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HomeMy WebLinkAbout0550 } . Lender~a writtesa agreement or applicable law. Borrower ethaU pay tM tggttnt of aA mortgage ituuranoe ptartiutm is the manner provided under paragraph Z hereof. Any amounts disbursed by Larder punuant to this paragraph 7, with interest thereon. shall become additional indebtedness of Borrower oecurod by this Mortgages. Unlens Borrower and Lender agree to other terms e>f payment, such amounts shall be payable upon notice from Lendesr to Borrower requiting payment thereof. and shall bear interest from the date of disbursement at the rates payable from tune to time on out:tandittg principal under the Note unless paymatt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permisdbk under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expeme or fate any action hereunder. 8. Ins*ection.-Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided i that Lgnekr shall give Borrower notice prior to any such inspection specifying reaaonabk cause therefor relatesd to Lender's interest in the Property. ~ ~ 9. ConiesanrrMoa. The proceeds of any award or claim for damages, dirext or consequential. in oonoectiott with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu e>f 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, then- shall be applied to the sums secured by this Mortgage such proportion of the proceed: ~ 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, 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 condannor offer: 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 mailed, Lender is authorized to collext and apply the prococds. at Lender's option. either to ratoration or 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 extesnd or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of 3 such installments. lA. borrower Not Rekaud. Extension of the time for payment or modification of amortization of the sums sescured 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 commesnoe 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 Borrower's successors in interest. 11. Forbearance by Leader Not a Waiter. Any forbearance by Lender 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 Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. RerseeUa Camalstlte. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage ex atfordcd by law or equity, and may be exercised concurrently, independently or successively. - a 13. Snecessora asd Asdgas bound; Joist sad Screed i3abAity; Captbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the rapective successors and assigns of Lender and Borrower, subject to the provisions 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. Notice. Except for any notice required under applicable law to bt; given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be 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 (b) any notice to Lender shall be given by certified mail, return receipt resauated, to Lender's address stated herein or to such other addras as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be dexrned to have been given to Borrower or Lender when given in the manner designated herein. - 1S. Uaitorrn Mortgage; Goreraiog Law; Seters60ity. This form of mortgage combines uniform covenants for national { use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform sexurity instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the 4 event that any provision or clause of this Mortgage or the Note conflicts with applicable 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. 16. berrowesr's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of exexution or after recordation hereof. - 17. 'l~assfer of the Troperty; Asssmptiesn. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written 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. docent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interat of threx years or less not containing an option to purchase, Lender may, at Lenders. option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to aexelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the crexlit of such person 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 Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's suocasor in interat has exexuted 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 accordance with - paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within. 1 which Borrower may pay the sums dexlared 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 by paragraph 18 hereof. l Note-UxtFatur Covexerrrs. Borrower and Lender further covenant and agree as follows: 18. Aecderation; Renredia. II3xcept as proridcd to paragraph 17 tercet, sepon Isorrowes's bretaclt er[ sy eorenaN err rtgrexmeat etf borrowesr in trb Mortgage, iaclsdiwg tee coteaasts to !al' career due soy sssa stxareel by Ibb Matgsge, Leeneler prbr /o accdeMion stab nraB notlee to borrower as prodded is psrsgra~6 14 hereof spexifyitg: (1) tee breaer; (Z) fire adion f regninai to care sssci, 6reseb; (3) a elite, act leas trap 30 dsls trout the date !re nestice b matted to Eorrower, by wrkr sash br+eacr oast be eared; call (4) that ta8are to care aacr brescb oa or 6etore tee date spx~i6ed d tee notlee gray reesslt ie aeexlerstion est tie sacs secured by trb Matgsge, tor+eclosare by jaelicial pocee~g arrel ssk erf the )Poperty. 71te notice stab fnrtrer interne borrower err Ire right to rsirstate aNex secekrafjoe aed tee rig1K b aniert in tee tonrleaw~e preexeeelrg tee non~r:ie#aree erf a ietadt or aq other ekfrase e?t borrower to aenlerafion suet tore>tloane. K tee breael, b act essrei ew a before tee late spea~liei bt tee notice, ieaeler ai Leaeler's option gray dexbre se erf the soars secerasel by trb Mortgage b tie inrnrediatdy ebse asel parable wit6snt tnrtrer elemaael and nrsy for~eclae rein Mentgage ti' jtreBcid prereee46g. Leaser shah 6t en>fi~ to eobeet V saes N~ooeadisg i eerpeases of torecloarrre, iclrtdisg, brat ne?t Iirnitead tern reaaonsbie atteney's tea.. aeaa coats err dae~ etielance, abatracls anel tMle report. 19. borrower's Right to Re;istate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enfotex this Mortgage discontinued at any time i s 8(1~ ~ PAGE ~ 2