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HomeMy WebLinkAbout0504 Lender's written agreement or applicable lew. Borrower shall a the am Ff f ~ ~ ' p y otrn o a mongage Insurance premiums in the manner provided under paragraph 2 hercot. Any amounts disbursed by Lender purwant to this paragraph 7, with interett thereon, shall become additional indebtedness of Horrower sccunwd by this Mortgage. Unless Born~wcr and Lender agree to other terms of payment, such amounts shall he payable upon notice from Lender to Borrowrr requntinR payment [ha~(`sttl~s~ bear interest ftotn the date of disbllrsrment at the rate payable from time to time on a+tstanding principal u ~'t s ate 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 permiuibk under applicabk law. Nothing contained in this paragraph 7 shall require 1_ender Io incur any expense or take any action hereunder. s. Iwspectiow. Lender may make or car+u to be made reasonable entries upon and inspections of the Property. provided that [.ender shall give &xrower txuicc prix?r to any sl+ch inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cowdemwatba. The proceeds of any award or storm for damages. direct or consequential. in connection with any condemnation or other taking of the Properly, or part thereof, or for conveyance in lieu o[ condemnation are hereby aui~ned and shall be paid to Lender, 1n the event of a total taking of the Properly. the proceeds shall be applied to the sums secured by this Mort~aae. with the excess, it any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Roder otherwise agree in writing. then- shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amot+nt of the sums secured by this Mortgage immediately prior to the date of takin& bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the ptooceeds paid to Borrower. If the Property is ahandontot by Borrowrr, or if. after notice by Tender to Borrower that the condemnor oRen to mate an award or settle a claim for damages, Borrower fail. to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at T_endrr's option, either to rWoration 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 I and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of arrlortiution of the sums stxured by this Mortgage granted by Tender 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 intemt. 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 N?sirer. Any forbearance by lender in exercising any right or rcmody hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such. right or ternedy. The procurement of insurance Qr the payment of taxes 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. 12. Remedies Camulatine. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or a8orded by law or equity, and may be exercised concurrently, independently or slrecessivtly. 13. Swecessots and AssiRws bound:.loiwt awd Several t.iabiYfy; Captiows. The covenants and agreements herein contained shall bind, and the rights hereunder shall intro to, the uspective successors and assigns of Lender atad Borrower. subject to the provisions of paragraph 17 hereof. /111 covenants and agreements of Borrower shall be joiry and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and arc 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 Mortga¢r shall be given by mailing such notice by certifkd mail addressed to Borrower at the Property Address or at such other address as, Borrower may designate by notice to i.ender as provided herein. and (b) any notice to' Lender shall he given by certified mail, rtto+rn rectipt requested. to Lender's 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 $orrower or Lender when given in the manner designated herein. 1S.. Uwitonrl Morlgafle: GoverninX I.aw: Sevenbility. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real properly. This Mortgage shall be governed by the law of the jurisdiction in which the Properly is located. In the event that any provision or clat+se of this Mortgage or the Note conflicts with applicabk law, such conflict shalt not aBect other provisions of this Mortgage or the Nnte which can bt given effect without the conflicting provision, and to this end the provisions of the Mortgage and the NMe are declared to be severable. 16. >sorrower'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. Trawsfer of the Property: Assumption. If all or any part of the Property or an interest therein is sold or tnnsferted by Borrower without Lender's prior wrinen consem. excluding lal the creation of a lien or encumbrance subordinate to this Mortgage. Ib) the creat+on of a purchase money security +ntercst for household appliances, (c) a transfer by devise. descent or by operation of law upon the death ofa joint tenant or Idl the grant of any leasehold intrust of three years or less not containing an option to purchase, Lender may. at Lender's option, declare all the sums secured by this Morlgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer. Tender 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 I.endrr and that the interest Payable on the sums secured by this Mortgage shall be at such rate ac Lender steal! request. If Lender teal waived the option io accelerate provided in this paragraph 17, and if Bortower'~ 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. Tf Lender exercises such option to aecdtrate. Lender shall mail Borrower notice of acceleration in accordance v?hh paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrowrr may pay the sums ~xlared due. It Borrower fails to pay such sums prior to the expiration of such period. [.ender may. without further notice or demand on Borrower, invoke any remedies ptrmitted by paragraph IA hereof. Non-UHtt=o~rH Coverv~rvTS. Borrower and Lender further covenant and agree as follo~rs: lt. Accekratiow; Remedks. >E:rep[ as proridtd is pragryh 17 hereof. trpw iorr~owers bnacll of awy covewaN K asrecwlewt of torrower lw this Mortgage. iacludinR the corewawts to pr whew tine swy swwrs stewed by thk MorgtaRe. lewder prior to atetkratiow shW mail notice to Borrower as provided iw pragrsph 14 hereof sptctfyfas: (1) the breach: 12/ the aetbw regeired to care sock breach; (3) a date. woe less thaw 30 days [roar the date the wotice M [trailed to tiorrotrer. ~ which such Itseach east be cared: and (4) that failwrr to care such [mach ow or fyeforc the date specified M the wotict Tway result iw secderatbw of [lye swwrs soared by this Mortgage. torecbsurr bf jaaicw proceednwg awl sale of the Propcrtr. The watice sbsN htrther iwform Borrower of the right to reirrstNe titer accekntbw sad the right b saner[ iw the torettesart proeee~wg the wow-existrwct of a detauk or awy other detrwa of Eorrower to atcekratiow awd tortrtosrre. N the [[teach is woe cwt+ed ow or before the date specified iw the wotice. Lender at t.rwdrr's a'tiow wa3• dalare aM o1 the stows soared try this MortRaRt to k imwtediatety due srd pyabk without further demand and may foreclose tb4 Mortgage th jw/icW pecKdfwR. i.ender~ shah be eotlded to collar iw such procrtding all espenses of /onclostrre. Iwelw~ag. bw wst Ytwited to. reasowabk sta,rner's Pres. t atd costs ore doctrrwewtary eridcwee. abstracts and title reports. ~ i~. lsore+awer's Rt~ht to Reiwstate. Notwithstand+ng Lenders acceleration of the sums secured by th+s Mortgage. 1 Borrowsr shall love the right to have any proceedings helm by Lender to enforce this Mortgage discontinued at any time BC~K ''340 o~E 504 ~ l~lY~f~f'fY II _s~'s .r _ _ fr.