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HomeMy WebLinkAbout0095 1 Lender's written agreement or applicabk law. Borrower shall 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 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 reyuesting payment thereof, and shall bear interest from the date of disbursement at the me payable from tithe to time on outstanding 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 rate - permissible under applicabk law. Nothing contained in this paragraph ~ shall requite Lender to incur any expense or take any action hereunder. 8. Inspection. 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 raasonabk cause therefor relattd to Lender's interest in the Property, 9. Coadetasatbn, 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, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall 6e 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 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 Properly immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Properly is abandoned by Borrower, or if. after notice by Leader to Borrower that the condemnor offers to 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 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. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured ~ by this Mortgage granted by tender 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 interest. Lender shall pot be required 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 Borcower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waver. Any forhearance 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. 3 The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders t right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulatire.. All remedies provided in this Mortgage are distinct and cumulative to any other right or i remedy under this Mortgage or afforded by law or eyuity, and may be exercised concurrently, independently or successively. 13. Successors and Ass~us Bound; Joint and Sereral l.iabr'lity; Captbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. Ali covenants and. agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. I 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 shah be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be 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 j Mortgage shall he deemed to have been given to Borrower or Lender when given in the manner designated herein. 1 S. Uniform Mortgage: Governing Law; Severobility.. This form of mortgage combines uniform covenants for national use 1 andnon-uniform covenants with limited variations by jurisdiction W constituu a uniform security instrument covering real property. The state and local laws applicabk to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing senternx shall not limit the applicability of federal law to this mortgage. 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 effect ~ without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower'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. j 17. Trantftr of the Property; Assumption. if all or any part of the Property or an interest therein is sold or transferred = by Borrower without Lenders prigr written consent, excluding (a) the creation of a lien or encumbrance subordinate 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 tenanror (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 such option to accelerate if, prior to the sale or transfer. Lender _ and the person to whom the Property is to be sold 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 !.ender, Lender shall release Borrower from all obligations under this Mortgage and the Note. if Lender exercises s++ch option to accelerate. !.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the holier is mailed within 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 Korrower, invoke any remedies permitted by paragraph i8 hereof, i Norr-UNtt:oat?t CovetvetvTS. Borrower and Lender further covenant and ague as follows: 18. Acceleration; Remedies. Except ae provided in paragraph 17 hereof, upon Eorrower's breach of any covenant or agreement of Borrower in this Mortgage, includirq~ the covenants to psy when due aay earns secured by thts Mortgage. Ltader prior to sccekratioo shag mail notice to Borrower as prorided in paragraph 14 hereof specifying: il) the breach; (2) the action required to cure sech breach; (3) a date. not less than 30 days from the die the entice is uailed to Borrower, by whk6 such breach rtorst be cared; and (4) that failure to cure such breach on or before the date specified in the notke aay resell is accekration of the sores secured 6y this Mortgage, foreclosure by judicial proceeding and sak of the Property. The notice shall further inform Borrower of the.right to reinstate after accekration and the right to assert is the foreclosnre proceednut the non-a:istenre d a defank or any other defense of Borrower to accekration and forecbsure. If the breach is aM cured o0 or before the date specified is the notice. Lender at Leader's option may declare a8 of the snnrs secured by this Morfstrge to be immediately due and payable without further demand and may foreckse this Mortgage by judicial proceedipR. Leader shop ~ be entitled to coped is such proceeding aq expenses of forecbsun. including, but not limited to, reasoasbk attorney's fees. and costs of docuarentary evidence, sbstructs and titk reports. 19. Borrower's Rigbt to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have an~• proceedings hegun by Lender to enforce this Mortgage discontinued at any time F B~X~~ PtCE - ~ _ - F _=:3