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HomeMy WebLinkAbout0806 . ' ~ 9 Lender's written agreement or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the + manner provided undsr paragraph 2 hereof. Any amarnts disMtrsed Dy Lender pursuant to this .paragraph 7, with interest thereon, shall become additional indebtedness of &xmwer secured by this Mortgage. Unless Born~wcr arJ t-ender agree to other terms of payment, such amounts shall he payable~upan nMice from Lender tq Borrower rcgrrecting payment thereof. and shall bear interest from the date of disbursement at the rate payahk from Iitne to lime an outstanding principal under,- ~j~`]~ payment of interest at such ate would be contran? to applicabk law, in which event ~strch amounts shall b~Ci?+Atjt~klf„ tt s highest rate permissible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. >s. lws'ectbw, Lender may make ar cause to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower noHice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cawdewwsfbw, The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation a other taking of the Property, or part thereof, or for conveyance in lieu of condemnations. are het+eby assigtred # 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 and Louder S otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds j## 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 Boarmwer that the condemnor allots to make an award or settle a claim far dama_¢es. 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 lender's option, either to rostoation or repair of the Property ar 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 flue date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Nof Released. Extension of the time far payment or modification of amortization of the sums secured by this Mortgage gaoled by Lender to any successor in interest of Borrower shall not opeate to release, in any manner. - the liability of the original Borrower and Harrower c successors in interest- i.ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify arnortizat~oxo of the sums i secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successor in interest. t ~ 11. Forbearance by Lewder Not s Waiver. Any forbearance by lender in exercising any right or remedy hereunder, or otherwise aBorded by applicabk law. shall oat be a waiver of ar preclude the exercise of any such right or remedy. The procurement of insurance the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's ' right to accekate the maturit ~of the indebtedness secured by this Mortgage. 12. Remedies CwrwrlNit?c. 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 a:ercised concurrently, independently or successively. - ' 13. Sweeessors awd Ast+igws Dorrrwd:.loiwt awd Several I.iabiliry. Csptioas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph. 17 hereof. Atl covenants and agreements of Borrower shall be join] and several. The captions and headings of the paragraphs of this Mortgage arc tar 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 not'rce to Borrower provided for in this Martga¢e shall be given by mailing such notice by certified mail addressed to Borrower at ! the Property Address or at such other address as Bormwer may designate by notice to Lender as provided herein, and ' i (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 Bormwer as provided herein. Any notice provided for in this ~I Mortgage shall be deemed to have been given to Harrower or Lender when given in the manner designated herein. 1S. Uwitorwr Mortgage; Goreraiwlt Law: Severability. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to rnnstitute a uniform security instrument covering ! real property. This Mortgage shall k 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 applicabk law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be given effect without the conflicting provision, and to this end the provisans of the Mortgage and the Nate are declared to he severable. lf. Ibrrower'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. Trswder of the ff ro'erty: Aswtnptiow. If all ar any part of the Property or an interest therein is sold or tansferred ' by Borrower without Lender's prior written consent. excluding (al the crcatiow of a lien or encumbrance subordinate to this Mortgage, (b) the crcahan of a purchase money security interest far household ap~pfiances, (c) a transfer by devise. descent or by operation of law upon the death of a joint tenant or (dr the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may. at l_ender'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 t~? be ca1J or transferred reach agreement in writing that the credit of each person is satisfactory to Lender and that the interest Fayable on the sums secured by this Mortgage shall be at such rare ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumprion agreement accepted in writing by Lender. Lender shall release HorroMrer tram 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 less than 30 days from the date the notice is mailed within which Borrower may pay the sums o:clared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further noise ar demand on Borrower. invoke any remedies permitted by paragraph I R hereof. ~ Note-UNIFORM CoveNaNrs. Borrower and Lender further covenant and agree as follows: lg. AccekrMbw; Rewredks. B:eept as provNed iw pragraph 17 herco/. repro fbrrower's beach of a.y cotrrrsrrt or agreeaxwt of lorrower iw fhb Mortgage. hrcludiwg the covewsMs to py whew doe soy soars teetered by ebb Mortgage. Lewder prior to aceekratbs slap mail wotice to Borrower m proridcd Iw pragrsph 14 hereof s'ecNyiwg: (1) the 6resch:121 the seffow tregnirei to core such bcach;l3) a date. root less thaw 30 days treat the date the ttWke b walled b lorrower. by whkh stech E breach wrwtt be cored: sod (4) that tsilsrc to core stteh beach ow or bNore the date specified iw the wotke rosy restit i• seeekratiow of the stows secured by fhb Mortgage. ftorcclotwre h jtrdkial rroctedlttg awd sale of the rroperty. 71re wotke ~ shall hither iwtorar Iliorrower of the right to rdwsbte after aceekratbw sod the ri=h1 b astcA h the torcelesure /roes 1 the wow-exbtewct of a defaslt or awy dher dcicwse of Borrower to aeceleratbw awd forccbwrc. N the besch b root etaed ow ; or before the date specified iw the wotke. Lewder at I.ewder's optiow way declare sM of the tirtwt ttretired h' fhb MortRsRe to be ~irwrwedistdy dtte sod pyabk without further demand and way foreclose fhb 11~ortgage y judicial ~roceediwR. l.rnder-shah be ewtitkd to coieef b? trweh'roeeediwg aN expewses of foreclosure. hxludiwg. bet trot limitd to. rcatowabk att.,rnrv's fees, atad costs of doemwewtary eridcwee. sbstrscts and title reports. 19. llbrrower's Rfslrt to Reirutste. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the tight to have any proceedings beM~n by Lender to enforce this Mortgage discontinued at any time ~ee~~•~~ Bo01ee)e7~ PAGE f