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HomeMy WebLinkAbout0474 ~ ~ ~ Lender's written agreement or applicable law. Borrower shall pay the amount all mortgage insurance premiums in the manner provided under paragraph 2 ixreof. Any amounts dichuncd by Lender pur~raant to this paragraph 7, with interest thereon, shall become sdditional in.khtedness of Borrower ucured by this Mungage. Unles Borrower anJ Lcn~er agree to other terms of payment. such amounts shall he payable upon notice from I.cnder to Borrower rcgttcstinR payment thc~`o(~ ~ashall bear interest from the elate of disbursement at the rate payable from time to .time on outstanding principal• t~t~tY> Hitt unless payment o1 interest at such rate would he contrary to applicable law, in which event such amounts shall bear rntercst at the highest rate permissible under applicable law. Nothing a,ntained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder, haspectiat. lender may make or cau~c to he made reawnabk 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 Lender's intergt in the Property. 9. Cowdewtwatiow, 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 catdemnatioa. an 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: sums secured by this Morisaae, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. ttnkss Borrower and Leader otherwise sgree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the pt+ooeeds 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 Borrower that the condemnor oRers to mate an award or settlt a claim for damages. Borrower fail. to respond to 1_ender 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 restoration or repair of the Property or to the sums secured by this Mortgage. Unless i_endtr 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 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Rekrt6cd. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by 1_ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successor 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 Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. ~ 11. Forbearance by Lender Not a Wtlver. Any forbearance by lender in exercising any right or remedy heretmder, or otherwise afforded by applicable law. shall trot be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance Qr the payment of taxes or other liens a charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured 6y this Mortgage. 12. Remedies CtrunuhNire. 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 exercised concurrently, independently or successively. ' 13. Sutcessots awd AssiRws Found:.Ioiwt ttwd Several I.isbaily; Captlows. The rnvenants and agreements herein contained shall bind, and the rights hereunder shall imrrc to. the respective successors and assigns of Lender aid Borrower. subject 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 arc for convenience only and arc not to be treed to interpret or define the provisions hereof. 14. Nolke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortga¢e shall be given by mailing such notitt by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to (.ender as provided herein, and (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 Borrower as provided herein. -Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or tender when given in the manner designated ht:reia. 1S. Unitorwt Mortgage: Gorernire Law: Sevcrability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with IimiteJ variations by jurisdiction to constitute a uniform security instrument covering ~ real property. This Mortgage shall E~ 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 applicable law, such conflict shall not aRect other provisions of this Mortgage or the Nnte which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. . 16. Eorrowet'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. Trswsfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or tnnstetYed by Borrower without Lender's prior writrcn ~oncent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. Ibl the creation of a purchase money ucurity rntercst for household appliances, (c) a trantfer by devise, descent or by operation of law upon the Jeath o(a joint tenant or (dt the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may. at Lender ~ 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 tale or Transfer. Lender and the person to whom the'Property i. to l,c :otJ or transferred reach agreement in writing that the credit of each persat is satisfactory to 1.enJer and that the intcrr.t Fa~•able on the sums secured by this Mortgage shall be at such rate ac Lender shall request. 1[ Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a 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 NcNe. If Lender exercises such option to accelerate, lender shall mail Borrower notice of acceleration in accordarttx vrith 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 ~:clared due. It Borrower fails to pay such arms prior to the expiation of such period, Lender may, without further notice or demand on Borrower. invoke any remedies pet~rtitted by paragraph t8 hereof. Norr-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: la. AccektrNiow: Retnedks. Bxcep s provided iw ptrwstra~ 17 Itereot. tt*ow >jorrowers Meacb of ay eoretaN or ~ ssreewtewt of lorrower iw this Mortgage. ittcluditrg the corewawts to py whew dtte swy soars sttcured br tltts MorgptRe. Lewder prior to acceleratbw shtll mail notice to Ibrrowcr a provided iw pragrttpA 11 hereof specNyiwg: (/)the bresch:l2) tAe wetiow required to cure such breach; (3) a date. wet less than 30 days tros the date the wotke d wttlkd to Borr~nwer. by whklt strclt t i breach seat be cured; cud (1) tiuN Gtulure to cure stnclt breach ow or before the date specMkA iw the wotke Tway tresttlt iw sccekrrttiow of the suss secured by this MortRttRe. foreclosure ~ jiwdkitl poteedbtg std sale of the Pro'crty. Tice wotke. shag further iwtors Borrower of the right to reiwsbte steer secekrMlow awd fire rigN a arserf h the toreclssurt ptoeee~ tfre wow-existewce of a detank or gay other dcftwse of eonower to wccekrstbw twri foreclosure. N the erewrb b wet cwsa ow or before the date speeilied iw the notice. Lender at Lender's opiow way declare v of the swrws stewrd ~ tltls MotttRsge to 6e immedutcly due swd payable without further demand and may toreclotse this Metrfgttgt ~ ~udieW poeeedMtR• I.cnder shah be eetitkd to cdket M such proceeding sM expenses ~f forecbsurc. hxludittg. but wol Ifrrtiler to. rearoaabk r,ttursev's fees. ~ : _ awd costs of dotuwtewtary eridewce. abstracts and title rrports. 19. Borrower's Rlgbt to Reiastste. Notwithctandtng I ender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any procecd~nec hr}ain by Lender to enforce this Mortgage discontinued ~t any time j BU0~1(J~lV PeGE • s -