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HomeMy WebLinkAbout0280 . ~ 1C'~. ` . Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage iasurattoe praaittna is the meaner 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 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 paj?nsaat of interest at:uch 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 roquirc Lender to incur say expense a take any action hercuntkr. s. lnpectioe. Lender may make or carne 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 b Lender's interest in the Property. I 9. Corrrertrrtatiow, The proceeds of any award or claim for damages, direct or consequential. in oomtection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assi~gaed and shall be paid to Lender. i . In 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 Lender otherwise agree in writing. there :'hall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amarnt of the sums secured by this Mortgate 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. 1f the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor oRers b make an award or settle a claim for damages. Borrower 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 Lender's option. either to restoration or repair of ere 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 attend 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 Releaser. Extension of the time for payment or modifkation of amortization of the strata set:ured - by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in say manner. the liability of the original Borrower and Borrower c successors in interat. Lender shall not be regtrircd 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 successors in interest. I1. Forrearawce 6y i.esrer Not a R?aiver. Any fotl+earance by Lender in exercising any right or remedy heretmder, 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 Geeder's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rerwerks Cttrtrohtl~e. 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. S~ceeasors surd Assigns >souwd: ,Joint awd Several i.iabiYfy; Captives. The om?cnaats and agresatertts herein contained shall bind, and the rights hereunder shall incug to. the.rapective successors and sssigra of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall bt joiry and several. The captions' and headings of the paragraphs of this Mortgage arc for convenience only and are not to Ile 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 piovided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher address as Borrower map designate by notice to Vender as provided herein, and j (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 'i Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uaiforra Mortgage: Govenri~ Lsnr: Severabilily. This form of mortgage combines uniform covenants for national use and nonuniform covenants with limited variations by jurisdiction to constitute a uniform security iratrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. in the I event that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conAiet shall not affect other provisions of this Mortgage or the Note which can be given effect without the cortflictirtg provision. and to this end the provisions of the Mortgage and the Note arc declared to be severable. ~ lf. >sonewer's Co'y. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ ~ of execution or after recordation hereof. 17..Traaster of the PropMy: Asatrnrptiow. if alt or any part of the Property or an interest therein is sold or mnsferrcd by Borrower without Lender's prior written consent. excluding (a) the creation of :lien or encumbrance subordinate to s this Mortgage. (b) the creation of a purchase money security interat for household appliances, (c) a transfer hp 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 rnntaining an option to purchase. Lender may. at Lender's option. declare all the sums secured by this Mortgsge to be immediately due and payable. Lender shall have waived sttch option to accelerate if. prior to. the sale or transfer. Lender and the person to whom the Property is a~ be cold or transferred reach agreement in writing that the credit of such person j is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at rush rate ac Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower i successor in interest has executed a written sssumption 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 ratio of accekntion in accordancti v?•ith paragraph 14 hereof. Stitch notice shall provide a period of not less than 30 days from the date the notice es mailed within ~ which Borrower may pay the sums declared due. if Borrower fails to pay such sums prior to the expiation of such period. bender may, without further notice or demand on Borrower. invoke any remodies permitted by paragraph lg hereof. r Not+-UnttAoanr Covttv~ntTS. Borrower and Lender further covenant and agr+ce as follows: lt. Acederatio~ Res~eries. Bush x'raviicr v 17 hetrsot. tt*ast B.rnwes's keeaeit at a¦y earerM x agrumeaR of •errewer fst fltis Modgage, leeitri6tg die eoewanls to f~ wrsw rtre any:was sttesr~ar b title Mortgage. i.errrer prix a aeeeksallo. sbali.W stotlce to •orrvwer r'rovNcr 1.'.ragraplr 14 rt~.t speeltyYgs (i) the ise.eh: ere .etM. spie+i M estse veer iseacri (3) a rate. rat las than 3• sap irortr ere cab ere tsolke r tiiett to >tosrawer. b wrklt trier rn.er titre re eoss~ atsti (4) fret tawre to care arelt rreadt ow K retse ere rate r/eeiiei iw ere saiee rssq resit fa 1 a aectiieratlort of ere tt¦¦ts oeerer b etas Mortgage, tessclowre b l~~ M'«ss~L tttstl ale of ere rro?erty. 'life trance t sirsi truer intortw Borrower d ere right to tote after aeeeieratbw acre ere dgrt to aced i¦ ere tareeltrase pseeea~ttg ere ~ et a retaalt or a>h otter retewse o< >torrowK t. accekratM. ante taeeia.re. It ere rteaer r not eosti M or retos+c the retie yeeifisr r ere stotlce. l.ewrer st t.errrer's o/tiow racy reeiaste a• of tlre,rrr aeerrrer b err MortRa(pe to re it..,aallely rrre atrr pyark ..ilrortt ttsdrer derrrand p.r may torseloae err M«tpga b jjariei.l psoC+eile. Lender dent 6e entlllei N eeBact V fret /soeserirtg srf es'eases of (oreclowrc. rrclrstlirtg, rat naf r¦titrr ta„ seasorilc sttwaer'o fttas. tttsti costs et ittewosalar7' etrirnee, arstrscts aver title re/orb. 1!. liornwa's 1Rfer1 a Relrtats. Notwithstanding Leader's aocekration of the sums secured by thh Mortgage, Borrows shall have the right to have any proceedings beEun by Lender to enforce the Mortpge dispco~ntinued at any time ~ g~~3 PAGE 2~ .,._r _~...M