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HomeMy WebLinkAbout1764 Lender's written agreement or applicable: law. Borrower shall 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 with interest thereon, shall become additional t f indebtedness of Burrower secured by This Mortgage. Unless Borrower and I.enJer agn-e to other terms of payment, euch - amounts shall be payable upon notice from Lender to Borruvrer reyucsting 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 payment of interest at such rate would be contrary Io applicable 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 Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's # interest in the Property. 9. Condemaatbn, 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 anti shall be paid to Lel~der. In the event of a total taking of the Property. the proceeeds 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 e otherwise agree in writing. there shall he 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 i.ender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower folk to respond to Lender within 30 days after the date such notice is i mailed. Lender is authorized 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 writing. an}• such application of proceeds to principal shall not extend or pcxtpone 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 Rekssed. Extension of the time for payment or modification of amortization of the sums secured 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. 1_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 orieina) Borrower and Borrowers successors in interest. - 11. Forbearance by Lender Not a Waiver. Am• forhearancc h}• lender in exercising and right or remedy hereunder, 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 he a waiver of Lenders I right to accelerate the maturity of the indebtedness secured by this Mortgage. r 12. Remedies Cumulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and maw he exercised concurrently, independently or successively. 13. Snccessors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for rnnvenience 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) anx notice to Borrower provided for in this Mortgage shall he given by mailing such notice b}• certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate b}• notice to Lender as provided herein. and (h) any notice to Lender shall he given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender may designate h}• notice to Borrower as provided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing law; Sererability. This form of mortgage combines uniform covenants fi?r national use and non-uniform covenants with limited variations h}• jurisdiction to constitute a uniform security instrument covering - rcal property. This Mortgage shall he governed by the law of the jurisdiction in which the Properly is located. in the event that any provision or clause of this Mortgage .ter the 1~ote 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 arc declared to he severable. 16. Borrower's Copy. Borrower shall be furnished a rnnformcd ropy of the Notc and of this Mortgage at the time of execution or after recordation hereof. 17. 1Yander of the Property: Assumption. If all or an}• part of the Property or an interest therein is sold or transferred by Borrower without Ixnder's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (hl the creation of a purchase money securit}• interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (dt the grant of any leasehold interest of three years or Less j 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 salg or transfer. [.ender 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 I_en.lcr and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shell request. 1f 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 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 pcricxl of not less than i0 days from the date the notice is mailed within which Borrower may pay the sums declared due_ ff BorrovsCr fails to pay such sums prior to the expiration of such period, [.ender may, without further notice or Demand on Borrower, invoke an}• remedies permitted by paragraph 1 R hereof. Nox-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any coreruwt or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure sneb breach; (3) a date. not less than 30 days from the date the notice is maned to Borrower, by whk6 such brcac6 mnst be cored; and (4) that failure to cure such bresch on or before the date specified in the notice may rrsdt in acceleration of the snms secured by this Mortgage. forecbwre by judicial proceeding and sale of the Property. •Ibe notice s shall further inform Borrower of the right fo reinstate after acceleration and the right to assert in the foreclosure proctedirrg ti the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not scrod on 1 or before the date specified in the ratite, lender a1 Lender's option may declare aU of the snrns setnred by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to coikci in such proceeding all expenses of foreclosure. including. but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I_enJer's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time E ~ ~z? 1763 _ _ ~