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HomeMy WebLinkAbout1790 " .i~ . • Lender's written agreement or applicable ltw. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 heroof. Any amounts disbursed by !_ender pursuant to thi: paragraph 7, with interest thereon, shall become additions! indebtedness of Borrower secured by this Mortgage. Unless >~ottotvtr-,~~ 4ender agree to other terns of paymetrt, such amounts shall be payable upon notice from lender to Borrower rcgriestiAg payment thereof, and shall bear interest fr+otn the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paymatt of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate - permissibk under applicable law. Nothing contained in this paragraph ~ shall require Lender to incur gay expense or tact any action hereunder. g. Itaspection. Lender may make or caux to be made reasonable entries upon and inspections of the Property, provided that Lender sha!! give Borrower notice prior to any such inspection specifying reasonable caux therefor related to Latdtr's interest in the Property. 9, Cowdemnatioa. The proceeds of any award or claim for damages, direct or consequential, in rnntreetion with gay condemnation or other taking of the Property, or part thereof, or far conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event ~f a tnt.rl taking of the Property. the proceeds shall he 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 Lender 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 amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Properly immediately prior to the date of taking, with the balance of the proceeds ~ paid to Borrower. j - if the Property is abandoned by Borrower, or if. after notice by !.ender to Borrower that the condemnor oRets to tmalte an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the daft such notice is mailed, Lender is authorized to collect and apply the proceeds, at tender's option, either to restoration or repair of ere . Property or ro the sums secured by this Mortgage. Unless i_ender and Borrower othenvicc 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 I and 2 hetn:of or change the attwunt o[ such installments. 10. borrower Not Released. Extension of the time for payment or modification of amortization of the suns aecutrcd by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower c successors in interest. Lender shall not be required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums xcured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successor in interest. 11. Forbearance by Lender Not a Waiter. Any forbearance by Lender in exercising any right or rctrredy hereunder, or otherwix afforded by applicable taw. shall not be a waiver of or preclude the exercix of any such right or nernedy. The procurement of insurance or the payment of taxes or olhtr liens or charges by Lender ~shatl not be a waiver of Lerda's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Renudies ComataNve. All remedies provided in this Mortgage art distinct and cumulative to any other right or ' remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. ' 13. Swcccssors and AsaiRas bound: Joint awd Serena! I.iabilify; Captions. 'fire covenants and agreetttents herein contained shall bind, and the rights hereunder shall inure to, the respective successor and assigns of Lender std Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join] and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to tie used to interpret or define the provisions hereof. I4. Notice. Except for any notice required under applicable law to be given in another manner, ja) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certiflod mail addressed :o Borrower at the Property Address or at such other address as Borrower mav_ designate by notice to Lender u provided herein, and (b) any notice to Lender shall ere given by certified mail. retrrm rec~.pt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower ss provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform Martgage; Gorerwing Law; Sercrability. This form of mortgage combines uniform covenants for national ux 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 eft'ect without the conflicting provision. and to thi: end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of executwn or after recordation hereof. 17..Trsasfer of the Property: Assumptiat. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written conxnt. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creatrnn of a purchase money security interest for houxhold 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 kaxhold interest of three years or less not containing an option to purchase, Lender may, at Lender i oplion, declare all the sums xcured by this Mortgsge to be i immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender 1 and the person to whom the Property is to be co1J 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 Borrowers successor in intet~est has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obljBations under this Mortgage and the Note. - If Lender exercixs such option to accelerate. Lender shalt r~~ail Borrower notice of acceleration in accordance with paragraph 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 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 1R hereof. Note-UNIFOaM Covt:rretvrs. Borrower and Lender further covenant and ague as follows: li. Accderatbw; Rewtedies. Except as provided i. pragrapr 17 hereof. tt*ow •onownsr's Irrcaeir of arty eorewawt K § agreewKtet of borrower f¦ trb Mort~e. tnciwdiwg fire earcnsnis to pr vrrew dae an~r stuns seerrenl ti fYs Mortlage. Lttsder prior b aeeNeratlow shag mail aotlct to harrower as provided !w pragrsplr 14 rernof sptcif~lwg: (t) drt Mracr; (2) ere aetiow required tb elm sncr breach; (3) a dale. woe less trap 30 days from ere date ere wotke is anBed is iarrower. i7' wrier suer ttreaer wtsat be cwr~ awd (4) erne fsiilwre to clue web breaer ow of before ere date specified in ere wotke may resale aceekratlow of ere efforts accrued try trls MorlgaRnr, forselotwre h j~icW procsedlwg awd•saie et ere ttro'erty. Tee watk+e st+aB twrtrer hsfonw Borrower of tee right to retwstate after aectkratiow swd ere right b atrcrt b ere fortelostsre N+aKetdttrg ere wow-a:Wewee of w detswM or awy otlur defense of Borrower to accelentiow awd tortcloswr:. Here 6reacr is wN ewetd ew or before ere dale geefied ill fire wofke. Lewder at I.ewdcr's opbw msy declare aB of the wr ssetrrcd ry ells Mo~pt is be imwsedhtely dwe awd pysbk witrotrt fnrtrer'demand and may toreeioae trir Mortgage ry jwdkfal peediwR. Lender drag be ewtlded to eollaet iw swcr proccedlrrg aw espcases of forcciostrre, hclwdiwg, InrK war BwMted fo, reasewwMe squrrrrlrtt fees. awd n~osis of ion:!wewtary eridewet, abstrwets awd title rnTorts. 19. Borrown's pt;rt to Relwstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgsge. < Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~~'~326 ~a~E1788