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HomeMy WebLinkAbout1573 - ,i • , ' , i.eader's written agreement or applicable law, Uorrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 Iteroot. Any atnounu disbursed by Lender pursuant to this paragraph 7. with iatet+e:t thereon. :!tall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the me payable from time to time on artstanding principal under the Note-unless payment of interrst ,t .etch rrte wextld !w contrary to applicable !aw, in xvhirh went wch amounte shall hear interact yt ilw hlRhcet rste ~..,••uss~u•c u.~.......,.r,.......•....... ..uudog ~-o,tt~.natu •n tors, paragraph) shall require Lender to incur any sxpense of take any action hereunder. >L lttgtection. 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. 4. CottdernsNbs, The proceeds of any award or claim for damages, direct or consequential. in connection with any condemnafton or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation, arc hereby assigned - and shall be paid to Lender. 1n 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. to Borrower. 1n the event of a partial taking of the Property, unless Borrower and Lander 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 markN 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 i.ender to Borrower that.the condemnor offers to make - an sward or settle a claim for damages, Borrcnver 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 bender's option. either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender soil Borrower otherwise agree in writing, any-such application of proceeds to principal shall not extend or postpone the due date of the monthly installments reterred 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 modifkation of amortization of the sums secured by this Mortgage granted 6y Lender to any successor in interest of Borrower shalt not operate to rekast, in any manner, the liability Hof the original Borrower. and Borrower's successors in interest. Lender shall not 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 Mortgage by-reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance try bender Not a Wairer. Any forlxarance 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. Remedies Comrhtive. Alt remedies providtd in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded bylaw or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns bound: Joint sad Several i3abilitr; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective strccesxors and assigns of Lender and Borrower, subject to the provisions of paragraph t7 hereof. All covenants and agreements of Borrower shall be joint and several. 'Ilre captions and headings of the paragraphs of this Mortgage are for convenience only and an not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable (aw 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 Addressor at such other address as Borrower may designate by notice to Tender 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 Lender when given in the manner designated herein. 1 S. Uniform Mortgage; Corertaing Law; Severabilitr. This foray of nwrtgage combines uniform covenants for national use sad rwn-uniform oovenaats with limited variations by jurisdiction w constitute a uniform security instrumqut covering real property.'The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The fortgoing s~tenoe sh:fl not limit the sgpplicability of federal law to this mortgage. io the event that any provision or clause of this Mortgage or the Note oooflicta with applicable law, such oontlict shall not affect other provisions of this Mortgage a the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage acct 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 ttre 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, tb) 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 •interat 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 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 salisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall regtrat. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interat has executed a written assumption agreement accepted in writing by Lender. [.ender shall release Borrower from ail 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 remedirs permitted by paragraph lA hereof. Note-UNtt=aunt CovEHerrrs. Borrower and Lender funkier covenant and agree as follows: _ 18. Acceleration; Remedies, Except as pmrided is paragraph 17 hereof, opow borrower's breach of ay corewtnt or agreement of borrower b this Morigngt, tndadirg the corenaMs to pr when doe astr soma secured M fhb Mortgage, Leader prior to sccekrntion shag mail notice to borrower as provided in paragraph 14 herd specifying: (1) the btesch; (2) the action regrir+ed to core such breach; (3) a date, not less than 3A dabs from the date ttre gotice is mated to borrower, b7 wl~ieh stseh breach most be cored: snit (4) that fnBrre to care such breach o0 or 6etore the date specified b the entice n'ar nesrlt b accekrntion of the sums atrrred by this Mortgage, foreclosure br jndkia! proceeding surd sale of the t'ropcrtr. 11re notice st>>dt further inform borrower of ttre right to reiwstate sfler sccekratbn asd the right to assert is the foreclosrre proeesding the non•aiistcrrce of a defaok or arrr other defense of borrower to accekrstion and foreclosure. K the breach b not creed a or 6etore die date specified b the siotice, Lender at Lender's option may declare all of the sums secat+ed br ttrb Mortgage to be imurediatelr doe and prnbk wblrort farther demand awl mar foreclose thb Mortgage by jndieiat prnceediag. Lender shall be entNled to collect b sock proceeding all a:perses of toreclosrre. iaclading, brit not limited to, reasonable nltorney's fees. and cods of documentary evidence, abdnrcts sad title report. 19. borrower's Right to Rebtdate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings hegua by Lender to enforce this Mortgage discontinued at any time X335 Pa~E15Ei6