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HomeMy WebLinkAbout1454 . _ t _ ~ ~ . ~ ~ A ~ ~ ~ I rnd~r's Hritt~n a rccmcut or a li ,able law. liotrowcr shall v • the amount f (1 rt a e rcmit~ms in the manner pi.;v?dvd under paragraph 2 herieof. . ' ~ An~•~am?.+untti ~ii.hursul by lender pur.uanl t.?+ this p;?fagr:,ph 7. Nhh i~itcrest thereon. shall become additi++nal u?dcht~dness of lio~r+?wer secured by this Mortgage F'nlesc Harru+scr :?nd 1 ender at:rcc to ~Iher terms of payment. loch anu+unK shall he pasahlc tip.+n notice from I ender.tu•Bnrn+wer rryucsting payment thcrcnf.:md shaft hear infertal from the ~ a date of disbursement, at the rate pay:?hle frrm t1l1?e to time on outstanding principal under the Note unless payment of - inlerest at c?rch rate ,could he ccmtran• a+ apphcahle h?~•'. in which event such amrnmts ,roll hear interest at the highest rate pcrmissihtc under applicable law. N?+thing rnntained in /his paragraph 7 shall reyuin~ l.cnder to incur iitry s?t lake any actioi? hcrcunckr. - - - - Inspection. lender may ntal;e or cause to he made reasonable emries upon and iRtpcctionc of the Property. provided th:?t Lenderchall.givc+jorrower nc.tice prior to any such inspection spccifyin& rcasonahle r.?use therefor related to Lender's ~ - interest in the Property. 9. Condemnation,, The pnicecds of env award or claim for damages, direct or cmriegi?cntial,•in connection ttrith~any condemnation nr otFicr taking of the Property. or part thcrgof. or for convcyancC in lieu of condemnation, arc hereby aTsigncd and shall I+c paid to T.cndcr. ~ ~ - ` In the event of 'a total taking of the Property. the~roceedc ail?ai( he applied to the sums secured by this Mortgage. with thc.excecs, if any. paid tci Born+wci• In the event of a partial taking of the Properq~. nnlesc Borrayrtr and Icndt:r otherwise agree in writing. there shall he applied to the sums we,ircd by this Mortgage such proportion of the pr+bcceds • as is equal to that proporti++n which the amount of the sums secured by this Mortgage immediateh• prior to the date of taking tx:ars to the fair markcf value of the Property immediately prior to the date of taking. w ith the balance of the proceeds .paid to Borrower. if the Property is abandoned by Aorrow•cr. or if, after notice by Lender to Rormwer that the condemnor offers to make an award or settle a claim for damages. Borrower fails to reslxmd l0 1 ender within ZO days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at I.cnder'c option. either to restoration or repair of the Propeny ar ta.the toms secured M• this Mortgage. Unksc Lender :rod Borrower otherwise agree in writing. any wch application of proceeds to principal shall not extend ; or p?xtpane the due date of the ntonlhh• installments referred to in paragraphs 1 and 2 hereof nr change the amount of , such insl:.'.Iments. 10. Borrower Nut Released. Extension of the time for payment or modification of am??rtization of the sums secured by Ih~s Mortga¢c granted by Lender to any succcsx+r in interest of Borrower shall not operate to release. in any manner. the liahiitty of the original Borrower and Borrower's successors in interest. lender shall not he required to rnmmence pn?cccdings against such successor or rcfucc_ to extend time for payment or othcrv?•isc modify amortization of the sums secured M• this Mortgage by reason of any demand made bw the orieina) Bormw•er and Borrower s successors. in interest. 11. Forbearance by Lender Not a Waiver. Any fnrtx:ar,utce hs• (:ender in exercising am• right or remedy, hereunder. or ~aherwise aRorded by applicable law, shall not he a waiver of ar preclude the exercise of any such right or remedy. The procurcmcnt of insurance or the payment of taws or other liens or charges by Lender shall not he a waiver ~+f Lcndcr s right to accclcratc the maturity of the indchtedncss secured M• this Mortgage. 12. • Remedies ('umulalive. All remedies pms•ided in this ?Mortgage arc distinct and cumulative to :u?y other right or remedy under this Mortgage or afforded M• law, nr equity. and may he exercised concurrently. independenth• or successively. 13. Successors and Assigns Bound: Joint and Sexeral Liabilify; Captions. The covenants and agreements herein contained shall hind. and the riches hereunder shall inure to. the respective successors and assigns of Lender and Bormw•er. subject to the pn+tiisiom of paragraph 17 hcrcof. All covenants and agreements of Borrower shall he j?+int and several. "The captium and headings of the paragraphs of this Mortgage arc for convenience only and are not to Fx; used to interpret or define the provisions hcrcof 14. Notice. Except for any notice rcyt?ired under applicable law to he given in another manner. fa) arw notice to Burmw•er provided for in this Mortgage shall be given M• mailing such nnhce by certified mail addressed to Borrower at ~ the Property Address or at such other address as Borrnw•er ma.- desicnatc by n~uirc to Lcndcr as provided herein. and Ihi any notice to Lcndcr shall he given by certified mail. return receipt requested: to 1 ender c address stated herein or to such other address as Lcndcr may designate M notice to Borrincer as pn+~ided herein. Any notice provided for in this Mortgage shall he deemed to hays been ~ei+cn to Borrow•cr or Lcndcr ~ahcn given in the manner designated herein. ~ 15. Uniform MoriRake: Governint; i.a.w: Severabilit}•. his inrm of mortgage enmhines uniform covcnants~tor national , use and non-uniform ~owenants with limited variation. by jurisdiction to cnnstiUrte a unifornt security instrument rnvering real properly. This Mortgage shall he govcn?cd by the law of the juricdictinn in which the Property is located. In the ~ event that am• pr?ivision or clause of this'.liontage nr the time cnntlict, ticith applicable law. such conflict shall not affect f other pn+wisions of Ihic 1lfortuagc or the Nntc which can be iix•cn clTcct without the conflicting provision. and to this ~ end the pro?•isi+?ns of the tilortgage and the Vntc arc declared to he severahh. 16. Borrower's Copc. Borrower shall I+e furnished a conlnrmed cope of the Mote and of this Mortgage at the time +f cxccution or after recordation hereof. 17. Transfer of the Propert}: Assumption. if all nr ant part of the Property or an intcrest therein is sold or transferred E by Borrower without Lender's prior wriUen consent. excluding (al the creation of a lien nr encumbrance subordinate to this Mortgage. Ihl the creation of a purchase money security- intcrest for household appliances. 1c1 a transfer by devise. descent or by operation of law upon the death of a mint tenant or fd~ the Grant of any leasehold interest of three years or less I not containing an option to purchase. Lcndcr may. at Lender's nptirn. declare all the sums secured by this Mortgage to he ? immcdiaceh• due and payable- 1-ender shall hai•e waived su:h option to accelerate if. prior to the sale or transfer, i_ender and-the person to whom the Property is to be sold nr transferred reach agreement in writing that the credit of such person is satisfact?+ry to Lcndcr and that the intcrcst payable c+n the sums xcured by this Mortgage shall be at such rate as Lender shall request. if 1-ender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in t interest has executed a written assumption agreement accepted in writing by 1_endcr, Lender shall release Borrower from all obligations under this Mortgage and the Note. i If Lender exercises such option to accelerate. Lender sh:dl mail Borrower notice of acceleration in accordance with paragraph a4 hereof. Such notice shall. provide a period of not Tess than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Bnrrowcr fails to pay such sums prior to the expiration of such period. Lender may. without further notice or demand nn Knrruw•er. im•oke any remedies permitted M• paragraph 1R hereof. j z Nox-UNIFORM CovEN~~t7s. Borrower and Lender further covenant and agree as follows: i 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in para;raph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by whk6 such i breach must 6e cured: and (4) that failure to cure such breach on or before the date specified in the notice may resole in acceleration of the sums secured by this 1ltortgage, foreclosure by judicial proceednq; and sale of the Property. The notice p shall farther inform Borrower of the right to reinstate after acceleration and the right to assert in fbe foreclosure proceeding I, the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. if the breach is not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the suu~s secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shop be entitled to collect in such proceeding aB expenses of foreclosure. including, but not Hmited to, reasonable sttorney'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 any proceedings begun by Lender to enforce this Mortgage discontinued at any time I g~335 P~1447 . y