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HomeMy WebLinkAbout0645 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragrapB 2 hereof. Any amounts disbursed by !.ender 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 Note unless payment 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 expense or take any action hereunder. 8. Inapectioo. i_ender may make or cause to be made reasonable entries ?,pon 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. Coaderarwtbn. 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 Propeny, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums sec?,red 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. Tf the Property is abandoned b}• Harrower, or if. after notice by Lender to Borrower that the condemnor offers 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 Propeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwis, 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 Borrower's successors in interest. lender shall not he required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mongage by reason of any demand made by the original Borrower and Borrowers successors in interest. I I. Forbearance by Lender Not a Waiver. An}• fnrhea?ance h}• lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he 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 he a waiver of Lender's right to accelerate the maturity of the indebtedness secured by thie Mortgage. 12. Remedies Cumulatitre. All remedies provided in this Mongage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. •rnd may be exercised rnncurrently, independently or soccecsively. 13. Successors and Assigns $o?,nd; ]oint and Ses•eral f.iabilify; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shalt inure to. the respective successors and assigns of 1_ender and Borrower. ar,lsir_ rt !n 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 are for convenience only and are not to he used to interpret or define the provisions hereof. 14. Notkt. Except for any notice required cinder applicable lain to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Propeny Address .or at such other address as $ormwer may designate by notice to Tender as provided herein, and Ih) 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 as provided herein. Any notice provided for in this Mongage shall he deemed to have been given to Borrower or lender when given in the manner des:br.~:ca !~_re?~ 1 S. Uniform Mortgage; Governing taw; Severability: This form of mortgage combines uniform covenants for national use andnon-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. 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 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 provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. i6. 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 c~~nsent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (h) the creation of a purchase money security interest for household appliances. /c) a transfer h}• devise. descent or by operation of law up.~n the death of a joint tenant or (dt 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 w•rived such option tx~ accelerate if, prior to the tale or transfer. Lender and the person to whom the Property is to be solJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa}•able on the sums secured by this Mortgage shall be at such rate as Lender shall request. if l.tnder 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 Mongage 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 day's from the date the notice is mailed within which Borrower may pay the sums declare) due. If Borrower fails to pay such toms prior t~ the expiration of such period, fender may, without funher notice or demand on Bc.rmwer, invoke any remedies permitted by paragraph 18 hereof. Norv-Utvtt=ot?irr Cove:v~:vrs. Borrower and Lender further covenant and agree as follows: 18. Accekratioa; Remedies. Except as provided in paragraph i 7 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any snms secured by this Mortgage, Lender prior to accekntion shat[ mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the btesch; (2) the action required to cure 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 betorc the daft specified in the notke Wray result in acceleration of the sums secured by this 1ortgage. foreclosure by judicial proceeding and sale of fhe Property. The notice shall further inform Borrower of the right to reinstate after acceleration and Iht right to assert in the foreclosure proceeding the non-existence of a defauN or anv other defense of Borrower to acceleration and foreclosure. if the breach is not caned on or before the date specified in the notice. Lender at Lender's option may declare al[ of the sums secured by this Mortgage to bt immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collets in such proceeding all expenses of foreclosure, including. but not limited to, reasonable attorney's fees. and costs of documentary evidence, abstracts and tick reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mongage. Borrower shall have the right to have any proceedings he(tun hs Lender to enforce this Mortgage discontinued at any time a~~ 644 - _ . _