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HomeMy WebLinkAbout0171 • • • ~ . 't - ~ Lender's written agteemeM or applicable law. Borrower shall pay the amount of all mortgage insurance premium: to the manner provided under paragraph 2 ltetoof. Any amounts disbursed by 1_ender pursuant to this paragraph 7. with interest thereon, shall become additional • indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender ague to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on otttatanding principal under the Note unless pa~rmatt 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 iaw. Nothing conuined in this paragraph 7 shall require Lender to incur any expewo or faire any action hereunder. >j. iaspectiea. 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. Coadeataatba The proceeds of any award or claim for damages, direct or consequential, in rnnnet;tiort with any condemnation or other taking of the Property. or part thereof, or for conveyagce in lieu of condemnation, arc hereby assigned and shall be paid to Lender. in the event of a total taking of the Property. -Iht proceeds chap be :8pplie(1 •to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. 1n the event of a partial `taking of the Property, unless Borrower and bender 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 i.ender to Borrower that the con_ demnor oBets to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lenders option, either to restoration or repair of tAe Property or to the sums scoured by this Mortgage. Unless 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. >forrower Nol 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 Borrower shall not operate to release, in any manner. the liability of the original Borrower and &?rrower'c successors in intemt. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or~otlterwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successor in interest. i1. Forbesraace by i.ender Not a Waiver, Any fofiearance by i_ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such tight 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. It Reaxdies Coaralati~e. All remedies provided in this Mortgage are distinct and cumulative to any other-ritht or remedy under this Mortgage or afforded by law or equity, and may beexercised- concurrently, independently or successively. - 13. Saceessors sad Assigns Sound:.Joint and Severd i.isbii3ty; Captiaes. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender attd Borrower. subject to the provisionx of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions-and headings of the paragraphs of this Mortgage. are for convenience only and are not to lie used to interpret or define the provisions hereof. 11. Notice. Except for any notice rcyuired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Bgrrower may designate by notice to Tender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to I-endet'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. UaHorm Mortgage; Goveraiag Law; Sevenbility. This form of mortgage rnmbina 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. 1n the w' a law such conflict shall not affect event that an revision or clause of Chic Mort a e or the Note conflicts tth appltc bk , YP g8 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 Note are declared to be severable. lf. Borrowers Copy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the tune of execution or after recordation hereof. 17..'i~srnter of toe Property: Assumption. Tf all or any pan of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (al the creation of a lien or encumbrance wbordinate to t this Mortgage. (b> the creation of a purchase money security interest for househnoid appiiancts, (c) a tr~•r?sft:r by dt:s:K, 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 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 t•~ be cold oi- transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this. Mortgage shall be at such rate ac Lender shall request. if 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 from all oblisations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance v.•ith 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 arch arms prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke fray remedies permitted by paragraph lg hereof. Nort-Unttoant Covetverr•rs. Borrower and Lender further covenant and agree as follown: 10. Aceekntion; Reasedia. E:cep as provided is paragraph 17 hereof. trpn Borrower's 6reaeh of nay ee~etsawt or atreenreat of Borrower b this Montage. Mrehsdlst the covenants to py whoa doe nay seats seeard y thi Mortgage. Lasider ~br a acceleration shat aWl aotlce to Soirrpwcr as'rovldt:d fa pntrapt 14 hereof s'eelfyiags (1) the btrcach: (21 the snbn regnfred b ettx+e wt:lr breach; (3) a dale. aol less thaw 30 days irorw the Gate else notice Is twafled to Bsrrswer. by whirl, snob breach marR k cared and (4) that failure to care wch breaelr ow ar betoro the date speellled r the aotlce nay result d sccelKralfea of eke wan nscared by this Morttate. foreclosure by jrdicid poeesiiat and tale of the Pr~opcrry. 'iise notice sba¦ farther idona Borrower of the r1gM to reiaststt after acceleration and the right to amen h the toreelatae proeeeirtg t<re non•exMence of s ie6nk or nay other defense of Borrower to accclerattiow and toreelaare. f1t the breach b not caned on or before the dale s'eefied i. the notice. Leader at Leader's opiow gray dechtre V of drt ww seeare~ ~ fNs Maigage >d be randiately dae and pyabk wkhont ttsnher demand and rosy foreclose this Montage h' jndicfal'roeeedhtlr. Lender shah be etstitlc~ a eosen V wd p~oceediat sM expesses of foreclosure. hxhrdiat. bat nN Brrtited to. reaoowable sttursetr's fees. and costs oft doct.''~7 eridenee, abstract and tick nprts. 1!. Bonrowa's Rfight to Refwlate. Notwithstanding Lenders actxli:ntion of the sums secured by tht~ Marttate, Borrower shall have the right to have any proceedings begun by Lender to enforce this Montage discontinued at any time ' Bp01(~~O PAGE ~.7~: . -r ; -