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HomeMy WebLinkAbout1688 ~ • j r i ~ t ~ ` ; , ' Lender's written agreement or applicable 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 paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and !.ender agree to other terms of payment, such amounts shall be payable upon notice from lender to Bormwer 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 f 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 expense or take any action hereunder. fls. inspection, Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shaft give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's t interest in the Property. ~ 9. Condemtsatbn. 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 for conveyance in lieu of condemnation, are hereby assigned ' and shall be paid to Lender. In tFt~ 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 oqual 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 a paid to Borrower. ~ ~ If the Property is abandoned by Borrower, or if. after notice by i.ender to Bormwer that the condemnor offers to make an award or xttte a claim far 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 lender's option, either to restoration or repair of the j Property or to the sums secured by this Mortgage. - , Unless lender and Borrower otherwise agree in writing. an}• surh application of proceeds to principal shall not extend or poslpane the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of , such installments. 10. 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 rcleax. in any manner, the liability of the original Borrower and Borrower's successors in interest. i_endtr shall not lie required to commence t proceedings against such successor or -refuse to extend time far payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the orieinal Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by !.ender in exercising any right or remedy hereunder, or I otherwise afforded 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 ar other liens or charges by i_ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness sect+red by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are 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. Successors and Assigns Bound; Joint and Se.•eral I.iabilify; Captions. The covenants and agreements herein contained shall 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. Ait covenants and agreements of Borrower shall be faint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. - 14. Notice. Except for any notice required under applicable )aw 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 i.ender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to !.ender s address stated herein or to such other address as Lender may designate by notice to Harrower 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. 1 S. Uniform Mortgage; Governing Law; Severabr'lity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real preperty. "Ilse state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located, The foregoing xntence shall not limit the applicability of federal taw to this mortgage. In the event that any prevision or clause of this Mortgage or the Note conflicts with applicable law, such confliM 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 Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recurdation hereof. 17. Transfer of the Properly: Assumption. If all or any part of the Property or an interest therein is Bald or transferred by Borrower without Lender's pricer written consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. Ih) the creation of a purchase money security interest far household appliances, (e) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (dl 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 wham 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 an the s++ms secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option 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 obligations under this Mortgage and the Nate. If Lender exercises such option to accelerate, i_ender 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 Harrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice ar demand on Borrower, invoke any remedies permitteei by paragraph 1R hereof. Noty-UN)FORM COVENANTS. Borrower and [.ender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower is this Mortgage, including the covenants to pay when tint any sours secured by this Mortgage, Leader prior to acceleration shag mail notice to Borrower ss provided in paragraph 14 hereof sperifyirrs: (1) the breach; (2) the action required to cnre such breach; (3) a date, not less than 30 days from the date the slice is mailed to Borrower, by wlric6 surh breach must be cored; and (4) that failure to cure surh breach on ar before the date spec'dred in the notice may resdt in arcekration of the sneers secured by this Mortgage. foreclosure by judicial proceeding and sate of the Property. The notice shall further inform Borrower at the night to reinstate after acceleration and the rigbt to assert in the foreclosure proceeding the non-existence of a defauk or any whet defense of Borrower to acceleration and forerbsure. If the breach is rat cored on or before the date specified io the notice. I.ender.at Lender's option may declare all of the sums secured by this Mortgage to be ; immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all a:peaces of forectos_ure. including. but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and tick reports. 19. -Borrower's Right to Reinstate. Notwithstanding 1_ender'~ acceleration of the sums secured by this Mortgage, Borrower shall have the right to have and proceedings begun by Lender to enk~rce this Mortgage discontinued at any time 8110K~ PdGE~.~g - -