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HomeMy WebLinkAbout2319 4~ Lender's written agreement or applicabk law. Borrower shall pay the amount o[ all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to the paragraph 7, with interest thereon, shall bec~me additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender ague to other terms 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 out:tending principal under the Note unless payment of interest at such rate would be contrary Io applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. >R itapcetioo, Lender may make or cause to bt made reasonable entries upon and inspections of the Properly. 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. Coademlatbn. The proceeds of any award or claim for damages, direct or consequential, in rnnnection with any condemnation or other taking of the Property. or pan 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 Property, the proceeds shall be applied to the sums secured by this Mongage. with the excess, if any, paid to Borrower. 1n the event of a partial taking of the Properly, unless Borrower and Lender 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 Mongage 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 Properly 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. mailtd, Lender is authorized to collect and apply the proceeds, at lender's option, either to restoration or repair of the Properly 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 Nof Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by I_tnder to any successor in interest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's successors in interest. i.ender 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 Mongage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Nof :Waiver. Any forbearance by iRnder 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 Cmm~lsti~e. All remedies provided in this Mongage 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. Successors and Assigns Bound; Joint and Sneral i.iability; Captions. 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 httreof. All covenants 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. fa) 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 designate by notice to fender 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 CoverninR law: Severability. This form of mortgage combines uniform covenants for national use f and nan-uniform covenants with limited variations by jurisdiction to constitute a uniform securityinstrument covering real property.The state and local laws applicabk w this Mongage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note with applicable law, such onntlict shall not affect other provisions of this Mortgage or the Note which can be given effect wi the cootlicting provision, sad to this end the provisions of the Mortgage and the Note arc declared to be severable. Eorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mongage at the time of ex orlon or after recordation hereof. Traaster of the Property: Assumption. if all or any pan of the Property or an interest therein is sold or transferred . by mower without Lender's prior written consent, excluding (a! the creation of a lien or encumbrance subordinate to this Mongage. (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 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 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 Borrowers successor in j interest has executed a written assumption 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 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. ~ Noty-UNIFORM CovENeNTS. Borrower and Lender further covenant and agree as follows: ~ lg. Acceleration; Remedies. Except as provided iia parasraph 17 hereof, neon Borrower's breach of any covenant or agreemeat of Borrower in this Mortgage, including the covenants to Pay when dnt say saws secnrtd by this Morf;a6e, Lestder prior to accekntioo shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the bsescb; (2) the action required to care sorb breach; (3) a date, not less than 30 days from the date the notice b mailed to Borrower, by wbk6 snob breach mast be cared; acct (4) that failure to care snch breach on or before the date apec~ed in the notice may molt is accekratioo of the soma secured by Ibis Mortga`e, foreclosure by judicial proceeding sad sale of the Property. The notice Shall fnrlber inform Borrower of tilt rii6ht t0 re1lLStaf! aflK acCtltrafion and tot right f0 assert ill tot foleclowre Pf+Oeltding I the non-existence of a default or soy other defense of Borrower to acceleration and forecbsnre. If the breach is cot cored oa or 6eforr the date specified is the notice, Lender at Lender's option may declare aq of the sums secured by this Mortgage to be - i immediately due and payable witboet funhtr demand and may foreclose this Mortgage by judicid proceedigg. Fender shall be entitled to collect io sncb proceeding all expenses of toreclowrc, including, but not limited to, reasonable attoreey's Eees, sad costs of documentary evidence, abstracts and title reports. ' 19. Borrower's Ri6bt to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforceecth~~is Mortgageec~~dccis~~continued at any- time - 600KJJ5 PdGE~,J~ I ~