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HomeMy WebLinkAbout2580 ~ • . - Lenders written agreement or applicable law. Borrower shall pay the ~ 0~4 a 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 thereof, and shall bear interest from the date c;t disbursement at the rate payable Irom time to time on outstanding principal udder 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 Lender to incur any expense or take any action hereunder 8. Inspection. lender 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 Lenders interest in the Property. 9. Condemnation. 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, hereby assigned and shall be paid to lender. In the event of a total taking of th8 Property, the proceeds shall be applied to the sums secured by this Mortgage. with the excess, it,any paid to Borrower.' In•the event of a partialtaking of the Property unless Borrower and Lender otherwise agree in writing. there shall be applied to the sum9 secured by this Mortgage such Rropprtion 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 lair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to the Borrower tf tree Property is abandoned by Borrower, or if, after notice by lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower tails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and appty the proceeds, at Lenders 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 t and 2 hereof or change the amount of such installments. 1 O. 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 release, in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not tie required to commence proceedin s agg~a~'~n~~s~~t such successor or refuse to extend time for ppayment or otherwise modify amortization of the sums se~ii~b~thlerMblt~fg~s ~ hetai~ o~~ d~rl~~ rr(ade I',1~tfiA~bki'ginalbiirr~wdr aed Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise ~ot 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 by this Mortgage. 1 Z. Remedies Cumulative. All remedies provided in this Mortgage are distinct ar~+C~rim~lative 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 and Assigns Bound; Joint and Ssvsral Liability; 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. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to tie used to interpret or define the provisions hereof. 14. Notice. Except for any notice 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 the Property Address or al such-other address as Borrower ~Jesignate a r e to Lender as provided herein, and j mks - . ~ ~d~~ (b) any notice to Lender shall be given by certified mail, return receipt requests 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 this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated' herein. 15. Uniform Mortgage; Goveming Law; Ssvsrabfllty'.~'his)6rm~:MStC~ege [ioinbt?res uniform covenants for j national use and non-uniform Covenants witFi limited variations byiurisdictiorYto constitute a uniform security instrument i covering real property. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction m 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 conflict shall not affect other ~ provisions of this Mortgage or the Note which can be given effect without the conthctrng provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. E 18. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time o! execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a~ 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(d) the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at Lenders option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shalt have waived such option to accelergt8?f 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 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 it Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower Irom al I obligations under this Mortgage and the Note. It Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph t 4 hereof..Such notice. shall provide a period of not less that 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 18 hereof. ' NON-UNIFORM COVENANTS. Borrower and Lender tur(faer covenant and agree as follows: 1t3. Acceleration; Remedies. Except as provided In paragraph 17 hereof, upon Borrower's broach of any ~ covenant or sgrsemsnt of Borrower In this Mortgage, Including the covenantsto paywhen due any sums secured 3 by this Mortgage, Lender prior to accelerstton shall mall notice to Borrower as provided !n paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice Is msiled to Borrower, bywhlch such beach must be cued; and (4) that failure to curo such breach on or before the date specMied In the notice may result In scceteratlon of the sums secured by this Mortgage, foreclosure by)udiclal proceeding and sale of the Property. Ths notice shall furtlrer Inform Borrowsrof the rlghtto rolnsfats afteracceleratlon and the right to assert in the torecbsuro proceeding the non-existeecs+ of s dehult or any other defense of Bomjwer to acc:eleratlon and foreclosure. If the breach IS not cured on or bsforo the date specified In the notice, Lender at Lenders option may declsrs alt of the sums secured by this Mortgage to be ' Immediately due and paysble without further demand and may foreclose this Mortgage b!I judlclal proceeding. Lender shall be entitled to collect In such proceeding all expenses of foreclosure, Including, but not limited to, reasonable attorney's fees, end costs of documentary evidence, abstracts and title reports. , 19. Borrower's Right to RNnstats. Notwithstanding Lenders acceleration of the sums~secared by thisTAortg~ge. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage'discontinued atany time