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HomeMy WebLinkAbout0862 1 s= Lender`s written agreement a applicable law. 8orrowet;s~t~a3 rl~ay the a'~M~t all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts dichurst:d by Lender pursuant to this paragraph 7. wuh intrrect thereon, shall become additional indeMedness of Borrower secured by this Mortgage. Unless BOrfONCf arJ I rn~ler agree to other terms of payment, such amnrrntc shall he payable upon notice from tender to eorrowrr reytre.tinR payment thereof. and shall bear interest from the date of disbursement at the rate payahk from time to tirrre on outstanding principal under the Note unless payment of interest at such rate would be conlratlr to applicable law, in which event inch amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require i:ender to incur any expense or take any action hereunder, lageetiow, lender may malt or cause to be made reasonable entries upon and ir?spections of the Property. provided that lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's interest in the Property, 9. Cowieawatiow. 'fire proceeds of any award a claim for damages, direct a consequential, in connection with any condemnation or other taking of the Property, or part thereof. a for conveyance in lieu of condemnation. are 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 Mortgage. with the excess, it any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Latckr otherwise agree in writing: there shall be applied to the sums secured by this Mortgage such proportion of the ptoooeds as is equal to that proportion wfiich the amount of the sums scarred by this Mortgage immediately prior to the date: of taking bears to the fair market value of the Property immediately prior to the daft of taking, with the balance of the proceeds paid to Borrower. - if the Property is abandoned by Borrower, or if. after notice by lender to Borrower that the condemnor oRers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 3l) days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, tither to restoration or repair of tie Properly or to th4 sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proctedg tp prjncjpat shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 he of the amount of such installments. 1®. Borrower Not Released. F~ctenswn of the time for payment or mcidiflcotion of amortiutron of the sums serctttxd 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 Borrower's successors in interest. Lender 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 Mortgage by reason of any demand made by the original Borrower and $orrower s successor in interest. ~ 11. Forbearsact by Lewder Naf a Waiver. Any forhtarance by Lender in exercising any right or rcmody hetctrnder, or otherwise afforded by applicable lrtty, shall nM be a waiver of or pteclutk the exercise of any such right or remedy. The procurement of insurarrc~~r 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. Rewredks Cwrwwb>ttie. All remedies provided in this Mortgage arc 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. Srreeessors swa Assigws Bowwd; John swd Several t.lsbility; Cspdows. The covenants and agreements herein contained shall bind. and the rights hereunder shall intrrc to. the respective successor and assigns of Lender acrd Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joir~ and several. The captions and he:dings of the paragnphc 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 rrgrrir~ed under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall bt given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such dher addrcsc 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 Lender's 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. 1S. Us#orm Mortgage: Gorertrisg Law; Seversbility. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h} jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shalt ~ governed by the law of the jurisdiction in which !ht Property is located. In the event that any provision or elarrse of Chic Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can tx given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate arc declared to be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the trine of execution or after recordation hereof. 17. Traaster of tie l~m~erty; Assnwrptiow. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lerxler's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, fbl 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 (dl the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender i option, declare all the sums secured by this Mortgage to bt immediately due and payable. Lender shall have u•rived such option to accelerate if, prior to the tale or transfer. Lender and the person to whom the Property is to be so1J or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interest Payable on the sums secured by this Mortgage shall be at such rate ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers 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 aceordancc with paragraph 14 hereof. Such notice shall provide a period o! not less than 30 days from the date the notice is mailed within which Borrower may pay the sums oxlared due. If Borrower fails to pay such sums prior to the expiation of such period. Lender may. without further notice or demand on Borrower, invole any remedies permitted by paragraph 18 herrnf. Novi-UtvtFOwnt CovetvaHrs. Borrower and Lender further covenant and agree as follows: la. Aeceiedbw; Rewrcdks. Lttcept s provNed iw pragrspi 17 Irereot. rrpw Borr~owa's r~eseir of say corenwt str agrcewrewt of Borrower iw fib Mortgage. b+elwliag tie covewswls to py wttcw dire swy sons trecsrd i7' fib Mortgage. Lewde? prior b seeelerstios shah rrisil wotke to Borrower as prodded !w pragrsplr 14 serene spcltyf~: (1) tie bresci:121 tie stibw tepsired b cane awes rreaei; (3) a date. wo1 less flaw 3s days twrw tie date tie wotice fs wra8ed b Borrower. by wild setts iseaci setae is cared; aa>tl (4) fiat tailsre b erne serelr iresci ow or ietort tic date speci&d ila tie wotice ray resale is acceleration of ere stows scctrrtii iy fib Mortgage. fortelosrrre b jtrdkiaf proceednwg aw/ sale of tie hopertr. Tie wstke. ' alai fwrtier iwfors Borrower of tie riRM b reiwstste after seeeleratlow sad tie right b wren M tic tortelesisrt proteeitg tie wow-a:istewce of a delaaM or try otter deterne of Borrower to accekratiow awa toreclosrrrc. It tie brraei b sot cwssd ow ar before the date syeci&ed b tie wotiee. Lewder at l.errder's aptiow way ieelare aM of tie star seesred b' fib Mortgage b <sK imsedistely due sal pyable witioat tartlet demand and gray foreclose ells Mott;age h' jtrdicW proceeAiwR• Lender-ciaB be eatitkd to coBeet w awes proccediwg sN expewses of foreclosrrrt. Mrchrdiag. sett woe ifrwitd to, reasowsiie stturnev's fees. sad costs of doetrsewtary eriacwee, abstracts swd tick reports. lf. eornawer's Rlglrt to Reisstste. Notwithstanding I ender s acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedmgc brim by tender to enforce this Mortgage discontinued at any time X337 Ps~E 86i .