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HomeMy WebLinkAbout1366 r , F Lender's written agreement or applicable aaw. Borrower shall pay the amount of all mortgage insurance 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. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from i.ender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from tune to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear intetest at the highest rate permissible under applicabk law. Nothing containe~± Rn this l+aragrt+ph 7 shall require Lender to incur any expense or take any action hereunder. 8. lnspectioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borcower 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 or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or 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 he applied to the cams secured by this Mortgage. with the excess, if any, paid to Borrower. 1n the event of a partial Taking of the Properly, unless Borrower and Lender otherwise agree in writigg. there shall he applied to the some secure) by this Mortgage sttch 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 hears to the fair market value of the Property immediately prior to the date 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 condemndr often 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 tytaiied, Lender is authorized to collect and apply the proceeds, at iender's option, either to restoration or repair o~ the Properly or to the sums secured by this Mortgage.. , Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall 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. 10. Borrower Not Released. 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 Borrower's successors in interest. Lender shall not he 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 arty demand made by the original Borrower and Borrowers successors in interest. 11. Forbearanceby Lender Not a Waiver. Any fonc~arancc by i.cnder in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any 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 by this Mortgage. 12. Remedies Cnmulatire. All remedies provided in this Mongage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may he exercised 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 and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience ,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. fat any notice to Borrower provided for in this Mortgage shall he given by mailing such 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 (h) any notice to Lender shall he given by certified mail. return receipt requested. to 1 ender s address stated herein or to such other address as i.ender may designate by notice to Bormw•er as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or I.cnder when given in the manner designated herein. 1 S. Uniform Mortgage; Governing taw; Severability. This form of mortgage rnmbines uttiforrrt covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a tutiform security itutrument covering real property. The state and local laws applicabk to this Mongage shall be the laws of the jurisdiction in which the Property is located. The toregoing sentence shah not limit the applicability of federal law to this mortgage. In the event that aoy provision or clause of this Mortgage or the 'I Note conflicts with applicabk 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. r 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this 1?fongage at the time ) ~ of execution or after recordation hereof. a j 17. Transfer of the Property: Assumption. if all or am• part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior written consent. excluding (at the creation of a lien or encumbrance subordinate to i this Mortgage. (h) 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 lets i 4 not containing an option to purchase, Lender may. at Lender's option, declare all the sums secured by this Mongage to be € ~ immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. lender 4 ~ and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person i i is satisfactory to lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ~ shall request. if 1_ender 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 i.eniier, Lender shall release Borrower from all i obligations under this Mongage and the Note. ; j if [_ender exercises such option to accelerate: tender shall mail Borrower notice of acceleration in accordance with 3 I 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 declared due. If Borrower fails to pay such sums prior to the expiration of such period. ~ 1_ender may, without further notice or demand on Horrower, invoke any remedies permitted by paragraph 18 hereof. Nor?-UrrtFOtent COVENANTS. Borrower and tender funher covenant and agree as follows: 18. Acceleratan; Remedks. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or s agreement of Borrower in this Mortgage, inclndirtg the covenants to pay when doe any sums secnred by this Mortgage, Linder ~ € prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifyirgl: (1) the bceacb; (2) the action E rtquired to core such breach; (3) a date, not less than 30 days from the date the notke is mailed to Borrower, by whkb such F breach mttst be cored; and (4) that failure to cure such breach on or before the date specified in the aotke may resdt in i acceleration of the sums second by this Mongage, foreclosure by judicial proceedins and sale of the Property. Tile. notice k shall further inform Borrower of the right to reinstate after scceleratan and the right to assert in the foreclosuro proceeding # . the non-existence of a defauk or any other defense of Borrower to acceleration and forecbsure. if the breach le not cored on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by ibis Mortgage to be T ' immediately dot and payable without funher demand and may foreclose this Mongage by jndkial proceeding. Lender shall ~ be entitled to collect in such proceeding all expenses of foreclosure. including, but not Umited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and Iitk reports. ~ x 19. Borrower's Right to Reinstate Notwithstanding Lender's acceleration of the sums secured by this Mortgage. I Borrower shall have the right to have any proceedings begun hv_ l.cnder to enforce this Mortgage discontinued at any time 1 BUOK PAGE',e~~ , J - -