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HomeMy WebLinkAbout1419 ~ ~ • • - , . • • I.endei s written agreement or applicabk low. Borrower'shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7; 'nth interest thereon, shall become additional indehtednesc of Borrower secured by this Mortgage. Unless Borrower and l ender agree to other ternns of payment. such amatrnts shall be payable upon notice from Lender to Barrowrr requesting payment thereof, and shall bear interest from the date if disbursement at the rate payable from time to time on artstanding principal under the Note unless pa'yrnatt 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 txperae or tape any action hereunder. 8. luspectiat. 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. Condemnation. The pricecds of any award or claim for damages. direct ar rnnsequential, in connection with any condemnation or other taking of the Property. or part thereat, or for conveyance in lieu of condemnation, are hereby sssigrted and shall be paid to Lender. In the event of a total taking of the Property, the proxeeds shall he applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. in the event if a partial Taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied ti the sums secured by this Mortgage such proportion of the pr+ocoods as is equal to that proportiin which the amount if the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately pricer tithe date at taking, with the balance of the proceeds paid to Borrower. If the Property is ahandined by Borrower, it if. after notice by Lender to Birmwer that the condemnor offers to mate an aw. and it settle a claim far damages. Harrower fail. ti resiind ti Lender within 30 days after -the date such notice is mailed. T.ensler is authorized to collect and apply the proceeds. at Lender's iption, either to ratontion or repair of the Property or ti the sums secured by this Mirtgage. Unless (_ender and Borrower otherwise agree in writing. any such applicatiin of proceeds to principal shall not extend ar 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 sums stxured by this Mortgage granted by i_ender ti any successor in interest of Borrower shall nit ope?ate to release, in any manner, the liability of the original Borrower and Borrower's sttccessirs 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 any demand made by the oritinal Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Wsivcr. Any firhearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall racer be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes it other liens or charges by Lender shall not be a waiver of Lender's right ti accelerate the maturity of the indehtednesc secured by this Mortgage. 12. Remedies CamultUi~t. All remedies provided in this Mortgage are distinct and cumulative to any othtr right or remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrentty; independently or strccessivtly. ' 13. Successors and Assigns Bound; Joint gad Several I.iaM'lity; Captbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir8 and several. The captions-and headings of the paragraphs if this Mortgage are for convenience only and art not to be used to interpret or define the provisions hereif. 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 Mirtga¢e shall be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Birrawer rosy designate by notice to tender as provided herein, and (b) any notice to Lender shall be 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 Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Birriwer or Lender when given in the manner designated herein. 1S. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national i use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument coveting 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 it the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given e0ect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a confirmed cop}' of the Note and of this Mortgage at the time 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 by Borrower without Lender's prior writrrn consent. excluding (a1 the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creatrin of a purchase miney security interest fir household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a jrnnt tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lendei 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 tale or transfer. Lender and the person to whom the Property is to be ci1J ar transferred reach agreement in writing that the credit if such perwn is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. if 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 trim all obljgations under this Mortgage and ibe Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance v?•irh paragraph 14 hereof. Such notice shall provide a period if 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 if such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. p Nort-UNIFORM CovtsN~tvTS. Borrower and Lender further covenant and agree as follows: 18. Acctkratbw; Retwedla. Except as provided is paragraph 17 hereof, rrpoa Sonowa's bresei of tray covewt ar r agreetaatt of BocrowK ie tbls Mortgage, Irtclttdiag the eovewants to pay when dtse sac soars stcared b!' this Mortgage. Larder prf+or to sccNeratbs siaB grail sotke to Borrower as provided la paragraph 14 hereof specKyleg: (1) the btYach:j2? the actlow regtrbed to cue wci bread; (3) a date. oot less than 30 days from the date the aotke is staffed fo SorrpwK, b!' wild sack i breach vast be cared; gad (4) that hilttre to cart secs breach oa or before the date specified b the aotkt gray ra»it b accderatiow of tie egress ttectrred by this Mortgage, forecbsure by judkW proceedMg awl gale of the Property. The wotice t shall fartbK iwfona 1jon+owK of the right to reiastatc aftK sccekratbw and tbt right to assert h the foreclosure Noeeedlittg tie sow-a:btewce of a defaak or awy othK tkfcnse of BorrowK to sccekrafba and foreclwure. H the breach b woe cures ow or before tie dNe specified iw tie wotire. Lender at lender's option gray declare sM of tie wsas seesred iy tltls MortRttRe N be immediately due atsd pyabk witbost tarthK demand and may forecbst this Mortgage i7 jadkW proeeediaR. Lender sAaN be attltkd to collect b secs procttdiag sll e:peases of foreclosure. Iwcltrdi¦~, but woe Ytsited to, reasoaabk attorney's tea. sect coats of dot:`~eatary ts•Weace, abstracts gad title reports. 19. Isorrowa's Rlgit to Reiwstste. Nitwithstanding Lendei s 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 ~~,~~~23 ~A~E1~~1