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HomeMy WebLinkAbout2779 ~ r f ~ . ' J;~.r•~ Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insttraace premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to thk paragraph 7, yvith interest thereon, shall become additional indebtedness of Borrower secured by This Mortgage. Unless Borrower and lender agroe to other teens of paytneM. 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 from time to time on•attstanding 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 hightnt rata permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any esperae or fate any action hereunder. s. Itaspectba. Lender may make or cause to be made rcasonabk entries upon and inspections of the Property. provided that !.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I.atder's interest in the Property. 9. Cosdearaatioa. The proceeds of any award or claim for damages, direct or co uent~ . rn connection writh any condemnation or other taking of the Property, or part thereof, or for conveyance in lifya(n~~ion, are hereby and shall be paid to i_ender. In the event of a total taking of the Properly. the proceeds shall be applied to the sutras seccrred by this Mortgage. with the excess, if any, paid to Borrower. in the event of a partial taking of the Property. unless Borrower and Larder 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 dart 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-by Borrower. or if. after notice by Lender to Borrower that the ocnrdemnor otters to mate an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice b mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair o[ ffie Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shag not txtettd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the arnotrnt of such installments. 19. >lorrower Not Reka9ed. Extension of the time for payment or modification of amortiution of the sums secured by this Mortgage granted by Tender 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 be txquired to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortiution of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11, Fobbearauce ibf Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereumder. or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. j The ptnctrrement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders ~ tight to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Retwedies Caraalditt. All remedies provided in this Mortgage are 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 strtxessivdy. 13. Successors gad Assigns >doaal:.Toiat gad Several i,iabiWf; Captloas. The covenants and agreements heroin ; contained shall bind, and the rights hereunder shall inure to. the.respective successors and assigns of Lender gad Borrower. ' subject to the provisions of paragraph- 17 hereof. All covenants and agraments of Borrower shall be jolt! and several. 'ilre captions' and headings of the paragraphs of this Mortgage arc for convenience only and are trot to lfe used to interpret or define the provisans 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 certifkd mail addressed to Borrower at the Properly Address or at such fiber address as Borrower inay designate by notice to Tender u provided herein, and (b)' any notice to Lender shall he given by certified mail, return receipt requested. to Lenders address stated herein or to 'I such other address u Lender may designate by notice to Borrower u provided herein. Any notice provided for in fhb Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herds. IS. Uaiforte Mortgage: Goveraiaft Law: Severabititf. This form of mortgage combines uniform covenants for national use and ran-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 or the Note rnnflicts with applicable law, such conflict shall not alkct 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 arc declared to be severable. lf. teon+ower's Copy. Borrower shall be furnished a conformed ~P)• of the Note and of this Mortgage at the tithe of execution or after recordation hereof. 17..Trawsfer of the Pro'ertf: Assuarptioa. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a) the creation of a lien or encumbnrrce 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 joim tenant or (d) the grant of any kasehdd interest of three yeah or less not containing an option to purchase, Lender may. at Lender s option, declare all the sutra secured by this Mortgage to be immediately due and payable. Lender shall have waived Stich option to acoetente if, prior to the sale or transfer. Lender and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inter-st 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 if Borrowers successor in interest has executed a written assumption agreement accepted in writing by I.ender. Lender shall release Borrower from all oblijations under this Mortgage and the Noce. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with puagnph 14 hereof. Such notice shall provide a period of not less than 30 days from the date'the ratite is mailed within which Borriir.er may pay the sums declared due. f f Borrower fails to pay such sums prior to the eapintion of such period. Lender may, without further ratite or demand on Borrower. invoke any remedies permitted by paragraph lfl hereof. ~ Note-Ut+croat?r Covenet+•rs. Borrower and Lender further covenant and agree as fdlow~s: li. Aeederstio~ Rewrelks. E:cep! ss prorNed is 1y Mesest. t~oa 1wrt+wers rtreaeb eQ ssy cweamt K apeer~st of >sonwwer b this Mortgage. faclaliag Hre corea»rrb /o oaf vrier las gay sass scented ti tris R1ertRagC. leader 'ricer to aeeekratba sin/ aaN wotice to Borrower ss'ro•lrkl la prsgra'i 11 iereot speelfylags (1) the rtseaci: f2) the setMa rgafsel is care stsei rtreaei; (3) a late, not 1as uaa 3e days iro.r tie date tie nutlet b ensiled tin Menwer. ~ wild sail rrwei mart k errrt~ gad (4) that tawre b erne wci Mtacw oa K ftiettre eit late s*teliel N tic watiee tray resafg w accderalioa of ere Sams rrr'cartd r7' fib Mortgage. taecbwre try jallcW praeeelitg gad sale tt tie Tro~ertf. Tate notice slat tattier fatorw Itonower of tie right fo reia~ate after st:cekratlow awd tie right b assert f• tit ttrsefssrnr< protte~rrg ere aoa•e:Wence of a letaalt or any firer lefewse of lorrower to accekratMw gad tortciowrt. N tie rtrgeir b got eared N er bdore tie iMs yeciitd V the aoMee. Leveler at i.ealer's opioa rtstry leelart rt/ eft fie wars sstrrrel ry ifb MertBsRe N re i.weliateif gat and pyaelt..itio.t t.rtrtr learand trod oaf terecioee rib Mortgage y jialiei.I rr«+eal.R. Lender doll be eMfflei N eoieet isr rarci'roeeslirrg r arpeases at fort:clowre. laelaliag, rat net fltaitsl w. rewaarie sttwaer's fsa. trod eesls of iocrcmeatarf e•Ntace. oYtraets gal tick reprts. 19. iiorrowa's Rtgit t. Reiastste. NotwitMtanding Lenders acoekntion d the sums secured by the Mortgage, Borrowu shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time X32$ «~~~77~