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HomeMy WebLinkAbout0312 I.ettder i written agrcemcnt 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 Mongage. Unless Borrower and lender agree to other terms of payment, such - amounts shall be payable upon notice from lender to Borrow•rr requesting payment thereof, and shall bear interest from the date of disbursement at the me 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. S. I~}eetiae. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that i-ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. ' 4. Cotdewostiuw. 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 be paid to Lender. in the event of a total taking of the Property. the proceeds shall be 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 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 which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to tbe 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 Borrower. that the condemnor offers to make ? an award or settle a claim for damages. Borrower fails to respond to 1-ender within i0 days after the date such notice is mailed, larnder is authorized to rnlkct and apply the proceeds, at Lender c option, either to restoration or repair of the Property or to the sums secured by this Mortgage- Unless 1_ender and Borrower olherw•ise agree in writing. am• such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred io in paragraphs 1 and 2 hereof or change the amount of such installments. IA. lormwer Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage grained by I_enJer to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or reface to extent time for payment or othen?ise modify amortization of the sums secured by this Mortgage by reason of any demand made by the orieinal Borrower and Borrowers successors in interest. 11. Forbearaoee by i.eoder Not a Waiver. Any forbearance hc• 1-ender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy. The 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 accelerate the maturity of the indebtedness secured by this Mortgage. It Remedies Cwaniatire. All remedies pmcided in chic Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded M• law or equity. and may he exerciced concurrently, independently or successively. 13. Socetssors and AssiRos Found: Joint sad Seteral 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. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several. The captions aril headings of the paraeraphs of this Mortgage are for rnnvenience only and are not to he uud to interpret or define the provisions hereof. - 14. Notice. Except for any notice required under applicable law to be given in another manner, fat any notice to Borrower provided for in this Mortgage shall he given by mailing wch notice M• certified mail addressed to Borrower at the Property Address or at such s~ther address as Borrower may designate by notice to Lender as provided herein. and lbl am• notice to Lender shall he given by certified mail. return receipt requested. to 1 ender s address stated herein or to such other address as Lender mac designate M• notice to Borrower as pr.wided herein. Any notice provided for in this Mortgage shall he deemed to has•e been given to Borrower or Lender when given in• the manner designated herein. - ~ 15. L;eiforta Mort~e: Goterairrg [aw: Seterabilit~•. This form of mortgage combines uniform covenants for national use - e ~ and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. The i state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. !n the event that any provision or clause of this Mortgage or the ! Note rnnflicts with app6cabk law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect ~ without the rnnflicting prosisian. and to this end the provisions of the Mortgage and the Note arc declared to be severable. 4 16. Ibrrowers Copy. Borrower shall t+e furnished a conformed copy of the Note and of this Mortgage at the time of execertion or after recordation hereof. 17. Transfer of the Propert}-: Assumption. If all ++r am part of the Property or an interest therein is sold or transferred by Borrower without I~nder's prior written consent. excluding cal the creation of a lien or encumbrance subordinate to ~ this Mortgage. Ihl the creation of a purchase move}• cecurin• interest for household appliances. (cl a transfer by devise. descent or by operation of law upon the death of a joint tenant or Idr the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may. at Lender's opti~m. 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 j and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfacton to Lender and that the interest pa} able 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, tender 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 sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, 1_endcr may. without further notice or demand on Borrower. invoke am remedies permitted by paragraph 1 R hereof. Nox-t;:vtFORSr CovFVwTS. Borrower and 1-ender further covenant and agree as follows: ls. Accekratioo; Remedies. Except >s provided io parsgraph 17 hereof. upon Borrower's breach of any covenant or s agreeereot of Eorrower ie this Mortgage. including the cotenants to pay when dne any snms secured by this Mortgage. Leader prior to xtekrstiow shall owl notice to Idorrowcr as provided in paragraph 14 hereof specNyirrg: (1) the bleach; (2) the action rcgnired to core sorb breach;/3? a date. not less than 30 dais from the date the notke is mailed to Borrower. by whkh such brcxb most be cored: and /4) that failure to cure such breach on or before the date specified in the notke may resdt in xcekrstioa of the stems srcored by this Mortgage. foreclowre by judicial proceeding and sale of the Property. 'Ilse notke shall fnrtber ioforor Eorrower of the right to reinstate after xcekration and the right to assert in the forecbwre proceeding ' the now-exittewce of a defaok or aas• other dcfeose of Borrower to acceleration and foreclosure. if the breach is not cared on ? or before the date specified io the notice. i.ender at Leader's option rosy declare aB of tht sums secured by this Mortgage to be immediately doe sod payable wilbont farther demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect iw soi:b procecdirrg sN a:penses of foreclosure, includirrR. but not limited to. reasonable attorney's fees. } and costs of docemeotarv etideoce. abstracts and title reports. 19. Borrower's RiR6t to Reinstate. Votwithstandrng 1_ender s 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~340 PEE 312 _ ~ _ ; _