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HomeMy WebLinkAbout1548 • - Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance prcmitma in the manner provided under paragraph 2 hereof. y Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional i indebtedtxss of Borrower secured by .this Mortgage. Unless Borrower and lender agree to other terms of payment, such amounts shat! be payable upon notice from !.ender to Borrower requesting payment thereof, and shall bear interest from the 1 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 Lender to incur any expense or take ~ any action hereunder. ; (l. lrrspectbn. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower twtice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademtratbn. 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. in the event of a total taking of the Property, the proceeds shall be 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 bt 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 cect?red 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 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 procceds, at Lender's 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 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 sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall r?ot operate to release. in any manner, t the liability of the original Borrower and Borrower's successors in interest. i.ender shall not be required to commence 1 proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. An}• forbearance by Lender in exercising any right or remedy hercttnder, 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. l2. Remedies Cnmulati~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by faw or equity, and ma}• he exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Se~•era[ i.iability; Captions. The covenants and agreements herein • contained shall 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 agree~?ents of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience 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 Mort(tage shall be given h}• 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 fender as provided herein. and ' (b) any notice to Lender shall he 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 pr ivided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or !.ender when given in the manner designated herein. j l S. Uniform Mortgage; Governing Law; 5everability. This form of mortgage combines uniform covenants for national use a 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 in which. the Property is located. The foregoing sentence shall not limit the appticaNlity of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the k 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 the Mortgage and the Note 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 ~ of execution or after recordation hereof. i 17. Transfer of the Property: Assumption. if all or an}• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to 's this Mortgage. (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise, t descent or by operation of law upon the death cif 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 I.ender'c option, declare all the sums secured by this Mortgage to be "s immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. !.ender and the person to whom the Property is to be soW 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 h}• this Mortgage shall be at such rate as Lender shall request. if [.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 Lender, tender shall release Borrower from all obligations under this Mortgage and the Note. 1 if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with ( paragraph 14 hereof. Such notice shall provide a period of not Iesc 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 18 hereof. ; 'r NON-UNIFORM COVENANTS. BOiiOWer and lRnder fUrlhef COVenaDl_aOd agree a5 fOIIOWS: 18. Acceieration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any snms secured by this Mortgast, Leader prior to sccekration shat! mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the sction required to cure such 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 cure such breach on or before the date specified in the notice may resdt in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice i shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosurt proceeding z the non-existence of a defauk or any other de[ense of Borrower to acceleration and foreclosure. if the breach is not cored on ( or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this ?1ortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all axpenses of foreclosure, including. but not Umited to, reasonable attorney's fees. ~ and costs of documentary evidence. abstracts and title reports. 19. Borrower's Rishl to Reinstate. Notwithstanding !_ender'c acceleration of the sums secured by this Mortgage. • Borrower shall have the right to have am proceedings begun h~ !.ender to enforce this btortgage discontinued at any time i A t