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HomeMy WebLinkAbout1695 _ _ - - ,.~•;ia ~r ~ ~~~t~ .Leader's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. - Any amounts disMtrsed by Lender pursuant to-this paragraph- 7, with interest thereon. shall become additional indebtedQess of Borrower secured by this Mortgage. Unka Borrower and I.cnder agree to other terms of payment. such amounts shall be p~ tram I.cnder tQ Borrower requesting payment thcreaf. and shall bear interest from the ' date of disbursement at the talc payable from time to time on artstanding principal under the Nde 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 pertnigi~rk under-applicabb law, Ndhing contained in this paragraph 7 shall rpquin Lender to incur any expeme or take any action hr pfrdgi- _ 1. I LpJ~d~t:.tpay make ar cause to be made reasonable entries upon and inspections of the Property, provided that Lender al~,give lie-rYOwer notice prier to any such inspection specifying reasonable cause therefor related to Fender's - intereft in the Property. ~ C~ The proceeds of any award or claim for damage:, direct or consequential, in eotrrtectiotr with any ~m~~~At ~ taktt+g gf tbs. Property, or part thereof. or for conveyance in lieu of ooademnation, an hereby tbsigaed and :!tall be paid to Lender, - in the event of a total taking of the Property, the proceeds shall be applied to the sums second by this Mortgage. with the excess, if any. paid to Borrower. In the event of a partial taking of the Property, unless Bort+ovrer and Leader otherwise agree in writing, there shall be applied to the sums stxured by this Mortgage such proportion of the proceeds as is equal to that proportion r?fiich the amount of the sums secured by this Mortgage immediately prior. to the data of taking bears to the fair market value of the Property immediately prior to the date at taking, with the balance of the proceeds paid to Borrower. - lf the Property is abandoned by Borrower, or if, after notice by tender to Borrower that the condemnor otters to meta - an award or settle a claim for damages, Harrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender K authorized'to collect and apply the proceeds. at I~nders option, either to ttistoration or repair of the - Property or to the sums secured by this Mortgage. - - Unless tender and Borrower dherwise 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. - l0. Borrower Nof Releaser. Extension of the time for payment or modifkation of amortization of the sums stxured by this Mortgage granted by Lender to any-suocessor in interest of Borrower shall red opeate to release, in any manner. the liability of the original Borrower and Harrower': successors in interest. Lender shall red 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 mason of any demand made by the original Borrower and Borrower's successors in interest. It. Forbearawce by Levier Not w Waiter. Any fi+rlxarance by Lender in exercising any right or remedy hereunder, or atherwist -afforded by applicable Tarr, shall not be a waiver of or preclude the exercise of any such right or rarredy. The procurement of insuratroe;~x the payment of taxes or other liens or charges by Lender shall red be a waiver of Lt:nder"s right to accelerate the maturity of the indebtedness secured ey this Mortgage. 12. Rearedks Cwwwlstire. Ail remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by larv or equity, and may bt exercised concurrently, independently or successively. 13. Swceesaas awd Asdgas Isotra~ ,Icier sari 3ercral i.ia6irly; Csptiaws. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure to. the respective successors and assigns of Lender-sad Borrower. - subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiru 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. Notke. Except for any ndicc required under applicable law to 6e given in-another manner. (a) any notice to Borrower provided for in this Martga¢e shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher address as Borrower may designate by ndioe to Tender as provided herein. and (b) any notice to Lender shall he given by Certified mail, return- receipt requested, to i.enders address stated herein or to such other address as Lender may designate by realise 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 here6r. 1S. Uaftorw Mortgage; GorcniaR Law: Sererab0ity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security ir>strument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clstrse of this Mortgage ar the Note conflicts with applicable law. such conflict shall not affect other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision. and to this end the provisions of the Mortgage and the Nde arc declared to be severable. lf. rorrower's Copy. Borrower shall be furnished a conformed copy of the Nde and of this Mortgage at the time of execution or after recordation hereof. 17. Trsaster of the Troperty: Assrraaptiow. if all or any part of the Property-or an interest therein is sold or transferred by Borrower without Lenders prior writrro consent. excluding (ai the creation of a lien or encumbrance subordinate to this Mortgage, (bi the creatran of a purchase money security interest for household appliances. (c) a transfer by devise. descent or by operation of law upon the ckath 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 :option.-declare all the sums secured by this Mortgage to be . immediately due sled 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 call or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interc.t Fay able on the sums secured by this Mortgage shall be at such rate ac 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 and the Nde. if Lender exercises such option to accelerate. Lender shall mail Borrower ndicx of acceleration in accordance r•ith paragraph 14 hereof. Such ndice shall provide a period of red less than 30 days from the date the notice is mailed within - which Borrower may pay the sums oxtared due. If Borrower fails to pay such sums prior to the expiration of wch period. - Lender may, without further ndice ar demand on Borrower, invoke any remedies permitted by paragraph 1 tt hereof. Norr-UNIFORM CovENAtVTS. Borrower and Lender further covenant and egret ss follows: ti. Accetcratiow; Rewedies. >gxeept as providd i• pragrap? 17 hereof. ryes rorrrwers Meech of soy corewsN ar agreewast of Borrower iw fhb Mortgage. brchrdiag the eoreasMs to py when titre awy soars :tearer by Nds-Mortgage. Lewder prioor to accelerstioa shah argil notice to lorrosser as prodded b pragraplt 14 hereof speettyiag: (11 the Meech:121 the artbw rgairci to care sweb breach; (3) a date. sot less thaw 3• slays trees the date the wetice b rrssrti to lerrswer. by which saeb bseacb wM be cw+ed: ari (4) that tatitrrrr b true saeh breach ea or M~tore the date geelied w fhc notice way resaN In accekratiow of the saws seewrci by thin Mortgage. taseclosarr by jrdkial gNOCCediag sal sale et the Troperty. The astiit:e. shag hrther iwtorw rorrower of the right io eft' alter secekrMbw srri tbt sigh b asset M the tetsclsaw~ peoeteilrtg tbt aoa-esWewee of a detaaM or say other deteas~c of Borrower to seeekeatiea sad teneloaai~ N the Meaeb is wN ewed aw a Mtore the dart s*teilied iw the rroNce. Leader st t_eadetr's ertMa way declare ar of the saws seeaeei by this Mortgage N.4 iwasediately doe sad psyahle without farther demand sad arsy torteebrt Kris Mortgage by jaiicW paetediaR. Lender-char - 6e entitled to cored M stscb preecediwg all t:peases at foreclosrrrc, hscladiag. hot sot troller te. rearowabte att.xsry's-lea. sad costs of doctnaewtary eridewee. sifstrscts sad title rsprls. 1!. Iternsr?er's Right fe Reirsstate. Ndwithsrandin6 lenders acceleration of -the sums secured by this Mortgagt. Borrower shall have the right to have any proceedings been by I.Ender to enforce This Mortgage discontinued at any time sQ~K335 P~f1688