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HomeMy WebLinkAbout0045 t ' 1 Lender's written agreement or applicable kw. Borrower shall pay the amount of all mortgage iruuraaoe praniums in the ' manner provided under paragraph 2 hereof. Any amounts disbursed by Lender purwant to chit paragraph 7. with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to otfly Qf payment. wch amounts shall be payable upon riMice from lender to Borrower requesting payment thereof, arrd'sfiall ar• Ierest foam the date of disbursement at the rate payable from time to time on aitstanding 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: permiasibk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any exptarsa err take any action hereunder. fl. lwslectiors. Tender 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 Stich inspection specifying reasonable cause therefor related to I~endePs interest in the Property. 9. CowtkwrrraNoa. 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. arc hereby atsigrred and shall be paid to Lender. Tn 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 Property.. unless Borrower and Larder 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 bears to the fair market value of the Property immediately prior to the date of taking, with the balantx of the proceeds paid to Borrower. Tf the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condtnntror offers to matte an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the daft such notice is - mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to ratoration or repair of tee Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to Principal shall not ex/exrd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums festered 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 interat. Lender shall not be r+egtrired to commence proceedings against such successor or refuse to .ectend 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 successor in interest. 11. Iforbearawce by Lewder Not a waiter. Any fc?rbearance by Lender in exercising any right or remedy hen;under, 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 Larder's right to accelerate the maturity of the indebtedness securt:d by this Mortgage. ' l2. Rewredies Caaoldte. 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. Saccessors cad Asaigws Iaoawd:.Joiat cad $eved i.is6iiify; Csptioiss. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttr~ to. the-rapective successors and assigns of Lender sod Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jart; and stweral. The captions" and headings of the paragraphs of this Mortgage arc for convenience only and are not to lie 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 notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certi&d mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender as provided heroin, 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 ss 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 herein. 1S. Uwlforrw Mortgage: Governieg Law: Serersbgity. This form of mortgage combing uniform covenants for national l 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. 1n the event that any provision or clause of chic 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 o:onAicting provision. and to this end the provisions of the Mortgage and the Note arc Declared to bt sevenbk. - 14. ~ lonower's Copy. Borrower shall be furnished a conformed coP3• of the Note and of this Mortgage at the time i of execution or after recordation hereof. 17..Trawster of the >rrolerty: Assuarptiow. 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 creator of a lien or encumbrance wbordinate to j this Mortgage. (b) the creation of a purchase money security interat 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 yeah 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 grid 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 co1D or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intercct payable on the sums secured by this Mortgage shall be at arch rate as Leader 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 obljptions under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance w•irh 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 declared due. If Borrower tails to pay such stems prior to the expiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. - Norr-Urrtrotttrt CoveNaw'rs. Borrower and Lender further covenant and agree as follows: lfi. Acedesafioa; RerwetNa. Exeelt m povided ~ pansgralt 17 rased. trpw ross+awers tseaer of nary covewawt K agseeasewt d liosrewer f• this Malgage. rrets~tg Nee eotnaMs to pay won floe gay satsts saewed h ttis Mortgage. l,ewde* Nior to aceeksatlow itrar mail wotke to rorrower as lrovldej M laragralt 14 tercet tleeitytags t1) Ae rteaer: (t1 rte se1Nw ~ setliei a ease ssret rte (3) a tale. wet less Nraw 3• days tr+osw rte date ire wotiee r arareti N rassswer. h wtkr seer tseacr aaswt k eaa~ awe (4) flat taNare b care acct rrarct ow or retort ire date apeei0ed V ire wotiee asst' sesaM i• ateeiesNiew d rte ststws seearsti r7' ttit Mortgage. tosecloaue h' jwdicbl ~reeeeoliag atsi tale d ire Pootcrfy. Tee wetiet star trotter idena rorrewer of ire r1gM to reiaslate after aecekratbw awd ire right is aaaerf iw ire toseeiesart lsoeeetrstg ire wow-a:falewee et a ietaalt otr awe otter ~efeaae of rorrowetr t• aecekraMow awe forscioaore. N ire t~eaer is ¦N eara~ ~w ar betose ire tale sleeked f• rte sroNce. Lewder at i.caaer's oltiow essay aeelaste ar d rte trews seeasrtd r!' leis Mortgage la re ~ _ Vaseiia/eh, sae asst larsMe wNrotst ttsstrer demand cad cosy fosedoee trls Motrlgsgs y jaikW /trseaeiR. Lender drat bt ewtlNei N toreef is aster lseeeeiiag sr capcwsa of forccloswre. iwetstrag. rat tttN rasilei M. seasowaMe sttwaer's fees. anti eels d ioesi'treatarl' eriiiewte, aMtracts arsd tick repro. . l lf. fioss+owa's Rfg1t b RefaNate. NortwithstandinE Lenders acceleration of the sums secured -try chi: Mortgage. i Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time anoK~3 PAGE 45