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HomeMy WebLinkAbout2668 l.endrr's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums to the manner pnwidrJ under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall became additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and 1_enJer agree to other terms of payment, such amounts shall be payable upon notice tram Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from lime to tirtk on outstanding principal under the Note unless payment of interest al such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Northing contained in this paragraph 7 shall require Lender to incur any expeme or take any action hereunder. g. Iwspectioa. Lender may make or cause to be made reasonahk entries upon and inspections of the Property. provided that tender shall give Harrower nMice pricer to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property- 9. Condemnation. The proceeds of any award ar claim for damages. direct or consequential, in connection with any condemnation or other taking of the Property, or part ihereaf, or far conveyance,in~lieu of condemnation, arc hereby assigned and shall be paid to Lender. ' 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 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 pricer to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Bar:awer. or if. after notice by Lender to Borrower that the condemnor offers to make an award ar settle a claim far Damages. Borrower fail. to respond to Lender within i0 days after -the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at l.ende~ s option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unlcsc Lender and Borrower otherwise agree in writing. any 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 or change the amount o[ such installments: 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender to any cuccecsar in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. lender shall not be required to commence proceedings against such successor or reface to extent time for payment or otherwise modify amortization of the sutras secured by this Mortgage by reason of any demand made by the ari¢inal Borrower and Borrower's successor in interest. 11. IAorbearance by Lender Not a Waiver. Ary forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes ar other' liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by chic Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law ar equity, and may be exercised concurrently, independently or successively. ' 13. Ssccessors and Assigws Bound: ,Joint and Several i.iabr'lity; CapfIoas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successor and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and neutral. The captions and headings of the paragraphs of chic Mortgage are for convenience only and are not to be used to - intcrprct or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgate shall be given by mailing such notice by certitkd mail addressed to Borrower at the Property Address ar at such other address as Borrower mav_ designate by notice to Lender as provided herein, and (b) any notice to Lender shall be 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 IimiteJ variations by jurisdiction to constitute a.unifomr 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 Nate 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 Nate are Declared to be severable. t 16. Ilbrrower's Copy. Borrower shall be furnicheJ a conformed cop}' of the Note and of this Mortgage at the time 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 or transferred by Borrower without Lender's pricer western consent. excluding (al the creation of a lien or encumbrance subordinate to s this Mortgage. (h) the creattan of a purchase money security interest far household appliances, (c) a transfer by devise, descent or by operation of law upon the Death of a joint tenant or (d) the grant of any leasehold interest of three year or less a 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 tr. be call or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable an the.sums secured by this Mortgage shall be at such rate ac Lender shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower tram 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 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, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lfl hereof. NaN-UNIFORM CovENANTS. Borrower and Lender further covenant and agree as follows: lg. Acetleratbw; Remedies. E:ceps as provided is pragraph 17 hereof. spore Sorrowsr's breach of ray coreta*t or -t agreement of Eorrower b this Mortgage. iwdsdiag the corcnaMs to py whew dse swy sow stcsred by this Mortgage. Lewder ~ prior to aeeekntbs s6a11 and wotice to t3orrowcr as prodded Iw pragrsph lI hereof specll>riwg: (1) the breach: (21 the sctiow regtr4ed b care sash breach; (3) s dtrte. woe hiss thaw 30 days from the date the notke is coded to ¦orrower. bf' whkh assts breach mtM be cared: asd (1) that laflsre to care sash breach a or 6etore the date specified h the wotice may rends b accekratlow oft the saw stctttrtd by this Mortgage. forecbssre by jsdicial proceeding awd sale of the ff r+operry. The wotke shay brtber infers >dorrower oft the right to rtfrastate after sccelcratbw awd the right to amen i• the foreclossre proceeding the wow-a:Wewce of a defarlt or awe other defcwse of 1orrower to accelerMbw awd fortciwsre. It the breach is woe eared ow or before the date spetKed b the wotke. Lender at Lender's optiow may declare d oQ the ww secsred by this MorggaR! ~ be isasediatdy dse swd prabk withowl fresher demand and may foreclose this Mortgage by jsdkial proceediapt. Lender shah be entitled to coYeet r sash procetdiwg d expewses of forecbstrre. hrclsdiwg. bat woe Brwltd to, reasowabie sta,rnev's fetes. 1 awd costs of doc~~wentary eridewet. abstracts awd title reports. a 19. 13orrowe~'s Rlght to ReimAate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, r Borrower shall have the right to have any proceedmgs begun ?+v Lender to enforce this Mortgage discontinued at any time 4 ~~32? F~~E2f~7