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HomeMy WebLinkAbout0959 • 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 !.ender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agrce to other terms of payment, such f amattnts shall be payable upon notice Pram i.ender to Borrower reyucsting payment therrnf.•and shall bear interest from the date of disburxment at the rate payabk tram 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 petYrtissible under applicable law. Nothing contained in this paragraph 7 shall require i.ender to incur any expense or take any action hereunder. 8. Iwspectiow. i.ender 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. Cowdemwatbw. 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 therrnf, 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 Properly, 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 Lendu. 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 pricer 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. 1f the Property is abandoned by Barrower, or if. after notice by lender to Borrower that the rnndemnor offers to make an award or settle a claim for damages, Borrawer fails to respond to !.ender within 30 days after the date such notice is mailed, Lender is attthQrized. to collect and apply the proceeds, at Lenders option, either to restoration or repair of the Propcny or to flit wms. secured by this Mortgage. Unless Lender an~ 8or~ower Qljtsrwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referrrd to in paragraphs 1 and 2 hereof or change the amount of . j 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 i_ender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrowers a~ccessors in interest. Lender shall not be required to commence procoedingc 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 s?tccessars in interest. i 11. Forbearance by Ltwder Not a Waiver. Any forbearance by tender in exercising any right or remedy hereunder. or otherwise affurdtd by applicable law, shall net be a waiver of or preclude the exercise of any such right or remedy. i The procurement of insurance or the payment of taxes or other liens or charges by I~nder shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. s 12. Remedies CamulaHve. All remedies provided in this Mortgage are distinct and cumulative to any other right or j remedy under this Mortgage or afforded by law or equity. and may be exercised concurrently, independently or successively. 13. Successors and AssiRws aouad; .loint sad Se~•eral Liability; Captions. The covenants and agreements herein = contained shall bind, and the rights ber+eunder 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 far convenience- anly and are not to be used to ~ interpret or define the provisions hereof. 14. Notice. Except far any rtotice 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 Barrower at ~ the Property Address or at such other address as Bormwer may designate by notice to Tender as provided herein, and i (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 deemed to have been given to Borrower or Lender when given in the manner designated herein. lS. Uwdorm Mortgage; t..ovtnrirrg Law; Severairiiity. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instnrment rnvering t real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the 3 event thaE any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall-not affect E 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. 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 bereof. 17. Trawster of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred - t ~ 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 ixnder and that the interest payabk on the sums secured by this Mortgage shall be at such rate as Lender shall request. If 1-ender has waived the option to accelerate provided in th"ss paragraph 17, and if Borrowers successor in i interest has executed a written assumption agreement accepted in writing by Ixnder, 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 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 1R hereof. ~ NoH-UNrFORUr tAVENANTS. Borrower and Lender further covenant and agree as follows: 18. Aecderatbw; Reaxdiea. Fscept as provided iw prsgrapb 17 be~sof, upow Borrower's breach of awy covetAawt or agreettsewt of Borrower i, tb[s Mortgage, int:ludirrg the covewawts to py whew due ay sums secured by this Mort=a`e, Lewder i prior to aceekrafiow sbaB east! ratite to Borrower as provided is paragraph 14 hereof specRyirts: (1) the breach; (2) the actba required to cure such breach; (3) a date, cent less thaw 30 dsys from the date the wotke is wailed to 1lioerower, by which such breach and be cured; sect (4) thst failure to cure such breach ow or before the date specified ~ ii the entice may resole iw accekratbo of the sums secured by this Mortgs<e. torectosnre by judicial proceatia~ sect sale of the thoperty. The entice ~ shaN further iwtorm Borrower of the right to relastate after acceleratbw sect the right to assert iw the foreclowre proeeedlrtg r the won-existewee of s defauk or swy other defense of Borrower to sccekratbw sect foreclosure. if the 6reacb is sot eur+ed ow s or before the date sptei6ed b the wMiee, Lewder at Lender's optba may declatre aH of the sowts secured 6y tbb Mortgage b be } immediately due sect pyabk without further demsnd sad may forecbse this Mortgage by judkid proceediwg. Larder sbaO be artitled to cogeet is sorb procetdnwg afl expetrsa of forecbsure, iacludiwg, brt wet Bmilal to, ratsouable attorney's fees, snd costs of documewtary svidewce, sbstracb sect title reports. i 19. borrower's Right to Reiwstate. Notwithstanding Lenders acceleration of the- sums 'secured by this Mortgage. Borrower shall have the right to have any proceedings lxgun by lender to enforce this Mortgage discontinued at any time $~34~. p~ 9~9 - _