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HomeMy WebLinkAbout0891 • - ' l_ender~s written agreement or applicable law. ~ Borrower shall pay the amout~t• ~ 31~~ mortgage~nce premiums in the manner provided under paragraph. 2 hereof. • Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Untecs BorraK-cr sect Lender ague to other terms of payment. such amounts shall be paysblE upon notice from Lender tQ Borrower regtrccting payment thcrrnt, and shall bear interest from the date of disbursement at the raft: payable from time to tithe on outstanding principal under the Note unless payment of interest at such .rate would be contrary to applicable law, in which event ~cuch amounts shall hear interest at the highest rate permiuibk under applicable law. Nothing contained in this paragraph 7 shall require I:ender to incur any experr:e or take any sctan hereunder. , Letld2r iiiaj riiakt: ar c:.f:sv tai r:.a~ :':s~:lr:.-,1`le ~nttiwe Ivr+pn anA ina~ectinns of tlfe: Property, prOVlded that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property, 9. Cowsetwwatbw, The proceeds of any award or claim for damages, direct a consequential. in oonilectios with any condemnation or other taking of the Property. or part thereof, or for conveyance in lieu o[ condemnation. are I>ereey assigned and sha116e paid to letlder. , In the event of a total taking a< the Prnpeftr, the proceeds shall be applied to the wms secured by this Mortgage. with the excxss, i[ say. paid to Borrower. in the event of a partial taking of the Property. unless Borrower std Fender otherwise agree in writing, there shall be applied to the wms secured by this Mortgage such proportion of the proceed: as is equal to that proportion which the amatnt of the sums secured by this Mortgage immediately prior to the date of - taking bean to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Bortonver. if the Property is abandoned by Borrower, or if. after notice by Lender to Bormwer that the condemnor oRers to make an award or xttk a claim for damages, Borrower fails to respond to Lender within 30 days after the date such ratite is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Properly or to the sums scoured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ar'postpo;x the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 19. botr~ower Not Releases. F.xtrnsion of the time for payment or modifkation of amortization of the sums stxured by thiq ll+tLirtgage 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 stye demand made by the original Borrower and Borrowers successors in. interest. 11. Fotrearawce r7' Lewder Not • 1Yaher. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise aBorded by applicable layr, shall not be a waiver of or proclutk the exercise of any such right or remedy. The procurement of insurance, jx 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. Rslnesks Cwrlrtnhthe. 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 may be exercised concurrently. independently or successively. 13. Sseceaaots tad AadRss bosll~ Joint sws Sewed i.ia6iflryr. Cslpliorn. The covenants and agreemrnts herein- contained shall bind, and the ritttrts hereunder shall inure to. the respective successor and assigns of Lender acct Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captiolu and headings of the paragraphs of this Mortgage arc for convenience only and arc not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notict regrtirrd under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as Bormwer may designate by mice to Lender as provided tlercin, and (b) any ratite 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 detnted to have been given to Borrower or Lender when given in the manner designated herdn. 1S. UsRortr Mortgage: Goverabgt 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. This Mortgage shall he governed by the law of the jurisdiction in which the Property is located. in the event that any prmision or clause of this Mortgage ar the Note conflicts with applicable 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 tha end the provisions of the Mortgage and the Note arc declared to be severable. If. botmower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Trawder of ere ~toperty; Assllwlptios. if all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior writlrn consent, excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the crcatlon of a purchase mc+ney security interest for household appliances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (dt 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 tale or transfer. Lender snd the person to whom the Property is tp be co1J ar transferred reach agreement in writing that the credit at such person is satisfactory to Lender and that the interc.t Fayable 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 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. Leader shall mail Borrower notice of acceleration in accordance v?•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 t,xlared due. if Borrower fails to pay such arms 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-Uwrt:otlnt CovewatvTS. Bortower and Lender further covenant and agree as follows: lg. Acceleration; Rersedies. E:cept as provided it pragrapA 17 hereof. rrp~a Iserrrwer's br+eaci of wly cavenw! or agrteswest of borrower k this Mortgage, hxlwlirlR ere corewaNs to py whew /Ire ssr srrwls secured il' tile-Mortgage. l.ewser prior to aceeleratba siaB wlail wotice to borrower as provided la paragraph 14 recce[ specifying: t1) tie breaci:12/ the setlow rsgtlired b cure :Dell rrescr; (3) a Gate. wet less flaw 39 days irosl tic date tie notice is Wailes to borrower. rf' which srlcr iseacr shat re nt^es; awe (4) trN fairlrc to elwe sxi 6reaci oa or ie[ore tic date specified iw tit worsts twat' ressh i• aceekratiow of ere sera: aeesrrs i!' rile Mortgage. /aseclosore ~ jhrskid Noceeshlg awl sale M the !'roperty The wotke sear blether istortw borr+wer of ere riRM to reirKlafe sitter seeeieratiow sws ere right b aaseA h ere forecieslrre proeeedrtg ere wos•cxistewet of a defadt or a+~y crier seferlss of borrower to acceleratiow ass tortcioaue. tt tie ireaci k wet cases ow or reface tie dots spcciRes le ere sotke. Lewder at /.ewsier's optiow slq derhrc ab of tie arse secsred ry tMs Mortgage to be ialslediatety des awe pyable witiorl t.rlie? demand and chat' toreelose tits Mortgage b jlrikW preccediaR. Lender-cllall be eNides to eobect M sscr proeeesirlg sb sxpewses of toreclosllre. Iwcla+siag. iwf wet IWtes to. tasorlsik m.,rnev's fees. awl costs of sotwstewtary evisewes, abstracts sss tick reports. 19. bon~ower's Rliflt to Reiwsta+te. Notwithehnding !.ender s acceleration of the sums secured by the Mortgage, Borrower shall have the right to have any proceedings txy~~ by Lender to enforce this Mortgage discontinued aI any time i cc~~cc~~ BC7~Jt.)~ PdGE