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HomeMy WebLinkAbout1126 . • bl SIX ~ ~ t7+~~~~ 7G 1~ Lenders wntten agreement or applicable law. Borrower shall pay the amount of all mortgage insurance prem+ums in the manner provided under paragraph 2 hereof. Any amounts d+sbursed by Lender pursuant to this paragraph 7, w+th interest thereon, shall become add+t+onal indebtedness of Borrower secured by thrs 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 rate payable from time to time on outstanding principal under the Nole unless payment of interest at such rate would be contrary to applicable law. in which event such amounts shall bear +nterest at the h+ghest rate permissible under applicable law. Nothing contained in this paragraph 7 shall regwre Lender to incur any expense or take any action hereunder. 8. Inspection. 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 therefo? related to Lenders interest in the Property. 9. Condemnation. The proceeds of anyaward orclaim for damages, direct or consequent+al. in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, 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 secure:; by this Mortgage. with the excess, if any paid to 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 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 market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid t0 the torrower. '~If the property is abandoned by Borrower, or if, after notice by lender to Borrower that the condemnor otters to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days alter the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at lenders option, either to restoratipr~tor 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. 1 O. 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 interest. Lender shall not be required to commence proceedings against such successor or refus~tP extend 4,t1>se,fgr p~yment~gr otherwise modify amortization of the sums secured by this Mortgage by reasoh of ar;y de nd made ~byy fife o} final ~Orrower and Borrowers successors to interest. 11. Forbearance by Lender Not a Waiver. Any forbearance 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 Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. ; 12. Remedies Cumulattvs. 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 maybe exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liablltty; 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 t 7 hereof. All covenants and agreements of Borrower shall be lo+nt and several. The captions and headings of the paragraphs of this Mortgage are for covenience 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. (al 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 Lender as provided herein, and (b1 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. 15. Un(form Mortgage} Govsming Law; Ssverability. ~fhiS IorrA'of~mor[g~ge Combines uniform covenants for national use and non-urn!orm covenants with limited variations by jurisdiction to constitute a'u~iforrrl seCuri}y instrument covering real property. The state and local laws app;+cable to this Mortgage shall be the laws of the jurisdiction in which the Property +s Located. The foregoing sentence shall not I+mit the applicabilityot federal law to this mortgage. In the event that any provision o? clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage o? the Note which can he gwen effect without the confl+cting provision and to this end the provisions of the Ulcrtgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy:of the Note and of this Mortgage at the time i of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property oran interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to th+s 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 Lenders option, declare all th~~ secured bythis Mort a e_to be immediately due and payable. Lender shall have waved such option to accelerate~lr-to tl~e sale or t~aris er.~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 bythis 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 +nterest has executed a written assumption agreement accepted in writing by Lender. Lender shat! release Borrowertrom 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 that 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. ~ NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, Including the covenants to pay when due any sums sscurod bythis Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to curo such breach; (3) a date, not Isss than 30 days from the date the notice is mailed to Borrower, by which such breach must bs cured; and (4) thatfailure to cure such breach ~ on or beforo the date specified in the notice may rosult in acceleration of the sums secured by this Mortgage, foreclosure by judicial proceeding end sale of the Property. The Halite shall further inform Borrowsrof the rlghtto reinstate after acceleration and the right to assert in the foroclosuro proceeding the non-existence of a default or any other defense otAbrrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in tfis notfoe, L.~ndsr at Lender's option may declare elf of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect In such proceeding ell expenses of foreclosure, including. but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding tenders acceleration of the sums secured bythis Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce thissMortgage discontinued at any time 800X~ P~Gf~~ _ _ _ "4..~ E _ .yy sY .