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HomeMy WebLinkAbout0443 .i 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 indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from I.~nder to Borrower requesting payment thereof, and shall bear interest from the date of disburxment at the 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 hear interest at the highest rate t permissible under applicable law. Nothing contained in this paragraph 7 shat) require Lender to incur any expense or take i any action hereunder. f1. iaspectioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that tender shall give Borrower notice prior to any such inspection specifying rcasonaD)e caux therefor related to Lender's interest in the Property. 9. Condemnation. 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 i and shall be paid to Lender. j in the event.of a total taking of the Property. the proceeds Shall he applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. 1n the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the gums secured by this Mortgage such proportion of the proceeds i as is oqual 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 Propcrt}• immediately prior Io the date of taking, with the balance of the proceeds paid to Borrower. if the-Property is abandoned b}• Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make ~ an award or xttle a claim for damages, Borrower fails to respond to Lender within 10 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 soured M• this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend t or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of j such installments. F 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured ~ by this Mortgage granted'by Lender to any succesu~r 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 he required to commence 3 proceedings against such successor or refuse fo extend time for payment or otherwix modify amortization of the sums ~ secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by lender Not a Wsi~er. Any fonc~arancc by 1_ender in exercising any right or remedy hereunder, or otherwix 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 he a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this I?lortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may he exercised concurrently, independently or successively. 13. Successors and Assigns Bound; ]oint and Ses-ersl I.iabilfty; Captions. Tfie covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective u~ccessors and assigns of 1_ender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. 1 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 fur. in this Mortgage shall he 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 I (h) an}• notice to Lender shall he given by certified mail, return receipt requested. to lenders address stated herein or to i such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Borrower or l.cnder when given in the manner designated herein. 15. Uniform Mortgage; Governing faw; SeveraM'lity. This form of mortgage combines uniform covenants for national use i and non-uniform covenants with limited variations by jurisdiction to constitute a uniform seca*ity instrument covering real property. The ` state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is ktcated. The foregoing sentence shall not limit the applicability of federal law to this mortgage. in the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect , without the conflicting provision. and to this end the provisions of the Mortgage and the Note are declared to be severable. j 16. Borrower's Copy. Borrower shall t?e furnished a conformed copy of the Note and of this Mortgage at the time j of execution or after recordation hereof. 17. Transfer of the Property; Assumption. if all or an}• part of the Property or an interest therein is sold or transferred by Borrower without I~nder s prior written consent. excluding fat the creation of a lien or encumbrance subordinate to i 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 fd? the grant of any leasehold interest of three years or less not containing an option to purchase, 1-ender may, at I_ender't c?ption. 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. Lender r ~ 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 payable on the sums secured by this Mortgagt 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 i.ender, Lender shall releax Borrower from all s obligatirnis under this Mortgage and the Note. ~ if fender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a pericxl of not less Than i0 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, ~ E Lender may, without further notice or demand on Borrower, invoke ang remedies permitted by paragraph 18 hereof. Notr-UrttFOtu?t Covt=_rrsN•rs. Borrower and Lender further covenant and agree as follows: 1 S. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, includirT the covenants to pay when due any sums secured by this Mortgage, Lender ~ ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care snob breach; (3) s date. not less than 30 days from the date the notke is mailed to Borrower, by whkb such breach must be cored; and (4) that failure to cure such breach on or before the dNe specified in the ootke may resdt in j acceleration of the sums strayed Dy Utis Mortgage. forecbsure by judicial proceednrgT and ask of the Property. The notice a shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proctediug R the non-existence of s defsnk or any other defense of Borrower to acceleration and forecbsure. if the breach is ant ctrred oa of before the date specified is the notice. Lender s1 Lender's option rosy dechre aq of the sums secured by this Mortgage to be ! 1 immediately dne and payable without further demand and rosy foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceedirgT all exprrrses of foreclosure. including. but not limited to, reasonable attorney's ices, and costs of docuarentary evidence, abstracts and tick reports. ~ j 19. Borrower's Right to Reinstate. Notwithstanding I_endcr's acceleration of the• sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by 1_ender to enforce this Mortgage discontinued at any time ' i ~ 8~34~. Pam 443 _ _ _ ~ _