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HomeMy WebLinkAbout1382 + . , t ~ ~ 1 . s Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance ptetttiutnc in the manner provided under paragraph 2 het+eof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower ucuted by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall he 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 oft exttstanding principal under the Note unless payment of interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Leader to incur any expetae a fate any action hereunder. 8. Itapectiesw. lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that [.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. ! - 9. Cesndemnatiow. 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 cexrdeertnt~tit>rt. awF hereby assigned and shall be paid to I.endcr. 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 Leoder otherwise ague 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 sccerred by this Mortgage immediately prior to else date: of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceads paid to Borrower. if the Property is abandoned by 8orsower, or if. after notice by i_ender to Borrower that the cexteiemtwr offers to mates an award or settle a claim for damages, Bi~rmwer fail. to respond to Lender within 30 days after the data sttch notice a mailed, Lender ic.atrthorized to collect and apply the proceeds. at Lender's option. either to re~toratiext 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 extend r or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount e>< such installments. 10. >dorrower Not Released. Extension of the time for payment or modification of amortization of the sums st:cetned by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to release, in any mantser. the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearawce by Lewder Not a N?airer. Any forbearance by l~nekr in exercising any right or remedy heretmder, 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 Letder'c right to accelerate the maturity of the indebtedness cecurrd by this Mortgage. 1Z. Remedks Cemnh~e. 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 concurtently, independently or successively. ' 13. Swecessors aced Assigws Bound; .7etiwt awd Several i.iabiury; Captiotss. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successor and assigns of Lender spd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of BorrowYr shall be jolty and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and aro not to Ise used to interpret or define the provisions hereof. - 11. Nettict. 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 certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender ac provided herein,. and (b) any notice to Lender shall Ise given by certified mail. return receipt requested. to Lender's add?gs stated herein ex to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provieiod for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner eksignated herein. 1S. Ueifotm Mortgage; Goverwitta Law: Sererability. This form of mortgage combing ttnifot7n covenants for national use and non-uniform covenants with IimiteJ 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 or 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 j end the provisions of the Mortgage and the Note are declared to be severable. 16. Eorrower'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. l7..Trattsfer of the Property: Asaumptiow. Tf all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wrincn consent. excluding (as the creation of alien or encumbrance subordinate !o - this Mortgage. fb) the creation of a purchase money security interest for household appliances, (c) a transfer by device. dexcent 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 c option, declare all the sums secured by this Mortgage to be immediately due and 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 a. b. cold 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 as Lender shall rcqugt. i[ I_endcr has waived the option to accelerate provided in this paragraph 17, and i[ Borravcr's sttccgsor in interest has executed a written assumption agreYment accepted in writing by Lender, Lender shall release Borrower from all oblj8ations under this Mortgage and the Nexe. If Lender eitercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance ss•ith 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 dexlared due. 1f Borrower fails to pay such arms prior to the expiration of such period. Lender may, without further notice or demand on Borrower. invoke any rcmodig permitte:ot by paragraph 18 hereof. . NoN-IINIFO1tM CovENAtvTS• Borrower and Lender further covenant and agree as te>>bws: 18. Aee:e3csalioa; Rcmcdiew. Esrcpt sc proviei~d Iw garaarwplt 17 rereot, tspow iorrea..er'a Mead o[ awy eoewwwt esr ~ agreetoewt of >dorr+pwer b ebb Mextgage, iee~diteg tit e~etrewMs to pr wiew deae aty stews tte:ewteell by tW Mortgw8e. Lewder prfor to wecelerwtbw :tsar rwail wodce to >sonower as'rovlded b pret8rapi 14 rereot speM7lwLs (1) tie Neiaefi; (Zl tie setMw regtired to etre noel Newels; (3) w dwte. woe lees thaw 3@ days troew else date else wotke b twwited to larrawer. Oy wrkr serer r ere wotke wy tnesetlt b+ r bread ewteot be etwed; aid (4) that fwNtre to ern twci Orewei ow or Oetore ere date gtcMed wceelerMbw est ere swrwa secteed by fib Mortgage. toaeclostre h jttdiciwl proeesdiw[ atcd sale eat ere Property. 71se wtstke slant ttrtier hforeA Borrower of ere right to tYirsstwte after wceelerstbw awl else trfgit b eessert'se ere toreeloatre pr~otee~ ~ ere wow-a:Wewce of a defawk or awy otter ektewse of Eorrower to wecekratbw awd torsciowre. M else Neacr b woe ewrei caw or before the dsk s'eeNkd N tie wetetke. Lewder at t.ewdt?'s opiow wswy ekelwre s/ d ere t>smc sectred ry trb MortsaRt a bwwaediately dte swd pysble witbod fwrtier demand attd may foreclose fib Mesrlgage by jwiieW MoeeediwR. Lender eltq/ be ewtltka to e:oUeet fw std poeeeeliwg V expenses of fetreclosetre. iwdwdiag. Owe woe ffbteNed M. reasowtsble sttwwer's feces. atd e:ocAs est efioee. wewtarr eridewee. abotrwcts awl tick repAs. 19. iorrowa'a Rfgit to Reltstate. Notwithstanding Lenders acceleration e>E the sums sexurod by this Mortgage. Borrower shall have the right to have any proceedings begun ray Lender to enforce this Mortgage diseontinue:d at any time ~~i~32? P~~E~381 - - -