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HomeMy WebLinkAbout2613 • ~tr~~ ,s Lender's written agreement or applicatrk law. Borrower chat! pay the amount o[ all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by lender pursuant to the paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lenckr ague to other tertosi o~~fjj pp~~ymerrt. such amounts shall be payable upon notice from Tender to Borrower requesting payment thereof, and shall bta~ ititetest from the date of disbursement at the rate payable from time to titre 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 raft: permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to itrcrtr any e>tpaae or take any action hereunder. >l. Isspcctios. lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that tender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to larder's interest in the Property. 9. Cosdewrastioa. The proceeds of any award or claim for damages, direct or rnrrsequential, in controction wrath any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of COndemnationr are,hettby asf}igtred and shall be paid to Lender. In tlrt 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 Property. unless Borrower and Letrder 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 daft of taking bears to the fair market value of the Property immediately prior to the date of taking, with tlrt balance o[ the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make - an award or settle a claim for damages. Borrower fait to respond to 1_ender 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 trepair of the Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall tat extwd 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. Eorrower Not Released. Extension of the time for payment or modifkation of amortization of the sums secured 6y this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the Iiabilily of the original Borrower and Bc?rrower'c 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 strece:sors in interest. 11. Forbearawce bl' bender Not a Waiver. Any fotfiearance by i_ender in exercising any right or remedy hereunder, o[ otherwise afforded by applicable law, shall not ere a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or ojher 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. Rearsdles CosaWi~e. All remedies provided in this Mortgage art distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may tx exercised concurrently, indepttrdently or successively. ' 13. Ssccessors cad AssiRas Eouad; Joiwt sad Several l.iabilitp; Captions. The covenant= and agreements herein contained shall bind, and the rights hereunder shall inrrrg to, the respective successors and assigtrs of Lender acrd 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 tae wed to interpret or define the provisions hereof. 14. Notice. Ezcept for any notice required under applicable law to be given in another manner, (a) any notice 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 Tender s: provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to t.ender's address stated herein or to such other address as Leader may designate by notice to Borrower u provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Letrder when given in the manner designated herein. IS. Uniform Mortgage; Coverairtg Law: Seversbility. This form of mortgage combines uniform covenants for national use and nonuniform covenants with limited variations by jurisdiction to constitute a uniform security instrument courting 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 applicable law, such con$ict shall not affect other provisions of this Mortgage or the Note which can be given eBect without the oonfliding provision, and to this . end the provisions of the Mortgage and the Note are declared to be severable. lf. Eorrowet's Copp. Borrower shall be furnished a conformed cop)• of the Note and of this Mortgage at the time f of execution or after recordation hereof. 17..Trawsfer of the Property; Asssarptiotr. 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 creatan of a lien or encumbrance wbordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliatrces, (c) a transfer by devise. 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 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 Property is to be cold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interact payable on the sums secured by this Mortgage shall be at such rate ac Letrder ~ ~ shall request. Tf Letrder 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 obliylrtions under this Mortgage and the Note. If Leader exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in accordance with paragraph 14 hereof. Such notice shall provide a period of trot less than 30 days from the date the ratite a 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. ~ - NotvUNtFOrrt.t Covertetvrs. Borrower and Lender further covenant and egret as follows: lei. Acedaatio~ Rewelks. Euept as provWed i• paragn~b 17 ber'so~f, tttpos >orrowes's bseaelr of cap eovewad or agrestttrewt of >iorrowetr d tbis Mortgage. isc~lirtg the eoveatuNs to pap wbes iwe any wars streweel tip Ibis MorlRate. Lesser prior to accderaUow shag ttasY ttotke to >sotrrower as provWed b paragrapb 14 tenet speeltplagz (1) Use bseacb: (>h flee aetiew rgtrirel 10 esre web kneselr; (3) a dale, woe less than 3A daps trots fire late the sotke is tsatki N >torrower, rp wbkb steel y btreaclr asM bt ettrtre~ awl (4) Drat taNwre le care web brsaclr a or betose the date geeitisl i• the tnotke sap tssttN V ' aceekratiots of the wttr aectrrsl b7' tbh Mor~age. torselowre b7' jadicial psoeseiiwg ctrl sale o< the Property. The wetiee ~ :ball fwrtber hJorw )fortowsr of the riRbt a troisstste after aeeelnaUow awl the rigbt b avert iw the foreelswr~e ~soeesttirtg the sos-e:Wesee of s iefawk or awp otlres letewae of >sorrower to sccekraUow aai toreelowre. N Ure btreaeb r sot ewM ow or before tbs date spsciiei i• the wotice. Leader at I.ealer's optiow rwap leelare s• o[ the wan ssessatl tyr Uric Matgarjt a k fnttrediahly dtse ass papaMe without farther demand cad taap torsclas tNs Mortgage by jrikW protoe~. Lender draN be estiitlel to collect M web psi ~ ettpcases of foreclostrrs. itreiwdiwg. btrt sM ~ tar reasawable m.,rarr's fees. ~ tt¦i costa of ioc.tseMatry et?ileace, a6Arscb awl tick report. . 1f. >torrowa's Right to ReLstats. Notwithstanding Lenders acoekration of the sums secured by thr• Mortgage, Borrower shall have the right to have any proct:edtngs begun by Lender to enforce thehis Mortgage discontinued at any time BCI~% JJ~ P4GE 2~llAl