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HomeMy WebLinkAbout2038 ' _ ; =''tt~33U ~ ;1~~~~,~ i 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. 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 ocher 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 d,sbursement 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 taw, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing conta,ned,n this paragraph 7 shall require Lender to incur anYexpense or take any action hereunder. 8. InspeCtlon. 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 anysuch inspection specifying reasonable cause therefor related to Lenders interest in the Property. 9. COndemnatlon. The proceeds of any award or claim for damages, direct or consequential, in connect,on with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, hereby ass,gned and shaft. be paid to: Lender, In the.sventol a to{al taking of the Property, the proceeds shrill tie applied to the sums secure) by this Mortgage. with the-excess. if.any paid to Bonower. In the event of a partial taking of the Properly unless Borrower and lender otherwise agree. in writing, there shall be applied to the sums serCUred by this MongagQ such proportion of the proceeds as is egual,to that proportion which the amount o! the sums secured by this Mortgage immediately prior to the date of taking bears to the. fair market value of the Property immediatety prior to the date of taking, with the balance of the proceeds paid to ilia Bonower. It itie 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 tails .to respond to Lender 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 or postpone the due date of the monthly 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 bf 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 this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. - 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise allorded 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 tie 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 cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors end Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shalt bind. and the rights hereunder shalt inure fo, the respective successors and assigns of Lenderand Bonower, 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 covenience 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. fa) 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 pe,given by certified mail, return receipt requested, to Lenders address stated herein or to such other address as Lender may.designate by notice to Bonower 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; 8sverablllty. This form of mortgage combines uniform covenants for national use and nonuniform covenants with I,mited variat,ons 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 ~s located. The torego,ng sentence shall not limit the applicability of federal law to th,s mortgage. In the event that any provrs,on or Clause of this Mortgage or the Note contticts w,th applicable law. such conff,ct shall not affect other provisions of th?s Mortgage or the Note which can be gwen effect without the conlhchng prov,s~on. and to th,s end the provisions of the Mortgage and the Note are declared to be severable. 1 S. 6orrowsrs Copy. Borrower shall be furn,shed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tninsferof the Property; Assumption. If all or any part of ilia Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. Ib) the creation of a purchase money security interest for household appliances. (c) a transfer by 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 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 shalt be at such rate as Lender ? shaft request. f f 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 in writing by Lender. Lender shall release Borrowerfrom all obligations under this Mortgage and the Note. If tender 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 less that 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. 11 Borrower fails to ply such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1 S hereol. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: , 18. Acceteratlon; Remedies. Except as provided !n paragraph 17 hereof, upon Borrowers breech of any covenantoragnemsntofBorrowerinthlaMortgagq, Inaludingthecovensntstopaywhendueanysumasecured by thCs Mortgage. Lendei prior to acceleration shall mall notice to Borrowwr as provided In paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date th• notice Is maitedto Borrower, ~ywhich wch beach must berund; andµ) that failure to cure such brisaCh on ar beforo the date spscHled In the notice may.»sult In accelerstton of the wins secured by this Mortsage, foreclosure by judlclal proceeding and sale of the Property. Ths notice shell further inform Borrowerot the rlghtto reinstate aRer sccelsntlon and the right to assert In the forecloaun proceeding the notrexlsbnce of a default or any other defense of Borrovinr to acceleration and foreclosure. If the breach !s not cured on or betora the date specified !n the notice, Lendsr at Lenders option. may declare all of the wins secured by this Mortgage to be tmmedlately due and psysble without furthar damand and may foreclose-this Mortgage by judlclal proceedlns. Lender shall be entitled to collect In such proceeding all expenses of foreclosure, tnc{udln4, but not Itmited to, reasonable attorney's tees, and costs of documentary evidence, abstracts and title reports. 19. Borrowers Right to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. - Borrowershall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any t,me ~ ~ 02 - 330 ~ 7