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HomeMy WebLinkAbout2453 Lender iwritten 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 Lender pursuant to this paragraph 7, with interest thereon, shat) become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment, such amoeints shall be payable upon notice from Lender to Bormwer 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 shalt hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take r any action hereunder. 8. laspectlon. Lender may make or cause to I+e made reasonable entries upon and inspections of the Property, provided that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. s 9. Condemnatbn. 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 he applied to the sums secured by this Mortgage. ~ with the etcess, if any, paid to Borrower. Tn the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. (here shall be applied to the sums secured by this Mortgage such proportion of the proceeds t as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propcrt}• immediatel}• prior to the date of taking, with the balance of the proceeds - paid to Borrower. if the Property is abandoned b}• Borrower, or if. aher notice by lender to Bormwer that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to i.ender within i0 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender c option, either to restocation or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower othersvice agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the monthl}• installments referred to in paragraphs 1 and 2 hereof or change the amount of - such installments. 10. Borrower Not Released. l=xtension of the time for payment or modification of amrriirasian of the s.!.^.~a secured q by this Mortgage granted b}• lender to any successor in interest of Borrower shall not operate to release. in any manner, t the liability of the original Borrower and Borrower's successors in interest. Lender shall not he required to commence proceedings against such successor or refuse ro extent time for payment or otherwise modify amortization of the sums secured M• Ibis Mortgage by reason of an}• demand made by the original Borrower and Borrowers succe~corc in interest. 11. Forbearance by ixnder Not a Waiver. Anv_ forbearance M• lender in erercicing anv right or remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of anv such right or remedy. The procurement of insurance or the payment of taYCS or other liens or charges by Lender shall not he a waiver of Lender s right to accelerate the maturity of the indebtedness secured h}• this Mortgage. ~ ' 12. Remedies Cumulatire. All remedies pmvided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may he exercised concurrenth•. independently or successively. 13. Successors and Assigns Bound: Joint and Se~•eral I.iabilih; Captions. The covenants and agreements herein rnntained shall hind, and the ri};hts hereunder shall inure to. the respective successors and assigns of Lender and Bormwer. subject to the provisions of paragraph 17 hercof_ All covenants and agreements of Borrower shall he joint and several. The captions and headings of the para¢raphc of this Mortgage arc for convenience only and are not to be aced to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner. (al am• notice to Borrower provided for in this Mortgage shell he given by mailing such notice by certified mail addressed to Bormwer at the Property Address or at such other address as Borrower map designate by notice to t.endcr as pmvided herein. and (h) any notice to Lender shall Me given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as tender may designate h}• notice to Borrower as provided herein. Any notice pmvided far in this - Mortgage shall he deemed to base been given to Borrow•cr or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Severabitih•. This form of mortgage combines uniform covenants for national use andnon-uniform covenants with limited variations by jurisdiction to constitute a uniform seciuity instrument coveting real property. The state and local laws applicable to this Mortgage shall be the Taws 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 orthe - 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 are declared to be severable. 16. Borrower's Copy. Borrower shall he furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hercof. 17. Transfer of the 1P'roperf}; Assumption. If all or am• part of the Property or an interest therein is sold or transferred h}• Borrower without Lender's prior written content. excluding tat the creation of a lien or encumbrance subordinate to this Mortgage. (bl the creation of a purchase money cecurity interest for household appliances, (c) a transfer M• devise. descent or by operation of law upon the death of a joint tenant or Idi the grant of any leasehold interest of three years or tens not containing an option to purchase, Lender may, at Lender's i~ptiun. declare aN the sums secured by this Mortgage to he g immediately due and payable. I-ender shat! have waived such option t.. accelerate if. prior to the tale or transfer. Lender and the person to whom the Property is to he sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa},able on the sums secured by this Mortgage shall be at such rate as Lender shall request. If I-ender has waived the option to accelerate provided in this paragraph 17. and if Borrower c successor in ? interest has executed a written assumption agreement accepted in writing by 1_ender. Lender shall retrace Borrower from all t? 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 pretext of not less than ift days irom the date ills „Alice iS r,;:,ilcd •::6:':i^. which Borrower ma • a • the sums declared due. If Borrower tails to t P > pay such sums prior m the expiration of such period. t Lender may, without further notice or demand on Borrower. mvol~e am• remedies permitted by paragraph 1R hercof. Nox-UxrFOte!?r COVEVANTS. $orrower and Lender further covenant 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 covenants to pay when due any sums secured by this Mortgage, Lender g prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) fhe breach; (2) the action required to cure sucb breach; (3) a date. not less than 30 da)•s from the date the notice is mailed to Borrower, by whkb such - breach must be cored; and (4) that failure to cure such breach on or before the date specified in the notice may resWt in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The police ? shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding f the non-existence of a defauk 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 Lender's option may declare all of the sums secured by this Morlgsge to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lentkr shall bt 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 Lender', acccleratYOn of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun h}• Lcnd^r tc. enforce this Mortgage discontinued at any time ann~R.S/~ oir_c/~d~