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HomeMy WebLinkAbout1613 t. ~ Lender's written agnwment or :;pplicablc 1:?w. &~rrowcr shall pay the amount o~al~ mortga~e`i~urancc 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 indebtc~lness of Borrower secured by this Mortgage. • l'nlecc Borrower and Lender agree to other terms 'of payment. each amounts .hall he payable upon notice fmm Lcndcr to Borrowrr reyucsting payment Ihcrrnf. and shall hear interest fmm the . date of dichursemcnt at the talc payable from time to time on outstanding principal under the Note unless payment of interest at such rate would he contrary to applicable law, in which event such amounts shall hes,ri~t~~el1•at't~te highest rate permissible under applicable IaN•. Nothing contained in this paragraph 7 shall require lender fo'incur any expense or take any action hereunder. 8. Inspection. 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. Condemnatbn. The proceeds of an}• award or claim for damages, direct or consequentjal. 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 Pmpeny. the proceeds shall he applied to the sums scented by this Mortgage. with the excess, if any. paid tti Borrower. in the event of a partial taking of the Properh•, unless Borrower and Lender otherwise agree in writing. there shall he 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 h~• this `tortgage immediately prior to the date of raking hears to the fair market value of the Propert}• immediately prior to the date of taking, with the hrlance of the proceeds paid to Borrower. if the Property is ahandonecl b}• Borrowrr. or if. after nc?tice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to re.pond to lender within i0 days after the date such notice is mailed. ~_ender is authorized to collect and apply the proceeds. at l.ender'c option. either to restoration or repair of the P~apen}• nr to the sums secured M• this Mortgage. . Unless Lender and Borrower otherwise agree in writing. arr}• such application of proceeds to principal shall not "extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of each inslallmcnts. 10. Borrower 1Vot Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted b}• lender to any succeswr in interest of Borrower shat) not operate to release, in any manner. the liability of the original Borrower and Borrower c successors in interest. 1_ender shall not he rcyrrired 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 reac~?n of any demand made b}• the original Borrower and Borrowers srrccescorc in interest. I1. Forbearance by li.ender ?dot a Waiver. Any fortxarance h}• l.rnder in exercising am• right or remed}• hereunder. or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of an~• 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 maturit}• of the indebtedness cecrrred h}• Ihic 1?iortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc dis!inct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and roes}, he exercised concurrently, indcpendenfl}• or succresivel}•. 13. Successors and Assigns Bound; Joint and Several i.iahility; Captions. The covenants and agreements herein contained shall hind. and the rights hereunder shall inure to, the respective successors and assigns of Lender :end Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shalt 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 hcreo[. 14. Notice. Except for any notice required under applicable law, to be given in another manner. (a) any notice to &~rmwer 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 mat, decignrtr M• notice to Lender as provided herein, and j (b) an}• nutlet to Lender shall he given by certified mail return receipt rcyuccted. to 1 ender c address stated herein or to ' such-other address as Lender may designate b}• notice fo Borrower as provided herein. Am notice provided for in this k ~lortgagc shall he deemed to have been given to Borrswrer or I.rndcr wfirn given in the manner designated herein. 15. uniform Mortgage; Governing [aw; Severabilih•. This form of mortgacc rnmbines uniform covenants for national f use and non-uniform covenants with limited variations h~• jurisdiction to constitute a uniform security instrument covering { real propert}•. This Mortgage shall be governed by the law of the juric~Jiction in which the Propert}• is la:ated. In the event that am• provision or clause of this 1liortgagr or the i\ute conflicts with applicable law, such conflict shall not affect other pn.v~sionc of this Mortgage or the Note which can br given effect without the conflicting provision. and to this end the provisions of t}tr Mortgage and the tiotr arc drelarcd to he cevcraMe. 16. Borrower's Cop}•. Borrower shall br ftrrnished a conformed rnp}• of the Note and of this Mortgage at the time of execution or after recordation hereof. . 17. Transfer of the Property; Assumption. if all ar am• part of the Property or an interest therein is sold or transferred by Borrowrr without l.rnder i prior written concrnt. rxauding (:U the creation of a lien or encumbrance subordinate to this Mortgage. IM the creation of a purchase mone}• security mterest for household appliances, (c) a transfer M• devise, descent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold interest of there years or less not rnntaining an option to purchase. Lender roes},. at Lender's option. drdare 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 sale or transfer. Lender and the person ro whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactor}• to 1_ender and that the interest pa}•able on the sums secured by this Mortgage shall be at such rate as Lender shall request. If tender has waived the option to accelerate provided in this paragraph l7, and if Borrower's successor in interest has executed a wriucn assumption agreement accepted in writing by [.ender. Lender shall release Borrower from all E obligations under this Mortgage and the Note. j If fender 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 Irss than 30 days fmm the date the notice is mailed within ~ which Borrower may pay the sums declared due. If Borrower folk to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, im•oke any remedies permitted by paragraph 18 hereof. Norr-UrrtFORr~t COVENANTS. Borrower and 1_ender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any cotenant or agreement of Borrower in this Mortgage. inclnding the covenants to pay when due any sums scented by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the brescb; (2) the action required to cnre snc6 breach; (3) a date. not less Ihan 30 days from the date the notice b mailed to Borrower, by which such breach must be cored; and (4) that failure to cure such breach on or before the date specified in the notice may result in acceleration of the snms scented by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecMsttre proceeding the non-existence of a default or any other defense of Borrower to accekratioa and foreclosure. if the breach is not cured oa or before the date specified in the notice. Lender of Lender's option may declare aB of the snms secnr+ed by this Mortgage to be immediately dne and payable vitboat further demand and may forecbse this Mortgage 6y jadkial proceeding: Lender sba8 be entitled to collect in snc6 proceeding all expenses of foreclosure. including, but not limited to, reasonable attorney's fees, and costs of documentary evidence, abstracb and title reports. . 19. il<orrower'a Rigbt to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time E (jjI 8~~ PAGEIV~~ t _ .