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HomeMy WebLinkAbout0788 ~ ~ i I.endcr's written agreement or applicabk law. Borrower shall pay the amount of all mortgage ~ surance premium: in the manner provided under paragraph ~ hereof. Any amounts disbursed by Lender pursuant to this paragraph 7. with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and I ender agree to other terms of payment, such amounts shall he payable upon notice from Lender to Borrower regtrestinR payment thereof. and shall bear interest from the date of disbunetnent at the rtes payable tram lithe to time on outstanding principal unde4f~ 11~e ~tpksc payment of interest at such rtes would be contrary Ia applicable law, in which event such amounts shall bbat~ itnterest at the highest me petYrtissibk under applicable law. Noshing contained in this paragralilt 7 shall require lender to incur any expense or take any action hereunder, - i. itts~ection, Lender may make or cause to be made reasonable enlriec upon and inspections of the Property. provided - that Lender shall give Borrower rtotK~e prior to any such inspection specifying reasonable cause therefor related to Fender's interest in the Property. 9. Cottdemnatiow. The proceeds of any award or claim for damages, direct or consequential, in oonrtectioa svith any condemnation or abet taking of the Ptnperty. or paA thereof. a for eonveyanoe in lieu of condemnation, arc hereby assigned and shall be paid to Fender. In the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excYSS, if any, 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 to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion v?fiich the amount of the sums secured-by this Mortgage immediately prior to the data of taking bean to the fair market value of the Properly 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 rnndemnor offer to mate , an award or xttk 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 i.ende~ s option, either to restoration or repair of the: Property or to the sums secured by this Mortgalte. ~nksi 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 Rekanei. Factension 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 rckax. in any manner. the liability of the original Borrower and Borrower's successor 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 Borrowers successors in interest. ~ 11. ForlKaranee br Lrwder Nd a Waller. Any forheannce by Lender in exercising any right or rcmedj? Ittrcimder, 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 insurarree,~r the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to acceknte the maturity of the indebtedness secured by this Mortgage. 12. Remedies Ctnttubthre. All remedies provided in this Mortgage arc 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. Srsecessors sad Assigns >jotrtsd: Joint and Streral l.iabiBryr. Captbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender seed 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 paragnphc of this Mortgage arc for convenience only and are rat . to be teed to interpret or define the provisions hereof. 14. Notke. Except for any notice regtrircd under applicable law to be given in another manner. fa) 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 Borrower may designate by notice to i.ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to lenders address stated herein or to such other address as Lender may designate by notice to Borrower as -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. j 1S. UaNorm Mortgage; GoventieR i:aw: Serenbpity. This form of mortgage combines uniform covenants for national l trx and ran-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall Er 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 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 provican, and to this end the provisions of the Mortgage and the Note arc declared to he xverable. 14. brrowcr'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. Trsnder of the Property: Asmmptiow. if all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior wrinen consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the crcatron of a purchase money security interest for household appliances. fc) a transfer by devise, descent or by operation of law upon the Death of a jcnnt tenant or (d1 the grant of any leasehold interest of three yeah 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 ti. be solJ or transferred reach agreement in writing that the credit of such person is satis[actory Io Lender and that the interest Fayable on the sums secured by this Mortgage shall be at such rate ac Leader shall request. tf Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's 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. if Lender 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 kss than 30 days from the date the notice is mailed within which Borrower may pay the sums t,xlared 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 1R hereof. NON-UNIFORM COVENANTS. Borrower and~Ltnder further COVtnanl and agree as follows: i lt. AecderMioa: Remedks. B:ecpt as proriaed in ptrsgryh 17 hereof. eras •onewers brash o< star eotretawt er agreement of borrower in this Mortgage. irrclrrdiag the coretuats to pr when dtre awr sums seawretl 6r this Mortgage. Lewder ~ prior to sccekratlow shah mail wotke to torrower s proritkd Ire pragraph 11 bereo[ spteNring: it) the 6rraeh: f2/the actiow ~ rcgrirei to stns such Meech; f3) s date. wet less thaw 30 days from the date the wotke is mailca to •ortower. b7' whkh sneh Mach mwM be nrcd: atsd (4) that failure to Brae saelt breach ow or before the date geelAed h the nrotke wur resrrlt i• aetderatiow of the sums sectrrea br this Mortgage, fercclastrre br jtdkbl *roceedirtg awes sale a< the Pro*ertr. Tire tsetke shah further irttorm brrower of the right to rclastafb after aeceler,,tiow awA the right b assert h the toreclestrre proceedlwg € tie non-existence of a aetatdt or awr other /etewsc bt Borrower to accekrMiow awd torecloarre. N the Meech b rat c~rcd err . or before the dsle specified iw the twtice. Leader at t.enaer's ogtfow mar 4echre all a< fhb ssrws stetac! br fhb Mortgage M be immediately due sAtl arable without farther demand and west foreclose ebb Mortgage ti7' jtrdlcW /reeetlirtg. /.enact shag be atidca to tolket iw srrc•It proeeediaR rd eapenses bf foreclostrrc. hxhrdiwg. here not limitd to. rc.sortable sttareer's fees. awd costs of docttwewtarr erlAewce. abstracts •wd title reports. - • 19. lsorrewer's R~ht to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proccedines begin by Lender to enforce this Mortgage discontinued at any time ~g ~g i PACE i~