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HomeMy WebLinkAbout0262 . ~ • , Lender's written agreement or applicabb law. Borrower shall pay the arnotrnt o[ i~gage inwranoe premium rn the manner provided under paragraph Z hereof. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon. sfisll become additional indebtedness of Borrower secured by this Mortgage. Unkss Borrower and Lender agree to dher ternu of payment. such amounts shall be payabk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest traa the date of disbursement at the rate payable from time to time on artstanding principal under the Note unless priyment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the hi:hest rate permi:sibk under applicable law. Ndhing contained in this paragraph 7 shall require Lender to incur sny experne or take any action hereunder. ~ >R IwalecHow, 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 iatdet's interest in the Property. 9. CowdewwsHow. The proceeds of any award or claim for damages, direct or consequential. in oonrtectiow with any ~ condemnation or dher taking of the Property, or part thereof, a 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 MoAgage. with the excess, if any, paid to Borrower. 1n the event of a partial taking of the Property. unless Borrower and Fender dherwise agree in writing. there shall be applied to the sums seared by this Mortgage such proportion of the proceeds a: is equal to that proportion which the amount of the sums secured by this Mortgage immediately' prior to the dab of taking bears to the fair market value of the Property immediately prior to the date of taking, with the baianoe of the proceeds paid to Borrower. ~ i if the Property is abandoned by Borrower, or if. after notice by lender to Borrower that thaeonolemnor niters b make , an award or settle a claim for damages. Bc~rrowcr fails to respond, to Len~trtwithin 30 days after ~tbe datC such notice is mailed. Lender n authorized to collect and apply the proceeds. at Lender's option, either to restoration 'f)r repair of the Property or_to the sums secured by this Mortgage. Unless Lender and Borrower dherwise agree in writing. any such application of proceeds to~rincipal•shaU rapt extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or' change the atwourtt o[ such instalMrtents. 10. borrower Nd Released. Extension of the time for payment or modification of amortization of the sums stectrrsd by this Mortgage granted by Lender to any cucceccor in interest of Borrower shall nd operate to release, in any manner. the liability of the original Borrower and Borrower s successors in interest. Lender shall nd bt required to commence proceedings against such successor of refuse to extend time for payment or dherwise 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. j 11. Forbewrawee h!' Lewder Not s Wsher. Any forbearance by Lender in exercising any right or remedy hereunder, or E 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 dher liens or charges by Lert~r shall nd be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewseiies Caawdadve. All remedies provided in this Mortgage an; distinct and cumulative to any dher right or remedy under this Mortgage or attended by law or equity, and may be exercised concurrently, independently or successively. - 13. Swceessers and Aseigws bowwd: Joht awd Several i.ia6ib~; Cspdorrs. The covenants and agreements herein contained shall bind, and the rights hereunder shall inurg to, the.respxtive successors and assigns of Lender nerd Borrower. _ subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The pptions' and headings of the paragraphs of this Mortgage arc for convenience only and are rat to. Ile used to interpret or define the provisions hereof. 14. Nofke. Except for any notice required under applicable law to be given in another manner, (a) any notice to i Borrower provided for in this Mortgage shall be given by mailing such ndioe by certifkd 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 ndice to Lender shall he 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 herein. Any notion provided for in this ; Mortgage shall be deemed to have been given to Borrower or. Lender when given in the manner designated herein. 1S. Uwiforrw Mort~e; Goverwiatt Law: Se.ersbaity. This form of mortgage combines uniform covenants for national i use and nonuniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering rat property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the event that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shag not affect dher 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 arc declared to be severable. 'i lf. bon+ower's Cory. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. r 17..Trawsfer of the Proresty; Aasempfiorw. if all or any part of the Property or an interest therein is sold or trans[erred by Borrower without Lenders prior written consent. excluding (al the creation of a lien or encumbrance wbordinate 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 (d) the grant of any leasehold interest of three years or less rat containing an ogion to purchase, Lender may. at Lender's option, declare all the sums secured by this Mortgagt to be ~ immediately due and- payable. Lender shall have waived such ogion to accelerate if. prior to the sale or transfer, Lender ~ ~ and the person to whom the Property is to be cold or transferred rash agrcentertt in writing that the credit of such person is satisfactory to Lender and that the intcn~ct payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. Tf Lender has waived the ogioxr to accelerate provided in this paragraph 17. and if Borrower's wccessor in j interest has executed a written assumgion agresment accepted in writing by Lender. Lender shall release Borrower from all oblisations under this Mortgage and the Nae. Tf Lender exercises such ogion to accelerate, Lender shall mail Borrower notice of accekntion in acoordanc-c with paragraph 14 hereof. Such notice shall provide a period of rat less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. Tf Borrower fails to pay such sums prior to the expiration of each period, 3 Lender may. without further ndice or demand on Borrower, invoke any remedies permitted by paragraph If3 hereof. Nort•Ur+tFatut Caverutvrs. Borrower and Lender further covenant and agree as foilors: li. Acederrioa: Reasedfa. if5:eert as rroviied is pwragrarlr 17 rered. ttpw beerewds ttsesci et awy c~vewaat K agreement of besrewer r tris Maetpge, iwelwd6tg the eorewtwls to rn whew iwe aaq Wass aeewei b trls MergpRe. Lassder i rsior N wceelerwtlon aiwb maY.otice t• borrower m rrovNed r IMraLmrr 14 hereof areeityia~s (1) lre rrraer: t=) ere setiw ~ rpwitai Ia essre wen Meseltt (3) a ile. wet less flaw 3f1 days tresn ere isle ere nalfee r wabett N benewer. b wrier wei Issewelr aawtl re easel: awl 141 tral QaWne b cwre wen rrrwcr ow K refots tic late areelfiei iw ere wetke-msy Twit r j seedaatlan of Ire war aeewtrei b tYs Morgage. ta~cdewre y Peeeaii.L awl sale et ere Iti+sre+rty. 'lire wetke # ''s arab twelrer Idosm bornwer oft ere riRrt to reiutate after aeeeleratiow awd the riglq do aaseA f• Ire Boseeiaatwe reetee~ de non~enislewoe of a ietwslt or aq olrer iefewse of borrower b aceelerstiett awl torr<doasse. fIt ere rt!traei Is nest easel N k ~ ar fbetese tie date sreeifiei i• the aatiee. Levier at l.ewder's ortiew ray iaiaee ab of Ire atsr¦s saenrr[i fhr Iris Mwrtfla10e fin re tmmedWely iwe awl rwyaMe witrowt inrtrer dcwrand awl Wray finecbae difs Mesfbagt b jiwiieW rseesedlgt. Lender iwati re e¦fWai a eobeet i• wen NrKeiiai ab ures~ses of foreclewoe. l¦elwiis>s. hst wM basifai M+ aasenaiie slturrreYs fees. ~ awl oasis eft dee~ttntatlwry edietree+ aMtracb awl title rcprb. ! 1f. beenwa's Rigrt a Rdaattats. NotvrithstandinE Lenders aooekration of the sutras secured by tArs Mortgage. # Borrower shall have the right to have any proceedings begun by Lender to enforce the Mortgage discontinued at any time s~ ~ BQOK~S PdGE ~