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HomeMy WebLinkAbout2179 ~ i- , - Lender's written agreement a applicable law. Borrower shall pay the amount of all mortgage insurance premiums rn the • manner provided under paragraph 2 hereof, Any amounts disbursed by !.ender pursuant to thin paragraph 7, with interest thereon, shat) become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower a~1c~ .ender agree to other terms of payment. such amounts shall be payable upon notice from !.ender to Borrowef r+dqutsting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to tune on outstanding principal under the Note unless pa'ymatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the higheri rate permissible under applicable law. Nothing contained in this paragraph 7 shall require fender to incur any experae or fate any action hereunder. S. Itrspeetiow. Lender may make ar cause to be made reasonable entries upon and inspections of the Property. provided that !.ender shall glut Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cordewrwatbn. The proceeds of any award or claim for damages, direct or consequential, in rnnneetion writh any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. in Iht event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the exctss, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwix agree in writing. there shall be applied to thr sums secured by this Mortgage such proportion of the proooedr as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears 1o the fair market vafue 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 lender to Borrower that the con_ dtmnor oilers to matte an award or xttle a claim for damages. B~rrawer fail. to respond 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 xecured 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 o[ 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 Lender to any successor in interest of Borrower shall not operate to rckax, in any manner. the liability of the original Borrower and Borrower's successors in interest. Lender shall 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 reasr+n of any demand made by the oriteinal Bofrowtr and Borrower's successors in interest. 11. Forbearawce 6y Lender Nof s R?airer. Any forbearance by !.ender in exercising any right or remedy hereunder, or otherwis2 afforded by applicable law, shall not be a waiver of or preclude the exercix 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': right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rearedks Comulatlrt. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or aRorded by law or equity. and may be exercised concurrently, independently or succtssively. 13. Successors swd AssiRas Bound; .Joist awd Seversf i.iability; Captlssts. The covenants and agreements herein contained shall bind, and the rights hereunder shall intrr~ to. the tespectivt successors and assigns of Lender and 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 arc not to Ire used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manrxr, (a) any notice to Borrower provided for in this Mortgage shall bt given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher address as Borrower may 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 [.ender'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 i Mortgage shall be .deemed to have bcen given to Borrower or Lender when given in the manner designated herein. IS. Uwifonw Mort~af<c; Corerwiw~ Law; Severabifity. This form of mortgage combing uniform rnvenants for national ~i use and ran-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 j event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such conflict shah not affect other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. >Borrower's Copy. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the tune of executan or aher recordation hereof. 17..Trawdcr of the Property; Assumptiow. 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 (a) the crcatian of a lien or encumbrance subordinate to this Mortgage, (b) the creafean 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, des{are all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waivtd such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property iota be colt ar transferred reach agreement in writing that the credit of such ptrsort is satisfactory to Lender and That the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accelerate provided in this paragraph f7, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall rekax Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender cha)1 mail Borrower notice of acceleration in accordanrc with paragraph 14 hereof. Such notice shall provide a period of not Icss 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 sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1R herrnf. ( Norr-Ur+tFOant Covt:Herr•rs. Borrower and Lender further covenant and agree as fdbwn: lg. Aceekratlow; Rewredia. Except as provided io paragrsplr 17 hereof. typo Isorrewer's 6reaelr of any corerrarrt K agreetieot of serrower d tY4 Morgage. L the corewawts to pwy whew rwe goy strrrrs secwrer ~ drls Mortgage. Lswrer prior b wceeierrafow sYat rwaq sotke to Iorrower as *rorided iw paragrsplr 14 hereof speelfylrrg: ll) the DereaeM:121 the setiew rgwMed N care swclr brestclr; (3) s date. wet ks tram 30 days frown the date the wotice r rwtikr to torerwer, fry wlrklt swelr 6rearfr mwst ire ewred; awn (4) flat failure to care sAtcM rreaclr ow or before the date speeMed V tAc wotice war result h j atceieratiow of the ssrws stctrrer fry tlrM Mortagage. foatcloswre fry jwdkW proctealwg awn We of the rrrtperty. 71re wetiee . drat frertlres hfonrr torrrswet of the riRM to rNwstate after acceleratiow awd the right b aneA h !k foreefenre procteig the wow•e:Mewee of a retawit or awy other dderrse of torrower to aecekntbw awd fortelowre. N Me 6eraclr b wet crrer ew or belong the rah speedier b the wotice. Lewder at I.ewder's optiow wroy deel~c r of the ar seewrer fry rids Mortgage b be iwrwediately rre atiti'wywble r•itborM fwrttrer demand and Wray foreclose tbls Mortgage by jrdieW proesedirtR. Lender shat be ewtftkr to cotes! b atelt prteteriwg at expewses of forec{oswrc. iwclardiwg. bwt ws1 merited to. r+easorrabit sn.xrrer's fees. aiwi costs of rentmewtary erirewee. abstrwets asrr title r+cprb. . If. Ilorrowa's Rig?t to Rdwstate. Notwithstanding Lenders acceleration of the sums secured by thr• Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ EL14K t~G~ PAGE~,1~ . J