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HomeMy WebLinkAbout0339 Lender's written agreement or applicahle law. Borrower shall pa}• the amount of alt mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuam 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 nc,ticc from Lcndcr to Borrower rcyuesting payment thereof, and shat) bear interest fmm the ;,date of disbursement at the rate payahte fmm time to time nn outstanding principal under the Note unless payment of interest at such rate would be contrar}• to applicable law. in which event such amounts shall hear 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. fender may make or cause to be made reasonable entries upon and inspections of the Property, provided that lender shaA give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's intercd in the Property. 9. Condemnatbn. The proceeds of an}• 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, arc hereby assigned and shall l+e paid to lender. In the event of a total taking of the Pmpert}•. the proceeds shall he applied to the sums secured by this Mortgage. with the excea. if any. paid to Borrower. h+ the event of a partial taking of the Property, unless Borross•cr and Lender otherwise agree in writing. there shah he applied to the cams secured by this Mortgage such proportion of the proceeds as is eyua! !o that proportion which the amount of the toms secured M• this Mortgage immediately prior to the date of Taking lx:ars 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 Propert}• is abandoned h}• Borrower. or if. after notice ht• I.cnder to Borrower that the condemnor offers to make an award or settle claim for damages. Borrower fail. to respond to lender within 10 days after the date Such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property onto the sums secured by this Mortgage. Unless [.ender and Bormwcr otherwise agree in stetting, an}• such applir.+tion of proceeds to principal shall not extend or postpone the. due date of the monthl}• installments referred to in paragraphs I and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the c+rmc secured h}• this Mortgage granted by Lcndcr to any successor in interest of Borrower shall not operate to release. in any manner, the Gahility of the original Borrower and Borrower's successors in interest. Lender shall not he required to commence proceedings against wch 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 ht the original Borrower and Borrowers arccescors in inferect_ 11. Forbearance by Lender Not a Waiter. .Ant forhearancc hs Lender in exercising any right or remedy hereunder. or otherwise aflurded by applicahle law, shall not tx: a waiver of or preclude the exercise of am• such right or remedy. The procurement of insurance or the payment of ta~ec or other liens or charges by Lender shall not he a waiver of Lender's right to accelerate the maturity of the indebtedness secured M• Chic Mortgage. i2. Remedies Cumulative. All remedies prodded in this Mortgage arc distinct and cumulative to any other righ! or remedy under this Mortgage ur afforded hs• law or equit}•. and m:+}• Ix eserrised concurrently. independently or succecsiyel}•. 13. Successors and Assigns Bonnd; Joint and Seseral Liabilih•: ('aptions. The rnvenants and agreements herein containeJ shall hind, and the rights hereunder shall imrre to. the respective successors and assigns of lender and Borrower. subject to the provisions of paragraph 17 hereof. All crne?rants and a¢reementc of Borrower shall he joint and several. The captions and headings of the paragraphs of this Mortgage arc' for com•enienee onh• and arc not to he used to interpret or define the pms•icionc hereof. 14, Notice. Except for any notice required under applicahle fast to he given in another manner, fa) any notice to Borrower provided for in this Mortgage shall he given by mailing such nntice h}' certified mail addrecud to Borrc.w•er at the Property Address or at such other address ac Borrower may designate by notice to lender as provided herein. and Ihl any notice to 1_ender shall he given M' certified mail. return receipt requested. to 1 ender c address stated herein or to such other address as Lender may designate h} notice to Burrower as pr.wided herein- Any notice provided f~+r in this tlortgage shall Ix: deemed to hate been given to Borrower or l ender when given in the manner designated herein. 15. Uniform Mortgage: Coterninl: I.aw; Seterability. This form of mortgage combines uniform covenants for national use 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 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 af'Fect 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 Cop~•. Borrower shall he furnished a conformed copy of the Note and of this hfortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all nr :ors part of the Property or an interest therein is c..ld nr transferred hs• Borrower without Lender's prior. written consent. secluding Sal the creation of a lien or encumbrance subordinate to this Mortgage. Ih) the creation of a purchase money cecurit} interest for household appliances. (et a tranc(rr hs• devise. descent or b}' operation of lain upon the death of ~ joint trnam nr !d+ the grant of any leasehold interest of three years or lest not containing an option to purchase. 1 ender may, at 1 ender'. option. declare all the sums secured by this Mortgage to he immediately•due and payable. Lcndcr chat! have wah•ed such option to accelerate i(. prior to the sale or transfer. 1_ender and the person to whom the Property is to he sold nr Ir:+nsferrrd reach agreement in writing that the crsdit of wch person is caticfactor}• to Lender and that the interest payahte on the arms secured by this Mortgage shall be at such rate as Lender shall request. if I ender has waived the option to arceler,+te provided in this paragraph 17. and if Borrower's wscessnr in interest has executed a written assumption agreement accepted in writing h}• Lcndcr. 1_ender shall release Borrower from all obligations under this Mortgage and the Notc. if Lender exercicec such option to accelerate. 1 ender shall mail Bnrroster notice of acceleration in accordance with paragraph 14 hereof. Such notice shah provide a period of qc.t less than 3O days from the date the notice is mailed within - which Borrower ma}• pay the sums declared due- If Rnrrnssrr (ailc•tn pay arch sums prior to the expiration of such period. Lender may. without further nntice nr demand un linrrawer. invoF,e any remedies pcrmittca by paragraph 1Q hereof. SON-UNIFORM COYFVtvTS. Borrower and Lender further rnvenant and agree ac follows: 18. Acceleration; Remedies. Except as prodded in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this 11ortRage. including the cotenants to pay when due any, sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower ac prodded in paragraph 14 hereof specifying: (i) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 da}s fmm the date the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured b}• this 11ortQake, foreclosure b}• judicial proceeding and sale of the Property. The notice shag further inform Borrower of the rif;ht to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice, Lender at I.egder's option ma}• declare all of the sums secured b~ this Mortgage fo be immediately due and payable without further demand and ma} foreclose this Mortgage by judicial proceedtnR. Lender shall be entitled to collect in such proceedinf; alt expenses of foreclosure, including, but not limited to. reasonable attorney's fees. and costs of documentary etidence, abstracts and title reports. 19. Borrower's Right to Reinstate. \otwithstanding Lcndcr s ;+ccrlcrahon of the wms secured by this Mortgage. Borrower shall have the right to have am' proceedings begun hs lender to enforce thn Mortgage discontinue) at am' time BOOK ~ P~t;F t~