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HomeMy WebLinkAbout0931 { • , Leader's written agreeaarnt or applicable law. Borrower shall pay the amount o! all mortgsge insurance premiurr>: in the msnner provided under paragraph 2 hereof. j My 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 1 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 outstanding principal under the Note unless payment of , intetYSt at wch 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 Lender to incur any expense or take any action hereunder, # >l.. It~tttiow, Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided i that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9 Cowierwwsdow. The proceeds of any award or claim far damages, dimt or consequential, in rnnnection with any condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation, are hereby sssigned 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, 1 with the excess, if any, paid to Borrower. Tn 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 bean to the tair market valtre of the Property immediately prior to the date of taking, with the balance of the proceeds p:td to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to tender 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 Properly 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. i ltl?. Borrower Not Rekssed. 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 release, in any manner, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be trgttired 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 Borrower and Borrower's sttccesson in interest. ' 11. Forbearawce by Lewder Not a R?siver. 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 indebtedness secured by this Mortgage. 12, Remedies Cwmnhrtirre. 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. Sncees3ors sad Assigws Bonnd; foist swd Several i.isbility; Csptbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successor and assigns of Lender and Borrower. 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 are not to be used to interpret or define the provisions hereof. I4, 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 (b) any notice to Lender shall be 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 be deemed to have been given to Borrower or Lender when given in the manner designated herein. IS. Uaiforer Mortgage; Governing Lsw: Serersbitity. 17risformofmortgagecbmbiatauaiformcovenantsforaaliooaluse sad son-uniform covenants with limited variations by jurisdiction b constitute a uniform security iastrumem covering real property.The t state and ktcal laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing 1 sentence shall rat limit the applicability of federal law to this mortgage. Ia the event that any provision or clause of this Mortgage or the Note eooflicts with appticabk 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 std 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 )rroperty; Assunrptioa. If all or any part of the Property or an interest therein is sold or transferred - by Borrower without Lenders prior written consent, excluding (al 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 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 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 Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph i4 her+eof. 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 sums prior to the expiration of such period, Lender may, without further ndice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. - Noty-I.INlFORM CovEri~trrs. Borrower and Lender further covenant and agree as follows: la. AccelersRion; Remedies, Except as provided in pragnph 17 hereof, upon Borrower's breach of any covewt or agreemxnt of Borrower iw tbb MoAgage, iwclsdiug the covenants to pay when dse any sswrs secored by this Mortgage, Lewder prior b accderstiow sha8 suit wotke to dorrowtr as pro•ided in paragraph 14 hereof spetiifyiwg: (1) the bt+ach; (2) tbt action rtgwired b care swcb bnscb; (3) a date. not less than 30 days from the dste the notke k mailed to Borrower, by which such breach mast be cared; and (~1) thst fsilare to care snch brcsch on or before the date spcci6ed ie the wotiee may reswh is accdcratiow of the scams ttecnrsd by this Mortgage. foreclowre by judicial proceeding sad sale of Hie Property. Tie wotice i shag farther intorwi Borrower of the right to reinstate sfter sccekration and the rigbt.to assert iw the foreclowre procee~ag ~ the rion-tzLsterrc~e of a defaarlt or say other defense of Borrower to accekrstioa sad forec{wre. if the breach b cot cared oa or bafore the date speci6cd b the notice, Lender at Leader's option may declue sH of the swirls se+cwred by this Mortgage b 6e ~ iranediate)y dire sad pyabk withowt farther demand sad may foreclose this Mortgage by jrrdicW proceediwg. Lewder shag be estitkd to cofieat ii such proceednwg aY a:peaces of forectosare, iwctuditig, bat not limited ta, rcasoasbk attorwey's fees, sad casts of docwiwcwtary evidesce, abstrsris 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 any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time - ; E et~iK Path ~ - ~ ~ - -