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HomeMy WebLinkAbout2161 t . . ~ ~ . Lender's written agreement or applicable law. Borrower shall pay the amount of all morigagt insurance premiums in the manner provide) 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 !.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 time to time on outstanding principal under the Note unless pa'ytnatt of interest at such rate would be contrary to applicable law, in which event such arncwnts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or fate any action hereunder. fi. latpectiow. 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 Lender's interest in the Property. 9. ~ Cowdemaatbw. 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 tender. ; Y 1~ ` ' In 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 Fender ~ 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 of 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 tender to Borrower that the rnndemnor offers to mate an award or xttle a claim for damages. Harrower tail. to respond to Lender within 30 days after the date such notice is rnaikd. Lender is authorized to collect and apply the proceeds, at tender s option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Un{kss Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not e~tertd 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. domower Nof Released. Extension of the time for payment or modification of amortization of the sums secured _ by this Mortgage granted by Lender 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 shall not be required to comrrtertoe proceedings against such successor or refux 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 Borrower's successors in interest. l 1. Forbearwwce 6r Lender Nof a Waiver. Any farhearance by lxnder in exercising any right or remedy heretmder, or otherwix afforded by .applicable law. shall not be a waiver of or preclude the exercise of any such right or tYrrtedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies CwmalNi•e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or t~quity, and may be exercised concurrently, independently or successively. 13. Swccessors awd AssiRws Found: aoiwt gad Several t.iab8ity; Captiows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inar~ to. the respective successors and assigns of Lender gad 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 arc -for convenience only and are not to lie 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 be given by mailing such notitt by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to iender's address stated herein or to i such other address as Lender may designate by notice to Bormwer 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. I 1S. Uwifonw Mortgage: Go•erwirrg 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 clatrx of this Mortgage or the Note conflicts with applicable law, such conflict shall not att4ct { 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. 16. >aorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Tnwder of ere hoperty: Assrtmptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior writsen consent. excluding (a) the creation of a lien or encumbrance subordinate 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 (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 bt immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or Transfer. Lender and the person Io whom the Property is to be co1J or transferred reach agreement in writing that the credit of each person is satisfactory to tender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. Tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written auumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. ` if [.ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 heroof. Such notice shall provide a period n[ 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 arms prior to the expiration of Such period, Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. Nort-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: lfl. Accderatlow; Rewtedlea. )Ertcept sts pro•idsd iw Mr'aL~ 17 rereot. trpw Itosrrowersr bswct of tawr co•ewwwt K srgreewsewt of aorrrwer b tr4 Mortgage, iwclrrdiug ere eo•ewartts fo par wren drsK sMr sttsnwa accord y trf. Morgptge. i,ewder prior b acceierwfsow ~aH mdl wotlce to f8osrrower s pro•ided tw paragraph 14 receot geeMriwg: (1) ere bsseser; (2) ere wctiew r b etsre wcr rreacb: (3) w date. wet las tram 30 days from ere date ere wotke r ttwalkd b Iterrawer. br wrkr saver rrewcr and be cared; awe (4) teat twihre to etsn aver rrescr a or refore ere date apecMed Iw'tre woticc war reswtt b aecelerwlbw off ere twtrwa ssectned br tlr4 Mortgage. toreciosore b jtrdkW N~oeeedM[ awd sswle of ere Mperry. Tee wotirx araY ttrrtrer iwtortw Borrower off ere riRrt b relwstate after wccekratbw sad ere rlgltt b assert h ere /oreetoart ~eeedisg ere wow-caWewce of w detawk or awe otter ddewse of lorrower to wccckratbw trwd toreclowre. N ere rrrcaer V wet emrd ow or before ere dale specifiai i• ere wofke. Lewder s1 I.ewder's optiow wear declare d d ere ,star seesred ter fltis MertRwRe ib be immediately dwc awd prwble t•itrowt tavtrer demand and mar torecioae tltb Mortgage br ~ttdicW /rroesedlwR. Lender srw8 be ewtltld to collect i• sewer /roceediwL aB espouses of forecloswre. iwehsdiwg, bwt wet Btwitd tp. rtwaowwrle stt.,reer's fees. awd cosh of doca:'w~7 e•idewce, abatrscb wwd tBk srcprts. 19. sonowa's Rkrt to Reiwaate. Notwithstanding Lenders acceleration of the stems secured by thts Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 6~ PlGE~~