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HomeMy WebLinkAbout1701 . , ~ • Lender's written agreement a applicabb law. Borrower shall ~ ~ ~ j ~ t )t manner rovided under WY the amount of all mortgage insurance prtmiums in the p paragraph 2 hereof. Any amounts disbursed by t.tnder pursuant to this paragraph 7• with interest thereon, shall become additional _ indebtedness oL tlorrowcr secured by this Mortgage. Unkcc Barrow•cr arcs Lender agra to other terms of payment. such amounts shall bt pa~tj>b ~~r ~gict from l.tnder tl! Borrower requesting payment thereof. and shall bear interest tt~om the date of disbursement a t rite {Sayable from time to lime on outstanding principal under the Note unless payment of interest trt such rate ~rotrld be contrary to applicable law, in which event such amounts shall bear interest at the highest rate peerrtissible under ttpplicabk law, Nothing rnntained in this paragraph 7 shall rtequire tender to incur any expense a take any action hereurttlgr. 1R IwsptelMis.~ Lender may make or cause to be made reasonable entries upon and inipectioas of the Property, provided that Lender shalt Give sorrawer notice prior to any arch inspection specifying reasonable cause therefor related to Lsrtder's interest in the Property, 9. C~esrtstrtlbw. The proceeds of any award a claim for damages, direct a consequential. in connection with any condemnation or other takit{~•ot the Property. a part thereof. or for conveyance in lieu of condemnation. are Itettby assi=sted and shaft be paid to Lender, " In the event of a total taking of t)te Property: the proceeds shall be applied to the sums secured by this Mottssae. with .the excess, it say, paid to Borrower. Tn the event of a partial taking of the Property, unk~ss Borrower and Fender otherwise agree In writing. theta shall be applied to the wens secured by this Mortgage such proportion of the ptnoeeds as is equal to Mat proportion which the amatnt 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 Tender to Borrower that the condemnor oRea to make an award or settle a claim for damages, t3orrowgr fails to respond to Lender within 30 days after the date such notice b mailed, Lender is authorized to collect and apply the proceeds, at T_ernkr's option. either to restoration or repair of the Property or to thrsums secured by this Montage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shag not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 ht:seaf or change the amount o[ such installments. l0. ltiorrswer Nof Releases. Extension of the time for payment or moditkation of amortization of the sums secured by this Mortgage granted by Lender to :ray successor in interest of Borrower shall not operate to rckast. in any manner, the liability of the original Borrower and Borrowers 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 aryl demand made by the original Borrower and Borrower's successors in intertst. 11. For6eass¦ce h7' [artier Nd w gNairer. Any forbearance by lender in exercising any right or remedy hereunder, or otherwise atYorded by applicable laver- shall nd be a waiver of or prcclutk the exercise of any such right or remedy. The procurement of insurartce~~r the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to aceeknte the matunty of the indebtednt~s secured by this Mortgage. 12. Rewtedks Ctm¦htitt. All rcrrtedies provided in this Mortgage are distinct and cumulative to any other right or remedy tinder this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. S¦cceasoss salt Awig¦s lb¦rti; Jofrtt a¦i Several I.iabrlfp; Captions. The covenants and agreements herein contained shall bind. and the right,; hereunder shall intrro to, the respective successors and assign of Lender attd Borrower. subject to the provisions of par:graph 17 hereof. All covenants and agreements of Borrower shall be joins 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. - , 11. Notke. 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 or at such other address as Borrower may dtsignatt by notice to Tender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested, to tenders address stated heron or to such other address ss Lender may -designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage sha0 be deemed to have been given to Borrower or Lender when given in the manner designated herein. ~IS. Urdtorw Mortgage; Gover¦isrg Lary; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering neat 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 clause of chic Mortgage or the Note conflicts with applicable law. such conflict shall not aRect other provisions of this Mortgage or the Notc which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc declared to be severable. lf. lbrrowtr's Copt. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Tr¦wsfer of ere lropestr; Aswwptiow. if all or any part of the Property or an interest therein is sold or tnnsterred by Borrower without Lender's prior writren consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a l+urchace 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 shire years or less not containing an option to purchase, Lender may, at Tender's option, declare all the sums secured by this Mortgage to be immediately due and payable. Tender shall have waived such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property K to be co1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intere.t Fayabk 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 atsumprion agreement 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 uxlared due. It Borrower fails to pay arch 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. Note-UNSFOarcr COVENANTS. Borrower and Lender further covenant and agree ss follows: Ifl. Accekrstiow; Rewedks. Except ss prorHci iw paragraph 17 Isereol. ¦'ow lgotsewes's breast of w.y eoewt K agrte¦te¦t of >aorrower r tbh Mortgage, Mc!¦aiwg the tore¦satts to pr rahc¦ d¦e awy saws seettsti 6y thk Mortgage. iawier Dior to sxcelcratio¦ shill mail wotice to llbrror.er w provWed iw parapaph 11 hereof speclfjwtg: (1) the breach: 12) the sctbw seq¦irei b cue swell Mach: (3) s sai+e, wet less thaw 30 days tr~uwt ttse late the wotiet is ¦tt0ca m iorrower. by rrhiclt srci 6ttac6 smart k t¦red; awl (1) that fail¦a to e¦re s¦ch breaelt o¦ rK ttetort the daft s'cclifed iw the wotice way crater b wecekrMiew of the sw¦s icc¦rei by thls Mortgage. fiaeia¦re by j¦dkial psocetai¦L awl sale oti the heperty. 'ilre wrtke. i spar f¦rtbcr Lton¦ Borrower d the right to tebtsWt after aecekrstbw awl dte rigftf a arses! t¦ dte lortclasrnt rsotttsltts tie tww-a:Wewce of a iefs¦M or awf ~otlter lefeuse of Iorrower !o screkratiow s~rti tonetor¦rt. N the Meaclt is mot e¦oei e¦ or 6tlore the date s'ecNiei i• the ¦ofke. Levier st [.ewder's s+'tio¦ sway seelasse ar wt the straits sttrrsssd by this Mortgngt t• 4 iwrediately doe swi pYshk witbod t¦rthtr demand sad wsY totecloaPe this Mortgage by j¦iieW poertslrtg. I.ender•dtar be added to corttt its s¦ei's+aettdirrg ar expenses of tereclostrrr. ftsch>~. beet wN lir¦Nd tw, reasowsbie att~,rsrv's.fea. ant oohs o[ ioe¦¦sewtsry etiitwet. w6strwels awl tick reports. 19. lorrrtwet's IRkltt t• Rei¦statt. Notwithstanding Lenders acceleration of the sums secured by thts Mortgage. Borrower shall have the right to have any proceedings been by Lender to enforce this Mortgage discontinued at any time 8~~335 p~i694 .