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HomeMy WebLinkAbout0776 , ' ~ 4 A 1. ~7 ~l~ ' .,lN. r l.endcr's written agreement or applicable law. Borrower shall pay the amount of all mortgage inxurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbtrryed by lender pursuant to this paragraph 7, with interest thereon. shall become additional indebtedness of Borrower. secured by this Mortgage. Unlet~ Borrower at•d I enter ague to other terms of payment. such amounts shall be payable upon notice from Lender tQ Borrower requectinR payment thereof. and shall bear interest from the date of disbursement at the .rate payahk tram time to time on outstanding principal under ,t~ ~ote' bless payment of interest at such rate would be contrary to applicable law, in which even) Much amounts shall rn rdsf at the highest rate permissible under applicable law. NMhing rnntaincd in this paragraph 7 shall require lender to incur any expense or tske any action hereunder. ll. Irrspectiow. 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 arch inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cottdewrwatiow, The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, a part thereof. or for conveyance in lieu of condemnation. are hereby atnigned 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 Mortpge. with the excess, if awy, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Larder otherwise agree in writing. there shall be applied t0 the wms secured by this Mortgage such proportion of the prooeeds u is equal to that proportion vfiich the amarnt 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 i.ender to Borrower that the condemnor oRe:rs to make an award or seltk a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed. Lender K ,Authorized to collect and apply the proceeds, at lenders 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: ark date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of arch installments. 10. Btxrow~er'Not Released. Extension of the time for payment or modification of amortization 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 c successors in interest. lender shall not be required to canmenoe proceedings against such strecessor or refuse to extend time for payment or otherwise modify amortiution of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowei s urccessors in intereu. ~ 11. Rorbearawce by ierrder Not w Waher. Any forbearance by tender in exercising any right or remedy hereunder, or otherwise -afforded by .applicable law, shall nM be a waiver of or prcclutk the exercise of any such right or remedy. The procurement of insurarrcepr 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. Rewredies Cwmwbrlie. All remedies provided in this Mortgage err distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised cmrcurrcntly, independently or successively. 13. Swcctisrors swd Asdgws ioewd; Jotwt awd Several i.ia6ifih; CapHows. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender need Borrower. subject to the"provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage arc for _ convenience only and arc not to be used to interpret or define the provisions hereof. t4. Nofke. Except for any mice 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 dher address as Borrower may designate by notice to i.ender as provided herein, and (b) any notice to Lender shall f,e given by certified mail, return receipt requested. to lenders address stated herein or to such other address u Lender may deciltnate by notice to Borrower u provided herein. Any notice provided- for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uwifora Mortgage: Corerwiwg Law: Severabiity. 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 I~! real property. This Mortgage shall ~ 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 provisan, and to this end the provisions of the Mortgage and the Note arc declarejl to be severable. 16. Borrower's Copy: Borrower shall be furnished a conformed copy of the Note and of this Mortgage at lira tune of execution or after recordation hereof. 17. Transfer of the Property: Aswrwrptiow. If all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior writrrn consent. excluding (al 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 j not rnntaining an option to purchsse, 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 a. be so1J or transferred reach agreement in writing That the credit of such person is satisfactory to Lender and that the interc.t Fayabk on the sums secured by this Mortgage shall be at such rate ac Lender shall request. If Lender hu waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest hu executed a written aswmption agreement accepted in writing by [tender, Lender shall release Borrower lien all obligations under this Mortgage and the Note. if Lender ezeroises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordanc-c v?•ith 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 r,xlared due. If Borrower fails to pay arch sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. a NON-UNIFORM COVENANTS. Borrower and Linder further,cavCnanl and agree as fellows: li. Acceknttiow; Rewxdia. Except as prorWed iw parrrgrsplr 17 iereot. epw llonowerra It?r+eaclt of awy covegwt wr atretaewt of Iorrower V this Mortgage. iwclediwg the corcwaMs to py whew deg awy serves te:cer+ed by rile Mort(taRe. Lewder ~ prbr b accelcraHow shaft sail wotke to >dorrower as provided Iw pnrgrapi 14 bcreot speetf~g: (1) tfae bresclr:/2) the attbw t regei~red to sere torch IRrcacM; t3) a date. woe less tAaw 3A days trorw rive Gale tie wotke d trtailcd >o iorrower. by wpici sect ~ beeaci rwetR tk eared; swd N) tW faWrrc to civic ewes breach ow or heron tit date spetMed iw the wotiee way rearlM iw ' wccekratbw of tie swan tretered fay tits Mortgage. foreelosere Ity je~cW ~occedM[ awd sale of rive ho'crty. 7Ue wofke. asap ferticr iwtorwr Borrower of the right to reiwNMe after secekrMbw awd rive right b aeeert M the toredoswre proc~e~ tie wow-ezWewce of a detawN or awy other dcfcwse of Borrower to wccekrMfow swd tor~[s~loswre. H Hie 6reaefr k woe cwrsd ow or before the date s'ecificd i• the wotite, Lewder at t.ewder's o'tlow ear declare ~ of tie ssws secwred h' tits Mortgage Io tk iawrcdiatdy due awd pyab{c witboet terther demand and wsay torecloae tNs Mortgage h' jrrdkW *recKdhR• I.ender• soap be ewtiHed to topesf b sect procsediwR ap expewses of forcclosere. Mclediet. bel woe Yaited M. aasowaile stt~,rner's fees. awd costs of darcwaeMary eridcwee. abstracts awd title reports. 19. Borrower's RIgMt ~to Reiwstsle. Notwithstanding 1 ender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings t,rNin by Lender to enforce this Mortgage discontinued rr any time I I 800! ~ PdGE