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HomeMy WebLinkAbout2010 • 3 Lender i written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof, ; Any amounts disbursed by [_enekr pursuant to this paragraph 7. with interest thereon. shall become additional ~indebtedncss of Burrower secured by this Mortgage. Unless Borrower and lender agr+ae to other terms of payment, such i amounts shall be aye a from Lender to Borrower requesting payment thereof, and shall bear interest frotrs the ; date of disbursement kbt~~tbe~ayahk from time to time on artstanding principal under the Note unless past o[ i interest at such me would be contrary to applicable law, in which event such amounts shall bear interest at the highest rafts i permissible under applicable law. Nothing contained in this era ra 7 shall any action hereunder. P 6 Dh esquire Lender to incur any sxpaae or fate s. IrrspeetiNr, Tender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shat! give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's ! interest in the Property. t 9. Cowleratbw. The proceeds of any award or claim for damages, direct or consequential, in oonnsetion 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 !.coder. -ln the event of a total taking of the Property. the proceeds theft 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 amarnt 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 balance of the pmteeds paid to Borrower. ~ if the Property is abandoned by Bor:ower, or if. after notice by Lender to Bomawer that the condemnor oRets to make an award or settle a claim for damages. $orrower 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 restoration or repair of tM Property or to the sums secured by this Mortgage. Unless Lender and 8orrawer otherwise agree in writing, any such application of proceeds to principal shag not extend or postpone the due dart of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount o[ such installments. 10. lorrower Not Refessed. irxtension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by I.ende? to any cuccescor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be required to comments 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 -rrtlr demand made by the original Borrower and Borrower's successors in interest. 11. Forreararrce by Leader Not a Wsiver. 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 remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indthtedness secured by this Mortgage. 1i Rerwedies Ctuwah>ttte, All remedies provided in this Mortgage are -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. Saecessors and Assigns farad; .Tout sad Several 13a6i1if1; Caprices. The covenants and agreements .herein contained shall bind, and the rights hereunder shall inrrr~ to. the respective successors and assigns of Lender and Borrovircr, subject to the provisions of paragraph 17 hereof- All covenants and agreements of Borrower shall be joiry and several. The captions- and headings of the paragraphs of this Mortgage arc for convenience only and are not to tk uxd 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 certified mail addressed to Borrower at the Property Address or at such abet address as Borrower may designate by notice to i_ender as provided herein, and (b) any ratite 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. j 1S. Uaiforw Mortgage; Gorerair~ Law; Severability. This form of mortgage eombina uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real properly. 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 aRect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 1L. lormwer's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. ,Transfer of the Property; Assamptiow. 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 appliances, (c) a transfer by devise. ~ descent or by operation of taw.upon the death of a joint tenant or (dl 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 v.•aived such option to accelerate if. prior to the sale or transfer, Lender and the person to whom the Property is to be colt or transferred reach agreement in writing that the credit of such person is satafactory tc+ Lender and that the interest payable on the sums secured by this Mortgage shall be at such me ac Lender shall rsquat. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest hu executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If Gender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in aecordanc~ 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. Tf Borrower tails to pay such sums prior to the expiration of wch period. Lsnder may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. Neu-Ututtoar?t CovtartstuTS. Borrower and Lender further covenant and egret as [dlows: lft. Aeedesatioe; Rewelies. EsaYpt as provided h paragraph 17 rersof, a!a lorserwes+s r>e.er of ~ c..eaM s: agreeaeaR of l4rrvwer Ise tr4 Merlgage, fwelaibrg tee coveesrrls to par wren tae ear ear aeearel t7' tW Mortgage. I,esletr ptrise M accsieratloa steal wall notice to )forrower as provllsl M panigrapb 14 rereot speeliriagt (1) Ire Meter: (tl tee aetiow sgafiel M tars seer Meech; (3) a left" act ias Nrarr 3• days crow Nee late lee aotiere fa waled fie •serawer, ~ wrki steer Bseaer asast k eme$ aai (4) drat talflrrre to care seer rreaer oa or reta+e tee date apeeYel fi Nee aetice war resale M seeeM*atloer of ere twws sectrretl r!' tris Morgage, toacaiowra r!' jrrdicW peseeatirrg atsi sde of tee Ih+opertr. 71re aatiee seal tariretr iaftorw Borrower of tee eigY to reiretstt after acceleration atsi tee rIgIM b assert i• tee taerMwee peoteetrttg Ire aoa-eairtewce of a letaak or ear otter leterae o1 Borrower to accekratloa aril roreclowre. H Ae Meaer r rat earel M err M.fase flee isle speeifiel is tee sake. Lerner at l.entier's option war tlieeMre si at tee strsas stearsl b tris MaslgaRe w 4 ieweil~leir tae aei parable witrerM tartrer dcatand awd war feneeloee tNs Mestsage y jrsikW psreeelinR. Lender drat M eetftkl I. ooleat M steer praceelirrg al espcnses of fotreclosnre, ineiali.g. Mtt .at lt.sltel w. reasenaYe snxarr's fees. a.i e..1s of irer-,re.twf et?ilenee, aMtarels wtl Title report. 1!. •ersowa's Rlgrt to Refeaatt. Notwithstanding Lender's accskration of the sums sesursd by thn Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time BUM ~IJe) Pl.GE~lJ1A i-