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HomeMy WebLinkAbout1526 j. nf,~ ~ 1~ Lenders written agreement or applicable law. Borrower shall pay the amount o~a~~~gage 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 Ot disbursement at the rate payable from time t0 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 Lender to incur any expense or take any action hereundei: 8. Inspeatlpn.. Lender tray make or cause to be made reasonable entries upon and inspections of the Property, provided that Lander shall give Borrower notice prior to any such inspection specifying reasonable cause Iherelor related to Lenders interest in the Property. ' g. Condemnagon. 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, hereby assigned and shall tZe paid to lender. ~ In the event of a total taking of the Property, the proceeds shall be applied to the sums secure;l by this Mortgage. with the excess, if any paid to Borrower. In the event of a partial taking of the Property unless Borrower anti Lender otherwise agree in writing, there shall be applied to the sums gecured by )his Mortgage such proportion of the proceeds t 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 the Borrower. ~ _ , ~ , _ It the Property is abandoned by Borrower, or if, alter notice by Lender to Borrower that the condemnor otters 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 appty 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 or postpone the due date of the mouthy installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 1 O. 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 release, in any manner. the liability of the original Borrower and Borrowers 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 tl+i6 Mottgage by felason!oi anyidemand made by the Origidal•$orrbwerauti Borrowers successors in interest. 11. Forbearance by Lender Not 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 Lenders right to accelerate the;maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumWative taany other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successor and Assigns Bound; 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 point and several. The captions and headings of the paragraphs of this Mortgage are for covariance only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required 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 be given by certified mail, return receipt requested, to Lenders 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 Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Ssverability. This form of mortgage~eombines uniform covenants for national use and nonuniform covenants wdh 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 lunsdiction in which the Property ~s located. The foregoing sentence shall not limit the appl~cab~l~ty of federal law to flits mortgage. In the event j that any provision or clause of this Mortgage or the Note conti~cts with applicable law. such conflict shalt not affect other provisions of this Mortgage or the Note which can be gwen effect without the confl~ct~ng prov~s~on. and to this end the provisions of the Mortgage and the Note are declared to be severable. _ 1 16. Borrowers Copy. Borrower shall be :urnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a I~en or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances. (c) a transfer. by devise. i descent or by operation of law upon ilia 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 Lenders option, declare all the sums secured by this Mortgage to be ~ immediately due and payable. Lender shall have waived such option to accelerate it prior to~the sale or transfer, Lender and the person to whom the Property is to be sold 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 tie at such rate as Lender shall request If Lender has waived the option to accelerate provided in this paragraph 17, and it Borrowers successor in ~ interest has executed a written assumption agreement accepted irtwriting by Lender, lender shall release Borrower from all ) obligations under this Mortgage and the Note. ) It Lender exercises suctl option to acceleratB, Lender shall mall Bdrlbwer 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 t 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 t 8 hereof. a - NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: ~ 18. Acceleration; Remedies. Except as provided In paragraph 17 hereof, upon Borrower's broach of any covenant or agreement of Borrower In this Mortgage, Including the covenants to pay when due any sums secured by this Mortgage, Under prior taacceleration shall mail notice to t3orrowwr as provided In paragraph 14 hereof f spectfying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is malted to Borrower, bywhich such beach must be cured; and (4) thatfaliunto can such breach , on or before the date specified in the notice may nsuR in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding and sate of the Property. The notice shall further Inform Borrowerof the rightto reinstate after acceleration and the right to asNrt In the toreclosuro proceeding the non-existence of a default or j any other defense of 8omower to scalention and foreclosure. if the bnsch Is not cued on or before the date specified In the notice, Lender at Lender's option may dsclan all of the sums secured by this Mortgage to be Immediately due and payable without further demand and may foreclose this Mortgage bi? judicial proceeding. Lender shall be entitled to collect In such proceeding all expenses of fonclosun. Including, but not Ilmttsd to, ` reasonable attorney's tees, and costs of documsnUry evidence, abstracts and title reports. ( 19. Borrowers Right to Reinstate. Notwithstanding lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage d~sconlmued at any time - _ ;