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HomeMy WebLinkAbout2343 • 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 Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereat, and shall bear interest from the date of disbursement at the rate payable from tune to time on outstanding principal under the Note unless payment 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 i_ender to incur any expense or take any action hereunder. 8. Iaspecfbn. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condetnnatbn..The proceeds of any award or claim for damages, dieter or consequential, in rnnneetion with any condemnation or other taking of the Property, or parr thereof, or for c?mveyance 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 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 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 b}• Borrower, or if. after notice by Lender to Borrower that the condemnor often to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 da}•s after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender c 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. 10, Borrower Not Rekased. 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 Bc•rmwer's successors in interest. Lender shall not he required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand-made b}• the original Borrower and Borrowers successors in interest. I1, Forbearance by Lender Not a Waiver. Any fnrhearancc by i.cnder in exercising any right or remedy hereunder, or othervvise 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 hr this Mortgage. - l2. Remedies Camulatire. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedyunder this Mortgage or afforded h}• law or equity, and ma}• be exercised concurreptly. independently or st?ccessively. 13. Successors and Assigns Bound; point and Several i.iability: Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of lender and Borrower. s??bject 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 of this Mortgage are for convenience only and are not to he used to interpret or define the provisions hereof. t4. Notice. Except for any notice required under applicable laK• to be given in another manner. fa) any notice to Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address ,or at such other address as Borrower mar 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 I-enders address stated herein or to such other address as Lender may designate by notice to Borrower as pr,n•ided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Borrower or Lender when given in the manner designated herein. 1 S. Uniform Mortgage: Governing Law: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with &mitod variations by jurisdiction to constitute a uniform security instrument covering real property. The state and Local taws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such cor?tlict 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 Chic Mortgage at the time of execution or after recordation hereof. • 17. Transfer of the Property; Assumption. If all or am part of the Property ~r an interest therein is sold or transferred by Borrower without Lender's prior written consent. eecluding tai the creation of a lien or encumbrance subordinate ro 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 r.f a joint tenant ar Id? 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 to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable nn the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender'has waived the option [o accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by fender, Lender shall release Borrower from all obfigat~ons 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. St?ch notice shall provide a period of not less than 30 Jays 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 permitter! by paragraph IR hereof. Nox-UNIFORM COVENANTS. Borrower and lender further covenant _and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covensnt or agreement of Borrower in this Mortgage. including the covenants to pay when due any sums;ecund by ~tbis Mortgage. Lender prior to accekration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bt:each; (Z) the action required to cure such breach; (3) a date, not Ices than 30 da}x from the date the notice is mailed to Borrower, by.whicb such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice racy resnft in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform $ortower of the right to ninstate after acceleration and the right to sssert in the foreclosure proceeding the non-existence of a defauN or any other defense of Borrower to acceleration and foreclosure. if Ih~ breach is not eared on or before the dale specified in the notice. lender at Lender's option may declare all of the sums secured by this Mortgage to fie immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shop be entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's tees. i and costs of documentary evidence. abstracLc and title reports. t 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun h}• Lender to enforce this Mortgage discontinued at any time BWK328 P6Gf~,J4~