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HomeMy WebLinkAbout2825 f I . r• t~ ~ L.etrder's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner provided under paragnph 2 hereof. Any amounts disbursed by Lender 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 ternts of payment, such amottnts shall be payable upon rrotict from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the me payable from time to time on outstanding principal under the Note tmless payrtt~ettt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate y permissible under applicable law. Nothing contained in this paragraph 7 shall require I.endtlr to incur say expetae or take any action hereunder. ti. Iwt~pectkw. 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 thtuefor related to i.ender's interest in the Property. _ _ 9. Cotdtmtsatbw. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Properly, or part thereof, or for conveyance in lieu of eaMid~'~po; are hereby assigned and shall be paid to Lender. ' in the event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if an , aid to Borrower. in the event of a atrial (akin of the Y P P g 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 proporlion which the amount of the sums secured by this Morlgage immediately prior to the date of r taking bears to the fair market value of the Properly immediately prior to the date of taking, with the balattoe of the proceeds paid to Borrower. if the Property is abandoned by Ber:ower, or if. after notice by Lender to Borrower that the condemnor offers to mate an award or settle a claim for damages, Borrower fair to respond l0 1_ender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Property or to the sums secured by this Morlgage. 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 1 and 2 hereof or change the amount o[ such installments. 16. Eorrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Morlgage 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's successors in interest. Lender shall not be required to commence proceedings against. such successor or refuse to cereal time for payment or otherwise modify amortization of the sums secured by this Morlgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. iTOrrearawce rY Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or r+erriedy. 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. Remedks Cwmubtlr/e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Morlgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Swecessors awl Aseigws )sound:.Miat sad Several t.isbilNy; Csptlotts. The covenants and agreements herein - contairred shall bind, and the rights hereunder shall inttr~ 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 joiry and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to tk 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 Morlgage shall be given by mailing such notice by cerlified 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 (ll) any notice to Lender shag he given by cenifted mail. rctum receipt requested. to I_endet'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 Morlgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Mortgage; Governing Law: Seversbility. This form of morlgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument. covering real properly. This Morlgage 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 Morlgage ar the Note conflicts with applicable law, such conflict shall not affect other provisions of this Morlgage or the Note which can be given elect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc declared to be severable. i 16. Borrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Morlgage at the time ~ of execution or after recordation hereof. 17..Trsoder of ere Tro~erty: Aswtnptiow. if all or any part of the Properly or an interest therein is sold or tnnsfencd ~ by Borrower without Lender's prior wrincn consent. excluding (al the creation of a lien or eneumbnrrce subordinate to this Morlgage. (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 years or less ! not containing an option to purchase, Lender may, at Lender's option, declare all the sums secured by this Morlgage 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 Properly is to be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inler~wt payable on the sums secured by this Morlgage shall be at such rate as Lender € shall request. if i ender has waived the nlftion ro 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 I obljgations under this Mortgage and the Note. I If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with 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 sums prior to the expiation of such period, # Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. Non-Untt=ottut Covenetwrs. Borrower and Lender furlher covenant and agree u folbws: - lg. Accderatiow; Remedies. Euert sa provided h Mngrspr 17 tercet. tt*ow •orrowet's irsacr of awy eorewswt or sgrecmewt of >tortrower b tifs Mortgage. rtclwdiwg ere cor/etattrtls to My when dtse asy swwts sttctnrci iy trls MartRtrge. Lewder prior b seeekrMlow shat twat wotke to rorrower ss provfded U paragrapr 14 retreot specltyirtg: (1) ere rtnutcr; (Z) ere setisw tregtrL+ed b sate tttncr tneacr; (3) s dale, not less eras 30 days from ere date ere tactiee V moiled fo )renewer. ry wrki strcr ireser mwrt be cmt~ and (4) fiat tailtrre a cure after rreaer ow er berets ere dMe yeeiBed V ere tsotke rosy tnwrlt b aea~ekrMiow of ere awwn sectttted by tiis MotAgaRe. toreeioswre by jadklal proetedis~g tmi style of ere pt~operry. Tire no/ke star twrtier httotnw •orrower al ere tiRM to rertstate after seeelerMbw swd tie right b avert f. ere toKeloarre proeeedlttg tic ttwtesWesce of s detstak or any otter ddewse of Borrower to sccekrMisw awl forecloswrc. N the bread i. ttwt enrol a or before ere dale specfied i• tie tuotice. Lewder st Lenders opiow may dtxlsre aN of rite ams seethed i7'trls MortgtrRe a k t imtttiedhtely doe awl Mystic wifiotd twrlrn demand sad rosy toreclote tris Motrltage i7' jwikW prr.cssdiwR. Lender slur be ewtiNsd to corset b stsei pncetdirtg V a:pewees of forecbswrtr, iwehadiwg. btq wet rmited lo. ressowsbk stt.xser's fees. ; awl cost of ioena~ewfary e•Idewet, abdrsct and title report. 19. latrowa's R~ to Reiwstste. Notwithstanding Lenders acceleration of the sums secured by tht~ Morlgage, ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time i nt. - - -