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HomeMy WebLinkAbout1729 _ • . [.ender S writton agteetnent or applicable law. Borrower shall pay the amount of al) mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, shall becomo additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and [.ender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the date of disbursement at the rate payable from time to Limo on artslanding 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. - g. )tasptetiow. 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. Cotedeswatbw. The proceeds of any award or claim for damages, direct or consequential, in rnnnection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. In the event of a total taking of the Property, the procceds shall be applied to the sums secured by this Mortgage. with the oxccss, if any, paid to Borrower. 1n 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 6y 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 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 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at tender'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 wry'ting. 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: 19. Borrower Not Released. iactension of the time for payment or modification of amortiution of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shalt 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 secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not s Wsirer. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shat! 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 Lender shall not bo a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cn®uiatlee. Ali remedies provided in this Mortgage arse 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. Swccessors and Assigns Bound; lout and Sereral Liability; Captlorrs. The covenants and agreements herein contained shall bind, and the rights hereunder shalt 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 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 shat! 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 i.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. to Lender s address stated herein or to such other address as Lender may designate by notice to Borrower az provided herein. Any notice provided for in this Mortgage shall be deemed to have bcen given to Borrower or lender when given in the manner designated herein. 1S. UaNorrw Mortgage; GoreraiaR Law; Severabiiity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument 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 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 arc declared to be severable. 16. borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or alter rekordation 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 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, 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 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 Ixnder and that the interest payable on the sums secured by this Mortgage shall be at such rate az Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest haz executed 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 hermf. Such notice shall provide a period of not less than 30 days from the date the notice is mailtd 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-ITHIFORM Covt=_Nerrrs. Borrower and Lender further covenant and agree as follows: 18. Accderatloa; Rewrcdlea. Except as prorhled to prrragrsp6 17 hereof. upon borrowers breach of nay rnreaant or ' agreement of Borrower L this Mortgage, iwcludirrg the cortaawts to pay when dwe nay same secured 6y this Mortgage, Leader prior to acceleratbn stall sail eotke to borrower as provided is paragraph 14 hereof specifying: (1) the 6rescb; (2) the ac8oa required to ca+e swch breach; (3) a date, not less than 30 days from the date the notice b sailed to borrower, by whk)b ssch breach mast fie cared; and (4) tbat fsilwre to can swch breach ow or before fire date specified b the aotke say resell V sccderatioa of the sass secwred by this Mortgage. foreclosnre by judkial proceeding nail sale of the Property. 'ilre wotke shall further inform borrower of the rib6t to reinstate after scceleratba sad the right to assert iw the toreclowre proceeding the now-a:isteoce o[ a defadt or nay other defense of borrower to sccekration sad foreclosure. If the breach h not cartel at or before the date specjBed to the notke, Leader at Lewder's option say declare aB of the saws secured by this Mortgage to be immediately doe awd payable wNlroat fwribcr deasasd sad may forechrst fhb Mortgage by jwlklal proceeding. Leader shay be entitled to coDect i• swch procudirrg all expenses of foreclosure, including, bat wot limited to, rtasooabk sttoraey's fees, ssrd costs o[ docameatary erideace, abstract sod tale report. 19. borrower's Right to Reh~dMe. 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 nay time BO X c c~ P~GEi, ~b' --=~-~,g