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HomeMy WebLinkAbout0774 ` ~ Lender's written agreement or applicable law. Borrower shall pay the amotant of all mortgage insurance ptetniums in the manner provided under paragraph 2 hercot. Any amounts disbursed by Lender pursuant Io 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 amcxants shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbtarxment 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 [.ender to incur any expense or take any action hereunder. 8. Inspection. [.ender may make or cause to be made reasonable entries upon and inspections of the Property, provided that i_ender shall give Borrower notice prior to any such inspection specifying reasonable caux therefor related to Lender's interest in the Property. 9. Condemaatbn. 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 I~nder. 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 otherwix agree in writing, Chore 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, with the balance of the proceeds tt paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by 1_ender to Bormwer that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to i_ender within 30 days after the date such notice is i .mailed, Lender is authorized to collect and apply the proceeds, at [.ender s option, either to restoration 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 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. Iborrower Nof Relea9ed. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by i_ender 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 not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums xcured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by [.coder Not a Waiver. Any forbearance by I:ender in exercising any right or remedy hereunder, or otherwix afforded by applicable law, shall not be a waiver of or preclude the exercix of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by i_ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. - 12. Rearedles Cruraolatire. 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. Secceswrs and Assigns [bound; Joint sad Sereral LiabaVty: Captions. The covenants and agreements herein contained shall bind, 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 be joint and xveral. 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 be 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 Bormwer may designate by notice to Tender as provided herein, and (h) any notice to Lender shall be given by certified mail, return receipt requested. to lenders address stated herein or to , such other address as Ixnder may designate by notice to Borrower as provided herein. Any notice provided for in -this Mortgage shall be dceaped to have been given to Borrower or lender when given in the manner designated herein. 1S. Uniform Mortgage; Governing Law: Severa6ility. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instn~ment covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or claux of -this Mortgage or the Note. rnnflicts 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. lorrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time i of execution or after recordation hereof. 17. Transfer of tie Property: Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders 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, 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 less not containing an option to purchax, tender may, at Lender c option, declare all the sums xcured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate 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 credit 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 i 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 Note. (f Lender exercixs 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 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 by paragraph 18 hereof. Nox-UNIFORM COVENANTS. Borrower and [.ender further covenant and agree as follows: 18. Accekratioo; Remedies. Except as provided is paragraph 17 hereof, Capon )borrower's breach of any co~enaat or ajreemeot of Borrower i. this Mortgage, iadodisg tie covenaWs to pay when due any sums secured by tbB Mortgage, Lender prbr to sccekration siaB mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the actbn 's, r+egoired to core soc6 breach; (3) a date, not less than 30 days from the date the notice b mailed to Eorrower, by wbk6 sne6 breach mmt be cored; and (4) that failsrc to cure such breach on or before the date specified io the nwfke may raWt in { sccekrstioo of the soma secured by slab Mortgage,. foreclostre by jodicW proceeding sod sale of the Property. Tie notice sbaN further inform Eorrower of the right to reinstate after accelerstion sad the right to sneers is the foreclosure proceeding the non-a:Istence of a defaok or soy other defeane of Borrower to accekratios and foreclosure. If the bresch is not cored o0 or before the date specified in tie notice. Lender at Lender's option may declare aB of tie sores secorcd by this Mortgage to be immediately doe and paysbk without forlber demsod and may foreclose tics Mortgage by judicW proceeding. Lender shag be entitled to collect is such proceeding a9 a:peases of foreclosure. including, but not limited to, reasonable attorney's tea, and cosy of doctrmeatary evidence, abstracts sad title reports. ' 19. Borrower's Rlgit to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time it I~ - , _