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HomeMy WebLinkAbout1313 Lender's written agreement or applicable law. Borrower shill pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest the~eoly slMll•.b~come additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to~dhert terwts bf 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 pa}rment o[ 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 any expense or take any action hereunder. >L Iwspectiow. 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. Cowdearwatbw. The proceeds of any award or claim for damages, direct or consequential. in eonrrection 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 to1a1 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 Deader otherwise agret in writing, themshall 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 dale 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. 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 fail. to respond to Lender within 30 days after •the date wch notice is 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 secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall 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. dorrower Not Rekmed. Extension of the time for payment or modifkation of amortization of the errs attcured 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 Borrowers saccason in interest. Lender shall not be r+oquired to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortintion of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forrearawce ry Lewder Nof w waiver. 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 terrtedy. The procurement of insurance or the payment of taxes or gther liens or charges by Lender shall not be a waiver of LendePs right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewedia Ceadative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or - rcmedy under this Mortgage or aRorded by law or equity, and may be exercised carcurrt:ntly, independently or succes:ivdy. 13. Swcceaaors sail Aaeiigas dosed: Joiwt awi Seved i.iabiNfl, Capfiows. The covenants and agreements herein contained shall bind, and the rights hereunder shall incug to. the respective suocesson and assigns of Lender spd Borrower. subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be jard and several. The captions' and headings of the paragraphs of this Mortgage are for convenience only and are not to Ile used to interpret or define the provisions hereof. 11. NMiee. 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 i.ender ss 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 herein. lS. Uwl#ore MorlRage; Govcrwiag Lww: Sevcrab0ity. This form of mortgage combing uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to coratitute 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 applicable law. such conflict shall not affect other provisions of this Mortgage or the Note which can be given etlect without the conflicting provision. and to this end the provisions of the Mortgage and the Note arc declared to be severable. lf. Borrower's Co'y. Borrower shall be furnished a conformed roP)• of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17..Trwatafer of tee hoperty; Aswnrptiow. 1f all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent. excluding (a) the creatan of a lien or encumbrance wbordinate to I this Mortgage. (b) the- crcatron of a purchase money security interest for household appliatrces, (c) a transfer by devise. i 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 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 inten~ct payable on the sums secured by this Mortgage shall be at such rate ac Lender shall roq»est. If Lender has waived the option to acce{crate provided in this paragraph 17. and if Borrowers successor in interest has executed a written assumption agreement aceepted in writing by Lender. Lender shall release Borrower from all obljgations under this Mortgage and the Note. I If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in sccordancti with $ 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 fails 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 l g hereof. s Nor+-Ur+ttr:atur CoveNants. Borrower and Lender further covenant and agree as follows: lfl. Acederatlot~ Rearediea. S:cept as prorfied iw pwragrapA 17 lreraof. rrpw llornwera beach et awy eovewwwt ar apeeaewt of Mrrower b prb Mortgage, iweirdiwg pre eovewaNs to /wy whew dao nary tetras seearsd y rib MariRrtge. Lester prbr N aeeelentlor sW wrwY aotke ~ dorrrrwer aa'rovNed M pwntgagA 14 iertofT specRylwF (1) pre retewei: (>h tee astMw rgaboti Is ewe ttteei M+atr; (3) a iNe. wet. bs tlaw 3t days trurw tie late pre tsefke b t>Wai a dornwer. ~ wrkr saes rroaei teeter k ewrod; anti (n fiat fa9trre to cw~e skeet Mewcb a K <tetora tit date aptciMd V tie wotiee way nstrlt i• accderal6w of tie seas aeetretrd by tlrie Mortgage. forttdoawre y jwNcW poceetia~ tteri de at tee Tro'erfy. 71re wotke slrair Cartier iwfor• dornwer of pre rfRbt N reiwaate after secelerwtbw and tee right la aaatA i. pre foreelaatwtr Noeeeitg tee wow-a:blewaY of w dctawk ar awy other defewae of Borrower N aeceicrwtfew awi toreeloawre. M pre Mrxlr b tt~t csred ew ` ~ or betort pre date apoelfiel f• lit wotke. Lewder at l.ewder's opbst aaay deebate ar of pre saran aeetrred ~ trb MortgaM tore u idly dwe sail ~sYe wifiwrl tnrlber demand ar/ way foreekea rite MeetgaEe ~ jwdiebl ptoesediwR. Lender ciaN be eappsd b eo~oct V sect prseoediwg s• espewses of forecbawe, iweiwiirrg. rat art Itiwtilad le. terrswwilt atturweya fen. stet gala o[ ioe.-aewtary eviacare. abstrwcb nerd kirk eeprb. 1f. dorrwwa'e Rf~rt f• Rdwwte. Notwithstanding Lender's acceleration of the sans secured by this Martgage, • Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any tithe r g~~33 P~1311 -