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HomeMy WebLinkAbout0228 _ _a ~ ~ , Lender's written agreement or applicable law. Borrower shall pay tht: 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 indebtedness of Borrower secured by this Mortgage. Unless Borrower and lender agree to other terms of payment, such amatnts shall be payable upon notice from I.cnder to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at tbe rate payable from time to time on 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. 8. irspection. Lender 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. Condemnatbn. The proceeds of any award or claim for damages, direct or consequential, in conntetion 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 i.ender. Tn the event of a total taking of the Pmperty, the proceeds shall be applied to the aims secured by this Mortgage. with the excess; if any, paid to Borrower. in tbe event-of a partial taking of the Property, unless Borrower and Lender 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 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 rnndemnor offers to make an award ar settle a claim for damages, Borrower fails to respond to i.ender within 30 days after the date such notice is mailed, Lender i~ authorized to collect and apply the- proceeds. at tender'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 a~ 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. - ~ - " 10. Borrower Not Released, Extension of the time for payment or moAifit:ation 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 Borrowers 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 Lender Not a Waiver. Any fartxarance by 1_ender 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 Tender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedks Cnmulatitre. 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 and AssiEas Bound; Joint and Sereral i.iability; 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, subject to the 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 arc for convenience only and are 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 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 i.ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to I"enders 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. - 1S. Uniform Mortgage; Covernirrg Law; Severability. 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 be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not atlect 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 are declared to be severable. 16. Borrower'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. Transfer of the Property; Assumption. If all or any part of the Pmperty or an interest therein is sold or transferred " by Borrower without Lender's prior written consent, excluding (al ibe 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 joint tenant or (dl 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. Ixnder shall have waived Stich 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 Lender and that the interest a able on the su s p y m secured by this Mort a e shall be at such rate as Lender 88 shall request. if Lender has waived 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 Borrower from all obligations under this Mortgage and the Note. If Lender exer i " " c ses such o lion to accelerate. Lender shall mail Borrower notice of a I r P cce a anon m 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 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. Note-UNIFORM CovENerrrs. Borrower and Lender further covenant and agree as follows: l8. Acceleration; Remedlea. Ltcept ss provided is paragraph 17 hereof, npon Borrower's breach of any covetasot or trsreemeot of Borrower in tbLs Mortgage, including the covessnts to pay when fine any arras secured by this Mortgage. Leader l prior to accderatbo sbdl matt notice b Borrower Sts provided in paragraph 14 hereof s)psecifyio`: (1) the breach; (2) the action j required b cure soc6 breach; (3) a date, not less than 30 days tram the date the notice b mailed to Borrower, by wbkb snob , breach mud be erred; and (4) that faflnre to cure snob breach on or before the date specified b the notice my nstrlt is accekratbn of the snorts secored by this Mortgage, toreciosurr by jndkid proceeding and oak of the Property. The-uotke shall further inform Borrower of the right to reinstate after accdersNoa and the right b assert is the toreclowre prr/eeedb[g the none:istence of a defauk or soy fiber defense of Borrower to accekratbn and toreclosnre. it the brtacb b not cntred oo - E or before the date specified in the sotke, Lender st ieoder's optbo may declare aN of the arms sanred by tbb Mortgage b be Lnmediatdy fine and payable witbont further demand and rosy foreclose this Mortgage by jtrdkial procscdbrg. Lender shad be entitled to collect d arch proceeding aB a:peotses of foreclosnrr, hrcludiog, but not limited b, rrasonabk attorney's fees, and cods of docnmentsry evidence, abstracts and 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 any proceedings begun by Lender to enforce this Mortgage discontinued at any tune s~~ 3 " 41 P~F z _~m.. -