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HomeMy WebLinkAbout1407 • ~ Lender's written agreement or applicable law. Borrowec shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 heroot. Any amounts disbursed by lender pursuant to this paragraph 7. with interest. tsey~orrr~ strap become additional indebtedness of Borrower secured by this Mortgages Unless Borrower anti 1_ender agree to other terms of payment. such amounts shall bt payable upon notice from (.ender to Borrower requesting payment (hereof, and shall bear interest froth the date of disbtrrxment at the rate payable from time to time on artstanding principal under the Note unless ps`yttttttt of interest at such rate would be contrary to applicable law, in which even) such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expetae or take any action hereunder. 8. IwRectiar. i.ender 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. Coadetnwatbw. 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. In the event of a total taking of the Property. the proceeds shall he 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 proceeds 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 Borrower, or if. after notice by tender to Borrower that the con_ demnor offers to make an award or settle a claim for damages. Borrower fail. to respond to I-ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at (.ender i option, either to restoration or repair o[ 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 e><ttxrd or postpone the due date of the monthly installments rcierred 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 sxut+ed by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. i.ender shall not be required to commence proceedings against such successor or refuse 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 Borrowers wccessors .in interest. 11. Forbearance 6y Lender Not a Wainer. Any forbearance 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 he a waiver of Lender's right to accelerate the maturity of the indebtedness secarcd by this Mortgage. 12. Rewredies Cwarwh>ttit. 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. Swecessors asd AssiRws Bound:.]Dial awd Several 1.iabiHty; Captbws. The covenants and agreements herein containxd shall hind, and the rights hereunder shall incrg to. the respective successors and assigns of Lender and Borrower. subject to the provisionx of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several. The captions-and headings of the paragraphs of this Mortgage are for convenience only and are not to be 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 ptoovided for in this Mortga¢e shall bt given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such aher address as Borrower may designate by notice to i_ender as provided herein, and (b) any notice to Lender shall he 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. Uniform Mortgage; Governing Law; Sererability. 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 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 applicable 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 end the provisions of the Mortgage and the Note 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. ,T:aasfrr of the Property: Assumption, if all or any fart of the Property or an interat therein is sold or transferred by Borrower without Lender's prior v4ritrrn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (bl the creation of a purchase move}• security interest for household appliances, (c) a transfer by devise, s descent or by operation of law upon the death of a joint tenant or id) 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. 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~ be so1J or transferred reach agreement in writing that the credit of such persor+. is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in interat 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 H•ith 4 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, [.ender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. Mort-UNIFORM Covt?Netv7s. Borrower and Lender further covenant and agree u follows: li. Aceekatiow; Rewtedks. Except as prorided is pragrspir f7 btrtof. Roes liorrvwer's brreaci of arsy rsrcwssst os agrecwteat of Borrewer V this Mort;age. bxiadiwg tie corcwsat to pl' whew dtse awy sarrsa stcwrei h this Mortgaic. Lewder prbr to weedtratlow sia6 wail wotke to Bonvwcr as prodded M pragrapb 14 hereof speltTyiwg: (1) the breast: (2/ the setbw rtgwYtd to ettut swci 6rtacb; (3) a daft. wet less tiaw 3A days tr+otw the date tic wotiee Y wrw8cd fo Borrower. by wbki sarei breaelr wswsl be ewred; asid (4) that failwre to can strci bresclr ow or before the dMe ~ tk ~IK>~. IUe wotke aecekratiow of tie swtws accwrcd by this Mortgage. fortcloswrc h judicial procsedMtg ~ sba6 twrtier iwtorw Borrower of the right to rtiwstate after accekratbw awd tbK right to assert i• the forscloswrt proeeedlwg tie wow-a:irtewce of a default or awy other defewse of Borrower to accekrMiow swi foreelowre. N the breach is wet ewrei ow or bdort the date apecfied fi tie notice. Lewder at I.ewder's optiow rwsy dechre si of lie strews atettttd by tlds Mortgage to be ~rttsediatdy dwe awi pyable witboN twrtirer demand and axon foreclose tbY Mortgage ~ jwdkW preeeedfwg. (.ender xlraN be twtldtd to coYai !w swci proceediwg all a:pcwses Df foreclosure. irrclndiwg. bN wet rrrdted te, rtasowabie stt„rnev's fees. ssrd costs of iocr:!wewhrp eridewee, abdract awd title report. 19. ¦orrowes's Rligit to Reiwstate. Notwithstanding Lenders acceleration of the sums secured by thr~ Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time P a~~327 Y.~E1406 _