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HomeMy WebLinkAbout0007 Q, iih ~~1~ dif ~ Lenders written agreement or applicable law. borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, vKith interest (hereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender l0 Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from 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. InspeetlQt.. 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 such inspection specifying reasonable cause therefor related to Lenders Interest in 1h0.Property. ti. Condemnatloo. 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, hereby assigned and shalt be paid to lender. In the event ot.a total.taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, ii any paid to Borrower. In the event of a partial taking of the Property unless Borrower and Lender otherwise agree in writing, theta shall be 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 bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to the Borrower. It the Property is abandoned by Borrower, or if, after notice by lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower faits to respond to Lender within 30 days after the date such notice is mailed, Lender is 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 due date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount of Such installments. 1 O. Borrower Not Released. Ertension of the lime 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 Borrowers successors 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 t~Aortgage by reason of any demand made by the Original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Wafver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such righ! or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. RemedlssCumulatlve._ All remedies provided in this Mortgage are 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. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of _ Lender and Borrower, sub~ec! to the provisions of paragraph 17 hereof. Ail covenants and agreements of Borrower shall be loin! and several. The captions and headings of the paragraphs-of this Mortgage are for covenience only and are not to be used to interpret 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 be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designatg qy notice to lender as provided herein. and (b) any notice to Lender shall be given by certified mail, return receipt requested. to Lender's address stated herein or to such other address as lender may designate by notice to Borrower es provided herein. Any notice provided for iri this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein I' 15. Uniform Mortgage; Governing Law; Severability. This form of fnortgage combines uniform covenants for I national use and nonuniform covenants with limited vanahons by lunsdichon to constitute a uniform secuwty instrument covering real property. The state and local lays applicable to this Mortgage shalt be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not I~mit the applicability of federal raw to this mortgage In the event shat any provision or clause of this Mortgage or the Note conflicts wrth apphrah!e taw such conflict shall riot affect other provisions Ot this MOrtgdge or the NOte which Gan be given e11eCI without the Cur,}~iCtinc3 ;~rpvistOn and to thf5 end the provisions of the Mortgage and the Note are declared to be severable 16. Borrower's Copy. Borrower shall be fur_mshed a conformed copy of the P.lote and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. It all or any part of the Property or an interest therein is sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien Qr 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 o1 a Joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at Lenders 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 s~Ie 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 satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shat! be at such rate as Lender shalt request. If Lender has waived the.option to accelerate provided in this paragraph 17. and it Borrowers 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 that 30 days from the date the notice is mailed within which Borrower may pay the sums 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. invoke any remedies permitted by paragraph 18 hereof. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: - 18. Acceleration; Remedlss. Except as provided In paragraph 17 hereof, upon Borrower's breech of any - covenantoragrsemsntof8orrowerinthisMortgage, Includingthecovenantstopaywhendueanysumssecured _ by this Mortgage, Lender prior to acceleration shall mall notlcs to Borrower as provided in paregreph 14 hereof specifying: (1) the broach; (2) the action required to cure such breech; (3) s date, not less than 30 days from the date the notice is marled to Borrower, bywhlch such breach must be cured; and (4) that failure to cure such breach. on or before the date specified In the notlcs may resuR in acceleretion otthe sums secured by this Mortgage, foreclosure by judlclal proceeding and sale of the Property. The notlcs shall further inform Borrowerof the rl8htto reinstate after accsteratton and the right to assert In the foreclosure procseding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach Is not cured on or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judlclal proceeding. Lender shaft be entRled to collect In such proceeding all expenses of foreclosure, including, but not Itmitsd to, reasonable attorney's tees, and costs of documentary evidence, abstracts and title report!: 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this ~ ortgage Borrower shat) have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time 34~ P~ ~ 7 -~j _ ~ t~~,.f~. _ .