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HomeMy WebLinkAbout2155 _ • + ? } i a ' Lender's written agreement or applicable law. Borrower shall pay the amount o[ all mortgage insurance prrmiuttns in the manner provided under paragraph 2 hettof. Any amounts disbursed by 1_ender pursttarit to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and 1_ender 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 payable from tittle to time on outstanding principal under the Note unless payrnatt of interest at such rate would t+e 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 lender to incur any eaperae or tote any action hereunder. 13. IwspecNow. fender may make or cause to tie made reasonable entries upon and inspections of the Property. provided that !.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to I_errder's interest in the Property. 9. Cowdemwatiow. The proceeds of any 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 be paid to Lender. - In the event of a total taking of the Property, the prtcekds 41ia1~ he 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 proceeds as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date o[ taking bears 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 by Borrower. or if. after notice by !.ender to Bormwer that the condemnor offers to mane an award or settle a claim for damages. Borrower tail. to resaond to Lender within 30 days after the date such tatioe is mailed, Lender is authorized to collect and apply the proceeds. at i.ender i option, either to ratoration or repair o[ the Property or to the sums secured by this Mortgage. Unless !.ender and Borrower otherwise agrce in w•ritinte, any such application of proceeds to principal shall rat etttettd ~ or postpone the due date of the monthly installments referred Io in paragraphs 1 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 secured by this Mortgage granted by l.erider to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. lender shat{ not be required 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 oriaina) Borrower and Borrowers successors in interest. 11. Forbearance 6y Lewder Not a Wsiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not tie a waiver of or preclude flee exercise of any such right or remedy. The procurement of insurance or the payment of taxes 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. Remedks Cnmulalfne. 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 or successively. 13. Successors awd AssiRws Bound; Joist awd Several I.iabidty; CapBows. The covenants and agreements herein . contained shall bind, and the rights hereunder steal! inure to, the respective successors and assigns of Lender and Botmwer, 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 arc for convenience only and are not to Ile used to interpret or define the provisions hereof. 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 tx given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower mav_ designate by notice to i.ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to fender'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. IS. Uniform MoriRaRe: GovernierR Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform rnc•enants with limited variations by jurisdiction to constitute a uniform security instrument covering 4 real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. to the t 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 tx given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are ckclared to be severable. I6. Borrower's Copy. Borrower shall be furnished a conformed cop)- of the Note and of this Mortgage at the time s of execution or after recordation hereof. , I7..Trawafer of the Property; Aswmption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance wbordinate to this Mortgage, (b) the creation 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 (d1 the grant of any leasehold interest of three yeah 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 interact payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. if 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 Borrower from all obligations under this Mortgage and the Note. ~ If Lsnder exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such stems prior to the expiration of such period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 1R hereof. 5 3 Noty-UNIFORM Covt:NaNrs. Borrower and Lender further covenant and agree as follows: ~ Ig. Acceleratlow; Rewedla. Except s provided iw pragrapr 17 Ireeeot. repro sorrower'a bread of awy covewawt or agreerwewt of Eorrower b fhb Mortgage. btcludiwg ere co•ewwats to py wicw due awy rows soured r7' lldrt Moefgage. i.ewder priior to sceekrstlow sbad maN wotke to Borrower ss'rovfdcd Iw pragrapr 14 rereef specifying: (1) the 6reser; (2) the setbw requred to core suer brescb; (3) s date. root less trsw 30 days crow tie date tie notke b waded N •srrower. !y wrkr suer 6resci rwtrtt be cured; asd (1) slut failure to core suci breacr ow or retore ere date geclfied r ere wotke way rssnk V i saderstiow of tic cur secured by fib Mortgage. forecbsure by judkisl'roetiding awtt ssk et fee Property. Tee wetkt send furtrer iwtoro Ilbrrower of ere right to rehsstatc after scceleratiow swd ere eigrt b stwert iw ere toreeloarrt p~oeeeittg tie wow-a:btewee of w defanN or awy otrec defewse of Borrower to wecekratbw awd toree{oswre. N leer crease is not cwri os or before the date spcilkd V tie wotice. Lender st Lender's optiow rosy dttelsre nil of ere wwr secured i7' fits Mortgage N k bsnredistely due swi pyabk without turtrer demand and may torecbse tiffs Mortgage h' jsdkW /rweeedisR. Lender crap be ewtltled to collect iiw suer proeecdirrg aw a:petrses of foreclosure. fwchrding. Out nM dtttdtetl to. teasowsble stlurseY's fees. ~ ssd casts of doc.!weNsry eridewce. abstracts and 1Bk repels. ~ . [ 19. •onowa's Rlgrt to Rebtstste. Notwithstanding Lenders acceleration of the sums secured by the Mortgage, I Borrower shall have the right to have any proceedmgs begun by lender to enforce this Mortgage discontinued at any time ~ ~(,(~329 P~~F2153