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HomeMy WebLinkAbout2216 ~ Lenders written agrceraatt or applicable law. Borrower shall pay the ampuat ~ cep iawraroa Pt'~~ le the tnattner provided under paragraph 2 htx+eof. Any :mounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additional indeModrtess of Borrower secured by this Mortgage. Unless Borrower ao+ ie~tile{ to other tenas of payraeM. such amounts shall be payable upon notice tenter tender to Borrower roquesting yment t roof. antl shah bear interest teem the date of disburaartertt. at the rat= payable freer lane to tithe on outstanding principal under the Notts fretless paymatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear intermt at this highest rata permau'bk tinder applicable law. Nothing contained in this paragraph 7 shalt require Lender to incur any exptnaa or robe. any action berettader. - R ht~~tMw, Lenckr tiny make of cause to be made reasonable entries upon and i.-tspe!ctions of the PropeAy. prodded that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor relatod b LsWer"s interest in the Property. Corier~or. The piocecds of any award or claim for damages, direct or cottsoqueatial, in eotatectbrt with say - condom-nation or outer taking of the Property, or part thereof, or for convcyanoe in lieu of ooedemnatiou. are hereby assi;ned and :hall be paid to Lender. . in the event of a total taking of the Property, rtes proceeds shall be applied to the scans secured by this it[ortgage. with the .exoess< if any, paid to Borrower, in the event of a partial taking of the Property. unless Bonower and Leader otherwise agree in writinlt, tlterc shall be applied to the sums secured by this Mortgage such proportion of the ptooeerjs as is equal. to that proportion which the amount of the sums serttred by this Mortgage imntediatdy prior b ilte date of Wring bears to the fair market value of the Property immediately prior to the date of taking, with"the balance of the pK+ooeed: paid to Borrower, If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to maioe an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after 'the date such ttotiee i': mailed, Lender is authorized to collect and apply the procetds, at Lender's option. either b t+atorrttiort of repair o[ the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise ague in veiling, any such application of proceeds to principal shall not etgatd or postpone the due-date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the aatouot of such instahntenh. it. issrrovrer Not tieleasei.-Extension of the time for payment or modirflcation of amortization of the sutra aectued - by this Mortgage granted by".Lender to any successor in interest of Borrower shat! not operate to release. in anY manner. the liability of the original Borrower and Borrowers uracessors in• interest_ Lender shall_ not- be rogttired to eomntertce " prooeedirtgs against such stttx~ssor or refuse to extend time for payment a otherwise modify amortization of the cams secur~eJ by this Mortgage by reason of any demand made by the original Borrmvtr and Borrowers strceersors in interest. l 1. Fosiearawee b Lewder Not s Waiver. Any forl+earanee by Lender in exercising any right or remedy heratrtder. or otherwise afforded by applipbk law. shall hat be a waiver of or prtxhrde the exercise of any-such right _or reatedy. " The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not- be a waiver of Larder's right to aeceknte rtes maturity of the indebtedness seatred by this Mortgage. li- Reatdia ZlwitdMivt. All remedies provided in this Mortgage are distinct and cumulative b any other right or rdnedy under this Mortgage or at[orded by law or equity, and may br exercised oortcttrnnttty, independently a strooes:irely. 13. 3wttesaors awi Aattgrs Isottwi: ,Bait awi Several i86iBty; Copiers. The covenants and agreements htxein contained shall bind. and the rights hereunder steal! inurt; to. the.rapective strotxssors sad assigns of Leader apd Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreetrtettts of Bomoarer :hall be joiq{ and several. . The captions' and headings of the paragraphs of .this Mortgage arc for convenience Doty and are rat to lie toed b interpret or define the provisions hereof. 11. Natke. Except for any_ratice required under applicable law to be given in another manner. (a) arty notice b Borrower provided for in this Mortgage shall be given by mailing cash notice by certi9ed mail addressed to Borrower at • the Property Address or at such abet address as Borrower may designate by notice to Lender as provided .herein. and (b) any node= to Lender shall he given by certified mail, r+etum neoeipt requested. to Leader's address stated herein or b such other address as Lender may designate by notice to Borrower "as provided herein. Airy notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated hereof. 1S. Lfwiionw Mortgage; Goverriwtt Law: Seerability. This form of mortgage combing »niform oovrnants ter national - use and non-uniform rnvenants with limited variations by jurisdiction to constitute a uniform security instmm~ent covering - real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is kscated. is the _ _ event that any provision or clause of this Mortgage or the Note conflicts with applicable law. st:clt eonAict shall not afkct other provisions of this Mortgage or the Note which can 6e given effect without the eonAictittg provision, and to thin end the provisions of the Mortgage and rtes Note arc declared to be severable. - " lf. >serrower's Cory. Borroswer shall be furnished a conformed copy of the Note sad of this Morigste at the tune of execution or after recordation hereof. 17. ,'I~arsEer ei ttte i4~opeety; Asawt'tior. ff all or any part of.the Property a an iMersat therein is sold or transferred by Borrower without Lender's prior wrietcn consent. excluding [a) the cr+eataa of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for housdtoW appliartoes, (c) a transfer by devise. descent or by operation of taw upon the death of a joint tenant or.(d) the grant of any IeaseltoW interest of three years or less - rat containing an option to purchase, Lender may, at Lender's option. declare :al the sutra socured by the Mortgage to be immedi:rely 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.ic to be cold or transferred reach agtetmatt in writing that the credit of such person is satisfactory to Lender and that the inten'st payable on the sums secured by this Mortgage stall be at such rate as Lender shall rtagtrest. if Lender has waived the option to accelerate provided in the paragraph 1S. and if Borrower's successor in interest teas executed a written assumption agnetxnatt atxxpted in writing by Lender. Lender shall release Borrower from all obljgatioas under this Mortgage and the Nee. if Lender exercises such option to accelerate, Lender shalt mail Borrower notice of arxekntion in aooordattcr with . paragraph 1< hereof. Stroh notice shall provide a period rf rat less that.-30 days frost the date the notice is_rrtailed w'sthin which Borrower may Pity the sutra declared due. if Borrower fails to pay such sutra prior b ilte etcpiration of cuclt period. Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. NoN-Urvrt=orer~t Coverutr~rrs. Borrowwer area Lender further covenant and ap+ee as fogvars: I>b Aecelaatlowp Reweiles. ~ ss ~radtkd V Mragwaph 17 rkraat. ~M imrrwasrs iraaeh at ary a+av,ewurt ate apeemeat M tlenwrrar l• tiit M~age, iudtNarg the eassrtrnts to !aT caber Na awp caws saerrai try tils 1ltartB,sBe. iwtietr psiK is aceskrallaw sltsi wtaY rttlce N 1Knrwer as ~seNei f• paagryl t4 aeeea[ sreeltylagr tie iaeaek (=1 tfe seliaw setrisd to tsee area hreae~ • dtMe. vat less tYara 31 isys trarw the tart the waliee fs rwtiei N •asstrwer. b7' teller twat treescr asrat re ewes awi S~ Wet irrilrse N onto cast rreael a K rtet«e tic isle aPaa~ai t• tee wetke ~ rt;alt id - raec~deralitm at the sort aacrrei ~ this Marrs. traeclmtas~e b }iseial ! awtl sole at tie !rr'ertf. lie nacioe tit tr:trer fatarsis >Tesrrawer at tie e(gM M relrtstsle otter weniesatlaw awi tee-rigrl a assert iiw lee farrrtMswe tie wow•erdtMew~e of s ietardt ate arrf otter iettwse of tlMrawer M ~ ttrri tosttetasre+e. It the ftreae! fr rat errW au K tKtars the tlala sratliai i• tie walfeR * eater at [.ewter's opMw ~ ietlare sr at fete nrwa stayretti ry tYs ]tlartgsgt Ice"re iwweiia4elp ire awi pyaile wflratrt frstler icwaad sad way tasselae tti IYfasttpp b l~It• Leader drat k erlliai N aarect fA rwd prraweiirg i eta st fereciawsti itclaitg, hrf rrt rtN.i Mr ~eaaarrlis annrnsYs fora. - aM raab r! iretarehry e+Mewee, aMtescls trot Hde rer.b. l!. lueswwas'~s lRitjrt N »taiaMstla Ndwithstanding tender's aaekratan of the soots secured by the iNorlgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Moctpge discontinued at say tirzte 3324 P~221.3• - "