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HomeMy WebLinkAbout0558 . ~ .,,U Lender's written agreement Qr applicable low. Borrower shall pay the amount of all mortgage insurance premium: in the manner provided under paragraph 2 hereof. Any amounts dishur'ud by Len~kr purvtant to this paragraph 7, with interest thereon, shall become additional imkhtedness of NrrirruNCr secured by this Mortgage. lJnles Borrower anJ Lender agree to other terms of payment, such amounts shall he payable upiin nurire fr~~m Lender to Barmwcr rcgrtcstinR payment thereof. and shag hear interest from the date of disbursement at the rate payable from time to time on outstanding princip~ tttlst'tll~~lote unless payment of intereu at such rate would be contrary to applicable law, in which evens •sttch amounts i~311 bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require 1_ender to incur any expense or take any action hereunder. Ittapeetiow, lender may make or cause to he made reaconahle entries upon and inspections of the Property, provided that Lender shall give Borrower neNice prir~r to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. Cowdemwstbw. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking o(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 bt applied to the sums 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 Ltxtder 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 v?•hich the amount of the :ums secured by this Mortgage immediately prior to the date of taking bean to the t:ir market value of the Property immediately prior to the date of taking. with the balance of the pmceecls 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 dama¢cs, 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 I.ende~ s option, either to restoration or repair of the Property or to the sum. ~ccured by this Mortgagee. Unless tender and Borrower otherwise agrce 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. lt. Mrrawer Not Released. Extension of the time for payment or modification of amortization of the sums sxured by this Mortgage granted by [.ender to any successor in interest of Borrower shall not operate to release. in any manner. the liability of the original Borrower and Borrower c 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 Mortgage by reason of any demand made by the original Borrower and Borrower's successor in interest. ~ 11. Forbearance 6y Lender Not s Waiver. Any forbearance by Tender in exercising any right or remedy hereunder, or otherwise aBordcd by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance pr 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. Rearedies Cmm~latitrt. AN rcrrtedies 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. Swccessors and AssiRws Bound: JoMf and Several i.isbiliry; 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. i subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be jetty and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and .arc not to be used to i interpret or define the provisions hereof. U. 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 mav_ designate by notice to tender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to l.ende~ s address stated herein or to ~ such other address as Lender may designate by nr?tice to Borrower as provided herein. Any notice provided for in tha i Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. Uniform ModRage: Governing I.sM: Se.~erabilitr-. 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 property. This Mortgage shall to governed by the law of the jurisdiction in which the Property is located. in the event that any provision or clatt~e of this Mortgage or the Note conflicts with applicable law, such conflict shah not affect t other provisions of this Mortgage or the Note which can be given effect without the rnnflicting provision, and to this tnd the provisions of the Mortgage and the Note arc declared to ht severable. 3 li. 1!<orr+ower'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 tbt Properly: Assumption. If aft or any part of the Property or an interest therein is sold or transferred by Borrower without Ltnder's prior wriurn consent. excluding fa? the creation of a lien or 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 jaunt tenant or (d? the grant of any leasehold interest of three years or less not containing an option to purchase, l-ender may. at !.ender t option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall ha.•e waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property i. ti~ be co1J or transferred reach agreement in writing that the credit of such person j is satisfactory to Lender and that the intcrc.t Fayable on the sums secured by this Mortgage shall be at. arch rate as Lender i shall rcquest_ If tender 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, 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 than 30 days from the date the notice is mailed within - which Borrower may pay the sums ~tclared due. It Borrower tails 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 1R hereof. Nor,-UNIFORM CoveN~Nrs. Borrower and Lender further covenant and agrce as follows: ltl. Accekrstbw; Rcmedia. Except as provided is raragrspi 17 kiercof. nPa Borrowers breast of ..y cotrwwt K sgreearewt of dorroner iw this Mortgage. including tie cotenants to pay view dne arty sages secured by tbk Mortgage. lewder . prior to sccelentbw shall msN notke to Domuwer ss provided in paragraph 14 hereof specifyiwg: (1) tie breast; f2/ the setiow required to errs suet brtscb;l3) a dNe. wet less tbsw 30 days from tie dNe the wotke B wtsNed to Borrower. by whki suet btteaci wrwN be cured; sad (1) thN isilurr to cwre stocM bresci oa or beforte tie date spedRtd M tie wotke Wray result iw accckratiow of the sums secured by this Morrtgage. fo+cclosnrt by judkid'roeetdiug ttwd sale of tie Tropcrty. Tie wotice siad further inform Borrower of the right to reinstate steer accekrstiow swd tie right b asscA h tie foreclosure *t+oceedirtg tie wow-cxistrace of s dlfauM or gay otter defense of eorror.rr to sccekrNiow swd toteclosrrre. It tie iresci k wof stored ow , or before the date specified iw tie wotice. Lender at [.ender's ~tiorr gay dkchr~e a/ of tie sawn stterrrcd by file Mortgage M be immedgtely due and Psysble without tnrthrr Bertrand and Wray torrtloss this Mortgage h' judkW proctediwg. 1.tnder•shap be ewtitled to collect iw strclt proceednag afl expenses of foreclosure. iwclodiug. bet wet liaritd to. rtssossbk sttnrnrv's fees. swd costs of docuwreatary evidence. abstracts and title reports. 19. >dorrower's R~it to Reinstate. Notwithstrndmg Lender's acceleration of the sums secured by thrs Mortgage. Borrower shah have the right to have and proce~dme< hr}~~n by Lender to enforce thn Mortgage discontinued rr any time BOr 340 PbGE ~Ie~p - , !