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HomeMy WebLinkAbout2352 _ i i ~ ~ i Lender's written agreement or applicable taw. Borrower shall pay the amount of all mortgsge insurance premiumi in the manner provided under paragraph 2 hereof. Any amour=.is 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 Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable frr~ time 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, $ Taspeetlon. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided d that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's ~ interest in the Property. 9. Coademaatba. The proceeds of any award or claim for damages, direct or conuquerttial, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are herehy assigned and shall be paid to Lender. t In the event of a total taking of the Property, the proceeds shall he applied to the cams 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 1_ender otherwise agree in writintt. there shall bt 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 Propert}• immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. Tf the Property is abandoned b}• 8cirrower, or if. after notice by !.ender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to lender within i0 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 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 month!}• 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 an}• successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower i s?rccessors 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 6y the ori~inal~Bormwer and Borrowers succetcors in interest. 11. Forbearanec by Lender 1Vot a Waiver. Any forhearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he 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 fender shalt not be a waiver of Tender s right to accelerate the maturity of the indebtedness secured 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 h}• law or equity, and ma}• be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; point and Several i.iabilify; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shalt inure to. the respective stecces-con and assigns of [.ender 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 of this Mortgage are for convenience only and are not to be used to interpret c?r define the provisions hereof. 14, Notice. Except for any notice required under applicable law to be given in another manner. (a~ any notice to $orrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or a1 such other address as Borrower may designate by notice to Lender as provided herein. and (h) any notice to Lender shall be given h}• certified mail, return receipt requested. to lenders address stated herein or to such other address as Lender may designate h}' notice to Borrower as provided herein. Any notice provided for in this 3liortgage shall fie deemed to have been given to Borrower or 1_cnder when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw; Seyerability. 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 property. The state and local Taws applicable to this Mortgage shag be the Taws 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 appGeable law, such conflict 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 shalt be furnished a rnnformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein_ic sold or transferred by Borrower without Lender's prior written consent. excluding (al 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 (dl the grant of any leasehold interest of three years or less not containing an option to purchase, lender mr}•, at lender's option, declare all the sums secured by this Mortgage to be immediately due and payable. [_ender shall have waived arch option to accelerate if, prior to the sale oc transfer. 1_ender 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 pa}•able on the sums 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 4.ender, Lender shall release Borrower from all obligations unde_ r this Mortgage and the Note. If Lender exercises such option to accelerate. 1_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 Borrower faits to pay such wms prior to the expiration of such period, !.ender may. without further notice or demand on Borrower, invoke an}• remedies permitted by paragraph 1 R hereof. NoK-UtvIFURM Cove~xN7s. 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 covenant or agreement of Borrower is this Mortgage. including the covenants to pay when due any sayers stcured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower ac provided in paragraph 14 hereof specifying: (1) the bcesch; (2) the action required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may resWt in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeditrg and sale of the Property. The notice shall further inform Borrower of the right to reinstate. after acceleration and the right to assert in the foreclosure proceeding the non-existence of a defauk or anv other defense of Borrower to acceleration and foreclosure. if the breach is not cured on or before the date specified in the notice. Lender 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 proceediryf. Lender shall be entitled to collect in such proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's fees. and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. ':~fotwithstanding Lender's acceleration of the sums secured by this Mortgage: Borrower shall have the right to have an} proceedings hrgun by Lender to enforce this Mortgage discontinued at any time s(>~328 P~E2~351