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HomeMy WebLinkAbout1565 Lender's •written agt+oetnent or applicabb law. Borrower shall pay the amount of ail ~eoortgage ittsursace premiums in the manner provided under pare=aph 2 hereof. . Any amounts disbursed by Lender pursuant to tha paragraph 7, with interest thereon, shall become additional indebtodrtas of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other tetras of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest tram the date of disbursement at the rate payable from time to time on attstandirtg principal under the Note unless payttreat of interest at:uch rate would.be contrary to applicable law, in which event such amount 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 action hereunder. fl. IwtFecNsst. 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 Lender's interest in the Property. - 9, Cowsemraliow. 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 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 t6 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 a: 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 offers 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 authorised 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. 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 successor in interest of Borrower shall not operate to release, in any manner, ' the liability of the original Borrower and Borrowers successors in in~ierest. Lender shall not be roquired 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. Forhearance h!' i.esder NM a Waiver. Any fortxarance 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. Renrcdia CowtrWire. 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. Srecessoss and Assigns )sound; Joint and Several i.iabilily; Cspttosa. 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 arc for convenience only and arc 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 shaft 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 i.ender as provided herein, and i (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 dcemed to have been given to Borrower or Lender when given in the manner designated herein. 1 S. Uwiform Morytate; Goverwisg Law; Seversbflity. This form of mortgage combines uniform oovettaats for national use - F and non-uniform covenants with limited variations by jurisdiction w ooostitute a uniform security instrument covering real property. The I state and local lava applicable to this Mortgage shall be the laws of the juri:d~idioa in which the Property is looted. The foregoing sentence shall not limit the applicability of federal law to this mortgage. Ia the event that a~? provision or clause of this Mortgage or the Note conflicts with applicable law, such onatlid shall not affect other provisions of this Mortgage a the Note which can be given effect without the canflictutg provision, and to this end the provisions of the Mortgage and the Note are declared W 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 Lender's 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 (d) the grant of any leasehold-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 uich 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 17, and if Borrower's successor in interest has executed a written assumption agrcement accepted in writing by Lender. Lender shall release Borrower from all 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. Nox-UrvrFOar?t CovExetvrs. Borrower and Lender further covenant and agree as follows: ltl. Acceleratlow; Resredies. Percept s provided L pra`rapb 17 hereof, upon >sorrower's breech of any covenant at agreemewt of Borrower iw this Mortgage, iscludisg the coveasrts to py whew due asy snots secrred by this Mortgage, iewser- prior to secelerstiow shall mdl entice to Borrower as rrovided iw psrsgraph 14 hereof s*eeifyiwg: (1) the bs+ewch; the aefiow esgrirsd to cue srch 6rssclq (3) a date. wot less thsn 38 days from the dots the wotiee le sutiles to Borrower, by whlic6 aseh breach mrd ise cmd: awe (4) that tsilrre to core such breach ow or before the date stec~ed b the sotiee~ stay sesrlt is aecderatfos of fhe swots Barred by tbls Mortgage, forsclosrre by. jjrdkisl proceeding awe ssie of the !rr>lerty. Tre wotiee sbsH frriber isform borrewer of the right to reinstate s#ter sccekratiow awd the risltt b assert i• the forecloptre *soeeesisg the sos~exWeoee of s setaoft or any other defesae of borrower to sccekratbn asd torecloare: R the breach k cot erred a or before the date specifies i• the notice, Leader at Lender's optiow may dalsrs sr d the mms secrred by this Mortgage to be imatedirttely dre ass pyshk without frrtber demasd sod may forecbse ibb Mortgage by jrdicW procsedhtg. i.ewder dtaB I be entitled to eolkd b secs proceednsg sN a:pewees of foreclosrrc, iwcludiag. 6rt sot limited to, reasosshle attorstys fees, sad costs of docrsrewtary evidesce, abstract and title reports. 19. borrower's Right to Reisslate. 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 at any time • X335 t~1558