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HomeMy WebLinkAbout0008 a Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the x manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, wish interest thereon, shall become additional ~ indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment, such ~ i amounts shall be payable upon notice from lender to Borrower requesting payment thereat, and shall bear interest from the date of disbursement at the rate payable from time 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 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. Inspectbn. Lender may make or cause to be made reasonable 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. Condemnstbn. 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.therrnf, 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 be 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 Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such 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 bears to the fair market value of the Property immediately prior to the date of taking, wish 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 offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within i0 days after the dale such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured M• this Mortgage. Unless 1_ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend , ar 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 Rekased. Extension of the time for payment or modification of amortization of the stems secured by this Mortgaee granted by Lender to any cuccesu~r 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 stccessor or refine to extend time far payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand. made by the original Borrower and Borrowers succescorc in interest. 11. Forbeannee by Lender Not a Waiver. Am• forbearance M• Lender 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 1_ender Shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmula8re. All remedies provided in this Iortgage 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. Successors and Assigns Bound; Joint and Seseral liability; Captions. The covenants and agrecmentc herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provision. of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are 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 be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall he given by mailing wch notice by certified mail addressed to Bormw•er at the Property Address ,or at such other address as Borrower may designate by notice to T.endcr as provided herein, and (b) any notice to Lender shall be given by certified .mail. return receipt requested. to Lender c address stated herein or to ; such other address as [.ender 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 I.cnder when given in the manner designated herein. 15. Uniform Mortgage; GorernirrR law; Sererability. This form of mortgage combines uniform covenants for national use ; and non-uniform eovenaats with limited variations by jurisdiction W constitute a uniform security instrument covering real property. The state and local laws applicabk to this Mortgage shall be the laws of the jurisdiction in which the Property is locate. The foregoing sentence shall rat limit the applicability of federal 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 rat 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 arc declared to be severable. i6. Borrower's Copy. Borrower shall Ix; furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. ~ _ 17. Transfer of the Property; Assumption. if all or ans• part of the Property or an interest therein is cnld or transferred ~ by Borrower without Lender's prior written consent, excluding ta? the creation of a lien or encumbrance subordinate to i this Mortgage. (b) the creation of a purchase money security interest for household appliances, /cl •r 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 tale or transfer, Lender and the person to whom the Property is to be solJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable un the sums secured by this Mortgage shall be at such rate as 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. 1_ender shall release Borrower from all ~ obligations under this Mortgage and the Note. ~ If Lender exercises such option to accelerate. [.ender shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a pericxl of not less than ip days from the date the notice is mailed within c which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. Lender may, without further notice or demand on borrower, invoke any remedies permitted M• paragraph IA hereof. E j i Nox-UNIFORM COVENANTS. Borrower and 1_ender further covenant .and agree as follows: 18. Accelentan; Remedies. Except as provided in paragraph 17 hereof. neon Borrower's breach of any cotenant or ~ agreement of Borrower in this Mortgage, including the covenants fo pay when doe any sums secured by this Mortgsge, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breacb; (2) the action ~ required fo cure sucb breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by whkb such j_ breach must be cored; aad (4) that failure to cure such breach on or before the date specified in the notke may reedt in acceleration of the surrrs scented by this Mortgage. foreclosure by judicial proceeding and sak of the Properly. The notice € shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding g the non-existence of a defauk or any other defense of Borrower to acceleration and forecbsure. If the breach is not cored on ` or before the date specified in the notice. lender at Lender's option may declare all of the sneers secured 6y this Mortgsge to 6e ~ immediately doe and payabk without furtber demand and may foreclose this Mortgage by judicial proceeding. Lender shall ~ be entitled to collect in sucb proceeding all expenses of foreclosure. including, but not limited to. reasonable attorney's fees. 3 and costs of documentary evidence. absrraets and titk reports. # 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. ~ Borrower shall have the right to have an} proceedings hcEun by Lender to enforce this Mortgage discontinued at any time 's BalUl JJO PAGE 8 - .