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HomeMy WebLinkAbout0600 • , .o'. Lender's written agreement a applicable law. Borrower shall pay the amount of all mortgage insurance premituns in the manner provide) under paragraph 2 hereo[. Any amounts disbursed by Lender pursuant Io this paragraph 7, with interest thereon, shall become additional indebtedriiess of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment. such amounts shall be payable upon notice from 1_ender to Borrower requesting payment thereof, and shall bear interest from the date of disburxment at the rate payable tram time to time orr otitstandmg 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 Lrnder to incur any expewe or tats any action hereunder. Inspettioa. 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 inspection specifying reasonable caux thercfrr rclatod to Lender's ; interest in the Properly. 9. Cowdemrratio?a. The proceeds ~f any award or claim for damages. direct or consequential, in connection with aay condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigttt:d and shall be paid to i.ender. In the event of a total taking of the Property, the proceeds shall be applied to the sums stettred,tby this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Properly, unless Borrower and Larder otherwise agree in writing. there shall bt 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 [air market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. 1f the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor oRers to make • an award or xttle a claim for damages. Borrower fail. to respond to Lender within 30 days after -the date such rrotioe is mailed. Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair o[ the • Property or to the sums secured by this Mortgage. Unless i_ender and Borrower otherwise agree in writinc. any such application of proceeds to principal shag not extend or postpone the due date of the monthly 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 sums stxtrrtd by this Mortgage granted by [_ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Bo+rrower's siiccessorc in interest. Tender shall not be troquired to commence proceedings against such successor or refuse to extend time for payment or otherwix modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and BoROwer's successors in interest. 11. Forbearance by Lender Tio?t a Waiver. Any forbearance by lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercix of any such right or rerrredy. _ The procurement of insurance or the payment of rates 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. Remedies Cmm~lati.e. 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 be exercised concurrently. independently ox successively. ' 13. Swcceaors and Assiigws Found:.]Diet awd Several i.iabillty; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall intir~ to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to lie used to • interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower p~ovidcd for in this Mortgage shall be given b}• mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as 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 designated herein. 1S. Uniform MorlRsge; Goverwiag Law: Severability. This form of mortgage combines uniform covenants for national r use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument coveting real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Jn the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not afhct p other provisans of this Mortgage or the Note which can be given e0ect without the conflicting provision. and to this end the provisions of the Mortgage and the Note are ckclued to be xverable. ! 16. Borrower's Copy. Borrower shall be ftirni,hed a conformed cop}' o[ the Note.and of this Mortgage at the time of execution or after recordation hereof. 17..Trasder of ere Property: Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior writicn consent. excluding fat the oration of a lien o>: encumbrance subordinate to this Mortgage. (b) the creation of a purchase money Security interest for houxhold appliances, (c) a. transfer by devae, descent or by operation of law upon the death of a joint tenant or (d1 the grant of any leaxhold interest of three years 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 accelerate 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 interc.t payable on the sums secured by this Mortgage shall be at such raft as Lender shall request. Tf 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 BoROwer from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of accektation in accordance with paragraph 14 hereof. Such notice shall provide a period of not las than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. It Borrower fails to pay such arms prior to the expiration of such period. f Lrnder may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. I NoN•UNrFORM COVENANTS. BOROwer and Lender further COVeDaDt and agree as tollOwf: r li. Accderatiow; Rerwedia. E:oxpt as provided iw psragrapr 17 rereot. tt*ow Borrower's 6reacr of any coverr~! K 9 agreetwewt of BonDwer b tris Mortgage. iwclwdiwg ere corenswfs to py when ttwe ary wwrs ttecard 67' tria Mortgage. Levier prbr b acederatlow sraB wtaN wotke to Borrower s provfdtd Iw parngrspr~ 14 rercot spedtylag: (t) ere 6rtacr: (21 ere ttKfiow rgwhei b etre tttscr breacr; (3) w dttRt, woe less Craw 30 days frDm ere date ere notice b ttaaBett b Borrower. h wrki otrrer brgtr rawt be awry awd (n fiat hNnre to care titrcr brcacr ow or retore ere date opeelfiti r the wotice way rarit d weederatlorr of ere ttturu aecwred by trb Mortgage. torecioswre by jwdkW proettiiwg awl salt of ere Tropetrty. Tie wtttke ttiaB twrfrer iwfortw Borrower of ere right to reinstate tlter accelerbiow swd ere right b trsoert rr ere torstloowre ~roeeeitr~ ere wow-eaistttxe of a icfatrM or swy firer detewse of Borrower to accelerwtbw aad foreclawrs. H tie 6reacr b woe cwrsi a or before ere late spedfiei b ere wotke. Lewder at Lender's optiow rway dechre trB of ere tttarru steteeti by fib MotAgaAe w k ivtwedktely fine awtl pyaMc witboN twrtrer demand and wtay toreclote tits Mottgagt by jwttkbi prresedlwR. Lender sraN b< ettiflaei to o:oBeet V swei procetiirrg V expctssa Dt tDrecloswrc. iwclwdiag. bwt toot Wwitei lo. reanwable sftxwer's tea. aid Dods of ioet.''~' eriiewee. abstracts awd tick report. 19. Borrower's Rigrt to ReiwNate. Notwithstanding Lenders acceleration of the sums secutYd by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time