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HomeMy WebLinkAbout0336 • Lender's written agreement or applicable law. Borrower shall pay the amount of alt mortgage insurance premiums in the manner provided under paragraph 2 hereof. Ahy 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 Lender agree to other terms of payment, such ~ amounts shall be payable upon notice [ram lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the me payable from time to time on outstanding principal under the Note unleu payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear intet~est at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. a. Itupectiorr. 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. Condemaatbn. 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 assigned and shall be paid to Lender. # Tn the event of a total taking of the Property, 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 raking 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 of i taking bears to the fair market value of the Property immediately pricer to the date of taking. with the balance of the proceeds paid to Borrower. Tf the Property is abandoned by Borrower. or if, after notice by lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to respond to 1_ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at lenders option, either to restoration or repair of the Property 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 ar 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. I:ttension 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 commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reasin of any demand made by the irieinal Borrower and Borrower s strccessirs in interest. 11. Forbearance by Lender Nona 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 rcmedy_ The procurement of insurance or the payment of taxes it other liens or charges by Lender shall not he a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Camulati~e. Alt remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Sex•eral T.iabilify; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Tender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be faint and several The captions and headings of the paragraphs of this Mortgage are far convenience inly and are not ti be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law ti be given in another manner. (al any notice to Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borriss•er at the Property Address ,or at such other address as Borrower may designate by notice to fender as provided herein. and (bl any notice to Lender shall be given by certified mail. return receipt requested. ti i.enders address stated herein or to ` such other address as Lender may designate by notice to Borrower as provided hera:in. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or i.ender when given in the manner designated herein. 1 S. Uniform Mortgage; Governing law: Severability. This form of mortgage carbines uniform covenants for national use andnon-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction is which the Property is k~catod. The foregoing sentence shall not limit the applicability of foderal law to this awRgage. Tnthe event that any provision or clause of this Mortgage or the I Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of tlt~ Mortgage and the Note arc declared to be severable. a 16. Borrower's Copy. Borrower shall be furnished a confirmed copy of the Note and if this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property: Assumption. If all it any part of the Property or an interest therein is sold it transferred ~ by. Borrower without Lender s prior written consent, excluding sal the creation of a lien or encumbrance subordinate ti this Mortgage. (bl the creation of a purchase money security interest for hiusehild appliances. (cl a transfer by devise, descent or by operation of law• upon the death of a flint tenant it (dt the grant of any leasehold interest of three years or less a not containing an option to purchase. Lender may. at [.ender'i iptiin, declare all the sums secured by this Mortgage to be immediately due and payable. [_ender shall have waived such option ti accelerate if, prior to the sale or transfer. 1_ender and the person to wham the Property is ti be sold or transferred reach agreement in writing that the credit if such person is satisfactory to fender and that the interest payable in the sums secured by this Mortgage shall be at such rate as Lender ? shall request. if Lender has waived the option to accelerate privided in this paragraph 17, and if Borrower's 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 Lender exercises such iption to accelerate. Lender chill mail Borrower notice if acct•leration,in accordance with ; paragraph 14 hereof. Such notice shall provide a period of nit less than 30 days cram the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower faits to pay such sums prior to the expiration if such period. Lender may, without further notice or demand in Borrower. invike any remedies permitted by paragraph IR hereof. • 1 Nox-UNtFOxat Cove~~rrTS. Borrower and lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph i7 hereof. upon Borrower's breach of any covensat or agreement of Borrower in this Mortgage. including the covenants to pay when due any Sams secured by this Mortgage, Lender prior to accelerstaa shall mail notice to Borrower as provided inparagraph 14 hereof specifying: (1) the bcesch; (2) the action required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, 6y whk6 such breach must be cured; and (4) that failure to cure each breach on or before the date specified in the notke may resdt in acceleration of titre sums secured by this Mortgage. foreclosure by judicial proceeding wad sale of the Property. The notice shall further inform Borrower of the right to reinstate after scceleratan and the right to assert in the foreclosure proceeding , the non-existence of a dcfauk or any other defense of Borrower to acceleration and forecbsure. If the breach is aof cared on or before the date specified in the notice. Lender at Lender's option may declare alt of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall 4 be entitled to collect in such proceeding all expenses of foreclosure. including. but not limited to, reasonable attorney's fees. and costs of documentary evidence, abstracts and'titk reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleratiin of the sums secured by this Mortgage. Borrower shall have the right to have am proceedings begun by Lender ti enforce this Mortgage diuontinued at any time 4 800K~ PACE . 1 .