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HomeMy WebLinkAbout2662 ' Lender's writtenrgrcement or applicable low. 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 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment. such amounts shall be payahlc upon notice from 1-ender to Borrower requesting payment thereof, and shall bear interest from the -dale of disbttrxment at the rate payable from time to Time on outstanding principal under the Note unless pa~?ment of interest at such rate would be contrary to 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 fate 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 Burrower notice prior to shy such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. 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 i-ender. ~ ' In the event of a total taking of the Property. the proceeds shall be applied to the sums xctrred 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 hears to the fair market vahx of the Property immediately prior to the daft of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned by Borrower. or if. after notice by Lender to Bormwer that the condemnor offers to mate an award or settle a claim for damages, Borrower fail. to respond to Lender within 30 days after -the date such notice is mailed. IxnJer 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 I-ender and Borrower otherwise agree in w•rittne. any such application of proceeds to principal shall not extend or postpone the due date of the tronthly installments referred 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 secured by this Mortgage granted by Lender to any successor in interest of Borcower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. lender shall not be requited to comrrrerrce 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 Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forhearance by lender in exercising any right or remedy hereunder. or otherwix afforded by applicable law, shall nut 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 indebtedness secured by this Mortgage- 12. Remedies. Cwmulathe. 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 exercixd concurrently, independently or successively. 13. Successors and Assigns Bound; .Ioint and Several l.iabr'lity; Captiows. 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 rnvcnants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs ~f this Mortgage are for convenience only and ate not to be treed to interpret or define the provisions herrnf. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgaee shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mav_ designate by notice to lender as provided herein, and (b) 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 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. 13. Uniform Mortgage: Governing Law; Severability. This form of mortgage combines uniform rnvenants for national i use and nun-uniform cusenants with limited variations by jurisdiction to constitute a uniform security instrument covering f 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 eQect without the conflicting provision, and to this end the provisions of the Mortgage and the 'Vote are declared to be xverable. 16. Borrower'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. 17..Traader of the Property: Assumption. If all or an}• part of the Property or an interest therein is sold or transferred by Borrowei without Lender's prior writrrn consent. excluding (a) the creation of a lien or encumbrance subordinate to $ this Mortgage. (b) the creation of a purchase money security. interest for household appliances. (c) a transfer by devise. E 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 (_ender's. option, declare all the sums secured by this Mortgage to be immediately dtx 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 to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interrst payable on the sums secured by this Mortgage shall be at such rare ac 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 Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. if Lender exercixs such option to accelerate, Lender shalt 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 expiation of wch period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lli ht~eot. , z~ Note-UNIFORM Covt:NaN'rs. Borrower and Lender further covenant and agree as fdbws: ..z: 18. Accekratiow; Rewredks. Escept • provided is paragrwrb /7 Irersd, ~w a[ th' er?~awawt K agreeroewt of Borrower In this Mortgage, iwdadiwg the eovenaMs to pay whew dw aR'ip~taetltA~~~1 . prior to aceekratbw shag wail awdce to Borrower as provided In paragraph 14 btaeo1~r11~. regtrir!cd to cart aatcb 6reacb;l3) a date. woe less thaw 30 days ttrowr the date the wafke b fr iMwarK. ttttrth } breach roast be nred; amd (4) that fsdlure to core arch brYacb ow or before the islp t>rllll~~: ffi~~,.~A~.N~ accelerartiow oI the arras secured by this Mortgage. foreclosure by jwdlcW ! shall farther iwform Borrower of the right to trriwstate after accekntiw awdrtirs ~ 1? - 4 tMf ~ the awn-esiateaice o1 • detauk or awy other Aefewse of Borrower to accekratisR tall~~ ~ ~ ~ ~ ~ or before the dNe spectfied i• the wMke. Lender at Lender's opiow rosy ~i!> ~ itlt iwrwrediately due awd paysbk without farther demand and may /oerelose eb4 , ~ ~ be estltled to collect b arch proceediw[ V a:pea~ses of foreclosure. iwdadM/. ' ,t•' : - -'t t std costs of doc~meN>h' eviAewee, abstracts acct tick reports. _ 19. Sorrower's Rlgbt to Rteiwstate. Notwithstanding Lender's accekrstiorr d the 1lrrasii"secttred by this Mortgage. Borrower shall have the right to have any proceedings begun by tender to enfortx this Mortpse discontinued at any time - ~i:~~327 oa~E26~1 ~~~~r T