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HomeMy WebLinkAbout0467 - s 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 tender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedne:s of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shal! be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the race 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 btar 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. E 8. laspectioa. Lender may make or cause to Ix made reasonable entries upon and inspections of the Property, provided ~ that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lenders s interest in the Property. 9. Condemrwtlon. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or pan thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the sums 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 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 b}• Borrower, or'if, after notice by Lender to Borrower that the condemnor often to make an award or settle a claim for damages, Borrower fails to reslxmd 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 Properly or to the sums secured by this Mortgage. . Unless !.ender and Borrower otherv?~ise agree in writing. any such application of proceeds to principal shat) not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of I such installments. } 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 successor in interest of Borrower shall not operate to release, in any manner, d the liability of the original Borrower and Borrower sr?ccesa~rc in interest. Lender shall not he required to commence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage h}• reau~n ofrny demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by i.ender Not a Waiver. Am•. fonc~arance M• 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 tares or usher liens or charges by fender shall not be a waiverof Lender's right to accelerate the maturity of the indebtedness secured by shit Mortgage. 12. Remedies Cumulative. All remedies pwwidcd in this Mortgage are distinct and cumulative to any other right or remedy-~?nder this Mortgage or afforded by law or equity. and ma}' be exercised concurrently, independently-or successively. - 13. Succeswrs and Assif;ns Bound; ]oint and Several i.iability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective si?ccessorc and as-signs ~f Lender and Borrower. subject to the provisions of paragraph 17 hereof- All covenants and agreements of BorrovC•er 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. Notice. Except for any notice required under applicable law to be given in another manner, fal any notice to Borrower provided for in this Mortgage shall he given h}• mailing such notice by certified mail addressed to Borrower at z the Property Address or at such other address as Borrower maq designate by notice to fender as provided herein, and - (b) any notice to Lender shall he given by certified mail. reuim receipt requested. to l.ende~ 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 Mortgage shall be deemed to have been given to Borrower or 1_cnder when given in the manner designated herein. 15. Uniform Mortgage. Governing law: Severabilit}•. 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. The state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. In the event that aay provision or clause of this Mortgage or the j i Nou eonflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect j f 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 ans• part of the Property or an interest therein is sold or trantiferrcd by Borrower without Lender's prior written consent, excluding (a1 the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money securit}• ?nteresi for household appliances. /c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (dt the grant of any leasehold interest of three years or less nor 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. [-ender shall have waived cr?ch 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 pa},able on the sums secured by this Mortgage sh:,ll be at such rate ac Lender shall request. If lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in i interest has executed a written assumption agreement accepted in writing by !.ender. Lender shall release Borrower from all 0 obligations urtder this Mortgage and the Note. _ + If [-Ender 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 ~0 Jays from the date the notice is mailed within which Borrower may pay the sums declare) 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 b}• paragraph IR hereof. { $ ; Nort-UtvtFOre!?t Covt=_x~yrs. Borrower and Lender further covenant and agree as follows: ` 18. Acceleration; Remedies. E:ceps as provided in paragraph 17 hereof. upon Borrower's breach of aay covenant or agreement of Borrower is this Mortgage. including the covenants to pay r?hen due any sums secured by this Mortgage, Lender • prior to accckratan sbaq ma6 notice to Borrower as provided in paragraph 14 hereof Specifyios: (1) the bccach; (2) the action required to cure such breach; (3) a date. not less than 30 dais from the date the notice is mailed to Borrower, by whkh such f breach must be cured; and (4) that failure to cure such breach on or before the datte specified in the notice may rrsdt in 4 acceleration of the sours secured by this Mortgage. foreclosure by judicial proceeding aad sale of the Property. The notice r shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceedirgl the non-existence of a defank or any other defense of Borrower to acceleration and forecbsure. if the breach is not erred on or before the date specified in the notice. Lender at Lender's option may declare a8 of the sums secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in wch proceediryt all expenses of toreclosnrr. including. but not limited to, reasonable attorney's fees. and costs of documentary evidence. abstracts and tick rrporis. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any, proceedings hegcin by Lender to enforce this Mortgage discontinued at any time t ao~ 3~ ~~cF 4~7 K~_ ,