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HomeMy WebLinkAbout0814 a !.tinder's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided unckr paragraph 2 hereof. -•t ~ Any amounts disbursed by Lender pursuant~~~s~atagFapl~~~th interest thereon, shall become additional indebtedness at Barrawer secured by this Mortgage. n ea Harrower arJ 1 cnJer agree to ether terms of payment. such amounts sh>tll be payable upon notice tram Lender tQ Borrower requectinR payment thereof. and shall bear interest from the date of disbursement at the rate payahk from time to time an outstanding principal under the Note unless payment of interest at such rate would be contrary to applicabk law, in which event such amounts shall bear interest at the highest rate permisaibk under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur tray expense or take any action hereunder. >l. itupectiow. Lender may make ar cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall give Harrower notice prig to any such inspection specifying reasonable cause therctor related to Lender`s • interest in the Property. 9. CowdewaNioa, The proceeds of any award or claim for damages, direct a consequential, in corurectioti teeth any condemnation or other taking of the I'r~rty, ar part ilk,rzat. er ter conveyance (n linr:?f c~kurrnatiar. are hete6q trtni)tned 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 Mortgage. - with the excess, if aay. paid to Borrower. in the event of a partial taking of the Property. u strd Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such A'ortiotr~the proceeds as is equal to that 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 Properly immediately prior to the date of taking, with the balance of the proceeds paid to Borrower.. ~ _ If the Property is ahandoned by Borrower. ar if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Bc?rrawer fails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lenders option, either to restoration or repair of the Properly or to the sums secured by this Mangalre. finless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shah 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. lA. lorrower Not RNeased. 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 sttccessars in interest. Lender shall not be required to comrrtertce proceedings against such successor or referee to extend time for payment or dherwist: modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. ~ 11. Itorbearanee by Lewder Not s Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicabk late, shall not be a waiver of ar preclutfe the exercise of any such right or remedy. The procurement of insurancy~r the payment of taxes or other liens or charges by Lender shall not be a waiver of [.ender's right to acceknte the maturity of the indebtedness secreted by this Mortgage. 12. Rearedks CotaolaMve. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy ender this Mortgage or afforded by law or equity, and may be exercised concurnntly, independently or successively. 13. Soccessors arW A~ Boawi; .!otter aai Several i.ia6iiity; Captlsas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender geed Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower steal! be joirM and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to fie given in another manner, (a) any notice to Borrower provided for in-this Martgaae shall be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to i_ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to i.ender s address stated herein or to such other address as Lender may designate by native to Borrower as provided herein. Any notice provided for in this Mortgage shall be domed to have been given to 8orrawer or Lender when given in the manner designated herein. 1S. UwRonw Mortgage: Goveraiwg Larr; Severability. This Corm 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. 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 this Mortgage ar the Note conflicts with applicabk law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nde are declared to he severable. l~. •orrewcr's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the titre of execution or after recordation hereof. - 17. Transfer of the TwprQy: Assotwptiow. If all or any pan of rtes Property or an interest therein is sold or tnnsterred by Borrower without Lenders prier written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b? the crcattan of a purchase money security interest far 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 said or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the inter~~t Fayabk on the sums secured by this Mortgage shall be at such rate ac Lender shall request. Tf Lender has waived the opion to accelerate provided 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 trarrr all obligations under this Mortgage and the Note.. If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordancti a-ith 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 a.xlared due. It Borrower tails to pay such stems prior to the expiation of such period. Lender may, without further notice ar demand on Borrower. invoke any remedies permitted by paragraph lA hereof. Norr-UNIFORM CovENANTS. Borrower sad Lender further covenant and agree as follows: li. Accekratbw; Rearedks. Except a provyets iw pragraplt /7 hereof. opw Borrower's breach of any coretnrN or agrtstrtewt of lorrower b this Mortgage. ioclodirtR the covesaMs to py whew dee aay soars stcared hl' this Mortgage. i.ewaer prior b actekratba shah mail swtke to lorrower as provided h paragraph t4 hereof s'ecltyhsg: (!)the br+rach:121 the setbw regofa+ed b core sock irrach; s date, got k: thaw 30 days tremor the date the wotke is wailed M Iorrower. by whkh sock . bseacb sett be cored; awl (4) thM taihtrc b Bette such breach a or before the date s'eeilieA a the wotke racy tr~solt itti aecderstiow o[ the stows sccored 6y this Mortgage. Mr~eelosorr h' ~w poeeediwg attr sale of the rre~erty. The Welke. shah further iafottw Borrower of the right b reiwsfale deer aeoeleratiow awe !ht riglN l0 attaeA h the toreclosore proete~sg thr wow-a:istesice of a detawN or goy other aetewse of Borrower to accekrtatiow arra toraeloare. H the Meaeh k trot Better ew or 6eforc the date geciBea a the aotke. Lewder at I.ewders optiow moray rcelare V d the morns sactrrai ~ thfs MotlRsge b k imrwediatdy doe swi pyabk without tortha demand awd trray foraetoee this Mortgage ry jw/kW'roete~trR. i.ender-shall be ewtitled to co0eet Imo sweh poceeaiag aR etpenses of foreclosure. hxhtdiag, hot wM Waited te. reasoaabk sttarervs tea. ' amts costs of aoeorwewtary et?Weaee. abstracts swd title reports. 19, 1lortewers Right to Reinstate. Notwithstanding !.ender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedmes beu~n by Lender to entarce this Mortgage discontinued at any time - ~ 8 Jt?~ PoC~ ~.3 - _ -