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HomeMy WebLinkAbout0599 Lender's 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 Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and !.ender 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 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 higheri rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. itsspectiort. i.ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coedemnatbn. 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 Property. the proceeds shall be applied to the sums secured by this Mortgage. with the exceu, 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 fiy this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the same 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 abandoned by Borrower, or if. after notice by Lender to Borrower that the zondemnor offers to make an award or settle a claim for damages, Borrower fails to respond to i.ender 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. 1xtension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by i_ender 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 not he required to commence proceedings against such successor or reface 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 Borrower and Borrowers successors in interest. 11. Forbearance by [.ender Not a Waiver. Any forbearance by lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law,- shall not ere 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 he a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmulatite. 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 he exercised concurrently. independently or successively. 13. Snccessors and Assigns Bound; Joint and Se~•eral Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of i_ender and Borrower. subject to the provisions of paragraph 17 hercof_ 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 are not to he 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) 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 other address as Borrower may designate by notice to lender as provided herein, and (h) any notice to Lender shall he given by certified mail. return receipt requested. to Lenders 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 he deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing; Law; SeverabGlity. This form of mortgage combines uniform covenants for national use 'i and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument coveting real property. The state and local laws applicable to this Mortgage shall be the Taws of the jurisdiction in which the Property is located. The foregoing sentence 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 shag riot 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. 17. Transfer of the Property; Assumption. if all or an~• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (bl the creation of a purchase money security interest for household appliances, (c) a transfer fiy 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, [_ender may, at lender s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have w•rived 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 1_ender 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 [_ender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If [_ender exercises such option to accelerate. Lender 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 notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such aims prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke an~~ remedies permitted by paragraph lft hereof. c Non-UNIFORM CovENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in parag;rapb 17 hercof. upon Borrower's brcac6 of any covenant or s agreement of Borrower in this Mortgage. including the covenants to pay when dne any snms secnred by this Mortgage. Leader prior to acceleration shall mail notice to Borrower ss provided in paragraph 14 hereof specifying: (l) the breach; (2) the action required to core snc6 breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by whk6 wch breach must be shred; and (4) that failure to cure such breach on or before the date spec6ied in the notice racy resell in acceleration of the sernt secorcd by ih~ Mortgage, foreclowrc by judicial proceeding gad stile of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the ran-existence of a defauk or any other defense of Borrower to accekratan and foreclosure. If the brrach•is not cured on ~ or before the date specified ie the notice. Lender at Lender's option may declare ap of the snms secured by this Mortgprge to be 1 immediately drat and payable withont further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to cogect in soch proceeding a0 expenses of foreclosure. including. but not United to, rcttsonabk attorney's fees. and coats of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have an} proceedings begun by Lender to enforce this Mortgage discontinued at any time ' Bt'~~`t PAGE