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HomeMy WebLinkAbout0274 • i . r ' Ltoder's written agreement or applicabb law. Borrower shall pay the amount of sll mortgage insurance premiums to the manner provided under paragraph 2 hereof. Any amounts disbursed by tender pursuant to this paragraph 'l,'with'`isttrr~st 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 payahk from time to time on' outstanding principal under the Note unless payrrtertt of interest at such rate would be contrary to applicabk law, in whicK event such arpottnts shall liar interest at the highest rate permissible under applicabk law. Nothing contained in this paragrsph 7 snap require Lender to incur any eaptuae or take any action hereunder. >l. lespectioe. 1_ender may make .~r cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior Io any such inspoctioo•specifying reasonable cause therefor related to Lender's interest in the Property. ~ , 9. Cordeeteatbe. The proceeds of any award or claim for damages, direct or ccinsegtxntial, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are 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 Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceed: 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 Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by [.ender to Burrower that the condemnor often to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and appl}• 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 princip:l shall not extend or postpone the due date of the monthly installments referred to in, paragraphs 1 and 2 hereof or change the amount o[ such installments. 10. Borrower Not Released, Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by [_ender to any cuccecsor in interest of Borrower shall not ope?ate to release. in any manner. the liability of the original Borrower and Borrower c successors in interest. Lender shall not be rsquir+ed to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortintion of the ss~ms secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. l 1. Forbearawce 6y Lender Not a Waiver. Any farlxarance by Lender in exercising any right or remedy hereundkr, or otherwise afforded by applicabk 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 sectrrrd by this Mortgage. i2. Reaaedies Cmadlatie. All remedies provided in this Mortgage arc distinct acrd cumulative to any other right or remedy trrtdtr this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or suceessivtly. l3. 3etceaora and Ashes Ewted:.Joist sad Several i.iabipty; Captlioes. The covenants and agreements herein contained shall bind, and the rights hereunder shall imrr~ to. the respective succeswrs and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions hereof. 1<. Notice. 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 certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to [.ender'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 given to Borrower or Lender when given in the manner designated herein. lS. UwNorn Mortgage; Govereieg Law; Sevcrabpity. 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 nr the Note conflicts with applicabk law. such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this erd the provisions of tbe Mortgage and the ?Vcue are declared to be severable. If. aorrower's Copy. Borrower shall be furnished a conformed cop}• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Ttraeder of tie PropRy; Aatrmption. 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 enet)mbrance wbordinate to this Mortgage. (bl the crcatron 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, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to sccderate if, prior to the: role or iransftr. Ltnder and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of each person is satisfsctory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shaii request. [f Lender has waived the option to accelerate provided in this paragraph t7, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from aii obiisations urder this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance kith paragraph i4 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 sterns prior to the expiration of such period. Lsnder may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1 g hereof. Nort-UNIFORM CoveNarrrs. Borrower and Lender further covenant and agree as follows: li, Acceieratio¦; Rsaedfes. B:ceps w provided is pragraplt 17 leered, tree Isorrewet's bread set arty coewt or agreeaent d lsorr~swer `tits Mort~e, iweledieg Ik co.ewaNs to py witert tae say rotes secwed blr this Ma:tgsgt. Lender prior is seceteratloe r1W reap cerise to Sorrrrrer a pro.idN ie prapraplt 1< iereo[ s'ecifyi~: (1) tie breast; /be •eti.rt rgeirei b tare neb breach; (3) a dale. eM lad rise 3A days trod tie date the troller k aaYed t011{arrower. b7' wild tttrci ireaei ateR k etrre~ aai that taiierti to sere web iUreaci ow or before tie date areeiiesl iw fire wtttiee rosy resale d aecekraliow of tic war rrectrrsd by tits Mortgtge. forsclowre by jtrdkW proessditrg ttwtl sale of tie h~o'crty. The rtotiee aitM terlier fiwfora iorrrwer d tie riRM to reitWate sfter aecelcratloe awd tie right to avert h the toreelaswe proest~ap . tie eoe-ettWeees d s slef[nlt or asy fiber detsrtse d Borrower to acceleratioe sed forsclown. N the breast it riot etnr+d err or before t1Ye dale gtetlie< is tie rtoHes. Leedsr set l.eeder's optiow aasy declare al/ d tie was sectrei by tltfs Mortgage 1e be iaererifahty dtre awi pyable witted earlier demand and stay forscfbee lift Mortgage il' jftraieil /reeceAiaR. Lender drop 6e atilktl to expect V wci poeeedieg r ettpcoses of torecbsere. Iweltrdirtg. 6ef not pwitsd N. r+caaoeeMe stt•xeeWa fees. sari oasts d dotr:~eMary svideeee. abatracb std tick repro. l~. /orrowa's Wgbt to Rsiestats. Notwithstanding Lenders acceleration of the sums secured by thre MoAgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 804K PAGE ~ 1 J