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HomeMy WebLinkAbout0920 ' Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage iasurattoe prcmiwns in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest theteon~ shill (become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and tender 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 pa'yrwent of interest at such rate would be contrary to applicable law, in which event srh.h amounts shall bear inttrest at the highc~ rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Iwspectiow. i.ender 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. Cowdemwatba. 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 thereof, or for conveyance in lieu of condemnation. arc 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 amarnt of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediatety prior to the date of taking, with the balance of the proceeds paid to Borrower. If the P-optrtq is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor otfea to make an award or stttk a ~t.'laim for damages, Borrower fails to respond to lender 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 t>he Properly or to thr s{pr?s secured hy. this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not exterrd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of s~.rch installments. 10. Borrower It'cit Released. Extension of the time for payment or modification of amortization of the sums secursd 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's 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 aay demand made by the original Borrower and Borrower's wecessors in interest. 11. Forbearawce 6y Lender Not a Wsirer. Any forbearance by 1_ender in exercising any right or remedy hetarnder, 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 taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indehtedrtcss secured by this Mortgage. 12. Rerwedies Cwmuhtti~e. All remedies provided in this Mortgage are 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. Swccessors •aad AssiRws eouwd; aoiwt awd Several t.iability; Captions. The covenants and agrestnents herein contained sesii bind, and the rights hereunder shalt incrg to. ine respective succeswrs anu assigns of Lencicr arw auriv:.2r. subject to the provisions of paragraph 17 herrni. All covenants and 'agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and_ are not to lie used to interpret or define the provisions herrnf. 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 Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Propefty Address or at such other address as Borrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall he given by ttrtifiecf mail, return receipt requested. 'to Lender's addrsss stated herein or to 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 [_ender when given in the manner designated herein. 1S. Uwiforwr INorlgrrRe: Governing Law: Severability. This form of mortgage combines uniform covenants for national rrsc and non-uniform covenants with limited variations by jurisdiction to constitute a unifomt security 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 or the Note conflicts with applicable law, such conflict shall not alfed other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. y 16. Eorrower's Cody. Borrower shall be furnished a conformed cop} of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. ,Trawsfer of the Property: Assumption. 1f all or any part of the Property or an interest therein is sold or transferred _ by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (e) 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 stxured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate it, prior to the sale or transfer. Lender . and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interc.t payable on the sums secured by this Mortgage shall be at :itch rate ac 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 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 expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. NoN-UNIFORM COVENAt1TS. Borrower and Lender further covenant and agree as fdlo+rs: 18. Aceekratb¦; Rewsedks. Bscept ss provided iw parsgrapb 17 hereof. trpw •ornwera 6reacfl of w.y coewswt K sgreemewt of >dorrower d fhb Mortgage, iwcf~sdfRg the eo•erawts to pay whew doe wq wass seewrcd b7' fhb Mortgage. Lerner y prior to aeceleratbw stall wrail aotfKe to Borrower as provWed iw paragraph 14 fiercer speeityi¦g: (1) the bneacb:l2) the aeHow rgwfsed b erne sash bseacb; (3) a dale, wet less Ikaw 30 days trorw the Gate the wotke b mailed to Borrower. ~ whklr swclr breach rwad k cwred; awd (4) thM faUwre to cwre swch trreach ow or bs•(ore the date gecRed V the wotke way reswlt d accekratlow of the ssrtsr scesrrcd by this Mortgage. torccioswre b jrrdkW proeeedMtg awl sale of the h~operty. 71re woRke slsail twrtbcr iwfonw brrower of the right to rreiwstate otter accelerwtiow and the right b ats>ed bt the toretioswre peoeee~ag the ww-exWewce d a actawlt or awy other deteese of sorrower to wccekratbw awd tweelowee. M the brexh b wet ewtltei aw or before the date specYed V die wotke. Lewder at I.ewder's optiow way dcctare a• of the trwr seettmed by fhb Mertgtge to be isssrcdhtely dwe awl pyaMe withowt tttrther demand and may foreclae tbfs Mortgage by jwdkisl MesediwR. Lrnde? sbaY be eNitled to eo0eel 4 sweh proeeediag all ertpcoses of forecbswro. iwclwtifrrg. bwt wN frwited M„ reasswable stt•,rwer's tees. ~ awd costs of doct.•!wewtary eridewee, abdrads awd title rcporb. 19. liorsowa's Right to ReLstste. Notwithstanding Lenders acceleration of the sums secured by thre Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time (IR Ef)OK PAGE 9~0