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HomeMy WebLinkAbout2768 ~ ' Lender's written agreement or applicabk law. Borrower shall pay the amount o[ all mortgage iastuarrce 'premiums in the i manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, II additional s indebtedness of Borrower secured by this ortgage. Unless Borrower and Lender agree to ~tt~~~~h~"e[ 's amounts shall be a able tr such p y pore n~~tice fr Lender to Borrower requesting payment thereof, and shall bear interest from the t date of disburxment at the rate payahJF from tune to time on outstanding principal under the Note fatless pa~?saart 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 applicabk law. No ing contained in this paragraph 7 shall require Lender to itrctrr any e>tpt:rae a take any action hereunder. s. lagreetiow, i.ender may male or catese to he made rea-conable entries upon and inspections of the Property. provided { shat lender shall give Borrower nurse rior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Property. , 9. Cosdesrsatba The proceeds f any award or claim for damages. direct or rnnsequerrtial, in connection with any condemnation or other taking of the P party, or part thereof, or far conveyana.e in lieu of condemnation, are hereby assigned t and shall be paid to Lender. i In the event of a total taking the Properly. the proceeds shall he 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 otherwix agree in writing, there shall be applied to the Gums secured by this Mortgage such proportion of the prooeeda 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 proceeds paid to Borrower. if the Property is abandoned by Borrower. or if. after notice by Lender to Bormvver that the condemtwr offta to make an award or settle a claim for damages. Borrower fail. to respond to 1_ender within 30 days after the date such notice is mailed, Lender is authorized to collect- and apply the proceeds, at Ixnder's option, either to restoration or repair of the Property or to the sums xcured by this Mortgage. Unless Lender and Borrower otherwise agree in v?•ritine. any such application of proceeds to principal shall not. extend or postp~rte the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount o[ such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the wms socured by this Mortgage granted by Lender to any crtccecsor in interest of Borrower shall not operate to' release, in any manner, _ the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwix modify amortization of the sums xcured by this Mortgage by reason of an)• demand made by the original Borrower and Borrower's successors in interest. { 11. Forbearance hI' Lender Not a Waiver. Any forbearance by lender in exercising any right or remedy hereunder, or - otherwix afforded by applicable law- shall not he 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 Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Reatedies Camulatl~e. All remedies 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 be exercixd concurrently, independently or successively. 3 13. Sacce~ors and Assigns Bound: Joint gad Several i.iability; Captlon4. The covenants and agrecmertts herein s contained shall bind, and the rights 1-icrturider shall snort; to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jolty and several. } The captions ~ and headings of the paragraphs of this Mongage are for corvtnience only and are not to Ile uxd 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 pt+ovided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Properly Address or at such other address as Borrower may designate by notice to i.endtr as provided herein, and ~ (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 Mongage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uaifonw Mortgage; Gorernirrg i.aw; Severability. This form of mortgage combines uniform cvvenants for national j ux and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrurrrent covering ~ real property. This Mongage shall be governed by the law of the jurisdiction in which the Property is located. In the ~ event that any provision or clause of this Mortgage or the Note conflicts with applicabk law, such conflict shall not affect other provisions of this Mongage or the Note which can be given .effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are Declared to be xverable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. s. 17. ,Trassfer of the Property: Assnmption. If all or any part of the Property or an interest 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 creation of a purchase m.•ney 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 kasehoW interest of three yeah or less cwt containing an option to purchase, Lender may. at Lender's option, declare all the sums secured by this Mongage 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 solJ or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interest payab{e on the sums xcured by this Mongage 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 ' obligations under this Mongage and the Note. if Lender exercixs such option to accelerate. [_ender shall mail Borrower notice of acceleration in secordancc w•irh paragraph 14 hereof. Such notice shall provide a period of rea lus 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 sums prior to the expiation of such period. Lender may, without further notice or demand on Borrower. 6nvoke any remedies permitted by paragraph 18 hereof. Nor+-UNrcortur CoveHaNrs. Borrower and Lender further covenant and agree as follows: lg. Aceekratbs; Rrrwedies. EsaYpl as provWtd is paragrapA 17 btzreot. upon Borrewara bract of gay eoveaant er agreesxst of Borrewer b prfs Mortgage. htcltrilrrg the corttaaals to pay when doe stay wars seesrti b! Uis Mortgage. Dewier prior b actdersfioa shag waaY aotlce to Borrower as pro.fded Iw N+rKmPh 11 htreo[ s~eeltyisg: (1) pre breach; (2) the st:tiss ~ rgskei b care wch btreacb; (3) a date. got has than 30 days trors the date the sodce r saaYei b terrewer. by whkr wth breach mnM be etue~ awl (4) that tailsre to care wch Meech oa or betoro the dale gasifies li the sotiee away resrM d aceekratlow of the wtss ssrsrei by this Mortgage. fortclowre by jrodklal proeeeiia; awl sale of the Pre'erry. The series rhaM tsrtber iwtoria Borrower of the right to reirsstafe after sccekratba gad the right b aaacrt M fie torselowrt poeesig pre aow-a:aewce of a ietanlt or awy other decease of sorro»cr to accekratlow arcs torsdowrc. N the breach r got ear+ei ow or odors the iah gecfid b the wotice. leader a/ Leader's opbw racy tfieclars all of the wrss asesrsi by tlrls MoAgags b bs hsrsaetfSately dse ass pyabie withotN ttanher demand and may foreehrse thir Mortgage h' }ikW peestdisg. Lender draM be eafipei to co8tet V well ~roeseiiag aM c:pcases r?f foreclosrrs. hxlsiiag. bat woe Bwriled te. rsasosable stturner'a ties. awd ousts of rfioet.-a~y srWescq abstract aai title aprb. 19. Bortowa's B:IgMt to Reisrtate. Notwithstanding lenders acceleration of the sums socurtd by thta Mongage, ~ Borrower shall have the right to have any proceedings begun by Lerdsr to enforce this Mortgage discontinued at any time 3