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HomeMy WebLinkAbout0298 r • ~ I.enokr's written agreement ar applicable law. Borrower steal! 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,i with iattt~ thereon, shall become additional indebtedness of Borrower secured by this Martgage. Unless Borrower arid [.ender agree to other terms of payment, such amounts shall be payable upon notice tram Lender to Borrower requesting payment thereat, and shall bear interest ft+om the date of disbursement at the rate payable from time to time on attstanding principal under the Nate unless paytrratt of interest at such rate would be contrary to applicable law, in which ~1 such Amounts shall bear interest at the highest rate permissible under applicable law, Nothing contained in this paragraph 7 shall.tegt:ire Lender to incur any expense or fate any action hereunder. a. Inspection. i.ender may make ar cause to be made reasonable entries upon and inspections of the Property. provided that I-ender shall give Borrower native prior to any such inspectiop specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cosdenrsatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation ar 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 prooeotlt 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 Bor:ewer. or if. after notice by I-ender to Borrower that the condemnor offers to make an award cr settle a claim far damages, Borrower fail. to respond to Lender within 30 days after ~tlte date such notice is mailed, I_enJer is authorized to collect and apply the proceeds. at lender's option, either to. ttstontion or repair of the Property or to the sums secured by this Martgage. Unless 1 ender and Borrower atherwisc agree in writing, any such application of proceeds to principal shalt 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 modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccessar in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor ar 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 successor in interest. 11. Forbearance by Lender Not a Waiver. Any fafiearance by 1_ender in exercising any right or remedy heretrttder, 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 bt a waiver of Lender's right to accelerate the maturity of the indebtedness secured 6y this Mortgage. 12. Remedies CsmuWire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforolcd by law or equity, and may be exercised concurrently, independently or successively. 13. Ssccessors asd AssiRas Bound; Joist and Sererd Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ to. the respective successors and assigns of Lender geed Borrower. subject to the provisions-of paragraph 17 hereof. Alt covenants and agreements of Borrower shaft be joirg and several. The captioni ~ and headings of the paragraphs of this Mortgage are for convenience .only and one not to lie used to interpret or define the provisions hereof. 11. 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 certitkd 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 bender'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 shalt he deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. UsiEorm MoAgage; Gorerniug Law: Scvcrability. 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 rnvering 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 ar the Nnte conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate art declared to be severable. 16. borrewer'a Copy. Borrower shall be furnished a conformed copy- of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trsmder of the property; Assumption. If all ar any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writtrn consent. excluding (a) 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 devise, descent or by operation of taw 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 end payable. Lender shall have waived such option to accelerate if. prior to the sale or transfer, Lender and the person to whom the Property is tx~ be said ar transferred reach agreement in writing that the credit of such ptr~ott is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate .as Lender _ shall tYquest, 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 shalt release Borrower tram a!1 obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail 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 arms prior to the expiration of such period, [.ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. NoN.llktt=oat.t CoVENAtVTS. Borrower and Lender further covenant and agree as tollaws: ' li. Aecekiatbr Rtarediea. Except ss provided is prtrRrsph t7 hereof. ttpr borrower's ttseach oft awr corettsist et agreessest of borrower b fhb Mortgage. Iwclriaiwg the coresasts !o py whcs toe ary arrws tteeorei tty atria Mortgage. Leander prior b aeeskratlos shall toall sotlce to borrower ss proridea b paragraph 11 hereof apeeMylsg: (1) the brass\: (21 the salon regs~red b core arch breach; (3) a dote, sot Ias than 30 days trove the date the sotice b wailed to borrower. h7' which sorb brash wtoat be erred; ssa (4) that tailtrre to care arch breach os or before the daft geeiitd iw the twtke twat' nesah is ~ of the arttaa secw+ca by tiffs Mortgage. tosecloatrre y jrt~cial proceednsg gate sole of the tropcrry. The nroticc tltab tsrtber istoc¦r borrower of the right to reisstate after aneleratiow ant! the right b avert i• the toretlswre pr~octtalsg the sos•exMesce of a ietatak or tart' other detea+e of borrower to sccekratios ant foredowrc. it the ttreach is not etutM art or 6doro the axle apecdiea b the rotke. Lenrder at [.csdcr's optiow trtq deebrie V of the area aeetwta b tW MortgaRt ti ice 6roedLtefy dre aattl pyable withod tsrthe? demand woad wary foreclose fhb Mortgage by jsdicW proetedirrR. Lender duN be~eatlitlta to eobeet 4 arch rroetcdirrg sti t:peaces of forcclossre. isclsdis`. brt sot tisdttd to. reasoss~Die tNt~xseYs fees. afro coeds of aoc~'~rerttary eridesce, sbalrsets asa title rtprb. 19. bon~owa9 Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by the Mortgage, Borrower shall have~the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any tithe ao~x327 eacE 297 _ _ .