th,s Mortgage or the Note conflicts with applicable law. such conflict shall not affect other prov~s~ons of this Mortgage or the Note which can be gwen effect without the conflcting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. t 6. Borrowers Copy. Borrower shalt be furnished a conformed copy of the Note and of this Mortgage at the time M of execution or after recordation hereof. 17. Transfsrof the Property; Assumption. If all or any part of the Property or an interest therein ~s sold or transferred by Borrower without Lenders prior written consent. excluding la1 the creation of a Len or encumbrance subordinate to this Mortgage. Ifs the creation of a purchase money security ~nteresi 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 purchase. Lender may. at Lenders option. declare all the sums secured by this Mortgage to be ~mmediatety due and payable. Lender shat) have waved such option to accelerate if prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person ~s satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shat l be at such rate as Lender shall request. If 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 accordance with paragraph 14 hereof. Such nonce shat) provide a period of not tess that 30 days from the date the nonce ~s mailed within which Borrower may pay the sums declared due. It Borrower faits to pay such sums prior to the expiration of such period. Lender may. without further nonce or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as lolfows: 18. Acceleration; Remedies. Except as provldsd In paragraph 17 hereof, upon Borrowers breach of any covenant oragrssment of Borrower In this Mortgage, Including the covenantsto pay when due any sums secured bI? this Mortgage, Lender prior to acceleration shell matt notice to Borrower as provided In paragraph 14 hereof spscifytng: (1) the breech; (2) the action requlnd to curt such breach; (3) a date, not less than 30 dsys from the date the notice Is mailed to Borrower, by which such breach must bs cured; end (4) that fallurs to cure such breach on or before the date speclited in the notice may result In acceleration of the sums secured by this Mortgage, ~ foreclosure by judicial procstdtng and sale of th• Propttrty. Th• nottcs shall further Inform Borrowsrof the right to reinstate after acctlsratfon and the right to assert In the foreclosure proctsdtng the non-existence of a default or any other dtfenss of Borrower to accelsratl~n and forsclosurt. If the breach Is not cured on or before the date speclfled to the notice, Lender at Lenders option may declare all of th• sums secured by this Mortgage to be immediately due and payable without further demand end may foreclose this Mortgage by judlclal proceeding. Lender shell bs entitled to collect in such proceeding all txpsnsts of forsctosurs, including, but not Ilmltsd to, reasonable ariornty's fees, and costs of documentary evtdenct, abstracts and title reports. 19. Borrowers Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrowe. shat) have the right to have any proceedings begun by Lender to enforce this Mortgage d~sconhnued at any lime r~~