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HomeMy WebLinkAbout2597 • . Lender's written agreement or applicabk law. Borrower shall pay the amount o[ all mortgages itutuaaoe ptemiutas is the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7s~.~witp. i(rt thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower arni j.ertdsr i~4+ee 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 e?f interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur rwy expaae or fate g. laspectiow. ~i_ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower rrotice prior to any such inspection specifying rcasonabk cause therefor related to Larder's interest in the Property. - 9. Cowderwgfiow. The proceeds of any award or claim for damages, direct or consequential, in eonrreetiotr srith any - condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of coerdemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Properly. 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 Larder otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds ~ K-equa) to that proportion which the amount of the sums secured by this Mortgage immediately prior to the data o[ taking bears tq the fair market value of the Properly immediately prior to the date of taking, with the balance of the pr+ocexds paid to Borrower, If the Property is abandoned by Bor:over, or if. after notice by i_ender to Borrower that the condemnor offers to mate - an award or settle a claim 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 i~nder's option, either to rcstontion or repair of the Properly or to the sums secured by this Mortgage. Unless Lender 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 o[ such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by'this Mortgage granted by 1-ender to. any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to cornmerree 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 original Borrower and Borrower's wteesson in interest. I1. Forrearaace r7' Lewder Na a wai•er. Any forbearance by 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 taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Reraedks Comalati.t. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrcntty, independently or successively. iS. 3rrccessors wwd wssiRws iiiouad:.ioiwt awn Several i~soMity; t:aptioas. i ne covenants gnu agreements ircrein contained shall bind, and the rights hereunder shall inrrr~ to, the respective successors and assigns of Lender apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions ~ and headings of the paragraphs of this Mortgage arc for convenience only and are rat to lie used to _ interpret or define the provisions hereof. ~ - t1. Notlee. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower proovided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i.ender as provided herein, and (b) any notice to Lender shall he 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 Borrower or Lender when given in the manner designated herein. 1S. Uwiforw Mortgage; CoverwiaR Law; Severwbility. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform axurity instrument covering ~ real property. This Mortgage shalt 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 applicabk. law, such conflict shall not affect f 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 Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. ' f 17..Traasfer of ere M'erty; Asnrwrptioa. if all or any part of the Property or an interat therein is sold or transferred I by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the crcatron of a purchase money security. interat for household appliances, fe) a transfer by devise, € descent or by operation of law upon the death of a joint tenant or (d) the grant of any kssehohi interat of-three years or less not containing an option to purchase, Lender may, at Lender'x 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 a. be sold or transferred reach agreement in writing that the credit of such person E is satisfactory to Lender and that the intcrc.t payable on the sums secured by this Mortgage shall be at arch rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and iE 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 Note. i If Lender exercises such option to accelerate. Lender shall mail Borrower notirx of accekntion in accordance with paragraph 14 hereof. Such notice shall provide a peeled of not less than 30 days from the date the notice is mailed within ' which Borrower may pay the sums declared Bete. If Borrower fails to pay such sums prior to the expiration of such period, ti Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lfl hereof. NON-UNIFORM COVHNANTS. Borrower Ind Linder further COVtnant and agree as follows: s lg. Acederatlo~ Rewredks. Errtep m provWed iw pwngryr 17 recent. Raw Berrrr+rds breaer of rwy ceveawt er ~ agreameat of )torrowe* r iris Mortgage, Iwcirdiag ere ewewsrws to py wen dwe awl' scows setwerl 67' IYs Mortgs`e. Levier error to acceleraao. ar.B w~aM .can to Borrower ss'rodiei iw Mragr.'u t4 terser steeltyiwgs p) tis rseaer: t=1 ere setMw rgrir~sel to care seer breast; t3) a ire, wet less traw 3A days fww tic date ere wstiee fs wraiei a iasrower. by wrki saver i recast mast k errsi; awl (4) flat tailwre to sere seer recast erw er rerun ere Gate speeftiei V ere .aiee way event V - ssccderatiow of ere sews secwrei ~ iris Mortgage. toreclown by joiicial proeseatwg awl sale et ere rrupery. 71re astke { _ sraM f'rrtrer rrrotrw Borrower of ere Agri to nhntwte after sccelerNbw awes ere right to srseA is ere fereeefwsrre t~~seig tie wow-a:Wewce of a ietawM or awy other ~ctewse of Borrower to aecekrNiow awl toreeloswe. f~( ere tfr~eaer is wN cwrett aw , err before the ile gecYei iw trt wake. Levier st I.ewier's optiow way declare si erf tie naves seewrsd by IYs Mortgage M be t iw.redistely are awl payable wkrorrt tatter dea?and gad Wray torrdae iris Morlgags b ji.iiel.l preteaeitt. Leader drsB ~ be ewtlUei to eit fiw steel praceeiiag r e:'eases of foreclosrrr. iwdriiwg. bN wet ¦rwilsi M. reasswabltr sttwweY's fses. awl e~oeRs of irt<c~-•wewtary evidewee. abstrsce awd title repro. 19. Borre?wea's Rlgrt tee Reiwstate. NotwithstandinE Lenders acceleration of the sums stsrutad by thr• Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any Erne ~ 8~~~3~3 P~~E2586