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HomeMy WebLinkAbout0042 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, with interest thereon, 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 to Borrower requesting payment thereol, 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. Inspection. 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 the Property. 9. Condemnation. 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 shall be paid to Lender. In the event of a total taking of the Property, the proceeds shalt be applied to the sums secured by this Mortgage. with the excess, it any paid to Borrower. In the event of a partial taking of the Property unless Borrower and Lender otherwise agree in writing, !here 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 lair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to the Borrower. .If the Aroperty is abandoned by Borrower, or it, alter notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower tails to respond to Lender within 30 tlays after the date such nonce is mailed. Lender is authorized to collect and apply the proceeds, at Lenders option, eitf~er to restoratipn 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 shalt 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. 1 O. Borrower Not Released. Extension of the time for payment or modification of amort~zat~on of the sums secured by this Mort ayy .gr rated by,Lellder to any.succ~PS~or+in„interest pt Etorrow~r s~~I~~I,nQt.ot~rate to release, in any manner. the habtlity~bf~the o~rhai'~Orrowef and Bor~ovgers~successors in interest: Lentter 'shall not be required to commence prOCeedings agaU?SF SUCK suCcessordt re(u6e to extend`tirti~ fbr payment or otherwise modity amortization of the sums secured by this Mortgage hy~reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise allorded by applicable taw, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of !axes 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. Remedies Cumulative. Aliremedies provided in this Mortgage are distinct and cilhtulative to any other right or remedy under this Mortgage or afforded bylaworequity,and may be exercised concurrently, independently or successively. 13. Successor and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure so. the sespect~ve successors and assigns of Lender and Borrower, subject to the provisions of paragraph t 7 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for coven~ence only and are not to tie 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 cert~f~ed mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by nonce to Lender as provided herein, and (b) any notice to Lender shall be given by cert~tied mad: return receipt requested. to Lender s address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any nonce provided for in Ih?s Mortgage shah be deemed to have been gwen to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Govsming Law; Severability This torrll-pErttgEtgage:corpbinesftpt~lorm covenants for ~ national useand non-uniform covenants with I~mited vanahons by lunsdiction to cbnsbtute a uniform security instrument covering rear property The state and local laws applicable to this Mortgage shall be the laws of the IuriSdiction m which t the Property ~s located. The foregoing sentence shall not t~m~t the appl~cab~t~ty of federal taw to this mortgage. In the event that any provision or clause of this Mortgage or the Note contl~~;ts w~th.ap~tic~ititt?-law such conflict shall•not~(fect other prov~s~ons of this Mortgage or the Note which can he gwen ettect without the c~~nihct~nq pmvis~on and to this end the prows~ons of the Mortgage and the Note are declared to he severah,e 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. It al I or any part of the Property or an interest therein ~s sold or transferred by Borrower without Lenders prior written consent, excluding (a) the creation of a lien o? 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 (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 it prior to.Uie~ Sete 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 is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall tie at such rate as Lender shall request. It Lender has waived the option to accelerate provided in this paragraph 17, and if 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. tt Lender exercises such option to accelerate. Lender shall mail Borrower nonce of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less that 30 days Irom the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower tails to pay such sums prior to the expiration of such period, ~ lender may. without further notice or demand on Bouower, invoke any remedies permitted by paragraph 18 hereof. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided In paragraph 1 T hereof, upon Borrowers breach of any covenant oragroement of Botrrovlrsr in flits Mortgage, including the covenants to pay when due any sums secured , by this Mortgage, Lander prior to acceleration shall mail notlcs to Borrower as provided In paragraph 14 hereof specifying: (1) the breach; (2) the action required to curs such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, bywhlch such breach must bs cured; and (4) thatfsllurs to curs such breach on or before the date specified in the notice may result in acceleration of the sums secured by this Mortgage, foreclosure by judicial procesdirig and sale of the Property. The notlcs shall furthsrinform Borrowerof the rlghtto reinstate after acceleration and the right to assert In the foreclosure proceeding the nonexistence of a default or any other defense of Borrower to acceleration and foreclosure. If the beach Is not cured on or before the date specified in th• notlcs, Lender at Lender's option may declare all of the sums secured by this Mortgage to be immediately due end payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shell bs entitled to collect in such proceeding all expenses of foreclosure, Including, but not Itmited to. reasonable attorneys fees, and costs of documentary evidence, sbstacts and title reports. 19. Borrowers Rightto 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 s~x3~4U p~ 42 _ ~ - ;