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HomeMy WebLinkAbout1364 • ~ i ' 1: , 1 Lender's written agreement or applicable law. Borrower shall pay the amount of all morigage insurance premiums in the manner provided under paragraph 2 hereof. Apy 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 Lender agree to other terms of payment. such amottntc shall he payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable tram time to time on outstanding 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. 8. Inspretbn. Lender may make or cause to he made reasonable entries upon and inspections of the Property, provided that !,ender shat! give Borrower notice prior to any stech inspection specifying reasonable cause therefor related to Lender's ir~teresl in tFe Properly. 9. Condemnalbn, The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall t+e paid to Lender. In the event of a total taking of the Property. the prxeeds shall he applied to the toms 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 Lender utherwisr agree in writing. there shall he applied to the sums secured by 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 hears to the fair market value of the Propert}• immediatel}• prior to the date of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned h}• Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make an award or scale a claim for damages, Borrower fails to reslxind to Lender within 30 days after the date such notice is mailed. Lender is authorised to settees and apply the proceeds. at lender's option, either to restontion or repair of the Proprny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writinc. any such application of proceeds to principal shall not extend or p,xtpone the due date of the monthly installments referred to in paragraphs 1-and 2 hereof or change the amount of such installments. 10. Borrower riot Released. Extension of the time for payment or modification of amortization of the sums secured by Chic Mortgage granted by lender to any cuccesux in interest of Borrower shall not operate to release, in any manner, the liahdity of the original Borrower and Borrower's successors in interest. lender shall not he required to commence proceedings against such stecressor or reface to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made b}• the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender i\ot a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or ~~therwisc aBorded by applicable law, shall not hea waiver of or preclude the exercise of any- such right or remedy. Thr procurement of insurance or the payment of tares or other liens or charges by Lender shall not be a waiver of Lender's right to acrrlrrate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Aortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and ma}• he exercised rnncurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein amtaened shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, wbject 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 arc not to be used to ~ntrrpret or define the provisions hereof. 14. '.notice. 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 he given by mailing wch notice by certified mail addressed Io Borrower at the Property Address or at such other address as Born,wer ma}• designate by notice to Lender as provided herein. and (hl an}- notice to Lender shall he given by certified mail. return receipt requested. to 1 ender s address stated herein or to I~ wch other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this ' ~turtgagc shall he deemed to have been gicrn to &?rmwer or Lender when given in the manner designated herein. lS. ilniform A1ortRaRe; Governing f.aw•; Sea•erabilit~•. This form of mortgage combines uniform covenants for national ace and non-uniform covenants with limited variation. M• juriuliction to consulate a uniform security instrument covering real property. This Mortgage shall hr governed by the law of the jurisdiction in which the Property is located. In the _ event that any provesam or clause of this Mortgage .,r the !`ote conflicts with applicable law, such conflict shall not affect ether provisions of this Mortgage or the Notr which ran he given effect without the conflicting provision, and to this end the provisions of the Mortgage and the tote arc declared to he severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time f ~,f execution or after recordation hereof. 17. Transfer of the PropetA}; Assumption. If all or anp part of the Propert}• or an interest therein is sold or transferred M• Borrower without Lender's prior written consent. excluding (at the creation of a lien or encumbrance subordinate to this Mortgage. th) the creation of a purrhau money security interest for household appliances, fc1 a transfer by devise, descent or by operation of lave upon the death of a joint tenant or fdt 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 pa}•ahlr. Lrnder shall base aais•rd such option tc 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 ~s satisfactorc to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If 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 less than 30 days from the date the notice is mailed within which Borrower may pay the stems 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. ~m•oke any remedies permitted by paragraph 18 hereof. f ~ NON-UNIFOR!?1 COVFVA!vTS Borrower and 1 ender further covenant and agree as follows: a ' 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrowee~s breach of any covesaat or agreement of Borrower in this ~for/Rage, including the covenants to pay when due any sums secured by tblis Mortasae, Leader ~ prior to accelention shall mail notice to Borrower as prosided in psrsgnph 14 hereof specifying: (1) Iht breach; (2) the action required to cure such breach; (3) a date. not less than 30 days from the date the notice b mailed to Borrower. by which such ! breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notke may resell in ~ acceleration of the sums secured by This Mortgage, foreclosure by judicial proceedirt= sod sak of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure procetdis8 the non-existence of a default or any other defense of Borrower to accelention and forecbserte. If the breach is not cured on or before the date specified in the notice. Lender at Leader's option may declare all of the sums secured by this Motrt=a`e to be immediately due and payable without further demand and may foreclose tblis Mortgage by judicial proceeditsa. Lender shop be entitled to collect in wch proceeding all expenses of foreclosure. including, but not limited to, reswnabk attorney's fees, and costs of documentary evidence, abstracts and tick reports. 19. Borrower's Right to Reinstate. 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 any time Addteodtrrw to Puatgrapls 15. The state and local laws applicable to this mortgage shall be the laws of the jurisdiction in which the propert~r is located. The foregoing sentence shall not limit the applicability of federal law to theci~~m±±ortgage. B00 ~ PAGE~e~ ~ _ .3 -