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HomeMy WebLinkAbout0816 • ~ ~ Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums •in the manner pmvidcd under paragraph 2 hereof. Any amounts disbursed by I_encier pursuant to this paragraph 7, with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender ague to other terms of payment, such amounts shall be payable upon notice frem (.ender to Borrower requesting payment thereof, and shall bear interest fmm the date of disbursement at the rate payahle from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary 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 i.ender to incur any expense or take any action hercundcr. 8. inspection. fender may make or muse to l+e 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 Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential. in connection with any condemnation or other taking of the Property, ur part thereof. or for conveyance in lieu of condemnation, arc hereby assigned and shall, be paid to i.cndrr. in the event of a total taking of the Property: the proceeds shall he applied to the sums secured by this lliortgage. ++•ith• the c~ccss. if ;tm•. paid tt• Borrower. in the cv~nt of a partial taking of the Property. unless Borrower and i.ender otherwise agree in +criting. them shall he applied to the cams secured by this Mortgage such proportion of the proceeds as is cyu:d m that pn•p.~rtion wfiich the amount of the sung ucurcd by this Mortgage immediately prior to the date of taking hears to the fair nrtrket valor of the Property imntediatch• prior to the date of taking. with the balance of the proceeds paid to Bormwcr. • 1f the Pmperh• is abandoned by Bormwcr. or if. after notice M• Lcndcr m Borrower that the condemnor offers to make an a++~arti or settle a claim for damages, Borrower fail. tt. rrspnnd tt. 1 cndcr within i0 days aNer the date such notice is mailed. Linder is authorimd to collect and apply the prc•cecds. at i.ender'c option. either to restoration or repair of the Property or to the sums secured by this Mortgage. Llnlrss Lender and Borrower othens•ice agrcc in writing. anv such apprcation of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and hereof or change the amount of such installments. 10. Borrower Not Released: Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lcndcr to.any cui:cccct•r in interest of Bormwcr shall not operate to rclcasc. in any manner. the liability of the oricinal Bormwcr and Borrower ~ succesu.rs in interest. Lender shall not be required to commence proceedings against such successor or reface to e~tentl timr~ for payment or other+cisr mcxiify amortization of the sums secured by this Mortgage M• reason of am• demand made M• the oricinal Borrt++vrr and Borrowers successors in interest. 11. Forbearance•by i.ender Not a Wai+•er. :\n+• forbearance h+• l ender in r~crcicing any right or remed~• hereunder. or otherwise afforded by applicahle law. shall not he a waiver of or preclude the e~ercice of any such right or remed)~. The procureritent of insurance or the payment of tapes ~+r other liens i+r charges by Lender shall not he a waiver of Lender s right to acccleratc the maturity of the indchtednesc cecuretl by this Aiortgagc. 12. Remedies Cumulative. All remedies provided in this \lortgaee arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law• or equity. and may he eserciseJ concurrently. independently or successively. 13. Successors and Assigns Bound: Joint and Se+eral l.iabilih•; Captions. Thc"" covenants and agreements herein contained shall bind, and the rights hercundcr shall inure to. the respective succecavrc and assigns of Lender and Borrower. subject to-the provisions of paragraph. 17 herrnf. :\ll covenants -anti agreements of Bormwcr shall he joint and several. The captions and headings of the paragraphs of this Mortgage air for corrvenicncc only and arc not to he used to interpret or define the prm•icions hereof. 14. Notice. Except for an} notice required under applicahle law to be given in another manner. (a) any notice to Borrower pmvidcd for in this Mortgage shall t+e given by mailing such notice by certified mail addressed to Borrower at the Pmpem• Address or at such other address as Bormwcr mav_ designate hs• notice to i.ender as pmvidcd herein. and Ih) any notice to Lender shall tx: given by certified mail. return receipt requested. to Lender c address stated herein or to such other address as lender may designate by notice to Borrowt:r as pmvidcd herein. Am notice provided for in this i \turtgagc shall Ix deemed to ha+•c been given to Borrov+er or Lcndcr when given in.thc manner designated herein. 15. Uniform Mortgage: Governing i.aw: Severabilih•, This- form of mortgage combines uniform covenants for national ~ - uce and non-uniform covenants with limited van;uianc hc_ juriulictian to constitute a uniform security instrument rnvering real properly. This !\lortt:age shall hr govented by the law t•f the juric.lictian in which the Property is located. In the event that any pmvis+on or clause of this 1lorigage ur the \ote conflicts with applicahle law. such conflict shall not affca . other provision. of this Mortgage ar the ~'otr which can hr gisen ctTcct without the conflicting provision. and to this - cnd the prasicions of the Mortgage and the \ute air declared to he scvcrahlc. 16. Borrowers Cope. Borrower shall hr furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Propert~•: Assumption. If all rr :utv part of the Property or an interest therein is sold or trancferrcd by Borrower v+ithout Lender's prior written consent. excluding lit the creation of a lien or encumhrancr cuhordinate to this Mortgage. Ibl the creation of a purchase nu+nex securitx interest fur household appliancec• (cl a transfer hs• devise. descent tvr M- operation of law upon the .bath rf a h.++tt tenant or (tl+ the grant of am~ leasehold interest of three years or less nut containing an option to purchase. I ender max, at I endcr's option. declare all the sums ucured by this Mortgage to I+c imntrdiately due and payahle. 1 ender chill have v+;+ixed such option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Prupert~ i, to F+e sol.l ur translerred mach :r_•rcrment in writing that the credit of such percoe is satisfactory to T.enJer and that the interest payahle rn the sums secured he thi, Mortgage shall be at such rate ac Lender shall request. if 1 cndcr has waived the option to accelerate pn•yided in this p:+rr~raph 17. and if Borrowers successor in interest has executed a ++rilten assumption agreement accepted in writink by I ender. Lcndcr shall rclcasc Borrower from all obligations under this Mortgagc•and the Notr. if I ender cxcrrises such option to acceler:+te. 1 en~fer shall mail Borrtnver notice of acceleration in accordance with paragraph I•i hereof. Such notice shall pnwide a peri+~d ~~f nut lees than Zn days 'from the daft the notirc is mailed within which Borrower mac pay the sums dccl:+retl due. If Bormvver (ails a• pay such snmc prior to the expiration of such pcriotl. Lcndcr may. without further nrnice or demand rn Bornnvcr. mvolse am rrntedies permittc.l by paragraph l4 hereof. tio~-l.'~tt-oast ('ovt~+`Tti. Bormwcr and 1 cndcr lurthrr covenant and aerie ac follows: 18. Acceleration: Remedies. Except as provided in paragraph 17 hereof, upon Borrowers breach of an} coyenanl or agreement of Borrower in this liortl;age, including the covenants to pay when due am~ sums secured b~• this 1~tortRage. Lender prior to acceleration shall mail notice to Borrower as prnyided in paragraph 14 hereof sptcifcinR: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 da}c fmm the date the notice is mailed to Borrower. by which such breach must be cured: and (4) that failure to cure such breach nn or before• the date specified in the notice may result in acceleration of the sums secured by this ~1ortRage, foreclosure br judicial proceeding and sale of the Property. 77te notice shall further inform Borrower of the ri};ht to reinstate after acceleration and the right to assert in the foreclosure proceedirq; 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,l[.ender at lender c option may declare all of the sums secured by this Nortl;aRe to be immediately due and payable without further demand and mac foreclose this ~1ort~a8e b}• judicial proceeding. Lender shall be entitled to collets 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. Borrower's Rq;hl to Reinstate. \oltr ithctanding Lendrr•s acceleration of the sums secured h}- this Mortgage. Borrower shall have the right tt. ha+•e am prcvicerdines heiun h+ 1 cndcr to enforce this Mortgage discontinued at am• time SI~~~ PA~f