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HomeMy WebLinkAbout0196 r ~ , ~ ~.l..'.' • • • ` ' Lender's written agreement or applicable law. Bogower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 heroof. Any amounts disbursed by !_ender pursuant to tha paragraph 7, with interest thereon, shall become addiiionat - indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agrot tb~bt>~, ktt~rs of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest ft+om the date of disbursement at the rate payable from time to time on artstanding principal under the Note unless pa~rrttent of interest at-such rate would be contrary to applirable law, in which event such amounts shall bear interest at the highest rate • permissible under applicable law. Nothing contained in this paragraph 7 shalt require Lender to incur any experne or take any action hereunder. fi. Iwspectioa. Lender may make or cause to be made reasonable entries upon and inspectioru of the Property. pravided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor retested to Lender's interest in the Property. 9, Cowdewraatbw, The proceeds of any award or claim for damages, direct or rnmequential, in connection with any condemnation or dher taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are 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 secr?red by this Mortgage. with the txcess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Lender otherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the same 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 balanct of the ptnoeeds paid to Borrower. - If the Property is abandoned by Bor:ewer, or if. after notice by i_ender to Borrower that the condemtwr offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is retailed, tender i~ suthorized to cc?Ilect and apply the proceeds.:t I.tnder's option, either to restoration or repair of flee Property or to the s~~ms secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend rr postpone the due dare of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. )6orwwer Not Rclessed. 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 shag not operate to release, in any manner. the liability of the p~iginal Borrower and Borrower's successors in interest. Lender steal! not be required to Commence proceedings against Such successor or refuse to exttnd time for payment or otherwise modify amortisation of the sums secured by this Mortgage by reason of any demand made by the original Borrower and BorroweFs successors in interest. 11. Forbearance 6y Lender Not a Waiver, Any fort+earance by Lender in exercising any right err remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercix 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 Letder's right to accelerate the maturity of the indehtedness secured by this Mortgage. 12. Rem Catnulatlre, All remedies provided in this Mortgage arc distinct and cumulative to any other right or 7remedy under this Mortgage or afforded by taw or equity, and may be exercixd concurrently. independently or suceessivety. ' 13. Swceeawrs gad AsslRws Douwd:.Joist sad Sereral t.isbilitp; CapBorrs. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subjeM to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower :hall be joiry and several. The captions and headings of the paragraphs of this Mortgage :rc for convenience only and are not to be uxd to interprct•or define the provisions hereof. 11. Notice. Except for any notice required under applicable taw to be given in another manner, (a) any notice to Borrower p>ovided 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 map designate by notice to fender as provided herein, and (b) any notice to Lender shall l+e given by certified mail. return receipt requested. to i.ender'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 tender when given in the manner designated herein. IS. Uniform Mortgage; Goreraiop Lsw: Severabnity. This form of mortgage combing uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any prevision or star+se of this Mortga¢e or the Note conflicts with applicable law. such conflict Shan not affect other provisions of this Mortgage or the Nnte 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. tbrwwer's Copy. Borrower shall be furnished a conformed copy- of the Note and of this Mortgage ai the time of execution or after recordation hereof. 17..Traader of the Property; Assumption. if all or any part of the Property or an interest therein is sold or tnns[crrcd by Borrower without Lender's prior writren consent. excluding (al the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the creatrcm of a purchase money security interest for household appliances, (e) a trarater by devise, descent or by operation 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 purchase. Lender may, at Lender s option, declare all the sums sxured 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 it to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intercKt payable on the sums secured by this Mortgage shall be at such rate ac Lender shall tequest. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written auumption agreement accepted in writing by Lender. Lender Shan release Borrower from all obliptions under this Mortgage and the Note. If Lender exercixs such option to secekrate, Lender shall mail Borrower notice of acceleration in accordance ~+•ith paragraph I4 hereof. Such notice shall provide a period c?f not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due.' If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 heroes(. i Nox-Untwtua CovtaNerrrs. Borrower and Lender further covenant and agree as [otbws: lft. Accderalbw; Rewsedia. Esccept as proviied iw pragrapr 17 . trpw lbrrsrrsr's tMewer o/ ass corrraawl ate ~ agrecaseat of lsoROwer b ttsb Mortgage, iwcrrdiag ere corerrfs to tap when iae,swp stwws stesr+ti ti tits Modgage. Leerier prbr m aeceieratloa sIW roan wotlce to Dorr+awer as proriiN Is pragrapi 14 reteot s~ccNpfags ll) ere rseaci: f2) tM sdNw tr+alafir+ei b erne veer Mracb; (3) s isle, wet less theses 30 lays trove ere late tie wotiee b twadei to imrower. b wllicr sues - >keacr mwM re emei; awl (4) teat tail.re to cure veer r~eacr o• o< reter+c ere late gecliei M ere wotke reap resale fr aeecleraliow of ere swas aecarei ry trb Mortgage. toseclowrr+e rp jrrikW proeseiittg awl sole d tie lrrro'ertp. Tie wofke siaY twrirer iwtonw ,orrower et ere rtRM to teiresiNe after accekrMbw awl ere rigrt to red b ere toseekprre pt~oceeitg ere aow~esWcwce a< • default or awe otter ietease of >sorrower to accekrMbw awl toseciowre. ti[ ere feeler b wet csrsi eve or retose ere isle speiYed ii ere wotke. lewder at i.ewier's optiow warp dcehre stl of ere srs setwrai r7' !Ys Mortgage M rt iwrarcihtelp dwe awl ppairk wftrotM trsArer demand and wrap ?erttlsse this Medgage Ire jriieW ltwceeifsR. Lender xMtp be eNided to toilset iw seer'roeeediag r arpeases of forecloswre. iwclwiiag. twt ¦at tbtrltei l0. rsasowatMe attxweYs fee:. awl tolls of ioc~-merMary e~iiewee. abatratb awl title sepses. . 19. >dore+awa's Rlgltt to Reiwstate. Notwithstanding Lenders acceleration of the sums secured by thie Mortgage, Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinued at any time SUGK PAGf