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HomeMy WebLinkAbout2344 Lender's written. sgreettnnt or applicable law. Borrower :hall pay the amount of aU mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to the paragraph 7. with iaterat thereon, shall become additional indebtedness of Borrower accured by this Mortgage. Unless Borrower and Lender agree to other temu of payment. such amounts shall be payable upon novice from Lender to Borrower requesting payment thereof, and shall bear interest from the date o[ disbursement at the rate payable from tune to time on outstanding principal undei the Note unless payment of interest at :uch rate would be contrary to applicable law, in which event such amount: shall bear interest at the highest rate permisaibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. >s. iapeetiou. 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. Cotndearasdoa 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, arc hereby assigned and shall be paid to Lender. in the event of a total taking of, the Property, the proceedl shall be applied to the sums secured py 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 Lender to Borrower that the rnndemnor offers to make an award or xttk 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 Lenders option, either to restoration or repair of 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 shall not extend or postpone the due date of the monthly inutallments 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 tv any zuccessor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Bvrrpwer s successors in interest. Lender shall not be required to commence proceedings against such successor or refux_to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the ori~tinal Borrower and Borrowers successor in interest. ]1. Forbearance by Leader Not a R?airer. 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 exercix 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: 12. Remedies CumuWi~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercixd concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several i.iability; Captk~ns. 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 joint and xveral. The captions and headings of the -paragraphs of this Mortgage are for convenience only and are not tv be used to interpret or define the provisions hereof. _ - 14. Notke. 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 Addressor 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 i.ender s 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. 1 S. Unifotrm Mortgage; Goveraia~ Lev.: Severability. This form of n?ortgttge combines uniform covenants for national use andnon-uniform covenants with limited variations by jurisdiction to caostitute a uniform sxurity instruarent ooveriag real property. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is kxated. The foregoing sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the E Nou conflicts with app6cabk law, such caatlict shall not affect other provisions of this Mortgage or the Note which can be given effect i without the coafiicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Traatfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred t by Borrower without Lender's prior written conxnt. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchax money security interest for houxhold appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold interest of three years or less € not containing an option to purchase, Lender may, at fender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, 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 be at such rate as Lender shah request. If Lender 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, Lender shall releax Borrower from all obligations under this Mortgage and the Note. if Lender exercises such option to accelerate, lender shall mail Borrower notice of acceleration in acrnrdance 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 pay the sums declared due. If Borrower fails tv 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. NoN-UNIFORM CovetveNTS. Borrower and Lender further covenant and agree as follows: lg. Accelerstios; Remedks. Except as provided is paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower is then Mortgage, including the covensnb to pay whet doe nay sums secured by this Mortgage, Leader prior to accekntion sba8 ma8 eotke to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to core sorb brescb; (3) s date. not ksa than 30 days from the date the notice is mailed to Borrower, by wbkb sorb breach mnst be cared; and (4) that failure to cure such breach on or before the date specified is the notice my ttisalt in sccekration of the same sceured by this Mortgage. foreclosure by judkial proceeding sad sale of the Property. The ootke sbsq_furtber inform Borrower of the right to reinstate after accekratioe sad the right to assert is the foreclossre'raceedbsg - the aoa-existence d s defaalt or sorry other defense of >lorrower to sccekration and foreclosure. if the brea~cb is not erred oa E or before the date specified is the notice. Lender st Lender's option may declare sB of the sores secured by this Mortgage to be immediately due and payable without farther demand and may foreclose this Mortgage by judicial proceeding. Leader shsq t be eatitkd to colkd is such proceeding sN expenses of forcchisurc, including, but rat limited to, ressoasbk attorwey's tees, ~ and cosh of docuaAestary evidence, abstrscb and title reporb. 19. Borrowers Right to Reinstate. No?withstanding Lenders acceleration of the sums xcurcd by this Mortgage, Borrower shall have the right to have any proceedings hegun by 1_ender to enforce this Mortgage discontinued at any time soon 330 Pa~E 2~~33