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HomeMy WebLinkAbout1658 • . lender's written agreement or applicable law. Borrower shall pay the amount 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 in.lch?edncss of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amo:+ntc shall he payahle upon notice from Lcndcr to Bormwcr reyueuing payment therrnf, and shall hear interest from the +fate of disbursement at the rate payahle from time to time on outstanding principal under the Note unless payment of interest at such rate would be cortege}• 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. 8. Inspection. Lcndcr may make or cause to be made reasonable 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 interest in the Property. 9. Condemnation. The pr.?ceed. of any award or claim for damages, direct or consequential, in connection with any condemnation or ather taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned :end shall t+c paid to Lender. In the event of a total taking of the Pmperty. the proceeds shall he applied to the aims secured by this Mortgage, with the excess, if any, paid to Borrower. 1n the es•cnt of ~ partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the wms secured h}• this Mortgage such proportion of the proceeds as is equal to that prolx~rlion which the amount of the sum. scrurcd 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 a. Borrower. If the Property is :+handoned by Borrower. or if. after notice by lender to $orrower that the condemnor offers to make :+n award or settle a claim for damages, Borrower lash to respond M Lender within 30 days after the date such notice is mailed. I_cnder is authorized to rnllect and apply the proceeds, at Lender's option, either to restoration or repair of the Propeny or to the wms urured h}• this Mortgage. Unless Lender and Borrower otherwise agree in writinc. any such application of proceeds to principal shall not extend ur p~+ctixme the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of wch installments. 10. Borrower Vol Released. Fxtencion of the time fur pa}•ment or modification of amortization of the sums secured h}• thn Mortgage gnMed by Lender ti? any successor in interest of Borrower shall not operate to release, in any manner, the liahilin• e.f the original Borrower and Borrower's successors in interest. Lender shall not he required to commence pn.cee.lings against such nicressor or refuse to extend time for payment or otherwise modify amortization of the sums se. ured he this Mortgage h}• reason of any demand made by the original Borrower and Borrower's successor in interest. I1. Forbearance by Lender 1\ot a Wai~•er. Any forbearance by Lender in exercising any right or remedy hereunder, or .~thcrw•ise afforded M• 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 i.ender shall not he a waiver of Lender s right t~~ accekrate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies pmvided in this 1lfortgage arc distinct and cumulative to any other right or remcJy under this Mortgage or aQorded M• law or eyuit}•. and may be exercised concurrently, independently or successively. 13. Successors and Assigns Botrnd: Joint and Several Liability; Captions. The covenants and agreements herein conta+nc.l shall hind. and the rights hereunder shall more to. the respective successors and assigns of i_ender and Borrower, subject to the provisions n( paragraph 17 hereof. :III 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 he used to interpret or define the provisiorn hereof. 14. notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to B++rrowcr pnwided for in this Mortgage shall he given he mailing such notice bV certified mail addressed to Borrower at the Property Address or at such +Hhcr address as Borrower may designate by notice to lender as provided herein, and thl anv notice to Lender shall he given by certified mail. return receipt requested. ro Lenders address stated herein or to such other address as Lender may designate by notice to Born~wer as pmvided herein. Any- notice pmvided for in this Mortgage shall Ix deemed to have been given to Bnrmwcr or Lender when given in the manner designated herein. 15. l!niform 11ortRaRe; Governin¢ Law: Severabilih•. This form of mortgage combines uniform covenants for national uu and nonuniform arse+ants with limited variation. by junsdiction tc• constitute a uniform security instrument covering real pn.pcrn• This Mortgage shall be covcrned by the I~w of the jurisdiction in which the Propem is located. In the event that arc provision ur clause of this Mortgage or the tiote conflicts with applicable law, such conflict shall not affect other pnn•nions of this Mortgage ar the Note which can he given eBert without the conflicting provision. and to this end the pms•rsium of the Mortgage and the \otc arc ~kcl;ucd d, he severable. 16. Borrower's Cope. Borrower shall be furmshcd a a~nformed ropy of the Note and of this Mortgage at the time M of execution or after recordation hereof. 17. Transfer of the Propert}; Assumption. If all or anv part of the Pmpcrty or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding ra? the creation of a lien or encumbrance subordinate to rh+s Mortgage. th1 the creation of a purchase money security interest for household appliances. Icl a transfer by devise. descent ur by operation of lays upon the death of a joint tenant or /d? the grant of any leasehold interest of three years or less nut rnntaining an option to purchase. Lcndcr may.:+t Lender's option. declare all the wms secured by this Mortgage to be immediately due and payable. lender shall have waived such option u- accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is u. be sold or transferred reach agreement in writing that the credit of such person is satisfacton• to I_en.ier and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If I ender has waix•ed the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release $orrower from all obligations under this .Mortgage and the Note. If Lender exercises such option tc. accelerate. i ender shall mail Borrower notice of acceleration in accordance with paragraph I~i hereof. Such notice shall provide a period .•f not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. tf Bnrrower fails to paq such sums prior to the expiration of such period. - Lcndcr may, w•ithi~at further notice .~r. demand on Narrower, im•ol.e any remedies permitted by paragraph I8 hereof. Nnsi-1~hIFnRx' ro\'r".TS Bnrrower and Lender further covenant and agree as follows: ~ 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this ~1ortRage, including the cotenants to pay when due any sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Aorruwer as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action I required to cure such breach; 131 a date, not less Ihan 30 days from the dale the notice is mailed to Borrower, by which such breach must be cured: and 14) that failure to cure such breach on or before the date specified in the ratke may result ie acceleration of the sums secured b~ this M1tortRage. foreclosure by judicial proceeding and sak of Iht Propecty. The notice ~ shall further infrirm Borrower of the right to reinstate after acceleration and the right to assert is tht foreclosure proceedlrra the non-existence of a default or ant other defense of Borrower to acceleration and foreclosure. If the breach is not eared on or before the date specified in the notice. [.ender at Lender's option may declare all of the sums second by Ibis Mortgage to be immediatetr due and payable without further demand and may foreclose this Mortgage by judicial proceeditna. Lender sbaB be entitkd to collect in such proceeding all expenses of foreclosure. including, but nQt limited to, reasonable attorney's fees, and costs of documentary evidence, abstracts and title reports. ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by -this Mortgage, ~ Borrower shall have the right to have an}' proceedings begur. by lender to enforce this Mortgage discontinued at any time - ~340 p,~if,~8 Addesdn~ to Paragraph 15. The state and local laws applkable to this mortgage shall be the laws of the jurisdktion in whkh the property is located. The (oregoinq sentence shall not limit the applicability of federal law to this mortgage. _ - _ ~