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HomeMy WebLinkAbout1343 Lender's written agreement or applicable law,. Borrower shall pa}• the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts dishttrsed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower anJ I.enJer agree to other terms of payment, such amounts shall be payable ulx~n notice from Lender to Borrower reyuesting payment thereof, and shall hear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Notc 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. Ittspecfion. Lender may make ar cause to be made reacanahlc 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 Lender's ` interest in the Property. ' 9. Cottdemnatbn. The proceeds of any award or claim for damages, direct ar consequential, in connection with any condemnation ar other taking of the Property, ar part 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 praceeJs shall he applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Rorrower and Lender otherwise agree in writing. there shall he applieJ to the same secure) by this Mortgage atch proportion of the proceeds { as is equal to that proportion which the amount M the sums secured by this Mortgaee immediately prior to the date of taking hears to the fair market value of the Prapert}• immediate)}• prior to the date of taking, with the balance of the proceeds paid to Borrower. - if the Property is abandoned h}• Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award ar settle a claim for damages, Borrower fail. t~. respond to 1_ender within i(I days after the date such notice is mailed. Lender is authorized to rnllect and apply the proceeds, at l.ender'c option. either to restoration ar repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower atherw•isc agree in writing, any such application of proceeds to principal shall not extend or p~xtpane the due Jate of the month)}• installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment ar modification of amortization of the sums secured by this Mortgage granted by Lender Io am• cucceswr in jnterest of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Borrower's successors in interest. lender shall not he required to commence proceeJings against such successor ar reface to etienJ time for payment ar othens•ise modify amortization of the sums secured by this Iliortgage by mason of an}• demand made h}• the orieinal Rorrower and Borrowers successors in interest. l 1. Forbearance by i.ender Not a Waiver. Am• forhearancc M• ).ender in exercising any right ar remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of an}• such right ar remedy. The procurement of insurance or the payment of taxes ar other liens ar charges by Lender shall not he a waiver aF ).ender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies pras•ided in this !Mortgage arc distinct and cumulative to an}• other right ar remedy under this Mortgage or afforded by law or equity. anJ ma}• he exercise) concurrently. independently or successive)}•. 13. Successors and Assigns Bottnd: Joint and Se~erol f.iabilify; Captions. The covenants and agreements herein contained shall bind, and the ri¢hts hereunder shall inure to. the respective successors and assigns of (.ender and Harrower. subject to the provisions of paragraph 17 hereof. All rnvenants anJ agrcemcntc of Harrower shall he faint and several. The captions anJ headings of the paragraphs of this Mortgage arc far convenience oral}, and are not to he used to interpret ar define the provisions hereof. c 14. Notice. Except far any notice required under appiicahlc law to be given in another manner. fat any notice to Borrower provided far in this Martgaee shall he given by mailing such notice M' certified mail addressed to Barmw•er at the Property Address ar at such other address as Borrower mas• designate by notice to Lender as provided herein. and (hl any notice to Lender shall he given by certificJ mail. return receipt requested. to ).enders address stated herein ar to such other address as Lender may designate by notice tc. Harrower as pr..videJ herein. Any notice provided far in this Mortgage shall he deemed to hues been given to Bormw•cr ar Lender when given in the manner designated herein. 15. Uniform Mortgage: Governing i.aw; 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 real property. The state and local laws applicable to this Mortgage shall be the Taws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of foderal 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 tltc Note which can be given effect f 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 Nate and of this Mortgage at the time of execution or after recordation hereof. F 17. Transfer of the Property; Assumption. If all or am~ part of the Property ar an interest therein is sold ar transferred by Borrower without Lender's prior written consent, excluding la) the creation of a lien ar encumbrance subordinate to this Mortgage. (h) the creation of a purchase money security interest far householJ appliances. (cl a transfer by devise, 1 descent or by operation of law upon the death of a joint tenant or Id? the grant of any leasehold interest of three years ar less not containing an option to purchase, Lender may. at Lender c option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option t~. accelerate if, pricer to the sale or transfer. 1-ender anJ the person to wham the Property is to he solJ or transferred reach agreement in w•nting that the credit of such person is satisfactory to [_ender and that the interest payable on the sums secured by this Mortgage shall he 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 its writing by Lender. Lender shall release Barraw•er from all a obligations under this Mortgage and the Nate. 4 If Lender exercises such option to accelerate. Lender shall mail Barrow•er notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a perioJ of not less than 10 Ja}•c 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 r+uch period. Lender may. without further notice ar demand on Harrower, invoke am remedies permitted M• paragraph 1 R hereof. i Noty-UtvtFOtttit COVENANTS. Borrower and lender further covenant and agree as follows: i8. 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 par when due any sums secured by this Mortgage. Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the aNion required to cure such breach; (3) a date. not less than 30 da~•s from the date the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after accelerotiori and the right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. if the breach is not cured on ti or before the date specified in the notice. Lender a1 [.ender'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. t and costs of documentary evidence. abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding I.ender•, acceleration of the sutras secure) by this Mortgage. i Borrower shall have the right to have am proceedings begun by Lender to enforce this !1lartgage discontinue) at an}• time BoaK s3c)U PAGE x.341 - ~ - - y