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HomeMy WebLinkAbout0188 Lenders wr?tten agreement a applicable law. Borrower shall pay the amount of alb mort~~rance P~s ?n the manner provided under paragraph 2 hereof. Any amounts d?sbursed by Lender pursuant to this paragraph 7, w?th interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms otpayment such - amounts shall be payable upon nol?ce from Lender to Borrower request?ng payment thereof, and shall bear interest from the date of d?sbursemenl at the rate payable Irom time to Urt?e on outstanding principal under the Note unless payment Ot ?nterest at such rate would be contrary to applicable law, in which event such amounts shat) 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. Inspection. Lerxfer 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 F Lenders interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages. direct or consequentia., in connection with any condemnation or other taking of the Property, or part Ihereol, or for conveyance ?n lieu of condemnation, hereby assigned and shall tie paid to lender. In the event Ot a total taking of the Property, the proceeds shall fry applied to the sums secured by this Mortgage. with the excess, if any paid to Borrower. In the even) of a partial taking of the Property unless Borrower and Lender otherwise agree in writing. these 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 takingbears tothe fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds _ paid to the Borrower. 11 the Property is abandoned by Borrower, or it, after notice by Lerxfer to Borrower that the condemnor oriers to make an award or settle a claim tor~damages. Borrower tails 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, ether to restorat?on a repair of the Property 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 extenri or postpone the due date of the monthly ?nstallmenls referred to ?n paragraphs 1 and 2 t?ereot or change the amount of such installments. 1 O. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by th?s 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 successors in interest. Lender shall no! be required to commence proceedings against such successor of refuse to extend Umy for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in in}erect 11. Forbssnnce by Lender Not a Waitftrir. Any forbearance by Leander in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be 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 be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage aredistinct and cumulative to any otf?er right or remedy under this Mortgage or afforded by law or egwty. and may be exercised concurrently, independency or successivety. , 13. Successors and Assigns Bound; Jolnt and Several Liability; Captions. The covenants and agreements herein contained shall bind. and the rights hereunder shall inure to. the respective successors and ass?gns of Lender and Borrower. subject to the provis?ons of paragraph 17 hereof. All covenants and agreements of Borrower shall be lo?nt and several. The captions and headings of the paragraphs o! this Mortgage are for covenience only and are not to be used to interpret Or define the provisions hereof ' 14. Notice. Except for any notice required under appl?cable law to be given in another manner. (a? any notice to ' Borrower provided for in this Mortgage shall be given by maiting.such notice by certified mail addressed to Borrower et the Property (address or at such other address as Borrower may designate by notice to Lender as provided herein, and _ Ib) any notice to Lender shall be given by certified mail, return receipt requested, to Lenders atldress stated herein a to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this. Mortgage shall tie deemed to•have been given to Borrower or Lender when given in the manner desgnated herein. 15. Uniform Mortgage; Ggverning Law; Sevenbiliq. Iris form of mortgage combines uniform covenants for national use end non-uniform covenants with limited vanahons by lunsd?cUOn to constitute a unrform security instrument covering real property The slate and focal laws appt~cab~e to th?s Mortgage shall tie the laws of the Wrisdiction in which the Property is +xated. The foregoing sentence shall not limit the applicaoility of federal law to th?s mortgage. In the event that any provision or t;lause of this Mortgage or the Note conflicts with applicab?e law, such contl?ct shall not affect other ;,rovisions of th?s Mortgage or the Pdote which can tie given e!fect without the conflicting provision. and to this end the t~owsions of the Mortg: ge and the Note are declared !v be severable 16. Borrowers Copy. Borrower shall be fu?nished a conformed copy of the Note and of this Mortgage at the time 'E of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior wr?tten consent excluding (a? the creation of a lien or encumbrance subordinate to this Mortgage. (b) 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(d) the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may. at Lenders option. declare all the sums secured by th?s Mortgage to be immediatey due and payable. Lender shall have waived such option to accelerate if prior to the,sale or transfer. Lender and the person to wl:wn the Property is to be sold o? transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the ?nterest payable on the sums secured by this Mortgage shall be at such rateas 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 Ncte. tf Lender exercises s;;ch option to accelerate. Lender shat) mail Borrower notice of acceleration in accordance with taragraph 14 hereof. Such notice shall provide a per?od of not tess~that 30 days from the date the. notice is mailed within which Borrower may pay the sums declared due. If Borrower tails to pay such sums 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-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as folbws: t 18. Acceleration; Remedies. Except ss provided in psragnph 17 hereof, upon Borrowers bnsch of sny cavenantoragrosmentof8orrowerinthbMortgsge,includingffrecowrantstopaywhendwanysumssecund by this Mortgage. Lender prior to accelentfon sha?11 mail notice to Borrower ss provided in parsgraph t+4 heroof specifying: (1) the breech; l2) the setion required to curo such breach; (3) s date, rat less than 30 dsys from the . z date the notice is rraibd to Borrower, by which such breach must be cued; end (4) thst failuro to curo such broach I on or beforo the dste specified in the notice msy result in acceleration of the sums second by fhb Mortgage, foreclown bl? judiclsl proceeding and sorb of the Properly. TM rwtice small further inform Bomowerof iM right to ~ roinstste after arxelention end tM right to assert in tM foreclosure prooeedirrg the non•existenoe of s default or any other deferae of Borrower to accelerstlon and forecbsun. It the breach b not cured on or before tM date specified in tM notice. Lender at Lenders option msy declare all of the sums second by fhb Mortgage to be immedistely dw end payabb without further demand and msy foreclose fhb Mortgage by jrrdicisl proceeding. Lender shell be entitled to collect in such proceeding ell expenses of toreclown, indudMg, but not limited to, nssonable attorneys fees. and costs of documentary evidence, abstracts end title reports. 19. Borrowers Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right Io have any proceedings begun by Lender to enforce this Mortgage discontinued at any time e~3~8 187 ~ ri ~ _