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HomeMy WebLinkAbout1462 . 9 . Lender s written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurarnce premiums in the manner provided under paragraph 2 hereof. ' Any amounts disbursed by Lender purswnt to the 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 talc payable from tithe to time on attstanding principal under the Note unless pajrrueett 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 expt:tae or fate any action hereunder. . s. Itnreelioa. i_ender 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 intereu in the Property. 9. Coudewaatba. The proceeds of any award or claim for damages, direct or consequential, in connection ttrith any condemnation or other taking of the Property, or part thereat, or for conveyance in liep®E con¢Ctrioationa 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 Borrawer. 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 amatnt 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 date of taking, with the balance of the proceeds paid to Borrower. If the Properly is abandoned by Borrower, or if. after notice by Lender to Borrower that the condetnttor oRers to mate an award or settle a claim for damages, Barrawer 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 Lender's option, either to restoration or repair o[ the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of procetds 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. 10. aorrower 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 Barrower c successors in interat. Lender shall not be required to commence proceedings against such successor or rcfttse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of •rny demand made by the oriRinai Borrower and Borrower's utccessors in interest. I1. Forbearance by Lender Not a R?airsr. Any farhearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall hat 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 Lender's right to accelerate the maturity of the indebtednesssecured by this Mortgage. " IT. Retwedks CttutsrsWhe. 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 exercised concurrently, independently or successively. 13. Successors acrd AsrtRos deuced; John aced Several i.iabisitY; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall intrr~ 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 bt joiry and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and ace Trot to be u~td to interpret or define the provisions hereof. 11. Notice. Except for any nMice 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 i the Property Address or at such dher address as Borrower may designate by notice to T_endt:r as provided herein, and \V) any rtoti:.e ads L~iiiii.t' iai.iii ~ ~isiii i)j iGi iliaC~ iiYj.. r~aa3,'ii ii.ii:i~ii lciiii'-.s2u.. .C Len~ti~S aaa'hE';3 iiiia.i'~ 1'r~'~.iLSri ~T iii. 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 rpanner designated aterein. • IS. Uaitor>. Mortgage; GoterwiaR Law; SererabBity. This form of mortgage combirta 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. In the ~ • event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such conflict shag not affect other provisions of this Mortgage or the Natc which can be given effect without the conflicting provision, snd to the end the provisions of the Mortgage and the Note are Declared to be severable. E ~ If. Borrower's Cory. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the time ; of execution or after recordation hereof. 17..Trawfer of the PreperfY; Aswmptaa. If all or any part of the Property or an interat therein is sold or transferred by Borrower without Lenders prior written consent. excluding fa) the creation of a lien or encumbrance wbordinate to • this Mortgage, (b) the crcattan" of a purchase money security interat for household appliances, (e) a transfer by devise. i descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three yeah or less i 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 ti. be satd or transferred reach agreement in writing that the credit of such person is satisfsctory to Lender and that the interest payable on the sums secured by this Mortgage shall bt at such rate ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interat has executed a written assumption agreement socepted in writing by Lender. Lender shall release Borrower from all oblijations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in aceordancc with I paraigraph 14 hereof. Such notice shall provide a period of trot las than 30 days from the daft the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such arms prior to the expiration of such period, i Lender may, withotrt further notice or demand on Borrower, invoke any remedies permitted by paragraph .1 T1 hereof. Non-Untpoatit CovenerrTS. Borrower and Lender further covenant and agree as follo+rs: li. Atederatio~ Reraediirs. Ettcept s provided is parsBrar6 17 hersot. upon Borr+ower's brsaeh of rnY cevesmt or apseuseut otl Berrewer d this Meelgage, iaehrd~rg dre eoreaststs to MY wAem iue wY sours steursr by this Mortgage. i,e~ier _ i prior b aeeeleratloa shat tuaN trotke to Borrower as rrorlied M rsragrspr 11 hersot speclfYMg: (1) the brsach; the aetNw requisd M etnre ouch breach; (3) a dare, root tat: tJtaa 3tl days trt?sw the dal: the notice bt naYed M Berrswer. by whkh such brsaeh aunt be cured" and (4) that ftalltrrs b etas such Meech err or helots the date spsefisd r the trwtke ttsa~ resdf fa secekratisa oft the row securs+i by this Mortgage. toseeiosrrre by ~eW proeeeiirtg ttwi sale et the hrlrerfy. The unties shti Qurther lator>• Borrs~wer of the right to reiastits after aceekradou aced the rf;lrt b asttM iu the lerseissurs preessdlrrg the eott?~Meeee et a ielaait or of other ddensc of sotrrower to acceientio. awd foreclosure. g the brsaeh it uet covert a ~ or hef ore the dNe spseifsod iu the rwtke. Lender at I.ewder's opkw rwaY dechrs aB of qre s~o seeursd by tW MsrtpRt is he f¦turediately titre anti parable without further deatanr car taaY forselose this Mortgage by jutlkW prraatie~rtg. Lender Ball be eufWed N eoBett r web prrteedirtg ai e:peasa of forecbwre. iacludiag. but uef IiWtsd N, reaseaabie stt.,rasr's fees. .tall casts el dvn-~seMary evNewee, abstracts earl tick rspris. 1!. Borrewa's Right t. Reittate. Notwithstanding Lenders acceleration of the sums secured by thts Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~~i~ 3~ P~ x.462 i . ~i