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HomeMy WebLinkAbout2607 Lender's written agreement or applicabk law. Borrower shall pay the amount o[ all mortgage insurance praaiuna in tba manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additionsl indebtedness of Borrower secured by this Mortgage. Unless Borrower and !_ender agree toj~herrtelp~;dt 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 pajrrrtent of interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the hi~test tale permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender'to incur any ettperae a take any action hereunder. s. ltsspcctbw. 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. Cowdemastioa The proceeds of any award or claim for damages, direct or rnnsoquential, 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 fatal 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 Leader otherwise agree irr writing, there shall be applied to the sums secured by this Mortgage such proportion of the pr+ooeods as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to the data of taking boars 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 otters to make an award or settle a claim for damages, &?rrower 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 Lenders option, either to restoration or repair of the Property or to tht sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not azitend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. - 16. >sorrower Not Released. Extension of the time for payment or modification of amortization of the stuns 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'x successors in interest. Lender shall not be required to commence proceedings against such successor or refuse In extend time for payment or otherwise modify amortiution of the sums scoured by this Mortgage by reason of any demand made by the original Borrower and Borrower's sttcc~tsors in interest. 11. Forbearance bI' Lender Not a R?aiter. 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. Remedies Cmnrrlati.e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or rcrncdy under this Mortgage or afforded by law or equity, and may be exercised concurnntly, independently or successively. ' 13. Swceeuors sad Assigns Found; ,Joist sad $everd i.iabil3fy; Captions. The covenants and agreements herein contained shall 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 jolty and several. The captions-and headings of the paragraphs of this Mortgage arc for convenience only- and are not to Ik used to interpret or define the provisions hereof. - 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any ratite to Borrower provided for in this Mortgage shall 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 ss provided herein, and (b) any notice to Lender shall he given by certified mail, rctum 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 ratite provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniforrw Mortgage; Goveraittg Law; Sevcnbility. This form of mortgage combines uniform covenants for national 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 or the Note conflicts with applicabk 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. 16. Ifbrrowcr's Copy. Borrower shall be furnished a conformed roP)~ of the Note and of this Mortgage at the time `I of execution or after recordation hereof. 17..Ttaaafer of the Property; Assnrnptiow. Tf 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 creaCan 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, 2 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 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 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 Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obljsations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance N•ith paragraph 14 hereof. Stitch 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 lg hereof. ~ NON-UNIFORM COVENANTS. Borrower and Letrder furthef cOVenant and agree as follows: Ifi. AccderaNow; Renelia. Except as'rovided L peagnpr 17 reroaf. apa lsorrowa's beewer of treey eove.a.t K t agreewewt of Eorrower b tbia Mortgage. iwdaliw~ the cotrewatls to N7 wrew lwe tray awrwa seeweei 6T llria Mortgage. I~ewletr prior to accekratb¦ sri wail wotice to >bre+ower m'rovilN iw prtegra'It 14 lereof ttpceifyfw~ p) are bsewer: (21 are actNw retp6+er b exert steer brewer; (3) a dale. not lea thaw 3s Gays teen are late ere wotice Fs auYel b soeeewer. y wrkr seer ie+eaer rower be cwred; ttwl (4) teat taBtere to etm acct brewer a or befog arc date geeYal V are wotiee easy resttM r aeeeierafiow of are stun aectrrel by trig Mortgage. torecioaare by jslieW ! awl oak of are hopcrry. Tee wotktt arwr fwtrtier iwforw Son~ower of are r1RM to reiwstate after wccekeatiow tut are tiger b ttwseA i• are foreeloawe preeeeitg i are wow~exiMewce of • ttefawlt or ant otter defense of Borrower to aecelerMiow awl torceioawre. Hare brrxr lie wet eaerDl ew or bdoec are tale gecfiei i• are wotice. Lewder at I.ewttera optbw uay tlcchee a/ d fee areas st:ewrei by tbia 1NOefsaRt b be immediately dwe furl pya6le wBroN twrtrer demand and tray fotccloae dda MeelgtRs r7' jwtlkW pneaeiwR. Leader doll be eNided b collect V steer proceeliwg ant a:petesa rat forecloswre. Iweiwdiwg. bat wet Bwtifel b. reweaMt atturrteYa fees. tr¦i eotr4 of lot..~aeafary eilewce, a4atrscls trtd silk repro. 19. liorwwa'a Rfgrt to Rciwatate. Notwithstanding Lenders acceleration of the wms secured by thn Mortgage, ' Borrower shall have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any dme E Br,OK'.~~~ PAGE2,UlJ1J Fad