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HomeMy WebLinkAbout0157 ' w • Lender's written agreement or applicable law'. Borrower shall pa}• the amount of all mortgage insurance premiums in the manner provide) under paragraph 2 hereof. Any amounts disbursed by Lender pttrsttant to this paragraph 7, with interest thereon, shallbecome additional indebtedness of Borrower secured by this Mortgage. Unless Borrower anJ tender 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 payahle from time to time on outstanding principal under the Nate 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. Irtspectbn. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that !_ender shall give Borrower notice prior to an}• such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnatbn. The proceeds of any award or claim for Damages, direct or conccquential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. In the event of a total taking of the Propcrt}•, the proceeds shall he applied to the toms secured by this Mortgage. with the ercecs, if any. paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender othcrw•ise agree in writing. there shall be applied to the sums secure) by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums sect+rcd by this Mortgage immediately prior to the date of taking hears to the fair market value of the Property immediately prior to the Jate of taking, with the balance of the proceeds paid to Borrower. . If the Property is abandoned b}• Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to lender within 30 days after the date such notice is mailed, 1-ender is authorized to collect and apph• the proceeds, at I-ender's option, either to restoration or repair of the Propert}• or to the sums secured by this Mortgage. Unless Lender and Burrower otherwise agree in scriting. any such application of proceeds to principal shall not ettend or postpone the due date of the monthly installments referred to ir. paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. E+ctension of the time for payment or modification of amortization of the come secured by this Mortgage granted M• I-ender to any Successor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's succesa~rc in interest. Lender shall not he required to commence proceedings against such successor or reface trt extenD time for payment or otherwise modify- amortization of the sums secured M• this Mortgage by rcaa~n of any demand made M~ the orieinal Borrower and Borrowers successors in interest. 11. Forbearance by f-ender Not a Waiver. Am_• forbearance by l.cnder in erercicing am• right or remedy hereunder, or rnherwise 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 tares or other liens or charges M• i.ender shall not he a waiver of Lender s right to accelerate the maturity of the indeMedness secured M• this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct anD cumulative to any other right or remedy under this Mortgage or affordeD by law or equity. anD may he eserciceD concurrently. independently or successively. 13. Successors and Assigns Borrnd; Joint and Several I.iabilih•: Captions. The covenants and agreements herein rnntaineD shall hind, and the ri;,htc hereunder shall im+re to, the respective successc.rc and assigns of Lender and Bormw•er, subject to the provisions of paragraph 17 hereof. .411 covenants anD agreements of Borrower shall he joint and ceveral- The captions and headings of- the paragraphs of this Mortgage are for convenience only anD are not to he aced to interpret or define the provisions hereof. 14. l~'otice. Except for any notice ri:yuired under applicable law to he given in another manner. (a) an;• notice to Borrower provided for in this Mortgage shall he given by mailing wch notice M• certified mail addressed to Borrower at the Property Address or at such other address as Borrower mar_ designate by notice to Lender as prosideD herein. and Ih) am• notice to Lender shall he given h}• certifieJ mail. return receipt requested. to 1 ender c address stated herein or to such other address as Lender may designate by notice to Borrower as pr.wideJ herein- Any notice provideD for in this Mortgage shall he deemed to have been given to Borrower or lender when given in the manner designated herein. 15. Uniform Mortgage; Governinf: I.aw: Severability. This form of mortgage combines uniform covenants for national use j and non-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 foderal 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 Note are declared to be severable. 16. Borrower's Copy. Borrower shall he furnisheD a cnnformeD copy of the Note anD of this Mortgage at the time of execution or after recordation hereof- 17. Transfer of the Pmpertc; Assumption. 1f all or anv p:+rt of the Property or an interest therein is sold or transferred M• Borrower without Lender's prior written content. e~clnding (al the creation of a lien or encumbrance athordinate to this Mortgage. Ih) the creation of a purchase money securit}• interest for hrnaeholD appliances. Icl •r transfer h}• devise. descent or by operation of law upon the death of a joint tenant or Id? the grant of any leasehold interest of Three }'ears 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 payahle. 1_endcr shall hate waiveD such option a. accelerate if, prior to the sale or transfer. 1_enJer - anD the person to whom the Property is to he solJ or transferreJ reach agreement in writing that the credit of wch person is satisfacton• to Lender and that the interest payahle on the sums secured by this '.Mortgage shall be at such rate as Lender shall request. tf 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 M• I-ender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If 1_ender exercises such option to accelerate. I ender shall mail Borrower notice' of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a perioJ of not less than 30 Dacs from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pa~• such wms prior to the expiration rf such period. Lender may, without further notice or Demand on Borrower. mvol.e am remedies permitted by paragraph 1 R hereof. Nox-U:vtFUrt(?t Covt=v~rv-rs. Borrower and Lender further covenant and agree as follows: • 18. Acceleration; Remedies. Ext:ept as provided in paragraph 17 hereof. upon 8ormwer's breach of any covenant or agreement of Borrower in this !Mortgage. including the covenants to pay when due any sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bt;each: (2) the aNion required to cure such breach; (3) a date. not less than 30 da~•s from the date the notice is mailed to Borrower by which such breach must be gored; and (4) that failure to cure such .breach nn or before the date specified in the notice may tesnlt in acceleration of the sums secured by this 11ortRage. foreclosure b}' judicial proceeding 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 default 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. i.ender at Lender's option mar' declare all of the surrtc secured by this Mortgage to be immediately due and payable without further demand and may foreclose this i?tortRage by judicial proceeding. 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. Borrowers Right to Reinstate. Notwithstanding Lender's acceleration of the sums secureD by th+s Mortgage. Borrower shall have the right to have am proceedings begun hs' Lender to enforce this Mortgage discontinue) at am• time 8tt0~1(~ PbGE