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HomeMy WebLinkAbout2671 ' Lenders written agreement or applicable law. Borrower shall pay the amount of all 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 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 of disbursement at the rate payable from time to time on outstanding principal under the Nate unless payment of interest at such rate would tie 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. • 8. Inspection. 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 Lenders interest in the Property. 9. Condemnation. The proceeds of anyaward or claim fordamages, 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 8nd shall be paid to Lender. ' In the event of a total taking of the Property, the proceeds shall tie applied to the sums secure) 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 be applied to the sums secured bxlhig 4ortgage such proportjon of tl~e 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 the~Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor cffers to make an award or settle a claim for damages. Borrower tails to respond to Lender within 30 days aster 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 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 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 proce.Qdi(1gs.against,s~cs successor or reJ ~e tQextend time for payment or otherwise modiy amortization o! the sums secured ey this Mottgage'by reason of any'~and rtiadeLy tfiiaoriginal Borrower'and Borrowers successors in interest. 11. Forbearance by Lender Not a Wafver. 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 ocher 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 cumulative to any other right or remedy under this Mortgage or afforded by lawor equity, and may be exercised concurrently, independentlyorsuccessively. 13. Successors and Assigns Bound; Joint and Several Llabllity; 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 shalt 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. (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~~~esi~nate 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 givers in the manner designated herein. 1 f3. Uniform Mortgage; Governing Law; Severabllltti. TfS)s form of mortgage combines uniform covenants for j national use and nonuniform covenants v~nth hm~ted vanat~ons by jurisdiction to constitute a uniform security instrument f covering real property. The state and local laws applicable to this Mortgage shall be the laws of the lunsd~ct~on in which the Property is located. The foregang sentence shall not limit the applicab~l~ty of federal law to this mortgage. In the event j that any provision or clause of this Mortgage or the Note conflicts with appl~cabte law. such conflict shall not affect other l provisions of this Mortgage or the Note which can be given effect without the ~onftict~ng prov~s~on. and to this end the provisions of the Mortgage and the Note are declared to be severable E 18. Borroewers Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. s 17. Transfer of the Property; Assumption. If all or any part o(the Property or an +nterest therein is sold or transferred h by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) 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 t immediately due and payable. lender shall have waived such option to accelerat@•+Yprior 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 ~ shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in i mterest has executed a written assumption agreement accepted m writing by Lender. Lender shat l release Borrower from all ( r obligations under this Mortgage and the Note. If lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph t 4 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. I( 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. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedlss. Except 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 sums secured by this Mortgage. Lender prior to acceleration shall mall notice to Borrower ss provided In paragraph 14 hereof speclfying: (1) the beach; (2) the action rsqulred to cure such beach; (3) a date, not less than 30 days from th• date the notice Is mailed to Borrovwr, bywhlch such breach must be cured; and (4) that tatlunto cure such breech on or before the date speclfled In the notice may nsuR In acceleration of the sums secured by this Mortgage, foreclosure by Judicial proceeding and sale of the Property. The notice shill further Inform Borrowerof the rlghtto t rolnstate after acceleration and the right to assert In the toreclosun proceeding the non-existence of a dehult or any other defense of Borrower to acceleration and foreclosuro. If th4 breach is not cured on or before the date speclfled In the notice, Lender at Lenders option may declare all of the sums secured by this Mortgage to be t Immediately due and payable without further demand and may foreclose this Mortgage by judlclal proceeding. Lender shall be •rKttled to collect In such proceeding all expenses of foreclosure, Including, but not Ilmlted to, j reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrowers Right to RNnstats. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begur+. by lender to enforce this Mortgage discontinued at any time ©~I'.T~ ~A~i r