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HomeMy WebLinkAbout0292 .ate • ! : Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner provided under paragraph 2 hereo[. • Any amounts dishtirsed by Lender pursuant to this paragraph 7, wilt intt:tr.~[ thdteon, shall become additional indebtedness of Borrower secun;d by this Mortgage. Unless Borrower and 1_ender agree to other terms of payment. such amamts shall be payable upon notice from !.ender to Borrower requesting payment thereof, snd shall bear interest htarrr the date of disbursement at the rate payable from time to time ort ottt:tanding principal under the Note unless payerreert of interest at such rate would be contrary to applicable law, in which event std amounts shall bear interest at the highest rste • permissible under applicable law. Nothing contained in this paragraph 7 shdl.roqujt~t,Lerider to incur any expense or take any action hereunder. ~ + t- g. htapectioa. Lender 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. Cotsdemestion. The proceeds of any award or claim for damages. direct or consequential, in rnnnecticxt with fury 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 header 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 tzars 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 lender to Borrower that the rnndemnor offers to make an award or settle a claim for damages. Borrower tail. to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to tzstoration 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 etctatd or postpone the due date of the monthly installments referred to ~n paragraphs 1 and 2 hereof or changt the amount Of such installments. 10. Eorrowcr Not Released. Extension of the time for payment or modification of amortization of the sums tttxuted by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Bc?rrower'c successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to estend time for payment or otherwise modify amortiution of the sums secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a N?aiver. 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 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 indebtedrtecs secured by this Mortgage. l2. Remedies Crwruhtive. All 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 strecessively. 13. Srcceswrs and Atlas Eousd: Joist sad Sereral i.iabiBty; Csptioas. The covenants and agreements herein contained shall bind, and the rights hereunder shall initr~ to, the.respective successors and assigns of Lender attd Borrower. subject to the provisions cif 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 tk utoed to interprci or define the provisions hereof. 14. Notice. Except for any notice required under applicable law 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 Tender as provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested. to Lender's sddras 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. IS. Uniform Mortgsge; Governing Law; Sererability. This form of mortgage combines uniform covenants for national ~'j use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering j real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the E 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 eBect without the conflicting provision. and to this ~ end the provisions of the Mortgage and the Note are declared to Ire severable. 16. Ilbrrower's Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of exa:ution or after recordation hereof. - 17..Traader 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 written consent. excluding la) the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devist,. descent or by operation of law upon the death of a joint tenant or fd) the grant of any kasettold 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 shalt 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 each person is satisfactory to Lender and that the inten~st payable on the sums secured by this Mortgage shall be :t such rate as Lender arts!! Yequesl. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obli~ions under this Mortgage and the Note. if Lender-exercises such option to accelerate, Lender shall mail Borrower notice of accekntion 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 Ifl hereof. NoN-Urtrcottnt CovervxrvTS. Borrower and Lender further covenant and agree u follows: lfl. Aceelerstios; Remedies. Ettcept as pro~iicd is paragrapr 17 tercet. taps lorsrwer's btteaer of aq covcsarrt w agrec~reat of f3errower in tWs Mortgage. rrdriiag ire coreaards to py wren ice fay sorts seewsi b! iris Mortgage. Lawler ~ prior b aceelcrstbw sight rwsN notice to Iliorr+ower s rrovfled V pntraplt 14 tercel s~edtfiag: p) ire bseacr: (2) ire sstiaw e~grbei to cure stscr bteaeb; (3) a dMe. not less thaw 30 days trorw ire isle ire wotkt r ttaaYe/ N Nsrower. ry wrkr strtdt t bseacA .rd be erred; sstl (4) trot lailrre to clue stet bract a a bdore !re late geelierl i• ire wofict tray resalt i• accekrNlow of ire arc secured by iris Mortgage. torteclosrre by jadkW proeedirrg al sale of ire Ttroperry. Tye wetiee sbi lrrtrcr iwforwt >forrowu of ire right to tntiastMe after aeeeleratiow alai ire trigrt b asteet its ire taerlosrte'toeeetitg ire wow-a:Wewce of • iefatsk or ay otter iettttse of iorrowes to aecekrMioa awl toredosare. )E< ire broach Is sot etrrsl rsr or before ire late s'ecWei b the wotke. Lender at [.ewder's aptbtr ray iecWe a/ of ire sear seerrai iy tW MortgsRt fe be immediately dye awl pyabk wilrort ttrrtber deotaoA and tnsy torcelose trls Mor~age b jriieW prsseeiR. Lender dtttp be ettAigsi to eoYeet fry stet poctsiiag ar esperrses of foreclosrre. iwclydiag. bid wN Barite! N+ reasewabie trtbxsev's fses. W costs of ioe."reNary evirkrrce. abstracts anti title repro. - 19. Isorrowa's Rigrt to ReiwNate. Notwithstanding Lender's scceleration of the sums tKCtrr+ed by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~o x327 Pa~E 291 -