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HomeMy WebLinkAbout0103 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hertof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall bscome 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 a+tstanding 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 applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expettse or take any action hereunder. 8. laspectioa. 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. Coademuation, The proceeds of any award ar 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 Praperty. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrawer. In the event of :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 oqual 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 balance of the proceeds paid to Borrower, If the Property is abarWoned by Harrower, or if. after natice by Lender to Borrower that the condemnor offers to make an award ar settle a claim for damages, Borrower fails to respond to i.tnder within 30 days after the date such notice is mailed, Lender is authorized to called and apply the praceeds, 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 Lender to any successor in interest of Borrower shall not operate to releast, in any manner, the liability of the original Borrower and Barrower's st+ccessars in interest. Lender shall not 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 reasan of any demand made by the original Borrower and Borrawer's urccescars in interest. 11. Forbearance by i.eader Not a Waiver. Any frbearance 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 indebtedness secured by this Mortgage. 12. Remedies Cmm~lathe.. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage ar afforded by law ar equity, and may be exercised cancurrently, independently or successively. i3. Snccessors and Assligas Bound: Joint and Sereral i.iability; faptiorrs. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of i.ender arid Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be faint and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and are oat to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, fa) any .notice to Borrower provided for in this Martgage shall be given by mailing such natice by certified mail addressed to Borrower at the Property Address or at such other address as Harrower may designate by notice to fender as provided herein, and (h) any notice to Lender shall be given by certified mail. return receipt requested. to Lenders address slated herein or to such other address as Lender may designate by natice to Borrower as prJVided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Horrawer or i_cnder when given in the manner designated herein. 1 S. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use aadrton-uniform covenants with limited vatiatioas by jurisdiction totxxrstitute a uniform security instrument covering real property. The state and local laws applicable to this Mortgage shall bt: the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicabiUty 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 sad the Note are declared to be severable. 16. Bomower's Copy. Borrower shall be furnished a canformed copy of the Note and of this Mortgage at the time of execution or after recordation hereaf. 17. Transfer of the Property: Assumption. If all ar any part Of the Praperty or an interest therein is said or transferred i by Borrower without Lenders prior written consent, excluding la) the creation of a lien or encumbrance subordinate to ! this Mortgage, (b) the creation of a purchase money security interest far hausehold appliances, (c) a transfer by devise, descent or by operation of law upon the death of a faint tenant or (d? the grant of any leasehold interest of three years or Jess Rot containing an option to purchase, Lender may, at Lender t action, declare all the sums secured by this Mortgage to be j immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to.wham the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lendet and that the interest payable an 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 Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release $orrower from all obligations under this Mortgage acrd the Note. if [_ender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accardance with paragraph 14 hereof. Such notice shalt provide a period of not less than 30 da}•s Pram the date the notice is mailed within which Harrower may pay the sums declared due. if Borrower fails t0 pay such sums prior to the expiration of such period. Lender may, without further-notice or demand an Harrower, invake any remedies permitted by paragraph IR hereof. f NON-Utv/FORM COVENANTS. BOROWer and Lender further cOYenanf and agree a5 fO110W5: i 18. Acceleralbo; Remedies. Except as provided is paragnpb 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when doe say sours secured by this Mortgage. Lender prior to aceckratioa s6rtll mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bceaeb; (2) the action f rtgnircd fo cure snob breach; (3) a date. not km than 30 days from the date the notice b msNed to Borrower. by wbk6 snob breach mwt be cored; and (4) that failure to cure such breach on or before the date apeci6ed is the notice may remit in ~ acceleration of the mass srcnred by this Mortgage, foreclosure by judicial proceeding sad sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and tbe,rigbt to assert is flee foreclosure proceeding the non-existence of a default or soy other defense of Borrower to acceleration and toreclasarr. If the breach iS not cored on or befort the date specified in the notice. Lender at Leader's option may declare all of the sums secured by this Mortgage to be s immediatdy doe and payable witbont further demand sad may foreclose this Mortgage by judicial proceedioa. Leader sbaB be entitled to collect in snob proceeding stl a:peones of foreclosure. including, but cwt limited fo, reasonable attorney's fees. and cosfs of documentary evidence. sbstracts and title reports. . 19. Borrower's Rigbl to Reinstste. Notwithstanding lender"~ acceleration of the sums secured by this Mortgage, Borrower shall have the right to have an}~ proxeedings hegun by 1_ender to enfarceec this Martgage discontinued at any time BCOxchi~ P4GE _