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HomeMy WebLinkAbout1752 • - ~ - Lender's writteh agraeotsrtt or applicable taw. Borrower shall pay the amount of all mortpge insurance premiums in cite manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to tha paragraph 7, -with interest thereon, shall become additional indebtedness o[ Borrower secured by this Mortgage.- Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon rtetise from [.ender to Borrower reyuesting payment thereof. and shall bear interest from the date of disburset»ent st the rate payable from tirtttk to ttht~ on` ptttstandirtg principal under. the Note unlass payment of . interest at such me would be contrary to applicable law, in which event such amounts shall bear interest at the highest me permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hercuttder. ~ - - >I. Is~ectioa. Lender may make or curse to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice. prior to any such inspectic+n specifying reasonable cause therefor related to Lender`s IOICreSI ih the Property. 9. Cortdemrratioa. 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 Itrtrcby assigned and shall be paid to Lender. - - in the -event of a total taking of the Properly, the proceeds shall be applied to the stuns sectrrcd by then Mortgage, with the excesc,'if any, paid to Borrower. ih the event of a partial taking of the Properly. unless Borrower and Lender otherwise agree in writing, there shall be applied to the gums st+ctrred by this Mortgage such proportion of the proceeds u 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 Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. - lf the Property is abandoned by Borrower, or if, after nMice by Lender to Berrawer-that the condeatnor offers to make ar,-award or settle a claim for damages, Borrower fails to respond to i_ender within 30.days after the date such notice is mailed, Lender'is authorized to collect and apply the proceMs, at tender's option, either to restoration or repair of the Property 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 ahd 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 secured by this Mortgage granted by Lender to any successor in interest of Borrower- shall .hot operate to ukase, in any manner, the liability of the original Borrower and Borrowers stttcessors 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 surru secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance b7' I.cwder Not 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. I2. Rtmtdies CttmWati•e. 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 concurrently, independently or sttccessivefy. 13. Stteeessors and Assigns Hound; Jo6tf sad Sertrsl f.iabt'lify; Captions. The covenants and agreemehts herein contained shall bind, and the rights hereunder shall inure to. the respective succCSSOrs and assigns of_ Lender and Borrower. subject to the provisions of paragraph 17 hereof. All cvvenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or.define the provisions hereof. - 14. Notiet. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage ;hall 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 Lender as provideii herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders 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 haul-been given to Borrower or t.enderwhen given in the manner designated herein. 1 S. Uniform Mortgage; Go•erairtg Lsw; Severobility. This form of mortgage combines uniform covenants for natiaaaluse - and non-uniform covenants with limited variaAons by jurisdiction W ooaatiUtte a uniform security instrument cowering real property.The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located, The f sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision a clause of this Mortgage Note coollicts with applicable law, such ooofiict ahaU not affect other povisians 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 Ld Ix severable. 16. Dorrowet's Copy. Borrower shat! be furnished a conformed copy of the Note and of this Mortgage at the time of execuiion~or alter rccordatian hereof. 17. Transfer of the Property; Assumption. If a" -any part of the Property or art interest therein is sold or transferred by Borrower without Lender's prior written consent.:xctuding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) t!>c creation of a purchase money security interest for household appliances, (c) a transfer by devise. d=sceht or by opt:ration 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 Qurchase, Lender may, at Lender's 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 transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender te±d that the interest pa}able un the sums secured by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accelerate ;srovided in this paragraph 17, and if Borrower's successor in interest bas executed a written assumption agreement accepted in writing by Lender, Lender shall release .:orrower 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 kereof. Such notice shalt provide a period of nw less than 3(1 days from the date the notice is mailed within - which Borrower irtay pay the sums declared due. !f borrower fails to pay sert:h sums prior to the expiration of such period, Lender may, without funkier notice or demand on Borrower, invoke any remedies permittcci by paragraph i8 hereof. _ Nox-U~- ':Mt?s CovErrenrt s. Borrower and Lender further covenant and agree as follows: - Ig. Acceftvatit?o; Remedies, Except ss pro•ided Fa paragraph 17 htr~eof, trpoa Eorrower's breach of salt coreaa>,t or agreement of Ilorrower is !bL Mortgage. iacindiag the coveasnts to pay when dtre any soma secured city this Mort~ttge, Leader prior to acctkrstioa shall mail notice to Borrower ss provided is paragraph i4 hereof specifying: (i) the bttiach: the action required to cure sttch_brtach; (3) a date, not tors than 30 days from the date the aotict b nestled tQ Borrower, by whkh such bre:c6 mmt 6e eared; and (4) that failure to care such breach oa or before the date spedied L the a~rtiee stay rtsdt is screieratbrt of the sass secured by this Mortgage. fortclosarc by jndkisl proceedies and sale of the Property. 7lte notice sbaB fnrthtr iaforttt ilbrwwtr of the ripbt to reinstate after scceler:tiort and the right to assert ii the foreclowrr prartedisg - tbe ooh-esisteace ofF a default or ~y other deftase of Borrower to sccekration and forecloanre. [f the breach is eM cared eu or before the date sped6ed at tbt eotke, Leader at Leader's option Wray dtchtne s8 of tbt sums secued by ebb Mortgage [x. be immKdiately due and payable without farther deatsad aad may forecbse chi. Mortgage by jndictal proceediwg. Leader shah bt eatided to collect iA such proceeding stl a:peases of forccbsnre. iadudiag. hot not liatit~d to, ratsow6le attoraey'a fees. sad-costs of decttttterNary e•ideace, abstracts and title reports. 19. Borrower's Right to Reistate. Yutwithstanding Leaders acceleration of the sums secured by this Mortgage, . Borrower shall have the right to have any proceedings hegun by I.cnder to enforce this lstongage discontinued at any time