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HomeMy WebLinkAbout1913 . 1-tinder's w ritren agreement or applicable law. Burn,wrr shall pay the amount of all montage insurance premiums in the +~+anner provided under paragraph 2 hereof. Am• amounts disbursed by Lcndcr pursuant to this paragraph 7. with interest thereon, shall hernmc additional indebtedness of Burrower secured M• this Mortgage. Unless Burr.,+ver and 1 ender :+gree to other terms of payment, each • amounts shall he payable ulx,n notice from Lcndcr to Bormwer reyue.ting payment (hereof. and shall hear interest from the date of dishureement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would he contrary to applicable law, in which event such amounts shall hear interest at the highest rate j permissible under applicable law. Nothing contained in this paragraph 7 shall. require Lcndcr to incur any expense or take :+ny action hcrcundcr. 8. Inspection. (.ender may make or cause to t,e made reasonable entries upon and inspections of the Property. provided that i.ender shall give Borrower notice prior to any such inspection specifying reasonable sauce therefor related to Lenders interest in the Property. 9. Condemnation, The. proceeds of am• award or claim for damages, direct or consequential. in connection with any condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation. arc hereby assigned ; and shall he paid to Lender. 1n the event of a total takirt~~ hr~Property, the proceeds shall he applied to the sums sect+red by this >\iortgage. with the execs, if any, paidxllt'SorFu~er. Tn the event of a partial taking of -the Property, unless Bormwcr and Lender uthervvisc agree in writing. there shall be applied to the sums secured by Chic Mortgage such proportion of the proceeds as is equ:?1 to that prolx,nion 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 Propen}• immediatel}• prior to the date of taking, s+•ith the balance of the procti~eds paid to Borrower. if the Properly is abandoned by Bormwer. or if. after notice by I-ender tc, Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within ;0 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at (.tinder's option, either to restoration or repair of the Propen}• ur to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in ++•riting. am• each application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and hcrcof or change the amount of such installments. l0. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this I?iorteage granted by Lender to any successor in interest of Bormwer shall not operate to release. in any manner, thti liahiliq• cif the original Borrower and &,rmwcr ~ successors in interest. Lender shall not he required to rnmmence ~ pn,ceedings against such successor or refuse- to extend time for payment or otherwise modify amortization of the sums secured by (hie Mortgage by reason of any demand made M• the arittinal Borrower and Borrowers successors in interest. li. Forbearance by Lender Not a Waiver. An)• forhtiarance hs• Lcndcr in tixcrcising an+• right or remedy hcrcundtir; or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remed}•. i The procurement of insurance or the payment of taxtis or other liens or charges by Lender shall not l,e a waiver of l.endtir s right to accelerate the maturity of the indebtedness secured by this !liongage. 12. Remedies Cumulative. All remedies pm+•ided in this 1\tortgage an: distinct :rod cumulative to :u,w other right or - remedy under this Mortgage or afforded h}• law or equity.:u+d may he exercised concurrently. independenth• or successively. 13. Successors and Assigns Bound: Joint and Se.eral i.iabilih•: Captions. The covenants and agrcements herein contained shall hind, and the riehts hereunder shall inure to. the respective succtisson and assigns of Lcndcr and Bormwer. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borro++•cr shall he joint and several. The captions and headings of the paragraphs of this tllortgage arc for convenience only and arc not to hti used to interpret or define the pm+•isiunc htirrnf. 14. !\otice. Except for any notice required under applicable la++ to be given in another manner, fa) ariy notice to Burrower provided for in this Mortgage shall be given by mailing such notice h} certified mail addressed to Bormwer at the Propem• Address or at such other address as Borm++•er ma+_- designate t+~ nuti~e to Lcndcr as provided herein, and Ih) am• notice to Lender shall he given by certified mail. return receipt rtiuuested. to I enders address stated herein or to ~ such other address as Lender may designate h}' notice to Bormwer as provided herein. .Any notice provided for in this f Vurtgage shall F,c deemed to have been given to Borrow•tir or Lcndcr when given in the manner designated herein. I`t IS. Uniform :f,tortgage; Governing i.aM; 5everabilit}•. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variation by jurisdiction to constitute a uniform security instrument covering peal property. This mortgage shall be governed M• the law of the jurisdiction in which the Pmpert}• is located. in the - e+•ent that am• provision or clause of this ;Mortgage c,r the i~?,te conflicts +cith applicable law, such conflict shall not affect j ether provision. of this Mortgage or the Nc,te which ran t,e given effect wi?hrnrt thti rnnflicting provision, and to this end the provisions of the Mortgage and the \ute :+re declared t?, hti severable. i 16. BorroNer's Cop}•. Bormwer shall he furni.hed a c.mformed rope of the Note and of this Mortgagti at the time ; ~~f execution or after recordation hcrcof. j 17. Transfer of the Propert}•: Assumption. if all ~~r am part of the Property or an interest therein is sold or transferred M• Borrower without Lcnder'~ prior written consent. excluding tal the creation of a lien or tine-++mhrance subordinate to ~ this vortgage. th) the creation of a purchase money securir interest for hi~usehold appliances, fcl a transfer hw devise, descent br b}' operation of law upon the Death rf i~~int Imam rr (.U the grant of arts leasehold interest of three },ears or less not containing an option to purchase. Lcndcr maw, at Lcndcr'. option. declare all the sums secured by this Mortgage to be immtidiattih• due and pa}•ahlti. Lcndcr shall ha+e w:+ived such option to acctiler-.+te if. prior to the tale or transfer. Lender and the person to whom the Property is to he sold ur transferred reach agreement in writing that the credit of such person is satisfacton• to lender and that the interest pacahle on the sums ucured h}• this Mortgage shall be at such rate as Lender r shall request. if Lender has waived the optirni to accelerate provided in this paragraph 17. and if Borrower's successor in interest hoc executed a written assumption agreement accepted in writing by Lcndcr. Lender shall release Borrower from all obligations under this Mongage and thti Notc. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hcrcof..Such notice shall provide a period ~,f not less than 3t) days from the date the notice is mailed within which Bormwer ma}• pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, (.ender may. without further notice or demand on Borrower. invoke any remedies permitted M• paragraph 1R hereof. Note-UtvtFORt+t Covetv~tvrs. Borrower and 1_ender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this !Mortgage, including the cosenants to pay when due any sums secored by this Mortgage, Lender prior fo acceleration shall mail notice to Borrower as provided in paragraph 14 hereof.specifying: (1) the breach; (2) the action required to core such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by whkh such breach must be cored: and (4) that failure to cure such breach on or before the date specified in the notice may restilt in acceleration of the sums secured by this btongege. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right fo reinstate after acceleration and the right fo assert in the foreclosure proceeding the non-a:lstence of a default or any other defense of Borrower to accekration and foreclosure. if the breach is not cured on ~ or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage b be ( immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Leader shall be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to, reasonabk sttorney's fees, and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, t Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time i • soai~l PIGE1912 I ;