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HomeMy WebLinkAbout1953 • Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in 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 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 outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the l:igl!tst rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense of take any action hereunder. 8. ]ftupectba. i.ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to lender's interest in the Property. 9. Condemnation. The prcx-eedc of :tn}• award or claim for damages. direct or consequential, in connection with any condemnation or other taking of the Property. or part therrnf, or for conveyance in lieu of condemnation, are hereby assigned - and shall be paid to i.cndcr. Tn the event of a total taking of the Pmpert}•. the proceeds shall be applied to the cams secured by this Mortgage. with the c~cess. if any. paid to Born.wer. in the event of a.partial taking of the Property, unless Borrower and Lender otherwise agree in ++•ritinL. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds - as is equal to that proportion ++hieh the amount of the sums secured M• this Mortgage immediately prior to the date of taking heart to the fair market value of the Properly ironed. lately prior to the date of taking. with the balance of the proceeds paid to Borrower. Tf the Propcrh• is abandoned M• Borrmver. or if. after notice h}• lender to Bormwer that the condemnor offers to make an award or settle a claim for damages. Bormwer fails tee respond tc. Lender within 30 da}•s after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at l.endcr'c option. either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless i.ender and Bormwer otherw~isc agree in ++~ritin~, any such application of proxeeds to principal shall not extend or postpone the due date of the monthl}• installments referred to in paragraphs I and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for pa}•ment or modification of amortization of the sums secured by this Mortgage gr;?nted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, _ the liability of the original Borrower and $armwcr's xuccescorc in interest. lender shall not he required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage M• reason of any demand made by the original Bormwer and Borrowers succescorc in interest. 11. Forbearance by lf.ender lot a Waiver. :1m• fonc~aranee by l.endcr in c~crcising any right or remedy hereunder. or otherwise afforded by applicahle law. shall not he a waiver i•f or preclude the exercise of am• such right or remedy. The procurement of insurance or the payment of ta~ec or other liens or charges by Tender shall not he a waiver of Lender's right to accclcratc the maturity of the indchtednccc secured h}• this 1?fortgagc. 12. Rttrerdirs Crsstsulsslrr. :Z::.:.,:.~d:._. p,.:.v::~d ihi: :i.Tirarc uic u'iSiiidi 3~ii1 cuiriulativc iO anY oilccr ~ij:ai itt remedy under this Mortgage or afforded by law ar equity. and may he eserciced concurrently. independently or successively. 13. Successors and Assigns Bound; ]oint and Several f.iahility; Captions. The covenants and agreements herein containedl shall hind. and the riehts hereunder shall in:sre tn. the rccpeetive sssececcors and assigns of l.encMr and Borrower. subject to the provisions of paragraph 17 herrnf. All covenants and agrecmentc of Borrower shall he joint and several. The captions and headings of the pa~agraphc of this ;lfortgage arc for convenience only and are not to be used to interpret ar define the prrn•isionc hereof. • 14. Notice. Except for any notice required under applicahle la++' to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall he given by mailing such notice M• certified mail addressed to Bormwer at the Property Address ar at such other address as Bormwer may designate M• notice to lender as provided herein. and Ih? am- notice to Lender shell Ix: given h}• certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender may designate by notice to Bormwer as pm+•ided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Bourn+er or l.cnder ++hen given in the manner designated herein. 15. LTniform i?iorlgage: Governing i.aw: Sevrrabilit}•. This form of mortgage rnmbines uniform rnvenants for national ~ use and non-uniform covenants with limited variation by jurisdiction to rnnstitute a uniform security instrument covering i real property. This Mortgage shall he governed by the law of the jurisdiction in which the PropCrt~• is located. In the E event that any provision or clause of this Mortgage ar the Note rnntlicte with applicahle law. such conflict shall not affect ~ other provisions of this 1liortgage or the Note which can F+e given effect without the conflicting provision. and to this end the provisions of the Mortgage and the \ate arc ~krlarrd to hC ccverahlc. i 16. Borrower's Cop}~. Borrower shall l+e furnished a conformed rnp}• of the Note and of Chic Mortgage at the time of execution or after rcrnrdation hereof. 17. Transfer of the Propert}•; Acarmption. 1f all ar any part of the Property or an interest therein is sold or transferred by Borrower without Lender's pricer +critten convent. excluding (a? the creation of a lien ar encumhrance subonlinate to this Mortgage. Ih1 the creation of a purchase manes security interest far household appliances. Ic1 a transfer M• devise. descent or M• operation of law upon the death of a faint tenant ar ICU the grant of am• leasehold interest of three years or less nut containing an option tie purchase. Lender may. at Lender's action. declare all the sums secured h.• this !1ortgage to he immediately due and pa}•ahle. Lcndcr shall have ++:livcd cache rptian to accclerrte if. pricer to the talc or transfer. lender and the person to +vhom the Praperq is t.• he call or transferred reach agreement in writing that the credit of such percon is saticfacton• to Lender and that the interr.t pa}able rn ;he toms secured by this'.llartgage shall be at such rate~ac lender shall request. If Lcndcr has w•aivecl the aptirn to arcekrate provided in this paragraph 17. and if Borrower's successor in interest has executed a written assumption agreement accepted in writing M_• Lender. lender shall release Harrower from all ahligalions under this Mortgage and the Notc. . If Lcndcr exercises such apiian to accelerite. I ender shall mail Harrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide perird .•f net less than 3(1 days fn?m the date the notice is mailed within which Harrower may pay the sums declared due. If Harrower fails to pay such sums prior to the expiration of such period. Lcndcr ma}•. without further nrnice ar demand an Rarrawrr. imal,e am remedies perminea M• paragraph 13 hereof. Nom-Uxttoext Govt-~s~TS. Bormwer and Lcndcr farther cm~enant and agree as follows: 18. Acceleration; Remedies. Except aS pro~•ided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, includirtR the tor, enants to pas when due an}• sums secured by this l~forfgage, Lender 1 prior to acceleration shall mail notice to Borrower ac pros~ided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the dale the notice is mailed to Borrower. by whkh such breach must be cured; and (4) that failure to core such breach on or before the date specified in the notice may result in acceleration of the sans secured by this 3tortgage. foreclowre by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a defauk or ans• other defense of Borrower to acceleratwn and foreclosure. If the breach is not cured on or before the date specified in the notice. [.ender at Lender s option may declare all of the sums secured by this Mortgage to be ` immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding.. Lender shall be entitled to collect in such proceeding aB expenses of foreclosure, including, but not limited to. reasonable attorney's fees. and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. N~~twithctanding Lender's accclcraUan of the sums secured by this Mortgage. Borrower shall have the right tc. have am' prc.ccedmgs hegun by Lcndcr to enforce this Mortgage discontinued at any: time aa~326 PA~1951