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HomeMy WebLinkAbout1325 3 d Lender's written agreement or applicable lave. Borrower shall pay the amount of all mortgage insurance premiums in the manner provide) under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional inJehtedness of Borrower secured by this Mortgage. Unless Borrower anD I.enJer agree to other tents of payment, such amounts shall be payable upon notice from 1-ender to Borrower reyiKSting payment thereof, and shall bear interest from the date of Disbursement at the rate payable from time to time on outstanding principal under the Nate unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. laspectioa. lender ma}• 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 i.ender s interest in the Property. 9. Coademaatbn. The proceeds of any award or claim for damages, Direct or consequential, in connection with any condemnation or other taking of the Property, sir part thereof, or for conveyance in lieu of condemnation, are hereby assigned ant shall he paid to Lender. 1n the event of a total taking of the Propert}•. the proceeds shall he applied to the sums secured by this Mortgage. vrith the excca, 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 he applied to the sums securcD 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 Properh• immediately prior to the Jate of taking, with the balance of the proceeds paid to Borrower. if the Properly is abandoned b}• Borrower, or if. after notice by I-ender 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 • mailed, i.ender is authorized to collect and apply the proceeds. at 1_ende~ s option. either to restoration or repair of the Properly or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise ague in w~ritinc. any such application of proceeds to principal shall not extend - or postpone the due Datc of the monthl}• installments referred to in paragraphs I and 2 hereof or change the amount of such installments. - 10. Borrower Not Rekased. Extension of the time for payment or modification of amortization of the stimc secured b}• this Mortgage granted h}• l.endcr to an}• cuccesu~r in interest of Borrower shall not operate to release. in any manner. = the liability of the original Borrower and Rorrower'c successors in interest. Lender shall not he required to commence - pmceeJings against such successor or refuse to extent time for payment or otherv?•ise modify amortization of the sums secured by this Mortgage by reason of ahy demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by i.ender Not a Waiver. Am_• fonc~arance M• Lender in cxcnising am• right or remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of ans• such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a waiver of Lender s right to accelerate the maturity of the indebtedness secured M• thic• Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remeJy under this Mortgage or afforded by law or equity, ant ma}• he exerEiseD concurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Several i.iability; Captions. The covenants and agreements herein containeD shall hind, and the rights hereunder shall inure to, the respective successors and assigns of Lender :rod Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several. S The captions and headings of the paraeraphc of this Mortgage arc for rnnvenience only anD are not to he 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 he given M• mailing wch 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 (hl any notice to Lender shall he 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 prwideJ herein. Any notice provided for in this Mortgage shall he deemed to havc been given to Borrower or 1-ender when given in the manner designated herein. 15. Uniform I?tortl;age; Governing I.aw; Severabilil}•. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction W constitute a uniform security instrument 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 foregoing sentence shall cwt limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall tx~ furnisheJ a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. if all or ans• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written rnncent: excluding la1 the creation of a lien or encumbrance subordinate to this Mortgage. (hl the creation of a purchase mone}• cccurit}• interest for householJ appliances. (c) a transfer h}• devise. descent or by operation of law upon the Death of a joint tenant or Idt 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. 1_ender anD the person to whom the Property is to be solJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa}•able on the sums secured by this Mortgage shall be at such rate as Lender shall request. if Lender has waived the option to accelerate provide) 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 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 pericxl of not less than i0 Days from the date the notice is mailed within which Borrower may pay the sums declare) due. If Borrower fails to pay such sums prior to the expiration of such period. 1_ender may, without further notice or Jcmand on Borrower, invoke am~ remedies permitted by paragraph 1 R hereof. No*r-UNIFORM Covt=_xxrvrs. Borrower and lender further covenant and agree as follows: 18. Accelentioa; 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 secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof speeifyirrg: (1) tht breach; (2) the action required to cure snch breach; (3) a date. not less than 30 days from the date the notice iS mailed to Borrower. by which snch breach must be cnre~; and (4) that failure to cure such breach on or before the date specified in the notice nay resWt in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and salt of the Property. The notice t shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a defauk or any other defense of Borrower to acceleration and foreclosure. If the breach is ant cured on or before the date specified in the notice. Lender at Lender's option may declare all 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 all 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 Lender's acceleratYOn of the sums secure) by this Mortgage. Borrower shall havc the right to havc anc proceedings hecun by I.cnder te~n enforce this Mortgage discontinue) at any time 8001•~U PdGE~~~ 9 ~ ~