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HomeMy WebLinkAbout0202 i Lender's written agreement or applicable law. 8otrowet shah pay the amount of all mortgage insurance premiums in the - manner provided under paragraph 2 hereof. Any amounts disbursed by I.cnder pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mongage. Unless Borrower anti Lender agree ta.-otlttt tgRns of paytneM. such amounts shall be payable upon notice from lender to Borrower requesting payment thereof, ind shall bear interest from the dale of disbursement at the rate payable from time to time on outstanding principal under the Note unless payaaatt of _ interest at such rate would be contrary to applicable law, in which event such amounts shall boar interest at the hightwt faire permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expanse or faire any sction hereunder. luspectioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that 1-ender shall give Borrower notice prior to any such inspection specifying reasonable cause,thercfor related to Lender's interest in the Property. 9. Cowdemwatbw, The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of flee Properly, ur part thereof, or for conveyance in lieu of condemnation, are hereby amigned and shall be paid to Lender. in the event of a total taking of the Propeny. the proceeds shall lx 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 Leader otherwise 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 amarnt of the sumo secured by this Mortgage immediately prior to the date o[ 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. if the Property is abandoned by Borrower. or if. after notice by lender to Borrower that the condemnor oRers to maim - an award or settle a claim for damages, Borrower fails to respond to [.trader within 30 days after !ht Batt such notice is mailed, Lender is authorized to collect and apply the proceeds. at lender's option, either to restoration or repair o[ tots Property or to the sums secured by this Mortgage. Unless Lender and Borrower othttvirice agree in writing, any such application of proceeds to principal shall not extertd 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. Bormwcr Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to release, in any manner, flee liability of the original Borrower and Borrower's successors in interest. Lender shall not be ttquired to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the cams _ secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrower's successors in interest. ll. Forbearance by Lender Not a R?aivcr. 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 tight or remedy. i 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. Remedks Cumuiatite. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may Ix exercised concurrently, independently or successively. ' 13. Srccessors sad AssiRas Bouwd: Joist sad Several I.iabBifjr; Captloas. The covenants and agreements htrein contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender sqd Borrower. subject to the provisions of paragraph t 7 hereof. Atl covenants and agrexments of Borrower shall be joiry and several. The captions-and headings of the paragraphs of this Mortgage arc 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 tat given in another manner, (a) any notice to Borrower provided for in this Mortlta¢e shalt be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such aher address as Borrower may designate by notice to i.ender as provided herein, and (b) any nonce 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 shaft be deemed to have bcen given to Borrower or Lender when given in the manner designated herein. lS, Uwiform Mortgage; Goverwiag l,aw: Severability. This form of mortgage combines 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 short be governed by the law of fix jurisdiction in which :he Propesty is located. In the event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such conflict shag not affect other provisions of this Mortgage or the Note which can_be Biven effect without the conflicting provisan, and to this end the provisions of the Mortgage and the Note arc declared to be severable. 16. Borrower's Copy. Borrower shalt be furnished a conformed cop}' of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trawsfer of the Property; Assnmptioa. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writrcn consent. excluding (a) the cteation 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 (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lenckr may, at Lender s 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 cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that 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 Pram ail oblj~ations under this Mortgage and the Notes If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance M•ith paragrapF 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. if Borrower faits ro pay such arms prior to the expiration of such period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1 g hereof. Non-UNIFOaM COVeNANTS. Borrower and Lender further covenant and ogres u fottow~s: lfi. Accekratlow; Reaaedks. 1?:cept r provtded iw patagra'Ir 17 leered. trpow Borrowe~a i>feacY of fever covesaN sa• agrrcwrewt of Borrower V this Mortgage. bxludia~g the coreaaNs to pay ..beer err aq tweets tttxmi ti this Mastgage. Eerier prior a aetskrwtbw atoll twat wotke to Borrower as provided tw paragrspb 14 hereof spccNyiwg: (1) tttt Mear:b; (2) the arctiow rgtrir+ed M cwre sorb breach; (3) a date. wet less rhea 30 days trove the date the wtrttee r rwaBcd to Benower. y wllki swab beach •ust rte cwrsd; and (1) that faqure to care strcb breach ow sK heroes the date speeYe> b the works wqy reedt b aea~ekrdiow or the refutes sccuaed by this Mortgage. roeeclasrre b N'«sedwi awl sale of the 1Trupcrty. 'tlte wotirti shall further btorwt Borrower of the rIRM to reirtstNe after at:cekratiow sad tbt right to area M the fortciestwe paoeesittg the trow~e:Wence of a default or aq other defewae opt Borrower to acceleratiow awd rweciowrr. N the Y~eaclr is arN rwe+e! ow er bdore the da~1e specffei i. the erotica. lewder at i.ewdtr's optiow twa~y dtxlare ar d tbt steer stewed ti ebb Mortgage t)a rte i..teas,tteiy due earl pyable ..itbotrt rwrtAer derrrand sad soar foreeiae ebb Mortga`e ?y jwditW prreeediwR. Lender xbaN be ewHtlnl to collect iw such proeseiiag ai a:pewees of foreclosure. iwcluditts. but oat tlrtWetl M. r+easertsble sttwser's fees. _ amd web of docr.-~wewtary trWewce, abstraKb aatd tick reports. - 1!. Borrowa's Rfgbt to Re(itNate. Notwithstanding Lenders accsle?ation of fire sums secured by rhea Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~nK PdGE