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HomeMy WebLinkAbout0711 : Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by !.ender pursuant to this paragraph 7, with interest 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 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 law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. iaspectioa. 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 Lender's interest in the Property. 9. Coademnatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part therrnf, 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 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 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 ucured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propert}• immediate)}• 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 Borrower that the condemnor offers to make an a~•ard or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Ler:der is authorized to collect and apply the proceeds, at Lender c option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writinc, an}• 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 Nol Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted M• i.ender to am• succecwr 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 eYtenJ 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 in interest. 11. Forbearance by Lender Not a Wai~•er. An}• forbearance b}• 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 remedy. The procurement of insurance or the payment of farce or other liens or charges by Lender shall not he a waiver of Lender's 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 remedy under this Mortgage or afforded by law or eyuitp. and mr}• be exercised concurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Sereral f.iability; Captions. Thc covenants and agreements herein contained shall bind, and the rights hereunder shall inure is the recnective uiccescors and assi¢ns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agrecmentc of Borrower shad be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience 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, fat any notice to Borrower provided for in this Mortgage shall be given by mailing wch notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mav_ designate by notice to lender as provided herein, and (hl any notice to Lender shall be given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender ma} designate by notice to Borrower as prn•ided herein. Any notice provided for in this Mortgage shall be deemed to has•c been given to Borrower or 1_cnder when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Se.erabilih•. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. in the event that any provision or clause of this Mortgage or the f Note conflicts with applicable law, such conflict shall not affect 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 Cop}•. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time f of execution or after recordation hereof. 17. Transfer of the Property; Assumption. if all or any part of the Property or an interest therein is sold or transferred I by Borrower without Lender's prior written consent. excluding lal the creation of a lien or encumbrance sutx?rdinate to this Mortgage. Ih) the creation of a purchase money cecurit}• interest for household appliances. fcl a transfer by devise, descent or by operation of law upon the death of a joint tenant or Id? the grant of an}• leasehold interest of three years or less t 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 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 wasting 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 such rate as Lender i shall request. If 1_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in t 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 [.ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with a paragraph 14 hereof. Such notice shall provide a pericxl of not less than 30 da}•c from the date the notice is mailed within which Borrower may pap the sums declare) due. If Borrower fails to pay such wms prior to the expiration of such period. I Lender may, without further notice or demand on borrower, invoke any remedies permitted by paragraph 1 R hereof. Nox-Urrtr=oRt~t Covrx~K•rs. Borrower and Lender further rnvenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the co~•enants to pay when due any sums secured by this Mortgage, Lender prior to accekration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bleach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower. by which such breacb must be cared; and (4) that failure to cure such breach on or before the date specified in the notice may resale in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure procetdirtg i the non-existence of a default or anv other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at bender's option ma}• declare all of the sums secured by this Mortgsge to bt j immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's fees. ~ and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding 1_ender•s acceleration of the sums secured by this Mortgage. ` Borrower shall have the right to have am proceedings begun t+} Lender to enforce this Mortgage discontinued at any time EGOK 3~c PAGE l ~,1