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HomeMy WebLinkAbout0663 ~ ~ ~ ~ - Lender's written agreement or appticabk law. Borrower shall pay the amount o[ all mottgsge insttranoe prtattitttns in the manner provided under paragraph 2 hereof. Any amounts disbursed by lender pursuant to thi paragraph 7. with interest thereon, shall become additional indebtedness of Borrower secured by This Mortgage. Unless Borrower and Lender agree to_ot~r ttlregs~~ payment. such amounts shall be-payable upon notice from Lender to Borrower requesting payment thereof, ln~~ shall bfar mtercst from the date of dtsbursetnent at the rate payable from tune to time on aitatanding principal under the Note unless payttwt 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 experne or fate any action hereunder. >R Irapeetiou. i.ender 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 I.ertder's interest in the Property. 9. Cotadeataatba. 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 Iratdet 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 amatnt of the sums secured by this Mortgage immediately prior to the data o[ 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 mate 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 proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. finless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not etttend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. 19. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums aeeured 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 aims secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's sttecessors in interest. 11. Forbearance r7' Leader Not a waiter. 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 t+emedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of l,atder's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rettsedks Ctaaulatlre. 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. Srecsssors sad AtaiRas doaaA: Joint atini Several Liability; Captioa~t. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ to. the respective succeswrs and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. •I1te captions-and headings of the paragraphs of this Mortgage arc for convenience only and are not to lie 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 Mortga¢e shall be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender u provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower ss 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. 1S. UaBotw MottRsRe; Cotentiatt Law; Serenb8ity. This form of mortgage combines uniform covenants for national ~'j .use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument 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 ar the 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 provkion. and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. >iorrower's Copy. Borrower shall be furnished a conformed rnpy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17..Trsasfer of tre Property: Aawmptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance wbordinate 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 Lender 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 a~ be cold 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 ac Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower s wccessor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall rcksse Borrower- from all oblijations under this Mortgage and the Nae. 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 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 expiration of wch period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1g hetYOt. NoN•Ut+tFOtttK Covtewetrrs. Borrower and Lender further covenant and agree as fellows: ls. Aceeleratioa; Reatedia• 1Bscep as prethleA Ice psagrapi 17 tercet. ttlor >iosre+rds btreaelt atT say ceteaaM K of )serrower b tltis Merlgagt. laeltdhtg tie coteasats to day who Are atgr sttstr seeae+si by tYa 1• i~rier aecekratloa dnU tail ttwtice to Sorrewer sa protNea ht'asrigrs/Ir 14 here:ot speeltrfag: (1) die bsaclt; the stdaa ~ regeirer Is ease wet bresclt; (3) s Axle. toot fern rise 30 days irota tie date dre ttwtke r sttaYeA N ierrewer. by wYei stet , bract mtrt rte eursA: ant (4) trot faibre fo care stet btreaer ow a before trc dale spscYeA r the rorfkt may resrlt i. ~ aeeekrNMa of the tats seearsA by Bela Mortgage. tersclowre by jrAk•{sl ! astA sale et tie )rre~etty. 'ilte astiee sraM trotter rJorm liorrewer of Ire rtRrt to reitMNt after sccekratba anA the rlgbt b asaer! i• tit terterisarse prstaeitg } lie ror•arMwee et • AetarM or nay other Adcttse of >forrewer to aceelerstior srtA torselosrrt. N dte breaei <r vet csr+t~ er or bdore dte AsAe yacifiaA r tie tsotice. I.eaAer st Leader's o/tiow may Aeehtre ar at tie sttu¦s ssetts~ by This MatRsRs fs be iaaneAWeiy Are ataA payable witbrt tatter demand cad tray foeet!!~!e tMs Merttslt:~~ w~ fssa j be erddeA a collect i• arch p~oc«Ains r t:'cases at foreclosrre. iwcbAiag. arA t:oNa st isetrreMary etiAeaee, abstracts swA title repro. lf. Isorrowa's R1gM f• Rdssgte. Nc?twithstanding Lender's acceleration of the sums secured by thrt Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time IlR ~~331 PEE 6'63