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HomeMy WebLinkAbout0310 .~.:j • Lender's written agreement or applicable law. Borrower shall pay the amount of all morigag~e insurance prtmiums rn the manner provided under paragraph 2 hereof. ~ Any amounts disbursed by Lender pursuant to this paragraph 7, with inttrtst thereon, shall become additional indebtedness of Borrower secured by this Mortgages 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 an outstandingprincipal under rtes Note unless payment of interest at such rate would be contrary to applicable law, in which event such turtpunis shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall squirt Lender.to incur any expense or take any action hereunder. >Z. laspectiow. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Tender shall give Borrower notice prior to any such inspection specifying reasapabk cause therefor related to LertdePs interest in the Property. 9. Cosdentnatfiow, The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to [.ender. Tn 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 Leader , 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 rtes sums secured by this Mortgage immediately prior to the date of taking bears to the fair market valor of the Property immediately pricer to the date of taking, with the balance of the proceeds paid to Borrower. , Tf the Property is abandoned by Borswer, or if. after notice by i.ender to Barmwer that the condemnor often to make an award or setlk a claim tar damages, Borrower fails to respond to 1_ender 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 restoration or repair of the Properly or to the sums scoured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shat) not extatd 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. lorrower 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 c successor in interest. Lender shall not be r~equitrd to commence proceedings against such successor or refuse to extend time foi payment or otherwix modify amortization of the' sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. lt. Forbearance by Lender Not s R'sirer. Any fartxarance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall net 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 I~nder shall not be a waiver of Lender's right to accelerate the maturity of -the indebtedness secured by this Mortgage. 12. Rerwedies Cemalafie. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrently. independently or succtssivety. 13. Succesors sad AssiRss Idouwd; .7olat sad Sevcd T.isbility; Captbos. The covenants and agreements herein Contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to tart provisions of paragraph l7 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions- and headings of the paragraphs of this Mortgage are for convenience only and are not to lk used to interpret 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 plovidtd 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 may 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 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. 1S. Urlforaa Mortgage; Governing Law; Screrability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute i uniform security instrument rnvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the 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 etfect without the conflicting provision, and to this end the provisions of the Mortgage" and the Note are declared to be severable. 16. ltbrrower's Cody. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time of execution or after recordation hereof. ly..Tnrster of ere Propertr; Assomption. 1f all or any part of the Property or an interest therein is wid or transferred by Borrower without Lenders prior written consent. excluding fal the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise. went or by nreratinn 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 alt the sums secured by this Mortgage ro be immediately due and payable. Lender shall have a•rived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is tt~ be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the Bunn secured by this Mortgage steal! be at such rate as Lender shall request. T[ Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in . interest has executcd~a written assumption agreement accepted in writing by Lender, Louder shall release Borrower from all + 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 herteof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay tht sums declared due. Tf 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 1 R hereof. Nom-UNiFOttht CoYENA`+tTS. Borrower and Lender further rnvenant and agree as follows: li. Aeederatlos; Reanedia. >Ez:cept m provided it prsgryr 17 rereot, rpr lorrower's Mereb oft try coverurt s+r apcsmest of >swrswer L fits Mortgage, irelydiag ere cot+ewsrNs to py wigs dtre asy series stcarei iy tW Mortgage. Lesser rrior b sxeekratlos shall smW wotke to Borrower m prot?Wed is pragrapr 14 retcot gtcityfsgr (1) the rttescr:'(2) ere sxfMw rgair+ed b care steel Mcaci; (3) a date, tsot less craw 38 days trorw ere date ere sotke is asaYei b Borrower. r!' wlrki taxi breast strM be carrel; asd (1) fiat taBrrs to sire serer bream ow ar retore the date yecMsd is tic sotlce tsay resift is sectlerMiow of lie ear seemed by did Mortgage. toreclosrre by W ~*roceedMtg asd sale of ere hoperly. Tire .Deice wail troller fiatotnw >sorrower of ere triRM to retwtxste after accekntbs swd tic r(grl b assts i• tic toreelewt: procee3ng tie sos~ezWetsce of r detatrM or say otter defetac. of Borrower to rccekratlow awes tortelowrre. ff Hrc brexr r aof esrt~ oa or before ere date geelfled V tie socks. Lewder at I.ewder's optbw tsay decln+e sR of lie sass seesretl ~ fits MorlgaRe b re lrrr~ediately die awl pyabk witbotd trrlrer dtrnand awd may toreelose tits Mortgage by jrikW prrctsdirR. Lender sraN be eNNled to coyest i• stet proceeding d expewses of toreclosrre. isclydisg. bN sot ifmNet a. teasosarle sttxeer's fees.. a¦a eoNs of docrr.~seslary evidewce, abstncls rwd tick repro. 1!. lsorrowa's RfBit to Reiwgate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun i,y Lender to enforce this Mortgage discontinued at any time P 327 Pa~E ~ ~ ~ - .