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HomeMy WebLinkAbout2530 1 ~ Leader's written agrceauat or applicabk law. Borrower shall pay the amount of all mortga`e Iasufaaoe prea,itna: is 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 tents 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 tune on attstanding principal under the Note unless payment of interat at such rate would be contrary to applicabk law, in which event such amounts shall bear interest•at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. Isspettiott. 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 Larder's interest in the Property. 9. Costkaraatbs. 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 Properly, 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 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 condemnor oRers to make 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. 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 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 Borrower's successors in interest. 11. Forbearance by Lender Not a Wairer. 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 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. Renredks Cemnlatire. 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 exercised rnncurrently, independently or successively. 13. Snccessors sad Assigns Bound; Joint and Several i.iability; Captions. The covenants and agreements herein contained shalt 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 several. The captions and headings of the paragraphs of this Mortgage art for convenience only and arc 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 shag 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 i.ender 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 given in the manner designated herein. 1S. Uniform Mortgage: Gorenrirrg Law: Sererability. This form of mortgage combines uniform covenants for national use and naa-uniform ooveaants with limited variatiaas by jruisdiction to ooostih?te a uniform security instrument covering veal property. The state and local laws applicabk to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing senuaoe shall not limit the applicability of federal law to this mortgage. In the event that any povisiaa or clause of this Mortgage or the Note conflicts with applicabk law, such conflict shall not affect other pt+ovisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage sad the Neu are declarod 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. Transfer of the Property; Assumption. 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 (a) the creation of a lien or encumbrance subordinatg 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 (dl 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 Properly 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 Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release 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 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 such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Nort-UNIFORM Covt:xenrrs. Borrower and Lender further covenant and agree as follows: lg. Accekrotios; Remedies. E:cept as provided is paragraph 17 hereof, epos Borrower's breach of any coresant a agreement of Borrower is this Mortgsge, iacludirrg the covearrofs to pay when doe any sours secorsd by this Mortgage, Lssder prior to accekratlos sbdl mail notice to Borrower as provided in psragrspb 14 hereof specifying: (i) the btteacb; (2) the action regnired to core sncb breach; (3) a date, not less tbsn 30 days from the date the notice is wailed to Borrower, by wbkb snob breach wort be cored; and (4) that failure to core such breach o0 or before the date specified b the shies Bray rssnk is sceskratios of the ssms sscnrcd by this Mortgage. forecbsure by jndkial proceeding and sale of the Property. The stoke shall further inform Borrower of the ri6frt to reinstate after secekration and the right to assert iw the fortcloaore prod the nos-existence of a dsfanit or any other defense of Borrower to accekratios and foreclosnrs. If the breach is not cored on or before ibe date specified is tbt notice, Lender at Lender's option rosy declare aN of the snms secnrea by this Mortgage to be immediately doe and payable withoM further demand sad may foreclose this Mortgage by jndicW proceeding. Lender sfaaq be eatided to collect is socb proceediua aN expenses of forsclosnre, including, tort not lisrited to, reasonable attorney's fees, sad casts of documentary evidence, abstracts sad tick reports. 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by bender to enforce this Mortgage discontinued atec any time 80~I~~ PAI~~:~Jr~V