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HomeMy WebLinkAbout0948 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereo[. Any amounts disbursed by Lender pursuant to tha paragraph 7, with lateral thereon, shall become sdditional 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 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 shag 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. 8, iospeclioa. 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 Propt:rry, 9, Cotakmastbw, 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. Tn the event of a total taking of the Property, the proceeds shall be 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 Proptrty, 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 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 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 t and 2 hereof or change the amount of such installments. 10. Borrower Not Released. )~xtension 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 Borrower's successors 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 reason of any demand made by the original Borrower and Borrowers successors in inttrest. 11. Forbearance by Leader Not a R'airer. 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 Cnmuhttirt. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage ar afforded by law or equity. and may be exercised concurrently, independently or successively. 13. Successors sad Assigns Bound; Joint and Ses•eral i.iability; Captions. 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. All covenants and agreements of Borrower shall be joint and several. Tht 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 i.ender as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to [.enders 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 1_ender when given in the manner designated herein. IS. Uniform Morigsge: Gorernittg Law; Severabyity. This form of mortgage oombiaes uniform covenants for national use andnon-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real pt+operty. The state and kcal laws applicable to this Mortgage shag be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not Wait the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note oonfiicts with applicable law, such oontlict 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 rer:urdation hereof. 17. Transfer of the Property: Assumption. Tf all or an~~ part of the Property or an interest therein is sold or transferred by Borrower without L.ender's prior 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 tenant or fd1 the grant of any leasehold interest of three years or less not containing an option to purchase, tender 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 sate 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. 1f 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 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 sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. Norv-1.1NIFORN Covetvatv7s. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. B:cept as provided in parsgrspb 17 hereof, npoa Borrowtr's breach of nay coreoswt or agreement of Borrower is this Mortgage. inclndirta the covenants to pay when doe soy sours secured by this Mortgage, Leader prior to sccckrstioa shag may entice to Borrower as provided is paragraph 14 hereof specifying: q) the bccaci; (2) the setioa required to con snob breach; (3) s date, not less than 30 days from the date the notice is mailed to Borrower. by which sash breach mast be cored; and (4) thst failure to cure such breach oa or before tic date specified is the notice our result is accekratioa of tbt stems secnrtd by tole Mortgsge, lorecksare by jndicisl proceeding and sale of tie Property. The notice shall further infot•m Borrower of the right to reinstate after sccekration sad the right to assert is the foreclosure proceedis6 tie non-existence of s dcfsnk or say other defense of Borrower to acceleration and forecbsnre. if the bresc6 is not cured oa or before tie date specified is the notice. Leader a1 Lender's option rosy declare aq of tie sums secured by this Mortgage to be immediately due and psyabk without fattier demand and may torccbse this Mortgs`e by jttdicW'roceediag. Lender shag be entitled to collect is sash ptoceediug sy expenses of foreclosnrr, including. bat not limited to, reasonable attotraer's fees, and costs of docnmeatsry evidence, sbsttacts and title reports. • 14, 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 tirtre e~ox~34 PEE 947 - _ - ~ ._.c~ ~~t