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HomeMy WebLinkAbout0130 • , i Lender's written agreement or applicable law. Borrower shall pay the amount d aq mortgage a?wrattce prraaiums iw the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to the paragraph 7, with irrtctYSt thereon, shag become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lrnder agree to other terms d payment. such amatnts shall be payable upon notice from i.ender to Borrower requesting payment thereof, and shall bear wrterest from the date of disbursement at the rate payable from time to time on outstanding principal wider the Nose airless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear irNerest at the isle _ permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to attar arty expeme a fate t any action hereunder. s. Inspeetiorr. Lender may make or catr~e to be made reasonable entries upon and inspections d the Property, pro~rided that Lender shall give Borrower notice prior to any such inspection specifying rcasorrable cause therefor related to Larch's interest in the Property. ! 9. Cowdemwatbm The proceeds of any award or claim for damages, direct or consequential, in eorrrrection with soy condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are herebq assigned f and shall be paid to Lender. s in the event of a total taking of the Property. the proceeds shall be applied to the crams secured by this Mortgage. with the excess, if any, paid to Borrower. Tn 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 proeeecs as is equal to that proportion which the amount of the sums secured by this Mortgage immediately prior to tl+e date d taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance d the proceeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by lender to Borrower that the condemnor dkrs to mate ar award or settle a claim for damages, Borrower tails to respond to Lender within 30 days after *_he date such erotica is mailed. Lender is authorized to collect and apply the proceeds. at Lenders option, either to restoration or repair d 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 shaft not extend t or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hared or change the amount d such installments. 10. Borrower Not Released. Extension of the time for payment or modifkation d amortization d the sums secured . 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 Borrower's successors in inlerest_ Lender shag rwl be required to conerrerree proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the scans secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. l Forbearanct by Lewder Not a R+aiver. Am• fort+earance by lender in exercising any right or remedy herermder. or. otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any wch right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by lender sha0 not be a x?aivet of Lender s right to accelerate the maturity of the indebtedness tattered by this Mortgage. 12. Remedies Cwmnlati~e.. All rcmetlies 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 ccxtcurrently. independently or urccessively_ 13. Successors and Assigns Bound: loaf and Several i.iabigryr: Captious. The covenants and agreerrrerrts herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borro+.-er. subject to the provisions of paragraph 17 hereof. All 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 arc riot 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. (a) arty notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower u the Property Address ,or at such other address as Borrower may designate by notice to fender as provided herein_ and (hl 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 hercin_ Any notice provided for in this Mortgage shall he deemed to haee been given to Borrower or 1_ender when given in the manner designated herein_ l5. Uniform Mortgage: Governing Law: Sevcrabr7ify. This form of wortgage combines uniform eovea~s for mtiosal use { andnon-uniform covenants with limited variations by jurisdiction to ooss>Jiwte a uniform security instrt>mmt oareriog real popaty_ The € state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is looted. Tee foregoing sentence shall not limit the applicability of federal law to this mortgage. In the evatt that any provision or clause d this Mortpge a the i' Note oootlicts with applicable law, such conflict shall not affect other provisions dthis Mortgage a the Nate white can be given elieet ! without the conflicting provision, std to this end the provisions of the Mortgage and the Note arc declared to be severabk_ 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. 17. Tnrrsfer of the Property: Assnmpt'ron. If all or am• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance wbord;nate to this Mortgage. (b) the creation of a purchase money security interest for household appliances. (cl a transfer by devise. descent or by operation of law 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 sacra secured by this '?fortgage to be immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or transfer_ Larder 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 Borrower's successor in interest has executed a written .assumption agreement accepted in writing by Lender. Lender shall release Borrower from aB obligations under this Mortgage and the Note. c If lender exercises such option to accelerate. tender shill mail Borrower notice of acceleration in accordance xrith paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice %s mailed within ~ which Borrower may pay the sums declared due. If Borrower tails to pay such sums prior to the expiration of such period_ Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. NON-UNIFORM COVENANTS. Borrower and lender further covenant and agree as follows_ 18. Acceleration; Remedies. E:rcpt as provided iw pragrspr 17 hereof, ups /orrwwds btnracr of ~ cwvewawl car ! agreement of Borrower in this Mortgage, ischrding the coreaasts to pr whew be scar stews secwrri b teas Morligge. Lcsder f prior to accekratiow s6aD ®ail notice to Borrowcr:s provided iw pragraplr 14 hereof specifying: (1) ire bsesck 121 tie selisw ~ r^equired to cure such breach: (3) a date. not less than 30 days froze ire date ire wdice is ~d to ¦srrswer, b white swcr _ breach must be cared: sad (4) that failure to cure such breach ow or before ire date speeiid i ire wotiee wswy teawY i acceleration of the so®s secured by ibis 1ortgage. forecbwre by judicial proceediw` awl sale d ire 'Ilea wwtiee shall further inform Borrower of the right to reinstate after scceknrtiow swd ire right b assert iw Ire fitrecMswe pnceeiwg the non-a:infante of a detank or awv other defense of Borrower to sccekratiow awd foreelosrae. B ire rtrewcrts wit cared M or before the date specified in the notice. Lender at Lender's option easy declsre aM d ire sw>as seetrrcd r7 iris M«tssge ~ re immediately due and pyabk without further demand and nor forecbst this Mortgage rl' judicial pswcee~. t.esiest seal be eetitled to collect is ssch proceeding aN a:passes of forecbsnrc, includiwg. bst wet iirwi~ler tu, reasonable altmwe7's fees. • and costs of docusrentary evidence, abstracts and title reports. j 19. Borrower's Right to Reinstate. Notwithstanding Len.ler"s acceleration of the sums secured b} this Mortgase. Borrower shall have the right to have any proceedings hegttn by Lender to enforce this Mortgage discontinued at any time $rQK P1GE 1~