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HomeMy WebLinkAbout0605 a ~ • ~ ~ Lender's written agreement or applicable law. Borrower shall .pay the amount of all mortgage insurance pr+aniurru in the . manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant 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 notice from Lender to Borrower requesting payment thereof, and shall bear interest from the ' date of disbursement at the rate payahk from time to time on wttstanding principal under the Note unless paymatt of interest at such rate would be contrary to applicable law, in which event such amounts shag bear interest at the highest rate permisstbk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense ~ take ' any action hereunder. lt. Iwspectioa. tender 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 cause therefor related to L~endePs interest in Ibe Property. 9. Cowdemwatbe, The proceeds of any award or claim for damages. direct or consequential, in rnnrtection 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. - ln the event of a total taking of the Properly. 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 otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeeds as is equal to that proportion v?•hich the amount of the sums secured by this Mortgagt immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date Df taking, with the balance of the proceeds - - paid to Borrower. Tf the Property is ahandoned by Boasower, or if- after notice by Lender to Borrower that the condemnor ogees to make an award or settle a claim for damages. Borrower fails to resaond to Lender within 30 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 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 extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. llbrrower Not Released. Extension of the time for payment or modification of amortization of the sums stxue+ed by this Mortgage granted by I-ender to any cuccecsor in interest of Borrower shall not operate to release, in any manner. tbe liability of the original Borrower and Borrower s successors in interest. Tender shall not be roquirt:d 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 Borrowers strccesson in interest. 11. Forbearance by Lender Not a Waiver. Any forhearance by Lender 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 I~nder shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secttrrd by this Mortgage. 12. Remedies CaarulMtve. 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 a succtssivety. 13. Soccessors and Assigws Found:.]Diet gad Several I.iab7ity; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ to. the respective successors and assigns of Lender acrd Borrower.' subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirg and several. The captions-and headings of the paragraphs of this Mortgage are for convenience only and are not to lie used to interpret or define the provisions herrnf. - 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 certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to 1_ender as provided herein. and (b) any notice to Lender shall be given by certified mail. return receipt requested. to Lender's address staled herein or to II 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. IS. Ueiform Mortgage; Governing Law; Severability. 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. 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 -this Mortgage or the Nnte conflicts with applicable taw, such conflict shall not affect other provisions of this Mortgage or the Note which can be given ettect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. - I 16. Borrower's Copy. Borrower shall be furnished a conformed cop}- of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. ,Transfer of the Property: Assiimptioe: if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. exclud'eng !al the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the creatton 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 or (d) the grant of any leasehold 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 Properly is to be solJ or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interest pa}•abk on the sums secured by this Mortgage shall be at arch rate ac 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 Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordant_-e N•iih paragraph 14 hereof. Such notice shall provide a period ~f not less than 30 days from the date the notice is mailed within j which Borrower may pay the sums declared due. It Borrower fails to pay such s;ems prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg herrnf. Mort-Ur+etaortut CoveNarrrs. Borrower and Lender further covenant and agree n folbws: lg. Accderatbe; Remedies. Except s provWed it. paragraph 17 tiered. opw lsorrrwers hrtsaeh d ssiy cevetart K ~ apeemeat d lorrower b this Matgage. kselodieg the covensMs to py whew sere gay saes steoriti h9 ~ Ilffortgage. Lewder prior to acceleration shall read notice to 1dOrrawK ss provWed fw paragraph 11 hexed speeityleg: (1) the hraeh; (21 the artiow rgoired N core track breach: (3) a date, woe lest' thaw 30 days frDrw the date the t+otke fs esaBcd to Mrrower. hf' whkh soci ireaeh east he gored; aed (1) that fhilore to cwre sock frteach a ate before the date specYed i• the wotfce may rtssrrfK i• seer:kratlow d the soon stxored Iry this Mortgage. forecloswre b ywdkW poesedieg awd see d the Pnopcrty. The .etiee :haY twrther iJorwr )sorrows d the right to reitsttate after eeceleratiow awes tse right to asseA ~ the torsciarre prwcseatrg the wow-a:Wewce d w tlletaok or twy other ddetsse d Iorrower to accekrNiore ass tortclowre. K the breach b wet eteed a or bdore the date specked `the ootke. Lewder at t.ewders optiow may tfieehre tr d the wms stteorsd cry Ibis M~rtgtrRe b fee i•medvtcly doe aed pysblc witboN tnrther demand aed may toreelose this MorlgrRe try ~wiicW preesedlwg. 1<-ender daM be esttlekd to co8eet is sock pt+oeeediwg sB e:peeses Df forecloswre. feclodieg, tint wet sited M. reaeewahk stt.,rwer's fetes. ssrd eosb d tioet:.~hry evidewce, abstrwcts wwd tick reports. . 19. iorrower's Right to ReiwNate. Notwithstanding Lenders acceleration of the sums secured by thte Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time - BU~X+~~GJ PdGE