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HomeMy WebLinkAbout1558 Lender's written agteenaetrt or applicable taw. Borrower shall pay the amount of all mortgage insurance premiums is the maatter provided under paragraph 2 hereof. ' Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other ternts of payment, such amounts shall be payable upon notice from i.ender to Borrower requesting payment thereof. and shall bear interest. from the date of disburxment at the me payable from time to tithe on outstanding principal under the Note tmless paydwt of interest at such rate would be contrary-to applicable law, in which avant such amounb shall bear interest at the highest rate permisaibk under applicable law. Nothing contained in this paragraph 7 shall requiro Lender to itrcut• any expense or take any action hereunder. a. Iageclka. 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 rea:anabk cause therefor related to Lender's interest in the Property. 9. Cowdewaadt?a. The proceeds of any award or claim for damages, direct or rnnsequential, in connection with any condemnation or other taking of the Properly, or part thereof. or for conveyance in lieu of condemnation. arc hereby assigned and shall be paid to Lender. In the event of a total taking-of the Properly. the proceeds shall be applied to the surge.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 otheiwise 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 often 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 1 and 2 hereof or change the amount of such installments. id. Borrower Not Rekaaei. Extension of the time for payment or modification of amortiution of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release. in shy manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to rnmmence 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 Borrower's successors in interest. 11. Rorbatraace by Leader Not a Waher. 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: Rewe~ea Cswnb~e. 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. Ssccessors and Aaeigas Bortnd; Joint and Saved Liability: Captions. The covenants and agreements herein contained shall bind. and the rights hereunckr shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All .rnvenants 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 of 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 tender's address stated herein or to such other address as Lender may designate by notice to Borrower ss provided herein. Any notice provided for in this Mortgage shalt be demand to have bcen given to Borrower or Lender when given in the manner designated herein. 15. Uaiforw Mortgage; Governi~ Law: Severabilky. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform sxurity instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. 1n the i event That any provision or clause of this Mortgage or the Note rnnflicts with applicable law, such conflict 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. lf. Borrower's Copy. Bornower shall be furnished a conformed copy of the Note and of_ this Mortgage at the time of execution or after recordation hereof. 17. 'l~awfer of the >t'wperty: Ass>rmptiw. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent, excluding (al 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 (d) the grant of any leasehold interest of three yeah 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 sold or transferred reach agreement in writing-that the credit of such person is satisfactory to Lender soil 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 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 sail 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. Nort-U>vrtntent CoveNarrts. Borrower and Lender further covenant and agree as follows: - 18. Aecdetatfoa; Reatedia. l~cept ss provided is pragraph 17 hereof, npa Borrower's bream of any rnveeaat or agreement of Borrower b drb Mortgage, tixlsding dre covenants b py when ilea any awns secsrcd by this Mortgage, Lender Prior b seceleratioa atiaB waY nodee b Borrower as rrovNed V pragraph 14 kereof specitytitg: (1) fire 6ssach; t>,e sedw regaiired b care arch brescb; (3) a date, not las than 30 days Prow the date the notice is oiled b Borsnwer, by which ssch 6reac6 cwt be ~ and (4) drat hilsre b care sack breach on a before the date spedied Ii the notice way rewN is acceleration of the news secue8 by thin Mortgage. toroeiowre 6y jndic4l prociedLg and sale of the trolerty. 'itie notice shay fsrfher iaforat Barower of the right b reiwtate after accekratbn nail the right b artaert b ttie foredearar'e proceedieg the aon~e:btaxe of a detaak or nay other defewe of Borrower to acceleration sad toredoarre. Ig the bresch iia not cseei err or before the date gerlliea b the aortae, Lender at Leader's opt3oa way dedare aY of ttie swan aecsred by this Mostgyrge b be iwwediNdy ilea sad payable wittiest fsrtber dawned and nsay forexibse this Mortgage bl' JsdicW pt+ocetdiag. Lesder sbaY be eatWei b collect i sncti rroceeding d espewa of foreclossre, bxlsdiag, bet not Yoked to, reaaonabk attorney's tea, and cosh of docswartary evidence, a6atraeb and Wk reports. - 19. Borrower's Right to Retintate. Notwithstanding Lenders 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 st any time 8335 p~i5~i