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HomeMy WebLinkAbout0722 ~ , : . ~~11 ~~3 Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premium: in the manner provided under paragraph 2 hereof. Any amounts dishrrrsed by Lender pursuant to 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 amounts shall he payable rrporr notice from Lender to Borrower re~StinR payment thereof, and sha ~1 be S interest from the date of disbursement at the rate payable from time to time on outstanding principal un~ t~e?Not~ tuttkss payment o! interest at such rate would be contrary to applicable law, in which even) Much amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Leader to incur any expense or take any action hereunder. ist*cctiow, Lender may make or cause Io be made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice prii~r Io any such inspection specifying reasotrabk qua thwefor related to bender's interest in the Property. 9. C~ The proceeds of any award or claim for damages, direct or rnnsequential. in oontrottion with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. arc htaeby attsi~ned 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 sttd .Leader otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the ptooeedt as is equal to that proportion which the amarnt of the sums secured by this Mortgage immediately prior to the daft: of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the pnoceads paid to Borrower. If the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the oondnatar ol'tets to make an award or settle a claim for damr¢es. &~rrower fail. to respond to Lender within 30 days after the dale such notice is mailed. Lender is authorized to collect and apply the proceeds. at I~nder's option, either to restoration or repair o[ the Property or tt_+ 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. borrower Not Released. Extension of the time for payment or modiAcation o[ amortiution of the sums secured 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 corrrrrrerrce proceedings against such successor or refuse to extend tune for payment or otherwise modify amortistion of the sutras secured by this Mortgage by reason of arty demand made by the original Borrower and Borrower's successor in interest. ~ 11. Forbearance by I.eadcr Not a Wairer. Any forbearance by i.ender in exercising any right or remedy hereunder, or otherwise aBorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or tternedy. The procurement of insurance Pr 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 scarred by this Mortgage. 12. Rewtcdies Ctuauh>tire. All remedies provided in this Mortgage are distinct and cumulative to any other right or ; remedy trnde~ this Mortgage or alfordcd by law or equity. and may bt exercised concurrently, independently or sueoasively. ' 13. 3rceayaors awd Assigns boawd: Joist awi Sereteal i.iabiby; Captiows. The covenant: and agreetnents herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender steel Borrower. subjeM to the provisions of paragraph 17 hereof. All rnvcnants and agreements of Borrower shall be joiry and several. ?1re captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or deAne 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 shall be given by mailing such notice by certiRed mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Tender os provided herein, and (b) any notice to Lender s'rall he given by certified mail. return receipt requested. to i.ender's address stated herein or to such -other address as Lender may designate by notice to Borrower as provided herein. Arty notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. i ls. Uwborwt Mortgage; Gorerwiug Il.svr; Sererability. This form of mortgage combines uniform covenants for national i «se and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering } real property. 'llris 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 affa.~t other provisions of this Mortgage or the Note which can be given eBect without the conflicting provisan. and to this end the provisions of the Mortgage and the Note arc declared to be severable. li. borrower's Copy. Borrower shall be frrrniched a conformed copy of the Note and of this Mortgage at the time E of execution or after recordation hereof. 17. Trawler of the rroperty: Astrrarptiow. If all or any parr of the Property or an interest therein is sold or tnnsfemed by Borrower without Lender's prior writrcn consent. excluding lal the creation of a lien or encumbrance subordinate to this Mortgage, lb) the creation of s 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 year or less rat containing an option to purchase. Lender may, at Lender c 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 cotJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interr.t Fayable on the sums secured by this Mortgage shall be at such rate ac. Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interact has executed a written assumprion agreement accepted in writing by Lender, Lender shall release Borrower from all obligatioirs under this Mortgage and the Nott. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordano:c 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 o.xlared due. I( Borrower fails to pay such stems prior to the expiration of each period. Lender may, without further notice or demand on Borrower, invoke any remodies permitted by paragraph IR hereof. 1 Norr-UNIFORM Covt:rvxrrTS. Borrower and Lender further covenant and agree as follows: t lf. Aecelerstiow; Rerwedia. Except as proviaea iw pragraph 17 hereof. rpr bornwers Meech et awy torewaM K € agrcerwett of borrower M this Mortgage. iwcludiwR the eorewaNs to py whew are awy sons secrrrsa 6y thls Morgtage. Lewder prbr to acceleratiow shall mail wotke to borrower as *rovided b pngraph 14 hereof specityhtg: (i) the breach: l=) the setiow trgnired to cope such Mrsch; (3) a date. woe hest thaw 30 days trotw the Rate the tsotkt b trailed to borrower. by whkh sec# Msach wed be cored: swd (1) that failare to ewe arch Mesch ow a M:toK the Gate geeiAed b the wotke ttsay resale i• ~ aeeekratbw of tM: sans seemed by this MorlgaRe. hacelosrrs by I~w proCCeiiwg ari sale M the Property. The watice. shah htthtr iwtorwr borrower of the riRM to reinstate after secekrNiow awl the rips to arert h die fattelewre protet~ttg tie wow-existcwce of a default or awy otbcr dder~e of borrower to aecekntiow awe terteloare. N the Meaelt is rot cwsd o0 or before the date specified ii the wotice. Lewder at I.ewder's eptiow way dta4ar+e r M the srttr seco+ed ~ thh Mortgage N he iewtwediately die awe pyabk without frrther demawd and way terechise Chit Mortgage ry jnikW ~trettdiwR. I.ender• sltaM f h ewtided to collect M fresh proetediaR all expenses of toreclosrre. hxhudiag. Mat tt+ot Ywritcd b. rtatoaabk att•xwer's fee. i std costs of dxrweMary er{dewee. abstracts awl title reports. 1!. botrnswer's Ript to ReiwttMe. Notwithttandrng_ Lenders acceleration of the sums secured by the Mortgage. Borrower shall have the tight to have any procerd~nec beN~n by Lender to enforce this Mortgage discontinued at any time ce 80~~ P~6f i -