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HomeMy WebLinkAbout1419 _ _ _ _ Lender's writteq agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided 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 lender 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 payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require i_ender to incur any expense or take any action hereunder. 8. inspection. Lender 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. Condemnation. The proceeds of an}• 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 he paid to Lender. In the event of a total taking of the: Property, the proceeds shall be applied to the st?ms sect?red 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 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 I.cnder to Borrower that the condemnor offers 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 Borrower othenrise agree in H•ritine. 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 instalments. 10. Borrower Not Released. Extension of the time for paymen! or modification of amortization of the sums secured by this Mortgage granted by Lender to an}• successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowers successors in interest. 1_ender shall not he 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 oy reason of any demand made by ehe original Borrower and Borrowers successors in interest. U. Forbearance by Ixnder Not a Waiver. An}• forbearance by I_cnder 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 h}• this Mortgage. 12. Remedies Cumulative. All remedies provided in tf?is rlortgage are distinct and ctrmt?lative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively. l3. Snecessors and Assigns Botrnd; Joint and Se~~eral i.iability; Captions. The covenants and agreements herein contained sha!I hind, 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 arc for convenience or+.ly and are not to be used to interpret or define the provisions hereof. I4. Notice. Except for any notice reyuired under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage sfiall 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 Tender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender may designate b}• notice to Borrower 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. 15. Uniform Mortfage; Governing I.aw; Severability. Thic form of mortgage combines tmiform covenants for national ~I use and nonuniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortg, ge 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 affect tether 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 tiote are declared to be severable. 16. Borrower's Copy. Borrower shall he furnished a conformed copy of the Note and of this Mortgage at the time f of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or an}• nart of the Property or an interest therein is sold or transferred by Borrower without Lender's prior w?'.iKten consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (h) the creatian of a purchase money security interest for household appliances. (e) a transfer by devise. • s 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 i 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 w'alved such option to accelerate if, prior to the sale or transfer. i_ender and the person to whom the Property is to be sold or transferred reach agreement in writing that tl?e credit of such person is satisfactory to Lender and that the interest payable on the sorts secured by this Mortgage shall be at such rate as i.ender I shall request. If 1_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by i_ender. Lender shall release Borrower from all I obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender .hall mail Borrower notice of acceleration in accordance with ~ 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 pa}• the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. 3 [,ender may. without further notice or demand on Borrower. nn•ol,e am remedies permitted h}• paragraph l ti hereof. } Nort-UrvtroR!?t COVE?YAVTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or f agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by this Mortgage, Lender ~ prior to accNeration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care snc6 breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such _ ~ breach must be cured; and (4) that failure to curt such breach on or before the date specified in the notke may rresdt in accekration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice ~ shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding t the non-existence of a defauN or any other defense of Borrower to acceieration and forecbsure. If the bre~h is not cured on a or before the date specified in the notice, Lender at Lender's option may declare aD of the sums secured by this Mortgage to bt € immediately due and payable without further demand and may foreclo~.r this Mortgage by judicial proceeding. Lender shall be entitled to colkM in such proceeding aQ expenses of forecbsure, inc•?rdirrg, but not limited to, reasonabk attorney's fees, ~ and costs of documentary evidence, abstracts and titk reports. ' 19, Borrower's Right to Reinstate. Notwithstanding Len~ie~ acceleration of the sums secured by this Mortgage. ` Borrower shall have the right to have any proceedings begun by (-ender to enforce this Mortgage discontinued at any time i;r'3K 330 p~cE 1411 ~ ` ~ ' r. _ _