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HomeMy WebLinkAbout0466 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premium: 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 secut+ed by this Mortgage. Unless Borrower and Lender agr+a to other terms of payment, such amounts shall be payabk upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payabk from lime 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 highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall requirc'Lender to incur any expetue or take any action hercuttder. 8. lasptetloa. Lender may make or cause to be made reasonable entries upon and inspections of the Properly, 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. Cotdemaatba. 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. in tht 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 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 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 ogees 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, Ixnder 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 1_ender 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. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successot 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 nQt 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 11~ortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. il. Itrorbearasce by Lender Not a N?airer. Any forbearance by i.ender in-exercixing 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 I right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmulatire. 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. Successors and Assigns Bound: Joint and Several i.iability; Captbns. 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. 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. 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 (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 i_ender when given in the manner designated herein. 1 S. Uniform Mortgage: Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to eonstituu a uniform security instrument covering veal property. The j state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not Emit the applicability of kderal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Neu which can be given effect without the rnnflicting provision, and to this end the provisions of elk Mortgage and the Nou 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 any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lenders 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 (dl the grant of any leasehold interest of three years or less IIII 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 i7, and if Borrowers successor in{ interest has executed a written assumption agreement accepted in. writing by Ixnder, [.ender shall release Borrower from all i 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 18 hereof. i Norr-UNIFORM Covexsr?rs. Borrower and Lender further covenant and agree as follows: • 18, Acceleration; Remedies. E:cept as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, isclndinR the covenants to pay when dtse say sours secured by this Mortgage, Leader ` prior to accekratioa shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) tbe~ bctacb; (2) the adios required to care snob breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which sash breach must be cared; and (4) that failure to cure such breach on or before ebt date specified in ebe active may read! in accekntion of the soars secured by this Mortgage, foreclosure by judicial proceeding sad ask of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert is the foreclosure proceeding _ the non-existence of s defsuk or any other defense of Borrower to acceleration and forecbsure. If tbt breach is not cored oa i or before the date specified io the notice, Lender at Lender's option may declare aD of the sums secarcd by this Mortgage to be immedately due and payabk without further demand and may foreclose this Mortgage by judicial proceeding. Leader shag . be entitled to collect in such proceeding all expenses of foreclosure, including, but not United to, reasonable attorney's fees, and costs 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 i ~naK ~5 PacE 465 ~ _ T