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HomeMy WebLinkAbout2464 Lender's written agreement or applicable law. I;Orfpwer shall pay the amount of all mortbage imur.+nce premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant a+ this par-.rgraph 7• with urterest thereon, shall become additional indchtedncss of Borrower s~~c:ured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall he payable upon notice from Lender to Burrower requesting payment thereat. and shall hear interest from the date of disbursement at the rate payable from time to time an outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate a permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. laspectioa. Lender may make or cause to he 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. Condemnation. The prcxecds of am• award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property. or part the«of, ur for conveyance in lieu of condemnation, arc hereby assigned and shall he paid to bender. in the event of a total taking of the Property, the proeeds 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 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 Alortgagc immediately prior to the date of taking hears to the fair market voters of the Propcrt}• immediate!}• prior to the Jate of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned M• Borrower, ur if. after notice by 1 ender to Borrower that the condemnor offers to make an award or settle a claim for dam;rges. Borrower fail. to respond te. Lender within 30 da}•s after the date such notice is mailed, Lender is atrthoriaed to collect and apply tl+e 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, am• such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof ur change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender M am• wccessur in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower's succesa+rs in interest. lender shall not he 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 M• the arieinal Borrower and Borrower's successors in interest. 11. Forbearance by Ixnder Not a Waiver. Am• forbearance by Lender in exercising an}• right or remedy hereunder, or otherwise afforded by applicable law, shat not he a waiver of or preclude the exercise of am• such right or remedy. The procurement of insurance or the payment of taxes ar other liens or charges by i.ender shall not he a waiver of Lender's right to accelerate the maturity of the indebtedness secu«d M• this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage a« distinct and cumulative to any other right or remed}• under this Mortg::ge or afforded h}• law c.r equity. and ma}• he exercised concurrenth•, independentl}• or successively. 13. Successors and Assigns Botrnd; Joint and Several Liability; Captions. The covenants 'and agreements herein contained shall hind, and the rights hereunder shall inure to. the rep, ective successors and assigns of fender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to he used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable lase to be given in another manner. fa) any notice to Borrower provided for in this Mortgage shall t+c given h}• mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mav_ designate M• notice to Lender as provided herein. and (hl am• notice to [_ender shall Ix: given by certified mail. return « ceipt requested. w 1 ender s address stated herein or to such other address as Lender may designate b}• notice to Borrower as provided herein. An}• notice pr+wided for in this Mortgage shall he deemed to have been given to Borrower or fender when given in the manner designated herein. 1S. Uniform Mortgage; Governing faw: Severability. This form of mortgage combines uniform Mvenants for national use and non-uniform covenants with limited variations h}• jurisdiction to constitute a uniform security instrument rnvering real property. This Mortgage shall he governed M• the law• of the jurisdiction in which the Property is Icx:ated. In the event that any provision or clarru: of this Mortgage or the Date conflicts with applicable law. such rnnflict shall not affect other provisions of this Mortgage or the Note which can he- given effect without the conflicting provision, and to this .end the provisions of the Mortgage and the tiate arc decla«d to he severable. 16. Borrower's Copy. Borrower shall t+e furnished :r conformed copy of the Note and of this Mortgage at the time i 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 ur transferred - by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, fh) the creation of a purchase mono}• security interest far household appliances. (cl a transfer M• devise. l descent or by operation of law upon the death of a joint tenant ar (dr the grant of am• leasehold interest of three years or less i not containing an option to purchase. !.ender may. at Lender's apuun. declare all the sums secured by this 'vortgage to be ' immediately due and payable. Lender shall have waived such option ro 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 1_ender and that the inRrest payable .•n the sums, secured by this Mortgage shall be at such rate as Lender shall request. If 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 !.ender, Lender shall release Borrower from all obligations under this Mortgage and the Note. z If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with g paragraph 14 hereoL Such notice shall provide a pericxl of nut Icss than 3n days from the date the notice is mailed within 3 which Burrower may pay the sums declare) due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice ur demand an Burrower. invoke an} remedies permitted by paragraph 1R hereof. Norr-UtvtEOieM Covetv~tvTS. Borrower and Lender further covenant and agree as follows: 18. Acceleratan; Remedies. E:cept as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, li.ender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cnred; and (4) that failure to cure such breach on or before tbe date specified in the notice may resole in accekratan of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. The notice shaft further inform Borrower of the right to reinstate after acceleration and lht right to assert in the foreclosure procetdirtg the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is not cnred on - or before the date specified in the notice. lender at bender's option may declare atl of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall a be entitled to collect in such proceeding ail a:perrses of foreclosure. including, but not limited to, reasonable attorney's fees. ~ and costs of documentary evidence. abstracts and lick reports. ( 19: Borrower's Right to Reinstate. Nutwithstandirg lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender tc• enforce this Mortgage discontinued at any time r~l ~K327 Pj1GE246~