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HomeMy WebLinkAbout0662 l~~i! ' ~ t.~ t ~~f k r~~ Lender's written agreement or applicable law. Borrower shall pay the amour rtgage i e premiums in the manner provided under paragraph 2 hereof. Any 8mpunls dlSbursed 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 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 outstanding principal under the Note unless payment of t.^.!3r~St 3t ~L'C!! !ate 1!'4L!d !`e CQnt•3 f~ _rrli_ahla lacy, in yyhi~h pyaM c~ ~~h amr?: ~ntc shall Fu~ar infPrwcl at thw hinhw5t ratA permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inapectlon. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lendershall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lenders interest in the Property. 8. COndemnatlon. The proceeds of anyaward 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, hereby assigned and shall be paid to Lender. In itle 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 seCure~ by. this.lu~ortgage.~suct~pjjAQorlt~ of the proceeds as is equal to That proportion which the amount of the sum ~ secured by this~Niortgage rmnlediately'prio~ to the date of taking bears to the fair market value of the Property immediate~r prior to the date of taking, with the balance of the proceeds paid to the Borrower. It the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower tails 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 the Property or to the sums secured 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 of such installments. 1 O. 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 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 refuse to extend time for payment or otherwise modity amortization of the sums secured by this Mortgage by reason of any demand made by the original borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Anytorbearance by lender 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 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 Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedla Cumulative. 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 may be exercised concurrently, independently or successively. 13. Successor and Assigns Bound; Joint and Several Llabtllty; Captions. The covenants and agreements herein contained shat! bind, 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 o! this Mortgage a!e for covenience 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) 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 Borrower may designate by notice.to Lender as provided herein, and (b) any notice to Lender shall be 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. U.{/... Yw.~w~ L.w 1 Q. _rV_IIN.. TA:n 1.. ..i w~..A..wnn n ro?.:n~a...:1...... nnunn~nfc rn~ v•...v.... ...w .aq~, .......a..,yv national use and norrunitorm covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The s{ate and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property rs located. The foregoing sentence shall not limit the applicabilityof federal law to this mortgage. In the event j 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 gwen effect wrthout the contl~cting prov:s~on. and to this end the provisions of the Mortgage and the Note are declared to be severable. r ~ 16. Borrowers Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If al I or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written 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. 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 immediatety due and payable. Lender shall have waived such option to accelerate if prior to the sate or transfer. Lender and the person to whom the Property is to be solo or transferred reach agreement in writing that the credit of such person rs satisfactory to lender and that the interest payable on the sums secured by this Mortgage shall,be at such rate as lender shall request li Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in E 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 period of not less that 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 18 hereof. t NON-UNIFORM COVENANTS_ Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided fn paragraph 1T heroof, upon Borrovwrs broach of any covenant or agreement of Borrower In this Mortgage, including the cownants to pay when due any sums securod bll fhb Mortgage, Lender prior to acceleration shall mall notice to Borrower as provided In paragraph 14 hereof speclfying: (1) the breach; (2) the action requlrod to curo such breach; (3) a dste, not less than 30 days from the dsts the notice Is mailed to Borrower, bywhlch such broach must be curod; and (4) that falluroto curo such brash on or beforo the date spectfted In the notice may rosult In acceleration of the sums secured by this Mortgage, foroclosuro by Jlndlcibl proceeding and ale of the Property. The notice shall furtherlnform Borroweroithe rightto rolnstate afteraccelsration and theright toassert Inthe toroclosuro proceeding Menon-existence of a default or any other defense of Borrower to sccelsration and foreclosure. It the broach Is rat curod on or bsforo the date specltied In the notice, Lender at Lenders option may declaro all of the sums securod by this Mortgage to be Immediately due and payabb without further demand and may foreclose this Mortgage by Judicial proceeding. Lender shall be entftfed to collect In such proceeding all expenses of toroclosuro, tncluding, but not Ilmited to, roasonabl• attorney's tees, and costs of documentary evidence, abstracts and tRls reports. 1 g. Borrowers Rlghtto RNnstate. Notwithstanding Lenders 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 °t~K 3z8. P~s~ 2 -_3.