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HomeMy WebLinkAbout1778 J 1 Lender s written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums to the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borr~wl•r )teed l.t:bder agree to other terms of payment. such ama+nts 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 a+tatanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall requiro Lender to incur any ezperae or take any action hereunder. >Z. iaspectiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower notice print to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdencnatbn. The proceeds of any award or claim for damages, dirtier or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigrtod and shall be paid to Lender. Tn the went of a total taking of the Property. the prnceedc shall be applied to the u+ms stcurtid by this Mortgage, with the excess, if any, paid to Borrower, In the event of a partial taking of the Property, unless Borrower and Fender otherwise agrce in writing, there shall be applied to the sums sec++red by this Mortgage such proportion of the proceeds as is equal to that proportion v.•hich the amount of the sums 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 pro+:tods paid to Borrower. If the Property is abandoned by 8or:ower. or if. after notice by Lender to Borrower that the condemnor ofkrs to make an award or settle a claim for dain~ges. Borrower fail. to respond to lender within 30 days after -the date such ttotiee 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 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. Borrower Not Rekastd. Extension of the time for payment or modification of amortization of the sums second by this Mortgage granted by l.tnder to any successor in interest of Borrower shall not operate !o release, in any manner, the liability of the original Borrower and Tit;rrowcrc successors in interest. Lender shall not be required to commence proceedings against such successor or rch+ce 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. 11. Forbearawce by Lender Not a R?sivtr. 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 right or ternedy. The procurement of insurance or the payment of taxes or other liens or charges by Linder shall not be a waiver of Lender': right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rswtedies Cwmubftit. All remedies provided in this Mortgage are distinct and cumulative !o any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Successors and AssiRus Sound; Joint gad Several i.iabillty; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Linder apd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall. be joiri and several. The captions- and headings of the paragraphs of this Mortgage arc for convenience only and are not to t9e used to interpret or define the provisions hereof. - it. Notice: Except for any notice rrq++ired -under applicable law to be given in another manner, (a) any notice to Borrower provided for iri this Morega¢e shall be given by mailing such notice by certiflcd mail addressed to Borrower at the Property Address or at such other address as Borrower mar designate by notice to Tender as provided herein, and (b) any notice 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 deemed to have been gitien to Borrower or Lender when given in the manner designated herein. 1S. Unsonw Mortgage: Goverpirtg Lvr; Sererability. 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 shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given etiect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 1`. Borrower's Copy. Borrower shall be furnished a conformtd copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trawsfer of the Property: Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writ+rn consent. excluding (al 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 (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may. at Lender's option, dtclare a!I the sums secured by this Mortgage to be immediately due acid 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 to be cold or transferred reach agreement in writing that the credit of such person is satis[actory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement sccepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Noce. if Lender exercises such option to accelerate, Lender shall mail $orrower notice of acceleration in accordance with paragraph 14 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 wms declared due. If Harrower fails to pay such s++ms prior to the expiration of wch period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. NoH-Ut+tt:oaat Covetrervrs. Borrower and Lender further covenant and agree as fellows: la, AccNerwtbw; Rawedia. E:cep s provided is pragrstrM T7 Mend, tspw Bornwer's brswcM d gay cortwawl K agretwKwt of Borrower dt tots Mostgagc. !Me eorenarMs to py whew ittx aq saws secwei iy into Mo:tgage, Lacier 'riot to sbaN etas notice to Borrower as prorfdcd in paragraph 14 Menoti gecifyiag: (1) tMs br+eaci: (2) the setisw spired •o ctm swell irtiaeb; (3) • dolt, ant less thaw 30 days tTrora the dste the wotke Y wuYei to Borrower. b whicb swclr betiaelr rwast be cwred; awl p) that taNwa Io care stc? breach ow or Me[ora tMs date gated b iMt wotke way resole a wecderalisw d the saes accwred by tMls Mortgage. fortAostrrtt by jwdkW procsediwt awd ale of the Property. Tire wotke shat twrtber b+forus Borrower of tMs riRM to relwstatt after aceekratiow swd the riche to avert i• tie torccleswrt priotet~tcg eye wow-esWtwee d a ietawk or awy other deftwse at Bwrower to scceleratbw awl taeeloswre. N the breach Is woe awrtd ew or before the dale speciRcd ilse wotfa. Lewder at I.ewder's optiow wtay decoct d of the srwws seetrcd b 1W Mortgage is be itwwediahly dta awl pyabk witMoN further demand and guy foreclose ebb Matgage h judiciwl proeesdiwK. Lender draN bt t0 eoeed iw swcM prottidiag ant txptwses At yortcioswre, MreMtdfwg. bwt wN Bwritti M. rtasowfMt sttnrr+ev's feu. atsd costa d docnrwewtary eviiewee, abstracts awd title repro. lf. Borrowes's R~Mt to Rebstate. Notwithstanding Lenders acceleration of the sums secured by th+s Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 811U><~~?U ~AUE~~