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HomeMy WebLinkAbout0564 . ~ . I-ender's written agreement or applicabb law. borrower shall pay the rmount 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 indeMsdness of borrower secured by this Mortgage. Unless Borrower and Lender agree to other temps of payment. such amounts shall be payable upon police from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbttrsemtnt at the rate payable from time to time on aitstanding 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. Iwapectbw. Lender may make or caux to be made reasonable entries upon and inspections of the Property. provided that~[.ender shall give Borrower ndice prior to any such inspection specifying reasonable cause therefor related to Lptder'a interest in the Property. 9. Cowdewwatbw. The proceeds of any award or claim for damages, direct a consequential, in connection with any condemnation or other taking of the Property, or part thereof, or far conveyance in lieu of condemnation. arc hereby ssstgDed ¢ and shall be paid to i.ender. - In the event of a to1a1 taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, it any, paid to Borrower. 1n the event of a partial taking of the Property. unless Borrower and Lender o otherwix agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeeh ~ as is equal to that proportion which the amount of the sums xcured 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 offers to make an award or xttk a claim for damages, Bc?rrawer fails to respond to Lender 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 Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due dale of the monthly installments referred to in paragraphs 1 and 2 hereof or change the antourri of ' such installments. 10. Borrower Not Released. Extension of the time for payment or modification o[ amortization of the wms secured by this Mortgage granted by Lender 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 cornmertoe proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the s~~ms xcured by this Mortgage by mason of any demand made by the oriRinat Borrower snd Borrower's successor in interest. 11. Forbearawee by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accekratc the maturity of the indebtedness sectrrrd by this Mortgage. 12. Retwedta Ctuwrlatl~e. All remedies provided in this Mortgage arc distinct and cumuiative to any other tight or remedy under this Mortgage or alfordcd by law or equity, and may be exercixd concurrently, independently or successively. ' 13. Swecewas attd AssiRws Eoaad:.Ioiat awd Several i.iabitily; Csptlows. The covenants and agreements herein contained shall bind, and the rights hereunder shall intrr~ to. the respective successors and assigns of Lender sad Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. The captions' and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Natke. 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 notice by Certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to I_endtr as provided herein, and (b) any notice to Lender shall be given by certified mail. return receipt requested. to tender'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 I'i Mortgage shall be deemed to-have been given to Borrower or Lender when given in the manner designated herein. 1S. Uwitorw Mortgage: Goverwiag Law: Sererability. 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 bt [toverned by the law of the jurisdiction in which the Property is located. In the event that any provision or claux of this Mortgage or the Note conflicts with applicable law, such conflict snail not affect other provisions of this Mortgage or the Note which can be given eBect without the conflicting provision. and to this end the provisions .of the Mortgage and the Note arc declared to be xvenbk. 1tG. lsorrowes's Cory. Borrower shall be furnished a conformed cop?• of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Ttsntder of the Pr~orerty: Assawptioa. If all or any part of the Property of an interest therein is sold or transferred 1 by Borrower without Lender's prior wrirtrn Conxnt. excluding (a? the creation of a lien or encumbrance wbordinate to this Mortgage. (b) the crcatron 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 Lender s 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 sale or transfer, I-ender and the person to whom the Property is to be sold or transferred reach agreement in writing tha! the credit of such person is satisfactory to Lender and that the intersst payable on the sums secured by this Mortgage shall be at rush 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 aswmption agreement accepted in writing by Lender. [.ender shall release Borrower from all oblijations under this Mortgage and the Note. If [.ender exercises such option to accelerate. Lender shall-mail Borrower notice of acceleration in acrnrdancc 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. Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph lg hereof. NoH-UNIFOatrt CoveNANTS. Borrower and Lender further covenant and agra as fellows: li. Aeeskratlo¦: Rewtedks. E:eeN as Moulded L prrRrapM 17 rered. ttrort >sosrrwa's rreaeA d arty eoveaartt K agrcereat d liorrowetr b tiffs Mortgage. iwcla~wg the ewewartls to py whew dwe arty wws sawei by tbb Mortgage. Lewder ~ rtior b aeederatlow sttaB wtaN wotlce to laon~ower as rrovldd Iw pragrapb 14 bared sreelfyfu~ (1) the breach; (2) the sctiow rgwlyd Io cwre such breach; (3) a date, trot las thaw 30 days trout the Bate the wotkt r wtalied N ilarrvwer. ~ wbklt sttci ~ . breseb west be cwe~ sad (4) that faWrre to ewre swcb breach ow or before the date aratied b the wotiee way resale i• accekrrMfow d the sttass seetrned by this Mortgage. toecclowre by ~w M'o<tedMtg ttatd sale d ibe rwrerty. Tate wstiea sbaM farther idotrrw iorrawer d the riRM f• reirtstNe after aeeeleratbw swd the rlgbt to assert h the foreeloatre rt~oeetig the sow-exiNewce d a defai or aar atlter defcwse d sotrower to xceferaf~ a~ foreclowre. N the breach M sot eared as or bdore the Gate sreefied t• the wottee. Lewder at I.ewder's ortbw way deelwe ai d the swwts stewred by tlds LMortgaRt ~ . iwtwediately dwe aw/ rayable w[tboN fartba demand awd way foreclose this M~tlgagt: by jirtdlct.l Mreecdtatl• 6e eatlfkd a corer/ r stseb N+oesediai a0 e:reatxs of forecbsnre. iwchtdirtg. btrt wot Brttitai M. Rasoable sttwrreY's fees. a¦d costs d iaer''~' evldewet, abdracb awd title terorts. 1!. >forrowa's Rlrbt tw Relrtate. NcNwithstandinE Lenders acceleration of the sums secured by the Mortgage. Borrower shall have the right to have any proceedings begun by Lender to en[orce this Mortgage discontinued at any time - I $340 e~~E 56~ - _