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HomeMy WebLinkAbout2287 • ' ; Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance prt:tniurrta in the manner provided under paragraph 2 heroof. . 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 t~td Lender agree to other terms of payment. such amounts shall be payable upon notice from I:ender to Borrower requesting payment thereat, and shall bear interest from the date of disbttrsetnent at the rate payable from time to time an 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.ende~ to incur any expense or take any action hereunder. Itatpectiow. 1_enckr may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Harrower notice prior to any such inspection specifying reasonable cause therefor related to Letnkr's interest in the Property. 9. Coadewtwatbw. 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, are hereby sssigned and shall be paid to Lender. In the event of a fatal taking of the Properly. the proceeds shall 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 pr~ooeeds 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 Properly is abandoned by Borrower: or if. after notice by Lender to Borrower that the condemnor often to matte an award ar settle a claim far damages, &•rrower fair 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 ratoration or repair of the Properly or to the sums secured 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 of such installments. 10. Eorrower 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 release, in any manner, the liability of the original Borrower and Borrowei s successors in interest. Lender shall not be required to commence proceedings against such successor or refua to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of arty demand made by the original Borrower and Borrower's successors in interest. ll. Forbearawce by Lender Not a Waiter. Any forbearance by Lender in exercising any right or rcmody hereunder, or otherwise afforded by applicable law. shall oat be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of loxes ar other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secttrcd by this Mortgage. l2. Remedies Coro¦lafi~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law ar equity,rnd may be exercised concurrently, independently or successively. ' 13. S¦ecessors and Assigws Qound: Joint and $ereral Liability; Captions The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ to. the respective successors and assigns of Lender attd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joird and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to 13e used to interpret or define the provisions hereof. 14. Notke. Except for any notice rcyttired 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 notice 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 Lender's address stand ftercin 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 Harrower or Lender when given in the manner designated herein. 1S. Uniform Mortgage; Goreraittg Law; Severability. This form of mortgage combines uniform covenants for national I use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform sxurity 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 clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not ailed other provisions of this Mortgage or the Note which can be given e0ect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate are Declared to be severable. 16. 1!<orrower's Copy. Borrower shall be furnished a conformed copy- of the Note and of this Mortgage at the tittle of execution or after recordation hereof. 17..Trasder of tie Property: Assumption. 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 ta) the creation of a lien or encumbrance subordinate to this Motagagt. fb) 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 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 Bald or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest 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 Borrower's successor in interest has executed a written attumption agretment accepted in writing by Lender, Lender shall release Borrower tram all obligations under this Mortgage and the Notc. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance s.•ith 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 sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph I A herrnf. NoN-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 1'. At:celeratfow; Retwedks. Except as provided. iw paragryb 17 hereof, Roa Son~owet's btreaclt of awy coretuaat K a~reewewt of >sorrower V tl~ Mortpge, fiweitdiwg file eorewawts to pay wbtw drat am craws setrttsd iy lib Mortgage. Lewder prior to aeeekratloa slYa/ twatl ttwtlce to lsompwer as prorided Iw parrtpapb 14 ietsot speclfylag: (1) flit becaci: (2) tie actiow rgrdnca b cm srtci >rreacr; (3) a lots, ttrot lest liaw 30 days from tie date tie notice r walled to Iteerower. i!' wild strci brreaelt wtrst be cwcd; and (4) that faflaro to cure twist breast ow or before tie date specYed V tie ttotfce way resWt b aceekratiow of tie wr sectercd by tltia Mortgage. foeteloswrr by jodkW peoessditr~ and sale of tie h~opeety. Tice tootles siaN brtier irdorw ltforrower of tie right to reftastate after acceleratiow atsd tie rfgltt to arM M lire torselowts ptocseditK _ tie wow~e:Wewce d a detstdt or awy other detswse of Borrower to sccekratbw swd torecloatre. H the 6reacM is cwt csred ow or before the date geeiBed b tie tootice. Lewder at I.etoder's option way deeWe ail of tie wws setstrer by tW MortpRt h ie lrwtwediately doe and pyabk witbo¦t twrther demand and may forscloss this Moct~a~e by jadkW pcocsediwR. i.ender shah be entitled to collect d swci proeeedirtg tl expeases of foreclosttrs. iwchsdiwg. btK trot 1fWtsd M. rensonalie stt.,reer's fees. and costa of doer:!oeNary eridcwce. abrdracts awd title report. 19. iornowq's Rl~it to Rebstate. 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 g~~ 329 P~~E 2285