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HomeMy WebLinkAbout1374 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the r 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 payabk upon notice from Tender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payabk 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 applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. fl. Ias~ectioa. 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 Lender's interest in the Property. 9. Coademaatbrr. The proceeds of any award or claim for damages, director 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 he paid to Lender. 1n 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 lx applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sumc uctrred 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 Prope ty is abandoned b}• Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award or settre a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is t mailed, Lender is authorized to collect and apply the proceeds, at Tender's option, either to restoration or repair of the Property or to the sums secured by this Mortgages Unless 1_ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the month)}• 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 sumc secured by this Mortgage granted by Lender to any success<~r 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 be required to commence , proceedings against such successor or refuse to extent 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 Borrowers successors in interest. 11. Forbearance by Lender Not a R?aiver. An}• forhearance 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. Remedies Cnmulati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remeJy under this Mortgage or afforded by lav?+ or equity, and ma}• be exercised concurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Se~•eral T.iability; Captions. The covenants and agreements herein contained shall hind, 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 ant agreements of Borrower shall be joint and several. The captions ant headings of the paragraphs of this Mortgage are for convenience only and are not to be aced to interpret or define the provisions hereof. 14. Nofice. Except far any notice required under applicable law to be given in another manner. (a) any notice to i Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Bprmwer at the Property Address or at such other address as Borrower may designate by notice to Tender as provided herein, and (bl any notice to Lender shall be given by certified mail. rewm receipt requested. to Lenders address stated herein or to such other address as Lender may designate by notice to Borrower as prwideJ herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or 1_cnder when given in the manner designated herein. 1 S. Uniform Mortgage; Governing law; Ses•eraM'lity. This faro of mortgage combines uniform covenants for national use - and non-uniform covenants with limited variatiats by jurisdiction to constitute a uniform security instnunent covering real 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 sentence shall not limit the applicability of federal law to this mortgage. In the event that any prevision or clause of this Mortgage a the Note conflicts with applicable law, such catflict shall not affect other provisiats 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. 16. Borrower's Copy. Borrower shall be furnisheJ a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. j 17. Transfer of the Property: Assumption: If all or an}• part of the Pmpert}• or an interest therein is sold or transferred I by Borrower without Lender's prior written consent, excluding lest the creation of a lien or encumbrance subordinate to I this Mortgage. (h) the creation of a purchase money securit}• interest for household appliances. (c) a transfer by devise, ~ descent or by operation of law upon the death of a joint tenant or (J? the grant of any leasehold interest of three years or less .rat 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 to be solJ 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 Tender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in I interest has executed a written assumption agreement accepted in writing by i_ender, Lender shall release Borrower from all obligations under this Mortgage and the Note. Tf Lender exercises such option to accelerate, tender 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 declare) due. If Borrower fails to pay such sumc prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke an}• remedies permitted by paragraph 1 R hereof. ~ Nox-UNrt=oRM Covetvetvrs. Borrower and lender further covenant and agree as follows: ' 18. Acetleratao; Remedies. 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, Leader prior to accekntion sbaB mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure snob breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by wbk6 snob breach must be cured; and (4) that failure to cure such breach on or before the date specified in the nMice may reedt in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. Tire notice R shall further inform Borrower of the right to reinstate after accekratan and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is twt 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 to be immediately due and payabk without further demand and may foreclose this Mortgage by judicial proceeding. Leader shall , be entitled to collect in snob proceeding all expenses of foreclosure, including. but not Umited to, reasonable attorney's fees, ~ and costs of documentary evidence, abstracts and title reports. 19. Borrower's Rigbt to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have an}~ proceedings begun by Lender to enforce this Mortgage discontinued at any time Br,(~(332 p~~E 1372 _ _ ~U °Ii~ "i. y