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HomeMy WebLinkAbout1037 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance prcrniums m the manner provided under paragraph 2 hereof. Any amounts dichurud by Lender pursuant to this paragraph 7. ,with interest thereon, shall become additional in~khtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amarnts shall he payable upon nuticc from Lender to Born,wcr requesting payment thereof, and shall hear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless ptymeet of interest at s?tch rate would be contrary to applicable law, in which event such amounts shall 1?car interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or late any action hereunder.. 8. laspectiow. Lender may make or cause to I+e made reasonable entries upon and inspections of the Property, provided that lender shall Rive Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademnatbn. The pmeeedc of any award or claim for damages, dircet or consequential, in conrxetion 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 prcxecds shall he applied ro 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 proceeds as is equal to that proportion which the ama?nt of the sums sccnred by this Mortgage imm'tdiately 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.ower, or if. after notice by lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fail. to rest and to Lender within 30 days after the date such notice is mailed. Lender is a??thorized to collect and apply 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 w•rittne. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. l0. 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 arccecsor 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 bt required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortizat?on of the Burns secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forl+earance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not he 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 indeMednecs secured by chic Mortgage. 12. Remedes Cnmulatire. 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 successively. ' 13. Successors and Assigss Bound; Joint and Several i.iaM'Kty; Captions. The covenants and agreements herein contained shall bind, and the rights herc??nder shall inure to. the respective successors and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joinj, and several. The captions and headings of the paragraphs of chic Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notke. 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 [ 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 he deemed to have been Riven to Bc?rmwer or Lender when given in the manner designated herein. 1S. Uniform Mortgage: Covenning LaM: Severability. This form of mortgage combines uniform covenants for national k use and non-uniform covenants with limited variations by jurisdiction to rnnstitt?te a uniform security instrument covering I 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 or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Notc which can be given effect without the conflicting provision, and to this f end the provisions of the Mortgage and the 'dote are declared to be severable. ! • 16. )Borrower's Copy. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17. ,Transfer 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 writrcn consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (h) ahe creat?on 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. 1_ender shall have w:?rved such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. if t_er+.der 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 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 sums prior to the expiration of such period, Lender may, without further notice or demand on .Borrower, invoke any remedies permitted by paragraph 18 hereof. Note-UNIFORM CovENAM7s. Borrower and Lender further covenant and agree as follows: - 18. Acceleratiow; Remedies. 18:cep as provided iw pragrapb l7 hereof. wpw 1<orrowels breach of awy covewtutt or agrtettwcwt of >sorrower iw this Mortgage. lacludfag the covenawts to py whew doe awy srwrs secrred by fhb Mortgage, lewder prior to accekratbw shall rwaN wotice to Borrower as prorWtd iw Paragraph 11 hereof specKyhg: (1) the breach: (2l the setiow tngrired to crre arch breach: (3) a dNe, woe less than 30 days.from the dale the sotke b wrestled to Donower. by whkb sod 6rcac6 strut be erred: awd (1) that failure to cure such bread ow or before the date sPeefBtd br the wotke may result iw accderatiow of the wwu secrued by ebb Mortgage. foredosnre by judkial Proceediwg awd Bak of the If'ropcrry. The notke shall brtrcr iwfoto Borrower of the right to rciastate after sccckratbw and tie right to amen fa the toreclosrre Proeeedfrrg tie ww•exbtewce of a defawlt or awy other defewse of Eorrower to accekratbn aced foreclosrre. It the breach b woe cored ow or before the date s*ecffid i• the wotke. Lender at Lender's optiow may declare aM of the srwrs ttecrred 6y ebb MoRgage to be - itwwrcdiately dre awd pyabk withort twrther demand and may. foreclose ebb Mortgage by jwdkbi Proecedfag. i.endsr shall be ewtltkd to collect iA Bereft Proceeding all a:peases of foreclosure. hxlndiwg. brt wW Yrwitd to, rtasowabk sttnrner's fees. awd eosb of docr~ewtary t•idewce. abstracts awd lick reports. 19. lorrowa's Rlght to Reiwstate. Notwithstanding tender's• acceleration of the sums secured by thr Mongage, Borrower shall have the right to have any proceedings begun by tender to enforce this Mortgage discontinued at any time ~~~'~x327 ~~~~1036