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HomeMy WebLinkAbout0244 • .r' l.erider's written agrcement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the: manner provided under paragraph 2 hereof. Any amounts disburxd by [.ender 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 disbttrxment at the rate payahk from tithe to time on outstanding principal under the Note unless paying[[ of interest at such rate would be contrary to applicabk law, in which event such t>imout?ts shall bear interest at tin highest raft: pernnissibk under applicable law. Nothing contained in this paragraph 7 shall require Lsttdef to incur any experae or fate any action hereunder. ~ >s. Isspectiow, Lender may make or caux to be made reasonable entries upon and inspections of the Property. provided that i.ender shall give Borrower notice prior to any such inspection specif~iin~ leasnnabk pause. therefor related to I.errder's interest in the Property. 9. Cowdemtntion. The proceeds of any award or claim for damages, direct or consequential, in connection with say condemnation or other taking of the Property, or part thereof, or for conveyancejiralieH,o~ Fondemnation, arc hereby assigned and shall be paid to Lender. ~ , In the event of a total taking of the Property, the proceeds shall be 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 Larder 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 !king 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 ahandoned by Borrower. or if. after notice by Lender to Borrower that the condemtar oRers to make an award or settle a claim for damages, Borrower fails to respond to i_ender within 30 days after the date such notice is mailed, i.ender is authorized .to collect and apply the pracecds, at Lender's option, either to restoration or repair Of the Property or to the sums secured by this Mortgage. Unless [_ender 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 Released. Extension of the time for payment or modif~ation of amortization of the soots secured 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 Borrowers successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwix 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. Forbearance by I.cnder Not a Waiver. Any fohearance by Lender in exercising any right or remedy hereunder, or otherwix 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 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. l2. Remedies Camulati.e. A)I remedies provided in this Mortgage arc 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 suceessivety. ' 13. Srccessors and AssiRws Bound: ,)oiwt sad Several i.isbiiifr; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~. to, the respective successors and assigns of Lender sad Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agrcernents of Borrower shall be joint and several. The captions ~ and headings of the paragraphs of this Mortgage arc for convenience only and are rat to tae used to interpret or define the provisions hereof. 14. ' Notke. Except for any notice required under applicable taw to be given in another manner, (a) any notice to Borrower provided 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 mav_ designate by notice to Tender as provided herein. and (b) any notice to Lender shall be given by certified mail, return receipt requested. to Lender's addras 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 given to Borrower or Lender when given in the manner designated herein. lS. Uniform Mortgage: Governing Law; Severability. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limiteJ variations by jurisdiction to constitute a uniform security instrument cgvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In fete event that any provision or claux of this Mortgage or the Note conflicts with applicabk law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this E end the provisions of the Mortgage and the Note are declared to lx xverable. 16. lorrower's Copy. Borrower shall be furnished a conformed copy- of the Note and of this Mortgage at the time of exectitan or after recordation hereof. . 17..Trassfer of [tie Property: Assumptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for housetald appliances. (c) a transfer by devise. docent 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. declare all the sums secuttid by this Mortgage to be immediately due and payable. Lender shall have K~aivcd such option to accelerate if. prior to the sale or transfer. Lender and the pens[ to whom the Property is ro be co1J or transferred reach agrcetnent in writing that the credit of such person is satisfactory to Lender and that the inten~st payable on the sums secured by this Mortgage shall be at arch rate ac 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 auumption agreement accepted in writing by Lender, Lender shall release Borrower from all obli~alions under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in accordanrc 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 sums declared due. If Borrower faits to pay sttch sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph lA hereof. Note-Ur+n=onr~r CoveNaNTS. Borrower and Lender further covenant and agree as follows: lg. Acceleratbw; Rcmedks. Except ss provided iw ptrsgrapr 17 retract, epos ltlorrowers rrwclr of awr corewaN s+s agretrrreit o< sore~ower b tbfs Mortgage. ittxirdiwg ere cotiewswts to pr wrtw ire gar srttas seerrti ~ tYs Morlgagt. Leerier prior sa rs~ slra!! s:raf! t:askt to Ison+trwer ss provlitd lit g~ragr~r U rarof >leeitMag: (1) ere rseacr: (2) ere st:tbw r+cgrirsi tb sire satcr rtrescr; (3) a late, rat less eras 30 days ftnrw ere late ere wotke r tststlled a tltotsrwer. b wrkr srcr . rrtaer snsst be cored; ani (1) fiat fa8rrrt to aria srcr rrescr or or rotors ere date gectiei b ere wotke t..r rrtsrk r wccekratiow of ere arms secv~ed br iris Mortgage. tonelosrre ~ judicial proesdirtg awl sale s+t tie h+spcrtr. Tye wetke srsM brtier iwforw )sorr+ower of tit right to refw>sbte after accekratbw swi ere right to grey[ b tit toreeieart proese~ag ~ tie ror~exWewce of s iefark or air otter defense of torrower to sccekrstbw awl toreelowire. N ere 6rtacr fi rag atrial a or before ere isle spseliiti i• the ttwtke. Lewder at I.ewder's optiow rwsr icclart aB of ere srwa sterrti ti' trls MerfpRt b k is•rediatetr are swi pra6k witrorM fttutrer demand and tarsi foreclose iris Mortgage rr jrrilr:W pereeedisR. Lender stall be ewfHkd to collect iw srcr proceediwg aif a:passes at forecbsrrt. Iwclydirg. rrt wst ~ tZS. reasowsrie nrt.xssYs fses. awl posts of doc`mewhrr eridewce. a6strscb swi tick rsprb. f 19. iiorrowa's Rigrt to Reirstate. Notwithstanding Lenders acoekration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time t E~'~ 327 P~~ 2~3