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HomeMy WebLinkAbout1142 • - , I • • 't= ~ ~ Z Lender's written agreement or applicable kw. Borrower shall pay the amount of all mortgage insurance premitum in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to thr paragraph 7. with interest thereon. shall become. additional { indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such = amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on attstanding principal under the Note unless pa'y?trteat of j interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rata i permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any experae or fate any action hereunder. R i Lender ma make or cause to be made reasonable entries u tiled as*eetioa. y pen and inspections o[ the Property. prow ~ that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's ; interest in the Property. , 9. C~ The proceeds of any award or claim for damages, direct or consequential, in connection with any 1 condemnation or other taking of the Property, or part thereof, or for conveyance irl lieu of condemnation. are herby assigned - i and shall be paid to Lender. ~ 'n the eYeat of a total taking of the Property. the proceeds shall be applied to the starts secured by this Mortgage. with the excess, it any, paid to Borrower. in the event of a partial taking of the Property, unless Borrower and Larder otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds I u is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of t taking bears to the fair market value of the Property immediately prior to the date of taking, with the balantx of the proceeds ; paid to Borrower. # if the Property 1s abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make 'l an award or settle a claim for damages. Bc?rrower fails to respond to Lender within 30 days abet the date such notice is mailed, Lender is authorized to collect and apply the proceeds. 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 shah not extend 4 or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of 4 such installments. it. 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 cuccecsor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to eomrrterroe 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 by the original Borrower and Borrower's successors in interest. i- 11. Forrearsace bf Lewrer Not a Wtlrer. Any forbearance by Lender in exercising any right or remedy henxmder, 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 fazes or other liens or charges by Lender'shall not be a waiver of L.rndePs right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Reatedies Ctpaahtire. All rtmedies 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 be exercised concurrcntty, independently or :ttcassively. - " 13. 3aecessors gad AsafRas Eoaad:.lohtt sat Several iLb~; Caploas. The covenants and agreements herein ~ contained shall bind, and the rights hereunder shall imrrg to. the respective successor and assigns of Lender gad Borrower. ! subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions' and headings of the paragraphs of this Mortgage are for convrniertce -only and are not to lie 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 p~+ovided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i.ender as provided herein, and l;~ (b) any ratite 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 shall be domed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uailorw Mortgage; GoreraiaR Law: Severabitity. This form of mortgage combing uniform covenants for national use and ran-uniform covenants with limited variations by jurisdiction to constitute a-unifornt security irutrument covering i real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. 1n the ; event that any provision or clutse of this Mortgage or the Note conflicts with applicable law, such conflict shall not alkd other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this f end the provisions of the Mortgage and the Note are declared to be severable. lf. )sorruwer': Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Traasfer of the Troperfy: Assastptioa. if all or any part of the Property or an interest therein is sold or transferred i by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mort$agt. (b) the creation of a purchase money security interest for household applianog, (c) a tansfer 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 rat containing an option to purchase, Lender may, at Lender's option, declare all the wms secured by this Mortgage to be 1 immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender t and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interact payable on the sums secured by this Mortgage shall be at such rate ac Lender shall r+equgt. It Lender has waived the opion to accelerate provided in this paragraph 17, and if Borrowers succeuor in - interest has executed a written assumption agreement accepted in writing by Leader. Lender shall release Borrower from all obljgations under this Mortgage and the Nae. If Lenrkr exercises such option to accelerate. Lender shall mail Borrower ratite of acceknfton in accordance with paragraph 14 hereof. Such notice shall provide a period of rat less than 30 days from the date the notice is mailed within which Borrower may pay the wms declared due. lf' Borrower fails to pay such sums prior to the expiation of such period, ( bender may, without further notice or demand on Borrower, invoke any remedig permitted by paragraph 18 hereof. Mort-UN/t'ORM CdvENANTS. Borrower and Lender further covenant and agree as folloars: lt. Aceskrstio~ Raaedkt. B:cent w M'orNed iw pmgnPr 17 wesest. ttpr iorswwes'a Meaer et aq careaaat K agree eat of >tsrs+ewer d tris Meelgage, Mewrriag rave eo~easrNs to py wwea tae slay sawn seeaser wy this Mosfpge: Iwarer prior N acesiesatloa swi wail notice b liornwer as prorMei h ~ragrapM 11 tercet speclfylags (1) Ms Meser: (2) the setMw spier Os+ ease sacw Mtssew; (3) a tale, got leas Kars 3! days trove rave rata ewe welfrce is water N >ssenwsr. wy wwkr Baer Mead wait M: cass~ sat t~ twat istiwne a crave ..eve Meaer ow K wdoee ewe Gate spelrar M ewe aotke gay ressM r ~ sete4eatlsa st ere taws nearer r7' two Moelgagt. t~seeioaarr r7' jadicW procediag gar ask sd ewe rsePcsfy. 'tire ratios s slat laslwer iatorar >torsrwer d ewe riRwt to eeiwtsts athr aeeekrstba sat ere rtgrt to asatA M Its torteloawe pretee'irg ere aoa~Meaes e[ a ietsalk or aq firer release of lllosrower fo accekrMfoa sat tortelowse.. fif-Aft Meacr <r art ettser ea or bdose ere tale gscilier r ewe aetke. Leader at [.carer's option way reelsne ar st trt saws sterwer w7' twls Mortgage M re iwweristely tae sad payaMs wproal ta>ttwer dea+anA gad way toseclsse tYs M~rltags wy jiariei.l ~satserlag. Lender daB ~ k ea/Nler w eoitiaet M net pressrhg a• esperaes at foreclosase. faclariag. Mel stN ft¦rMer ls. seaaeasMs sltwrter'a fees. atsr eoNs of ioe.-'aeataq erNeaes. absirsces sat tick repro. . 1!. Rsnowa'a Rlgwt t• Rsiastate. Notwithstanding Lender's accekraiion of the stuns secured by thr_ Mortgage. ~ Borrower sha116ave the right to have any proceedings begun ty Lender to enforce this Mortgage discontinued at any time ~ ~~~~326 P~E~.40