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HomeMy WebLinkAbout0721 • ,~t. • s i Lender's written agreement or applicabk law. 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 paragraQlt 7. w~~' h. irtjerest thereon, shall become additions) indebtedness of Borrower secured by this Mortgage. Unless Borrower ana`T~tder agree to other terms of payment, sud? amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the I date of disburxment at the rate payable from time to time on attstanding principal under the Note unless psjrtrrent of } interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur my expense or take any action hereunder. ~ IwspecHow. lender may make or cause to be made reasonable entries upon and inspections of'the Property. provided ~ that (.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I~errder's = interest in the Properly. 9. Cowdemwatbn. 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 fur conveyance in lieu of condemnation. are 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 Harrower. In the event of a partial taking of the Property, unless Borrower and bender otherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds i as is equal to that proportion which the amount of .the sums secured by this Mortgage immediately prior to the date o[ ~ taking bears to the fair market value of the Property immediately prior to the dale of taking, with the balance of the pnoceetb i paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by lender to Borrower that the condemnor oQers to matte an award or settle a claim for•damages, Borrower fails to respond to Lender within 30 days after•the date such notice its mailed, Leader is authorized to collect and apply the proceeds. at ).grader's option, either to restoration or repair o[ the Property or to the sums secured by this Mortgage. lJnlcss lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or paclpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. _ 18. Ibrrower Not Rclessed. Extension of the time for payment or modification of amortization of the wms secut+ed 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 othenvix modify arnortiutiorr 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 br Lender Not a Waiver. Any forlxarance by lender in exercising any right or remedy hetetmder, or otherwise aBorded by applicable law_ shall not be a waiver of or preclude the exercise of any such right or remedy. i 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 xcored 6y this Mortgage. 12. Remedies Cwmuhtitre. All remedies provided in this Mortgage are distinct and cumulative to any other right or ~u terms: chi, Mo:-t~:~e or aticrd~cf h law or uit 3rd r::a : x~r~€s.~# t~~urr~ttl irt~~nd<ntl t*r su~~ • ~ e e 3 ~l y y y- r- Y ~iy- ' 13. Swccessors and Assigns Bound; .Joint awd Several i.iabilitr; Captlows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inters 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 joirg and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to lie used to interpret or define the provisions hermf. 14. Notke. Except for any notice required under applicabk 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 certiflgd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to t-ender u . provided herein, and (b) any notice to Lender shall he 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 thlt Mortgage shall be deemed to have been given to Borrower or tender when given in the manner designated herein. j 1S. Uniform MorfgreRc: Governing Law: Severability. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to coratitute a uniform 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 clatex of this Mortgage or the Note conflicts with applicabk law, such conflict shall not affect ~ other provisions of this Mortgage or the Notc 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 xverable. i 16. dormwer's Co'y. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17..Traoder of the Property: Assrrmptiow. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior writrrn consent. excluding (a) the creation of a lien or encumbrance wbordinate 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 immediately due and payable. Lender shall have waived inch 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 interest payable on the sums securf:d by this Mortgage shall be at such rate as Lender = shall rggtrest. if Lender has waived the ogion 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 ~ obi~tiv.,s under this Mortgage and the Note. if Lender exercixs 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. it 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 lg hereof. Norr-Ur+tFOrtnt Covetv~rrrs. Borrower and Lender further covenant and agree as fdlaars: lg. Acctkradow; Remedies. E:cept as proviacd iw paragraph 17 hereof. ~w Sarrrlwp'a b+eaci e< any eaesrt ar agresmed of Darrower b this Mortgage. hxlwaiwg the eovensafs to par when sae aq swrrrs seewna try ibis Mortgage. i.esaer, rrior to wecekratlow she/ wiafl wotlce to Sontewer as'ro•Wei iw pragraph 14 hereof speeltriagt (1) Me breach: (2) the setiew rrtgwtrea /o cue arch rreach; (3) a ante, riot less thaw 30 dsrs from the date the wdice Is asaYea to Mrrower. h!' which sweh hrewch mwrt be cwredr sad (4) that faWre to cwre sash breach ow or before the date geeYei V the sotke trap resrat i• accslerMlow of the tart aecwred br this Mortgage. foreclosarc hr jadkW NoeeediwR awn sale d the Pro'ertr. The watke shall further bforto Borrower of the right to reiwsiNe after sccekratlow awn the right b assert iw the tortit:losrrrrr praeeaing the wow-exiatewee of w acfaak or tr.r other adtrwae or )sorrower to acceleratbw awn foreclosure. H the breach is wet etrrtd a or before fbe ante s'eeiHed iw the wotiee, Lewder st I.errders oMtbw wrar declare r et tht twtrws trectrei ftir ttrir Mertgage >r be hwwe~atelr awe awl pr.hk ..khoat tartha demand awd msr foreclose this Mortgage ?r jitralei.l proeeeataR. Lender draN be eatBlea to collect br suei'rocteaiag d a:peaces of forecbswre. Iwch~iiwg. M wet hitea M. eeasowaMe starweYs fees. awl costs of doe..~arr eriaewce, abstrscls awl title repro. 19. •onowa's Rkht to Reiwatate. Notwithstanding Lenders acceleration of the sums secured by thr Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time acoK 328 PacE . `~1 _ _ 9.