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HomeMy WebLinkAbout2525 Lender's written agreement or applirahlc law. Borrower shall pay the amount of all mortgages insurance prcmiutns in the manner provided under paragraph 2 hereof. .Any amounts dicbt?rscd by I.endcr pursuant to this paragraph 7, with intcrest thereon, shall l?ccnme additional inJebtednccc of Borrower secured by this Murt);age. Unlcs Borrower and Lender agree to other Terms of payment, such :mamts shall he pryahlc upon uotirc from Lcndcr to Bc?rn?wrr rcytK•cting payment thereof, and shall hear intcrest from the date of disbt?rument at the rate payable' from time to time on outstanding principal under the Nott unless payment of i~~terest at such rate would he contrary to applicable law, in which event such amounts sh:?II hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take sny action hereunder. >R Iaspectioa. i.endcr may make or ca??se to be made rcasonahlc entries upon and inspections of the Property. provided . chat 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 arty award or claim for damages, direct or conuquential, 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 Lcndcr. In the event of a total taking of the Property, the proceeds. shall be applied to the: st?ms scct?rcd by this Mortgage. a~~ith the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property. t?nless Borrower and Lender otherwise agree in writing. there shall he applied to the sums secured by this Mortgage such proportion of the proceeds u 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 Lender to Borrower that the condemnor often to make an award or settle a claim for damages, Borrower fails 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 secured by this Mortgage. Unless Lender and Bormwer otherwise agree in writinc. 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. Borrower Not Released. Extension of the time for payment or modification of amortization of the stems secured by this Mortgage granted. by Lender to any successor in interest of Borrower shall not operate to release, in any manner, :~e liability of the orieinal Borro~.•~r and Bnrrowcr c successors in interest. Lender shall not be inquired to commence ~•xeedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums secured by this Morteagc by reason of any demand made by the orieinal Borrower and Borrowers successor in interest. il. Forbearance by Lender I~ot a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable 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 by Lender shall not be 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 any other right or remedy under this i?4ortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bo??nd: Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for ec nvenience only and are not to be used, to interpret or define the provisions hereof. 14. I\otice. Except for any notice required under applicable law to bt 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 st suc~~ u?i~~, oorrower may designate :~y notice to Tender as provided herein, .,rid (b) any notice to Lender shall be given by certified mail. return receipt requested. to [.enders address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in t`?is ~Tortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform t\fortgage; Governing LaK: Severability. This form of mortgage combines uniform covenants for natioial use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument cover rte real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. 1n -he event that any provision or clause of this Mortgage or the Note conflicts witi? applicable law, such conflict shall not affect other provisions of this btortgage or the Note which can be given effect c:ithot?t the conflicting provision: and to 'his i end the provisions of the Mortgage and tl?e Vote arc declared to be severable.. I 16. Borrower's Copy. Bormwer shall be furnished a conformed copy ~?f the Note and of this lltortgage at the t me of execution or after recordation hereof. ~ 17. Transfer of the Fropert~•: Assumption..If all or any part of the Property or an interest therein is sold or transfc•red E by Borrower without Lenders prior written consent, excluding la) 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 desise, descent or by operation of law upon the death of a joint tenant or (d) the gran- of any leasehold intcrcst of three years or •ess not containing an option to purchase. Lender may. at Lender's option, doctor: all the sums secured by this 1liortgage to be - • immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lerdcr and the person to whom the Property is to be sold or transferred reach agree vent in writing that the credit of such pcr;on is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be•~t Birch rate as Lerdcr shall request. If Lender has waiv.•d the option to accelerate provided in this paragraph 17, and if Borrower's successo 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 Lender exerciccs such option to accelerate, lender shall mail Borro~:er notice of acceleration in accordance s:ith paragraph 14 hereof. Such notice shall provide a period of not less than 30 la)•s from the date the notice is mailed wi~~in which Borrower may pay the sums derl:?r~cl dtre. If Rorrov?er fails to pay sup h sums prior to the expiration of such per od, Lender may, without further notice or demand on tlorrower, invoke any remedies permitted by paragraph 13 hereof. j Note-IJNIFOR~t COVENANTS. Borrower and Lender further covenant anc agree as follows: € 18. Aceeler.~tion• Remedies. 1".xcept ac prodded in paragraph 17 hereof. upon Eorrower's breach of any covenan• or ' agreement of Rorro~~er in this ~iortl;a~,e, including the covenants lu pay when lug any Burns secured by this ~Iorlt;age, Lei der r - ~ prior to acceleration shall mail notice to Borrower ac provided in paragraph 141?ereof specifying: (1) the breach; (2) the ac ion required to cure such breach: a date. not Icss than 30 dais from the date tl a notice is mailed to Borrower. by which ~ uch preach must be cured; and (4) that failure to cure such breach un or before 11?e date specified in the notice may result in acceleration of the sums secured by this Mortgage. foreclosure b~• judicial pr ,reeding and sale of the Property. The nc lice shall further inform Borro?ver of the right to reinstate after acceleration and t ?e tight to assert in the foreclosure procce,:ing the non-eaitence of a default or any other defen.e of itorrower to aceeleratior and foreclosure. If lbe breach is not cures on or before the date specified is the notice. Lender at Lender's option ma~• declare all of the Brims secured by this Mortgage t•, be immedialeh• due and payable witf•out further demand and may foreclose this ~lortt;age by judicial proceeding. Lender shall 1 be entitled to rolled in sucl? proceeding all expenses of G,reclosure, including. but not limited fo, reasonable attorney's fees, and colts of documentary eviJcnce, abstracts and title reports. 19. BorroK•cr's Rit;ht to Rcimtatc. ~Iotw ith.taoding 1_rn.fcr', acceleration of the sums secured by this Mortgage, ~ Borrower shall have the right to have any prtxcrdings hrgun by Lcndcr to cnfur:c this htortFagc discontinued at any time E( OK~f~.c~7 FMGE2523 4 I