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HomeMy WebLinkAbout1782 F '1l,. t R j.l:~:- ~ ~ - - LenderS written agreement or :pplicabk law, Borrower shall. pay the amount of all mortgage insurance ptzmiritns in the . manner provided under paragraph 2 hereof. - Any amounts disbursed by Lender pursuant to lhis paragraph 7, with irterat thereon, shall become additior!al indebtedness of Borrower secured by this Mortgage. Unless BorrowYr and Lender agree to other terms of payment. sr:cfi amounts shall be payable upon notice from Lender to a:rrower -equcsting payment t:~ereof. and shall bear interest fman 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 shall Dear interest at the highest rate - permissibk under applicable law. Nothing contained in this paragraph 7 shall require Linder to incur any expense or take - any action hereunder. - - 8. laspectioa. Lender may make or cause to be made reasonable entries upon and inspectibrts 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. 4. Condemaatba. 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 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 1`ne Property, unless Borrower and Lender otherwise agree in writing, there shall be- applied to the sums secured`by this Mortgage such proportion of the proceeds ae 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 markN value of she Property immediately prior to the date of taking, with the balance of the proceeds - patd to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the cond'tnnor offers to snake an award_or settle a claim for damages, Borrower fails to respond to Lender arithin 30 days after tht-date such notice is mailed, Lender is authorized to collect and apply the pro?~eeds. at Lender'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 and 2 hereof or change the amount of such installments - - ~ _ 10. .Horrowe~ Not Relezs:~d. Extension of the time for payment or modification of amortization of the sums secured - hy 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 Borrowers successors in interest.- Lender shaA 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 Sy the original Borrower and Borrower's successors in interest. ll. Forbearaace by T.eader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otberwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any .such right or remedy. 7?re procurement of insurance or the payment of taxes or other liens or charges by Lender shall :?ot be a waiver of Lender's - right to accelerate the maturity of the indebtedness secured by this Mortgage. - 12. Remedies Crnnnlative. All remedies provided is this Mortgage are distinM and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently,- independently or successively. 13. Snecessors and Ass~T~grrs Honed; Joint and Sereral i.iabr'1ity; Captions. 'lire covenants and agreements herein cnntained shall bind, and the rights hereunder shall inure to.-the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrowtir shall be joint and several. 'I1re captions and headings of the paragn:phs of. this Mortgage are for - convenience -only and are not to be used to interpret or define the provisions hereof. 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 Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addr4ss or at.such other address as Borrower niay designate by notice to i.ender 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-addreess as Lender may designate by notice-to Borrower as provided herein. Any notice provided for in this i Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. ~ - - IS. - Uniform Mort~e; Governing Law; SevernbAity. 'ibis farm of mortgage combines uniform covenants for national rrse.and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real .property. 'I'ris Mortgage shall be governed by the law pf the jurisdiction in which the Property- is Iocated..In the event that any provision or clause of this Mortgage or the Note rnnflicts 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 he severable. 16. Borrower's Copy. Borrower shall be furnished a conformed- copy of the Note an_ d of this Mortgage at the time - i j of execution or after recordation hereof. - ~ - - 17. Transfer of the Aoperty; Assumption. 1f all or any part of the Property or an interest therein is sold or transferred f by Borrower without Leader's prise written rnnsen:, excluding (a) the creation of a lien or encumbrance subordinate 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 (dl the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender-'s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived inch option to accelerate if. prior to the sale or transfer, Lender and the person to whom the Prapery is to be sold or transferred- reach agreement in writing that the credit of such person is satisfactory to Lender and th3f the interest payable on the sums secured by this Mortgage shall be at such rate as 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 from. all obligations under this-Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in acrnrdance with - paragraph 14 hereof. Such notice shall provide a.period of not less than 30 days from tee date the notice'is mailed within w~:ch Borrovin:r may pay the sums declared due. If Borrower fails to pay :.uch sums prior to the ,.xperation. of such period; Lender may, without further noti~x or demand on-Borrower:-in+oke any-remedies permitted by paragraph 18 hereof. 4 Norr-Uxrfoaut t^ovFtvetwrs. Borrower and Lender further covenant and agree as follows: 18. Acceleratrioo; Remedks. Faccept as provided m paragraph 17 hereof, npoa Borrower's brtac6 of nay covenant or \ ~ agreeBreat of Horrowu is this Mortgage, iaclndierg the covenants to pay when doe nay sams_~nred by this Mortgage, Leader prior to sccekratioa shah mail notice M Htrrosrer as prorirkd is pter,~graph 14 hereof specNyiag: (1) the 6reacb; (2) the action - ! required to cnre snob breach; (3) a dst~e, Dot less than 30 days from the date the notice b mailed to Borrower, by whkh sorb ~ breach most fie cored; and (4) that faihrre to care such breach oa or before the date specified i tht notkt rosy melt ie k acceleration oC the soma secured by tbb Mortgage, foreclosure b!' jo~cid proceeding and sale of the Property. The noBce - ~ shall further inform Borrower of the risbt to reinstate after acceleration and the right to assert is the fortxlosare ptroeeedbg the non-ezstexce of a d~efardt or any other defesse of Borrower to acceleratioa and foreclosnre. If the breach h eot cnt~ed oa or 6efors the date specified io the notice, Leader at Lender's option may declare ail of the soma secured by ihk Mortgage to be - - immedbrtdy due and payable witbeM fmther dearaod sad m:y forcelose this Mortgage by judicial prod. Lender sbaD be entitled to collect hs soc6 procesding s• expenses of forecioanre, ioclndiog, brat not limited to, rtaroaable attorney's fees, _ and costs of decoareatary evidence, abstracts and title reports. 1 - 19. 8ormwsc's Right to RehMste, Notwithstanding 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~~324 ~~~~?79 - - t - - ~ -