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HomeMy WebLinkAbout2798 ~ • • i ~ t.~- .,,t,1 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums rn the manner provided under paragraph 2 hereof. , Any amounts disbursed by Lender pursuant to this t ~ paragraph 7, with 'm~enest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and !.ender 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 lime to time on aststanding principal under the Note unless paymatt of s interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the hialsest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expettsre or take any sction hereunder. S. Iwspeetiott. 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 ].ettder's interest in the Property. 9. Cotadewt¦stio¦. The proceeds of any award or claim for damages, dirge! or consequential, in conrtoction with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assigned and shall be paid to Lender. in the event of a total taking of the Property. the proceeds chat! 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 Lender ; otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is sous! to that proportion which the amount of the same 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 prod paid to Borrower. Tf the Property is abandoned by Borrower, or if. after notice by lender to Borrower that the condemnor offea to mate an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the daft such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or t+epair of the Property or to the sums scoured by this Mortgage. Unless ~i_ender 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 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sutras 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 &?rrower'c 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 ofrny demand made by the original Borrower and Borrower's successors in interest. ] Forbearance 6y Lewder Not ¦ Waiver. Any forbearance by Lender in exercising any right or remedy hereumder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The proctrretnent of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of LendePs right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Re¦rediea Ct¦w¦W1rt. 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 exercised concurrently, independently or successively. ' 13. S¦ccesson turd Asaig¦s !sound; Joist awd Several ].iabiNfy; Captlorts. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirti and several. 'ilte captions and headings of the paragraphs of this Mortgage are for convenience only and are not to Ik used to interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower ptoovided for in this Mortga¢e shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher address as Borrower may designate by notice to Tender as provided herein, and tb) any notice to Lender shaii he given by ccrtiiicd rrlaii, reiUft3 r~xipt rtqutata:..o Lu. ;e: s :ad:~ « .ed lxtein or !O li 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. 13. Uwiforwt Morigrrge; Cover¦iwg Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform 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 clause of this Mortgage ar the Note conflicts with applicable law, such conflict shall not affect E other provisions of this Mortgage or the Note which can be given effect without the conflicting provision. and to this end the provisions of the Mortgage and the Note arc declared to be severable, 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time o[ execution or after recordation hereof. 1'f..Tra¦der of the Troperty; Assampliorr. 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 subordinate to 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 leasehold interest of three yeas or less not containing an option to purchase, Lender 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 aceelerate if. prior to the sale or transfer. Lender and the person to whom the Property is tU bC cold or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at arch rate as Lender shall request. Tf 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 :hall release Borrower from all oblistrtiosss under this Mortgage and the Note. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordanrc with psra,graph 14 hereof. Such notice shall provide a period c?f not less than 30 days from the date the notice is mailed within 4 which Borrower may pay the sums declared due. if Borrower fails to pay such arms prior to the expiration of ouch period, - Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. s 1 NoN-Untt:oturt CoveNerrrs. Borrower and Lender further covenant and agree as fdlo+vs: lfi. As:cderatlo~ Rewredies. )Except as provided h p¦nKryh 17 rend. ¦pw Borr¦wera kreaA d awy covesttd ¦r . agreemewt d Barr¦wtr b this Mortsa`e, iwel¦ditr~ the torewa¦ts to pep whew i¦e awy sas seewred b trla Mortgage. i.ewder prior b ¦eeder¦tio¦ sfsi ¦raY wotlce to Borrower as provldtd !w paragraph 14 retrtot spedtyl¦t: (1) ere brewcr:l=1 ere ¦cflow rp¦irtd b e¦re trwer Mesck (3) ¦ setts, wol less traw 30 days irowr ere date ere wdke fi twaied b B¦rr¦wer. b wrier sa.elr 1 tract s¦tR re e¦r+ed; awd N) tral f¦il¦re b eras s¦cr trrtacr o¦ ar before ere date apecYed b tre ¦ottee twsy rwrlt iw aeetikr¦tlew d ere tt¦ara trtx¦red by tris Mori=aRe. forecloa¦rr b p~Mfi awi trale of ere Troperty. Tre .sties ( ttlrni hrrtrer i¦torwr iorr+ower d ere riRM to reiaANe after aceekraliow turd ere right b ttaaert i• ere torttlos¦a ptroeesdsttg tste wo¦-esMewee d s iet¦¦it or ry otter dctewse of >fomower to ¦ccelerMfow ¦wd toreelowee. N ere brrxr fa not ctrrai ew or rlfeR tr! dale spetYed f• ere ¦ofke. Lewder at I.e¦der's optbw rtay desists i d ere a¦t¦a ate¦rti r7' frfa Mort;aRt b re ismeidWy d¦e tears p¦ysMe wftb¦t t¦Arer demand awd tray foreeloae trlr Mor/gage by j¦iicW prrceediall. Lender shag be e¦tlUed b coBttt Iw awtr procttdiwi >r 1><pewses of fortclos¦re. i¦cl¦di¦~. 6¦t ¦at ¦¦rittd b. reaa¦aaMe stt.xwep'a fsss. W costs d doc~'!¦e¦tary evide¦et, abadsds t¦rd title rtprts. 1!. Borrower's RfOrt to Rti¦statt. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time i ns .