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HomeMy WebLinkAbout0908 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 amottnts 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 on outstanding principal under the Note uniesc 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 :<ny expetue or take any action hereunder. 8. Inspection. Tender 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. Coademaatba. The proceeds of any award or claim far 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, arc hereby assigned and shall be paid to Lender. Tn the event of a total taking of the Propeny, the pra:eeds 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. _ Tf the Property is abandoned by Borrower, or if, after notice by Tender 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, i.ender 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 postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. llarcower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender 1o 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. Lender 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. Furbearaace by Leader Not a Waiver. Any forbearance by Tender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not he 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 be a waiver of I~nder s right to accelerate the maturity of the indebtedness secured by this Mortgage. 1Z. Remedies Cumalati~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 succesiively_ 13. Successors surd AssiRas ll<ouad: Joint and Several LiaM'lity; Captbns. 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 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. (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 lender 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 dcemed to have been given to Borrower or 1_ender when given in the manner designated herein. • IS. Uniform Mortgage; GoverniaR Law: Severabilify. 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 j 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 affect . other provisions of this Mortgage or the Note which can be given effect without the conflicting provision; and to this ~ . I end the provisions of the Mortgage and the Note arc declared to be severable. 16. Eorrower'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. It all or any part of the Property or an interest therein is sold or transferred • ~ by Borrower without Lender's prior written consent, excluding (al the 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 (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 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 Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as.Len4ler 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 I~nder, 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 acc_ ordance 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. . NoN-UNrt=oRt?t Covt=Nears. Borrower and Lender further covenant and agree as follows: z 18. AccekraHor, Remedies. Except as provided io paragrsph 17 hereof, upon Borrower's bresc6 of nay covenant or agreement of 1orrower b tbb Mortgage, iacludirrg the covenant to pay when doe nay wars secured by this Mortgage, Lender ~ prior to acceleatioa sha8 maB aotke to Borrower as provided is paragraph 14 hereof specifying: (1) the 6r~eacb; (2) the action € regoircd to care web breach; (3) a date, not leas than 30 days from the dale the notice is mailed to Borrower, by w6ic6 each ~ breach must 6e erred; and (4) that failure to cure such 'breach oa or before the date specified is the notice may resdt is i accekrstioa of the stuns secured by this Mortgage, forecbwrt by judicial proceeding and sale of the Properly. The aotke .shall further inform Borrower of the right to reinstate after sccelerdioa gad the right to assert is tl,e forYClowre procotdiag the aoa-existence of a defaok or any ~otber defense of Borrower to scceleratba gad foreclowre. If the breech is not cared oa . or before the dste specified in the ratke. Lender at Leader's option may decbtre a8 of the same secured by this Mortgsrae b be immediately due gad payable withoot farther demand and may foreclose this Mortgage by judicial proceeding. Lender sbap 6e entitled to collect Tsi each proceeding aB expeotxs of foreclosure, ioclndiog, but not lia:ited to, reasonable attorney's fees, and costs of doeameatary evidence, abstracts gad title report. 19. Bomowsr's Right to RtiwtNe. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by i.ender to enforce this Mortgage discontinued at any time ~ t~