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HomeMy WebLinkAbout1930 _ - ~ • jt~ Lcnder'a written agreement ex applicabb law. Borrower shall pay the amount or all mortgage iasurauoe ptetaiums in the manner provided under paragraph 2 heroof. Any amounts disbterscd by Lender purswnt to this paragraph 7. with interest thereon, shall become ssWitional •indebtodrtess of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other ternu of payment, strclt amounts shall be payable upon tatice,from Letlller ~ Borrower requesting payment thereof, and shall bear interest ft+om the date of disbursement at the rate payable from time to time on attatanding principal under the Note tutless paynsent of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate petmisstbk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur atry expage a tacos any action hereunder. Iles iosrtctioo, Lender may make or cause to be made reasonable entries upon and inspections of the Property. that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor relates! b Lender's interest in the Property. . 9. C~ The proceeds of any award or claim for damages. direct or oonsegerential. in eoratectiorr with gay condemnation or other taking of the Property, or part thereof, ar for conveyance in lieu of cortderrtnation, are hereb~? aas~ttesl and :hall 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 Bormwer. In the event of a partial taking of the Property. unless Borrower and Fender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeeeL as is equal to that proportion which the amount of the sums secsered by this Mortgage immediately prior to the dale d taking bears to the fair market value of the Property immediately prior to the date of taking, with the balattoe of the proceeds i paid to Borrrnver. If the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the oondernnor otters b make an award or settle a claim for damages, Borrawtr fails to respond to Lender within 30 days after the date such notice is mailed. Lenskr is authorized to collect and apply the proceeds, at Tender's option, either to restoration or repair o[ the Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shag not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change ttte anrouM of such irutallments. 10. lorrower Not Released. Extension of the time for payment or modification of amortization of the strtrn 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 successor in interest. Lender shall not be required !o commence 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 Borrower's sercce:sors in interest. 11. Forbeatawce r7' l.eoaer Not.a Waiver. Any forbearance by Lender in exercising any right or remedy her~eernder, or otherwise afTorded by applicable law, shall rear be a waiver of or preclude the exercise of any such. right a 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. l2. Reweaks Cateilatfe?e. All remedies provided in this Mortgage are distinct and cumulative b any other right a remedy under this Mortgage or afforded by taw or equity, and may be exercised cortcnrrentty, indeperwlerttly or strsx:essively. ' 13. Socceasas acrd AsdRos lionrtd: ,Jeirtf gad Severd i.irrbWy; Capdorts. The oovenarts std agreements herein sbntained shall bind. and the rights hereunder shall in?tr~ to. the respective wsxessors and assigns of Letder apd 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 convenience only and are not tea Ile used to interpret or deAne the provisions hereof. 14. Nertiee. Except for any notice required under applicable law to be given in another manner, (a) any notice b Borrower provided for in this Mortgage shall be given by mailing such notice by certi&d mail addressed to Borrower at the Property Address or at such other address as 8ormwer may. designate by notice to Tender ss provided herein, and (b) any Halite to Lender shall Ire given by certified mail, return receipt requested. to Lender's addnes 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 designr4ted herein. lS. Udtors Mortgage; Gortrsiog Lag; Strerability. This form of mortgage carbines uniform covenants for national use and ran-uniform covenants with limited variations by jurisdiction to constitute a uniform security ietstrument covering real property. This Mortgage 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 other provisions of this Mortgage or the Nnte which can be given effect without the eonAicting provision, and to this - end the provisions of the Mortgage and the Note are declared to be severable. lt. lson~owe~s Cory. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the tithe of execution or after recordation hereof. 17..Trsmfer or flue Trorerty: Aswrtsptierw. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (al the creation of s lien or encumbrance wbordinate to this Mortgage, (b) the crcatratr of a purchase money security interest for household appliances. (c) a transfer I+y devise. 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 rat 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 waived such option to asxelerate if. prior to the sale or transfer. Lender and the person to whom the Property is a~ be cold or transferred reach agreement in writing that the credit of such person is satisfsetory to Lender and that the inters-ct payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has -waived the opion to accelerate provided in this paragraph 17. and if Borrowers strcaswr in interest has executed a written assumption agrament accepted in writing by Lender, Lender shalt release Borrower from all obljpttions under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower ratite of acceleration in accordance v?•ith paragraph 14 hereof. Such notice shall provide a period of rat less 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 expiation of such period. Lender Wray. withswt further notice or demand on Borrower, invoke any remedies permitted by paragraph eft hereof. Non-UNIt~ORIN Covt=.N~rrrs. Borrower and Lender further s:ovenant and agree ss follows: li. Atee~ietraHooy Reoueaia. S:cent as rrovNed its raragrarM 17 hereof. trron Bear~'a tt~rs+aeit at t~ covewt K agne¦tefal of Mr*st+wer V tr4 Mosfgage. iaciadiwg ere esrettatrls torn wbtn doe any arras setarea b ettb Mortgagee. Letrraet rrior M acrekrstlon r~ earl! rtotke to Dotrrwer as rro.tdal M ranRrarr 14 rend ttptelfyla~ (1) ere ereea<r: (=1 the serial rpirsa ~ tore seer eratlK (3) • aale..ot less trap 3B slay. fr+oa ere dale err tsatke to aaallea w tiessewer. ey wrlcr seer rtraer .std ee tames; ani (4) trot faiirrts to seine Her ertaer err aer edate ere date arttYai In ere eiotke Wray reesrtk aeederatleta of Ire wma aeeorsa by Ws Mortgage. tnrccloarrt of jrdkW rseesaafa~ gala gale elf ere Trorerey. 'tiuc •etica dull firtrer i¦terti )torrrrwer d ere riRet to reirWate after seeeierafioo grog ere rigr/ 1s aaseA N ere toreeiaatwe raeteetTtutg - Ita note•txbltrlt! tf a ereerastk or Yy other atftp~e of Itprrower b atttll~ial awes rOrltlOaNt. K trt larger ` aiat tMl+ M - or edetr~e the tale araeiita r ere corks. Leader at I.ewaer's erfiott away reelaee ail ai ere wr aeearaa !f teia Ma~tBafpe Io rte ir¦aaealalely ace gala rayaek wieroot trrtrcr dcmartd awd .ray fatclae tW Mos~aga ey jrikW rtraoee+ftlR. Lender tlull rt er¦Nelea a eoieet r. aide rroettais all e:reesses rat fortclosort, t.cl.al.g. eel .at tlf¦tilea b. retwrraMe stturrter'a ha. gang tab eft aeewtse~hry ee?iieote, aedraeb area title nrorb. 1!. liesrawa's Rtg1N to Rdaatate. Ndwithstanding Lenders aceekrnion of the sums secreted by thr: Martpge, Borrower shall have the right to have any proceedings Ixgun by Lender to enforce this Mortgage discontinue! at any tints ~ I ~'?R 33t} P~~ x.919 E(~~K