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HomeMy WebLinkAbout1813 i 9 9 ~ t ` Lender's written agreement or applicable laa•. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall became additional i indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment, such amounts shall be payable-ttpon notice tram Lender to Borrower requesting pa)•ment (hereof. and shall hear interest from the date of disbursement at the rate payable 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 permiuible under applicable law. Nothing contained in this paragraph 7 shall require (.ender to incur any expense or take any action hereunder. 8. Inspection. (.ender 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 Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in conntction with any condemnation or other taking of the Property. or pan thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall t?e paid to Lender. in the event of a total taking of the Property. 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 secure) by this Mortgage such proportion of the proceeds as is equal t~ that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking hears 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 Property is abandoned h}• Borrower. or if. after notice by (.ender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails tr• respond to lender within ?0 days after the date such notice is ~ mailed. Lender is authorized to collect and apply the proceeds. at (.ender c option. either to restoration or repair of the t Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherss•ise agree in writing. am• such application of proceeds to principal. shall not extend or postpone the due date of the monthlp installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or mcxlification of amortization of the sums ucured ` by this Mortgage granted by Lender to am• wccessor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's successors in interest. i:ender shall not he required to commence pnceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured M• this Mortgage hp reason of any demand made M' the original Borrower .and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Am• forbearance by I-ender in exercising any right or remedy hereunder. or otherwise afforded by applicahle 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 b}• lender shall not he a waiver of lender's right to accelerate the maturity of the indebtedness secured by this Mortgage: 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to am• other right or remedy under this Mortgage or afforded by law or equity. and may he exercised concurrenth•, independently or successiveh•. ~ 13. Successors and Assigns Bound; Joint and Se.eral l.iabitih•; Captions. The covenants and agreements herein ' contained shall hind. and the rights hereunder shall inure to, the respective successors and assigns of lender and Borrower. subject to the provisions of paragraph t 7 hereof. All crnenants and agreement. of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience Doty and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicahle law to be given in another manner. (at any notice to Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed m Borrower at the Property Address or at such other address as Borrower mav_ designate M• notice to Lender as provided herein. and } (hl am• notice to Lender shall he given M• certified .mail. return receipt requested. to 1 ender s address stated herein or to such other address as Lender may designate M- notice tc• Borrower as pr,wideJ herein. Any notice provided for in this i Mortgage shall he deemed to has•c been given to Borrower or Lender when given in the manner designated herein. - ~ 15. Uniform Mortgage; Governing IaN: Severabilih•. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction W 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 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. 1x3. Borrower's Copy. Borrower shat! he furnished a conformed copy of the Note and of this Mortgage at the time i of execution or after recordation hereof. 17. Transfer of the Proper!}: Assumption. if all or am part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding la) thr creation of a lien or encumbrance subordinate to this Mortgage. (h) the creation of a purchase moue}, security interest ~ for household appliances. (cl a transfer M• devise. descent or by operation of law upon the death of a joint tenant or felt the grant of any leasehold interest of three years or Less not containing an option to purchase. Lender mav. at Lenders option. declare all the sums secured hs• this i<fortgage to be immediatel}• due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender i and the person to whom the Property is to be soW or trarisfcrred reach agreement in writing that the credit of such person is satisfacton• to i_ender and that the interest pas•able on the sums secured hp this Mortgage shall'be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph t7. and if Borrowers successor in interest hoc executed a written assumption agreement accepted in writing h}• Lender. !_ender shall release Borrower from all obligations under this Mortgage and the Note. . if Lender exercises such option to accelerate: (.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than ?0 Jays from the date the notice is mailed within whcct? Borrower may pap the sums declared due.. if Borrower fair to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower. im•~ke am• remedies permitted M• paragraph 18 hereof. F NON-UNIFORM COVENANTS. Borrower and i_ender further covenant and agree as follows: 18. Acceleration; Remedies. E:ceps as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or , agreement of Borrower in this Mortgage. including the covenants to pay when due any Burns secured by this Mortgage. Leader prior to acceleration shall mail notice to Borrower as proxided in paragraph ld hereof specifying: (I) the beeacb; (2) tbt action required to curt such breach; (3) a date. not less than 30 days from 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 rredt in acceleration.of the sutras secured by this 'irfortQage. foreclosure by judicial proceeding and Bak 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 any other defense of )IMrrower to acceleration and foreclosure. if the breach is trot cured on or before the date specified io the notice. (.ender at ~r's option may declare all of the Bolus secured by this Mortgage to be immediately due and payable without further demand and mar' foreclose this htortgaRe 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 thrs Mortgage, Borrower shalt have the right ro have am prixeedmgs hecun M Lender to enforce this :1ortgage discontinued at any time e%fiK I'~329 P~~E1811