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HomeMy WebLinkAbout0959 . t.• S Lender's written agreement ar applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by I.enckr pursuant to this paragraph 7, witA itnt)rre;1 thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender` 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 me payable from titre to time ort outstandmg principal under the Nott unk~ss payrtterit of interest at such rate would he contrary to applicable law, in which event such amounts shall hear interat at the highest me permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expett~a or fate any action hereunder. 8. luspectios. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that [.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condeutwatbn, 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 sssigned and shall be paid to I.eridcr. 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 I.eoder otherwise agree in writintt. there shall be applied to the sums secured by this Mortgage such proportion of the prooteds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ taking bears to the fair market value of the Properly immediately prior to the date of taking, with the balance of the proceeds ~ paid to Borrower. - if tht Property is abandoned by Borrower. or if. after notice by 1_ender to Borrower that the condemnor oRen to mate an award or settle a claim tar damages, Harrower 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 the Property or to the sums secured by Ibis Martgalte. Unless tender 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 Rekalsed. Extension of the time for payment or modification of amortization of the sums securrd 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 Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the surr>: secured by this Mortgage by reason of any demand made by the original Horrower and Borrowers successors in intercu. l 1. Forhearsace Iri Lender Not a 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 procurement of insurance or the payment of taxes or other liens or charges by Lender shag not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Csur~hlit+e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy tinder this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. - 13. Snecessora and _ Assigns Bound; .Joint and Several t3al>ipty; CspBoss. The covenants and agreements herein COhlalned Siiaii bind, anti ire rigi?is i~creurw'2i ii~a i ii~~i~~ iv, 2~C ,,,.,,,.:~.,5^:'~ =~~en_~ of I ender s11d BOrr~OwCr. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ile used to interpret or define the provisions hereof. 11. Notice. Except for any notice required under applicable taw to be given in another manner. (a) any notice to Borrower provided 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 dhcr address as liorrawer may designate by notice to i.endtr as provided herein, and (b) any notice to Lender shall tx 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 8ormwer 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. 1S. UwHorrw Mortgage; Governing Law: Severability. This form of mortgage combines uniform rnvenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute s uniform security instrument covering real property. This Mortgage shall be Itoverned 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 aged other provisions of this Mortgage or the Nate which can be given eBect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc declared to be severable. 16. )jorrower'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. 17. ,Trseder of fix Property; Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writrrn consent. excluding /a) the ere:lion of a lien or encumbrance wbordinate 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 yeah or less not containing an option to purchase, Lender may, at Lender c option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shalt have waived such option to accelerate if, prior to the sale or tnnsftr, Lender and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intercu payable on the sums secured by this Mortgage shall be at Stich rate ac Lender shall request. Tt 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 Mortgage and the Notc. 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 ~f 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 18 hereof. Non-UNIFORM COVt=.HervTS. Borrower and Lender further covenant and sgree as follown: 18. Aecdentbw; Rewe~a. Except a. prorided iw psragraph 17 hersot, ttpoo lorsvwes'a leeari of atsy eoveawt or agreeateat of'errower b this Mortgage. fsehsdfag the corewswb to psy whew dse asiy sores accred ly fW Matgage. t~awder prior M actekratlos rhap rwwfl sotke to ltiotrower ss provided bt pragn~pM 14 hereor specifyi¦g: (i) the breach; (2) the sefbw s~egaiM b sae ssch breach; (3) a date. got ids thaw 30 days tr+nrrr the date the sotke is rasped to /orrswer. l!' whkh ssch breach mwrt k eared; sad (q that fsWrre to rae such It~rcaclt a or lefere the date s~eclpei ~ the wotlee ttaay rrtsrtp a secekrtlen og the sots secaed by this Mortgage, roreeiositre h i erg awl sate of thtr h+s'erty. 7Ue waste ahsp tnrther btorw 1orro~wer or the right to r+eiristNs after aeeekratbw swd the right b assert h the for~elearnr groese~tg the wow•esMewce of w default or awr other defewse of Borrower to acceknatbw awl toreclossre. N the breach is wa esisd oat a leforr the dMe rpeeiiei in the notice. Lewder st t.ewder's optiow ray dechre ant of the wrr seeded l7' Thls MortgtiRe isle iasterlishlp due awl pyaMe wkhost farther demand and rosy for close this Morigagtt l7' jrikW'rscetdtwR• Lender chap be esWkd to collect iw sirch'roccsdisg aw expenses of foreclossirt. bclwpst. btrt sat Waited a. seassssYe stt•xwrYs fees. alai essls of docY.~ewtary etridesce, abAracts and title rrprb. If. Oorrowa's Rkht to Reinstate. NMwithctanding 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 . E~,~x323 ~~~E g5g