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HomeMy WebLinkAbout2790 • ; • • 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 hereo[. ; Any amounts disbursed by Lender pursuant to this paragraph with interest thereon, shall become additional indebtedness of Borrower tKCUred by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payabk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payabk from time to time on artstanding 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 Lender to incur any expense or take any action hereunder. fl, Ia:peatiort. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided (t that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's ( interest in the Property. 9. Condetntatioa. The proceeds of any award or claim for damages, direct or consequentisi, in connection with any condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid !o 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. Tn 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. F If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award ar settle a claim far damages. Borrower fails to respond to i.ender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lenders option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and $orrower 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 f and 2 hereof or change the amount of such installments. ~ ~ 10. borrower Not Rekssed. 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 Borrower's successors in interest. Lender shall not be 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 by the original Borrower and Harrowers srtccescors in interest. I1. Forbearance by Lender Not a Waiver. Any forbearance by i_ender in exercising any right or remedy hereunder, or otherwise 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 he a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this Mortgage. ' 12. Remedks Camuhtive. All remedies provided in this Mortgage are distinct and cumulative to any other right ar 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 Se.•eral i.iability; 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 tbe 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 far convenience only and are not to be 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 at such other address as Harrower 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 i.ender s address stated herein or to such other address as Lender may designate by notice to Borrower as prJVided 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; Severability. This form of mortgage combines uniform covenants for national use and uon-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The state and local laws 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 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 Nou arc dxlared to be severable. 16. borrower's Copy. Borrower shalt t+e furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Aswmption. if a!I or any part of the Property or an interest therein is said or transferred by Borrower without Lender s, prior written consent.- excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) tht 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 ar (dl the grant of any leasehold interest of three years or less not containing an option to purchase, 1_ender may, at (.ender ~ option, declare alt 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 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 Lender, Lender shall release Horrower from all obligations under 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 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 1 R hereof. NotvUt+ttt:oatr CovEtvertts. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragrapb 17 hereof, upon borrower's brrsci of nay corcaant or agreement of Borrower in tbis Mortgage. including the covenants to pay when dne any sums secured by t61s Mortgage, Lender prior to acceleration sbail mail notice to Borrower as provided,in paragraph 14 hereof specifying: (1) the bcracb; (2) the- sction required to con such br+eacb; (3) a date, not less than 30 days from the date the notice is [nailed to Borrower. by wbk6 stub breach mast 6e cared; and (4) that failure to cure such breach on or before the date specified in the notice nray result in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. 1Ue notice shalt further inform Borrower of the right to reinstate after acceleration and the right to assert ie the foreclosurs proceeding the non-a:istence of a defauN or any dher defense of Borrower to acceleration and foreclosure. if the breach is not cored on or before the date specified in the notice, Lender.at Lender's option may declare ail of the sums secured by this Mortgage to be immediately due and payabk without further demand and may foreclose this Mortgage by judicid proceeding. Lender sball be entitled to collect in such proceeding ail expenses of foreclosure, including, but not limited to, reasonabk attorney's fees. and costs of documentary evidence. abstrttcts and title reports. 19. Borrower's Rigbt to Reinstate. Notwithstanding (.enders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time 8328 Pp~27&9 3