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HomeMy WebLinkAbout1625 Lender's written agreement or applicable law. Borrov?•er shall pay the amount of all mortgage insurance premium: 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 Mortgage. Unless Borrower anJ Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. and shall bear interest from the date of disbursement at the rate payable from time to time or? 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. Inspection. Lender may make or cause to be made reasonable emries 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 interest in the Property. 9. Coaderwaatbw. 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. 1n the event of a total taking of the Property. the proceeds shall be applied to the cams 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 otberw•ise agree in writing. them 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 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 settle a claim for damages. Borrower 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 Lenders 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 post; one the due date of tbe monthly installments referred to in paragraphs 1 and 2 hetcof or change the amount of such installments. IA. Rarrower Not Rekssed. Extension of the time for payment or modification of amortization of the sums 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. i_ender 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 successors in interest. 11. Forbearance by Lewder Not a R?airer. Am• forbearance by Lender in exercising any right or remedy bercunder, 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 paymen! of taxes or other liens or charges by i_ender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmolati~e. All remedies provided in this Mortgage are 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. Successors sad Assigns Found; Joint and Seseral Liability; Csptbns. 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 tbe 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 are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Notke. 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 may designate by notice to Tender as provided herein, and (b) any notice to Lender shall be 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 [.ender when given in the manner designated herein. 15. Uniform Mortgage; Gorernirtt; law; Se.•erabilih. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h~` jurisdiction to constitute a uniform security instrument covering ~I~ real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. in the i event that any provision or clause of this Mortgage or the 'tote conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the cpnflicting provision, and to this i end the provisions of the Mortgage and the `ote are declared to be Severable. 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Vote and of this Mortgage at the time of execution orafter recordation hereof. 17. Transfer of the Property; Assumption. If all or am• pan of the Property or an interest therein is sold or transferred by Borrower- without Lenders prior written consent. excluding let the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase mone}• security interest for household appliances. (cl a transfer by devise. descent or by operation of law, upon the death of a joint tenant oc(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 r immediately due and payable. Lender shall have waived such option to accelerate if. prior to the sale or transfer. Lender 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 Ixnder and that the interest payable 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. 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 pa}' 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 18 hereof. NoK-Utvtt=orent Covex~:v-rs. Borrower and Lender further covenant and agree as follows: 18. Accekratbw; Remedies. E:cep[ m pros•ided is paragraph 17 hereof, upon Eorrower's breach of any covewaat or aLreeareat of Borrower is this Mortgage. iacludirtg the co.easats to pay whew dne say sours trccored by this Mort;a6e, Lender prbr to sccekntba shall autii aotke to 1!<orrower ss provided is paragraph 14 hereof spedfying: (1) the breach; (2) the action required to cure sorb breach; (3) a date, not less thaw 30 days from the date the aotke b mailed to Borrower. by wbkb such breach must be cored; asd (4) that failure to cure such brcsch ow or before the date specified is the aotke rosy resole is sccckratba of the sums secured by this Mortgage. foreclosure by jndicisl proceeding and sale of the Property. The aotice shall further iaform Borrower of the right to reiastste after sccekratba and the right to assert is the foreclosure proceeding - tbe aow~xisttace of a defask or awy other de[ease of Borrower to sceekrstba and foreclosnrc. if the breach b aot cored oa or before the date specified is the wotke, Lewder at Leader's optbw may declare all of the sores secured by thk Mortgsge to be immediately due and payable witltoot fnrtber demand sod may forecbse this Mortgage by judkW proceeding. Leader shsp be eatitkd to copes[ is snob proceediwg a0 a:peaces of forecbwre. including, hot not limited to. reasonable attorney's fees, and costs of documentary eridewce, abstracts sad title reports. - 19. Borrower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums ,secured by this Mortgage. Borrower shall have the right to have an}' proceedings txgun by 1_ender to enforce this Mortgage discontinued at any time • •