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HomeMy WebLinkAbout0250 Lenders written agreement or applicable law. Borrower shat) pay the amount o[ all mortgage iawranoe prcmitunt in the manner provided under paragraph 2 hereof. t , Any amounts disbursed by Lender pursuant to this paragraph 7. with interest theeeori~ shall bec~oirre 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 time to time on attttandirtg principal under the Note unless paymatt 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 Lender to incur any expense or take any sMion hereunder. s. Istrectios, i.ender may make or cause to 6e made reasonable entries upon and inspections of the Properry. 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. Coudewgliow. The proceeds of any award or claim for damages, direct or cortsegtrential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. arc hereby mi~gned 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 excess, if any, paid to Borrower. In the evrnt of a partial taking of the Property. unless Borrower and Leader otherwise agree in writinE. there shall be applied to the sutras 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. ~ . 1f the Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the oondtxnrtor olfen to make an award or xttk a claim for damages. Borrower fails to respond to Lender within 30 days aher the date such notice is mailed, Lender is authorized to rnlkct and apply the. proceeds. at Lender's option; either to t~estoration a repair o[ the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to princ~pal shall not estend . or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the sunount of such installments. • 10. Botmower Nol Released. Extension of the tirtx for payment or modification of amortization 6f'the stunts sttctrred by this Mortgage granted by Lerttkr to any successor in interest of Borrower shall not operate to release, in any manner. the Iiabilily of the original Borrower and Borrowers successors in interest. Lender shall not be required to commence proceedings against such successor or refuse tti 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 successors in interest. • I1. Foriearsst:e r!' Lerner Not a Waiver. 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 shop not be a waiver of Leaders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Retsediet CrwrhM~e. All remedies provided in tha Mortgage arc 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. Sreeeswes ati Assigns >sorstl:.loisl asi Seved I.iabiW3, Captiass. The oovenauts and agreements herein contained shall bind, and the rights hereunder shall inure to. the.resptxtive successors and assigns of Lender and Borrower. subject to the provisions of paragraph .17 hereof. All rnvenants and agreements of Borrower :hall be jary and several. The captions' and headings of the paragraphs of this Mortgage are for convenience only and u+e not to tk uxd to interpret or define the provisions hereof. 14. Notite. 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 certi&d mail addressed to Borrower at . the Property Address or at such aher address as Borrower may designate by notice to i-ender as provided herein, and (b) any notice to Lender shall he given by certified mail, return retxipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided hert:in. Any ration provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uwiforw Mortgage: Covcrwiwg Law: Severa6ilify. This fotYrt of mortgage combines uniform covenants for national i use and ran-uniform covenants with limited variations. by jurisdiction to constitute a uniform security instrument covering real property. 'ibis Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the ~ event that any provision or clause of this Mortgage ar the Note conflicts with applicable law. such conflict shag not affect -other provisions of this Mortgage or the Note which can be given efloct without the conflicting -provision. and to this end the provisions of the Mortgage and the Note arc declared to be severable. lti. )ion+nwer's Cory. Borrower shall be furnished a.conformod coP3• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Trantfer of tie 1•rorerty: Assrwrlios. if all or any part of the Property or an interest therein is sold or trattsterred i by Borrower without Lender's prior written consent. excluding (a) the oration of a lien or encumbrance subordinate to € this Mortgage, tb) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, j descent or by operation of law upon the death of a joint tenant or (d) the grant of any kaseltold 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 cold or transferred trash agreement in writing that the credit of such person is satisfactory to Lender and that the inten~st payable on the sums secured by tha Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accelgrate provided in this paragraph 17. and if Borrowers successor in interest has executed a written ssstunption agreement atxepted in writing by Lender. Lender shall release Borrower tram all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of accekntion in accordance with paragraph 14 herteof. Stitch notice shall provide a period of nit less than 30 days from the date the notice is mailed within which Borrower may pay the wms declared due. If Borrower fails to pay such wms prior to the expiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph Ig hereof. - ' a - Norr-Ur+ttAonnt Covervatsrs. Borrower and- Lender further covenant and agree as follows: i lg. AetekrafMr Reste~es. E:cert s rrovMeti Y ran~nrr 17 ieraaf. amts lioreowes4 re+eaei of atq covenant K agreettrkst of liornwer Y tr4 MetAgage, iseYiirrg tie eorasrwts b rsy wies dse sq sows seesrrei b IW Mot~age. I.ssder tsrr b teeelerWes titan stay solace b llsorerwer at rrorNN b r.rasrari 14 reree[ speeltft~gs (1) tie i.est:A: (s? tie tetia. e~rieett b ere+e ttrer isrcaer; (3) t dale. sot less Irts 30 days host are date Ire matlee V waled M Mseower, b wrkr stet iseaer meat re etee+e$ oral (n Irat foilree b erne eoelt teeter a ar rdoee tic date srediei Y tie sr>tiee wq eestrk Y aocderatfew at Ire sows aaeaesd b trio Mort~e. ber<elowee b ! asi sale of tie horerfp. 71c sauce oral! ftestrer lsforw iioseowstr of are right b eeistfatt titer aecekratlos asi art rigrt b aweA Y Ire feearlattae rtrestZtiittg l Ire sos~rtrlstescti of a defarlt or ~T otter tletetnst o< laorrewer b aecelenfioet anti toteelowne. R Ire rerxr r sot creed w or rdame are dab areclietl Y Ire stlke. Lssder t1 I.ertaer's ortiow arty tlecltee s• srt Ire sort seereei i!' /nit MostpRe b k i.wetlitblp dse asst rtytrk wifrort frrtrer dewtaad tzrttt tetar faeselore trit M«tgage ?y ltrikial rrese+itR. Lender .tall • k esll0etl b aaBett Y eatd rrocesditg a• espetses of forcckaree. iselrtlltg. rtrt eM b. natastttle sttwtter's fees. iwi etNs of iret::seatary etri/esee, aittracb asd title rrroeb. ~ 1!. )Mesowa's ~ b Rdnttate. Notwithstanding Lenders aooekrstion of the sums secured by thn Mortgage, Borrawa shall Gave the right to have any proceedings begun by Lender to enforce this Monpge discontinued at any time c~c~ `s dO~K JJ5 PdGE r°'