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HomeMy WebLinkAbout2821 ~ . i. Lender's written agreement a applicable taw. Borrower shall pay the amount of all mortgage insurance premiums to the manner provided under paragraph 2 hereof. Any amounts disMused by Lender pursuant to this paragraph 7, with interest thereon, shall became additional I 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 of disbursement. at the tart payable from time to time on out:landing principal under the Note unless pa'ytttewt of , • interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rata permissible under applicable law. Nothing contained in this paragraph 7 shall requite Lender to incur say expense or tote any action hereunder. >L Iws'teNwt, 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 inspxtion specifying reasonable cause therefor related to Lq[der's ± interest in the Property. 9. Cowdetwwalbw. The proceeds of any award or claim for damages, direct a consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in licti of condemnation. are hereby assigned and shall be paid to i..tnder. 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 j otherwise agree in writing. there shall bs applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amamt of the sums secured by this Mortgage immediately prior to the date of taking bean 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 Bor:ewer, or if. after notice by Lender to Borrower that the condemnor often to mate an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after ,the date such ratioe 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 extatd or postpone the dire date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. ttbrrower Not Released. Extension of the time for payment or modifkation 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 Br+rrower's successors in interest. Lender shall not be required to eommenoe proceedings against such successor or refuse to ettend 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 Borrower's successors in interest. 11. Forbearance r!' Lewder Not a Wdver. -Any forbearance by Lender in exercising any right or rcmtdy 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 be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewredies CwrwalaN~. All remedies provided in this Mortgage are distinct snd cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively. ' 13. Swccessas awd Aster tbwwd:.idwt awd Several T.labitr; Captiows. The covenants and agreements herein contained shall bind, and the rights hereunder shall incug to. the.rts~ective successors and assigns of Lender aOd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall bt join{ and several. The captions' and headings of .the paragraphs of this Mortgage arc for convenience only and are not to lie used to interpret or.deflne the'rovisans hereof. 14. 1Vofke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pt'nvided for in this Mortgage shall be given by mailing such notice by certiled mail addressed to Borrower at the Property Address or at such abet address as Bormwer may designate by notice to i.ender a: provided herein, and (b) any notice to Lender shall he given by certified mail, return receipt requested: to 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 design;ltd herein. ~ IS. Uwlforwr Mortgage; Co~erwiwg Law: Severabt#ity. This form of mortgage combines uniform covenants for national i use and non-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 chic Mortgage or the Note conflicts with applicable iaw, such conflict shalt 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 arc declared to lit severable. 10. llbrrower's Coq. Borrower shall be furnished a conformed cop), of the Note and' of this Mortgage at the time of execution or after recordation hereof. 17..Trwwster of the Property: Asswwrptiow. If all or anx part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding 7a) the crtatan of a lien or enwmbrance subordinate to this Mortgage. (b) the crestion 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 levant or (d) the grant of any leasehold interest of three yeah 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 acceknte if. prior to the sale or transfer. Lender and the person to whom the Property is to be coil or transferred reach agreement in wntrng 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 ac 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 Lender. Lender shall release Borrower from all obligations under this Mortgage and the Nate. - if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in sccordancti 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, Linder may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1g hereof. Nora-Urrtpatt?t CovetastaTS. Borrower and Lender further covenant and agree as follows: li. Accdentlo~ Rewteaia. E:ceg1 as rroviaea iw ~ra'b 17 heraot. Ron Be+r+awers tMeael[ of awy ew.eMN K agruwsewt of lereower b fits MorfgsBe. Iwclwaiw= Nee co•ewarMs to ~wr whew ie aq stems stewrs~ r7 leis Mortgage. I.esdetr priotr N sresleratMw s6i mall wotke to lornwer as proriaed i• 14 r«eoft geelfylwg: (1) fie IMeaer; f2) the wetMw e~gwied le ewne strelt trreaer; (3) • aa1e, wet lets New 30 dwys4rorw tie cafe ere wstlce r wraMed Is tornwer. h wrkr srrci tlrewdt west re ewrs~ awd (4) teat tailirre a cwie stet rraclr a or rotors tit dale s*ecYett r ere antler tar ressM r aeederafNw of ~ sttatts scewred nr N[k Moelgage. torcAoawre h 1~~ N'~st~L awi ale wI ere hopertr. Tee wetlee sell tsufrer rJort• llerrrawer o[ ere rlgM to re~sfe after wecelerwflow srr/ ere rtgrl tb arseA i• ere toretlawe psetsst>lwg Ire wow•e:Mewce of w detwwlt or asty offer defewse et.Borrower fo scederatfow awd tasAoswre. B ere ttrexr is wet ewrsi a or tletere ere lore s*ecl0si fw ere woNee. tLerraer at I.ewder's opiow ear deelsre r of ere sae saewrei tIr trls Morigetgs ~ k iawedis/elr dwe awl praMe ..ilrowt ratter demand awd wur torrtelose dds Menage t?r i~ lnc~R. Lewder dui k ewtitlsd M eollset iw steer Mreescatir[g alt experues wf foreclosure. Iwelwaisg. tltrt wst tlisaitsa tsr rtewsswsrle sftwwer's fees. W essls of ioertsewhrr evf/ewee. abstrwcb awl title reports. i!. llorrwwa's R~rt fo Rdswtata NotwithstandinE Lenders aocekrstion oI the wms secwed by thr• Mortgage, Borrower shall have the right to have any proceedings begun by Lender to en[ora this Mortgage discontinued at any time BQOK~~ PAGE