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HomeMy WebLinkAbout2625 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any artrottnts disbursed by !.ender pursuant to tha 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 !.ender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the me payable from time to time on attstanding principal under the Note unless pa~?ttreat 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 arty e><peme a fate any action hereunder. & Iaspectioo. 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 rcasonabk cause therefor related to Larder's ~ interest in the Property. ( Cosdemaatba. The proceeds of any award or claim for damages, direct or rnrrsequeatial, 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 i_ender. In the event of a total taking of the Property. the proceeds shall be applied to the sums 'seetrted ~b~ this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Leader S 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 bwrs to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. 1f the Property is abandoned by Bor:ewer. or if. after notice by Lender to Borrower that the condemnor otters to mate an award or settlt a claim for damages, Borrower fails to respond to i_ender within 30 days after 'the date such notice b 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 secun-d by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal sM8 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 Rtkased. Extension of the time for payment or modification of amortization of the swrrs aecureQ by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in arty manner, ~ the liability of the original Borrower and Borrower c successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payrncnt or otherwise modify amortization of t)re sums secured by this Mortgage by reason ofrny demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance br Lender Not a Waiter. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall rat 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 Larder's - right to accelerate the maturity of the indebtedness secured by this Mortgage. s 12. Rearedks Caarahrlite. 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 concurrently, independently or successively. 13. Saeeessors awd AssiRas >sourrd:.1oht awd Sered i.iabNfr; Capdorrs. The covenants and agreements herein contained shall bind, and the rights hereunder shall inrrr~ to. the respective successors and assigns of Lender snd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions' and hudings of the paragraphs of this Mortgage arc for convenience only and are rat to 13e 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 shall be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to fender as provided herein, and ` (b) 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 Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated F.erein. lS. Uaitorwr Mort~e: Goternis~ Law: Sevcrsbility. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to corutitute a uniform security imtrument covering real property. This Mortgage shall tx governed by the law of the jurisdiction in which the Property is located. Tn the event that any provision or clause of this Mortgage or the Note rnnflicts with applicable law, such conflict shag not affect other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision. and to this ~ end the provisions of the Mortgage and the Note arc ckclarcd to be severable. 14. Eorrower's Cory. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Traader of the Property: Assanrptioa: if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior wriucn consent. excluding (a) the creation 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, 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 Stich option to aceelerate if, prior to the wk 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 as 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 ~ oblisations under this Mortgage and th4 Note. s If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordanc-c with paragraph 14 hereof. Such notice shat{ provide a period'of not less than 30 days from the date the notice is mailed within r 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. NoN-UNtrottr?r Covr:rtertTS. Borrower and Lender further covenant and agree ss follows: i li.. Accdaatio~ Rewredies. Except r rrotiLd i• pragnri 17 tiered, trron )torrewer'a ireaei d aar coterM or agreeweut of >forrower d tits Mortgage, tie corewaats to pr when dire say soars stxarei b tW Mortgage. Lerrier prior b aeeekratba sltsi mail aotke to lorrower as proriaei h pagrari 14 iereo[ geeMrlags (1) tie ireaci: (2) tit scHen , rgaMei b ewe wci breach; (3) a Lie, act less tiaa 3• days tr+oar tie date tie settee is tnaYei b >terrower, i7' wild suet breaei mart be enre~ arts (4) that hNare b core saci breach ow or before tie date srscifiei 4 tit wotke tar result V acceleration d tie sates secured br tits Mortgage. torcclosnn b ~w rroesedirr~ aai sale d the Trorertr. 71re setts Lr bitter ia[ornr •ocrower d tie riRM b refastate after accekrMbn swi tie rlglrt b ataert i• fie toreciosare rrocee~rtg 1 tic sort-a:Weave d a defaak or am other detewre of Borrower to accekrMfon aatl rorrdowre. g the 6rrxr Is not ewe, an g a before titre Lte geeNid i• tic wotice. Leader at Leaders ortiow tar declare V d dre•wara aeewett b tIL Mortga(pe (+a be iwareLtelr dtre ant prsbk witbN ttatier demand sad troy toreclae tIL Mort;aje b jriieW praesealag. Lender draN 3 be eatltlei to coYeet !w wet rrocecdiag ar e:peoses of torecbwre. Mrclaii~. bat net Brrritsrl br reaNwaMt attwrreYs fees. { ant costs of doer'~nentarr eridtaee, abstracts ant title repro. i i 1!. )serrowa's Rl~it b Reinstate. NotwithstandinE lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~~~K 332 p~~E 2618 _ - - -