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HomeMy WebLinkAbout1012 ~ • s~ tl.'. Lender's written agrcetnent or applicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hcroot. Any amounts dishiirsed by I.endtr pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness at Borrower secured by this Mortgage. Unless Borrower anJ l.rnder agree to other terms of paymsnt, such amounts shall Ire payable Ripon notice from (.ender IA Borrower requesting payment (hereof, ind sh;It bear itrtercsl from the date of disbursement at the raft payable from tithe to time on outstanding principal under the iVote' rinless payment of inttrest at such raft would be contran? to applicabk law, in which eventsuch amounts shall bear interest at tlrc highest raft permhsibk under applicabk law. Nothing contained in This paragraph 7 shall require Lender to incur any expense or take any action hereunder. R Iw~eeflow, i_tnder may make or cause to be made reasonable entries upon and iniptxtions of the Property. provided that Lender shall give Borrower ndice prig to any such inspection specifying reasonable cause therefor related to Lender's • interest in the Property. 9. C~ The proceeds of any award a claim for damages, direct or consequential. in connection with any condemnation or other taking o[ the Property. a part thereof, a for conveyarroe in lieu of condemnation. are ht~oby as:ilned and shall be paid to tetrder. in the event of a total taking of the Property, the proceeds shall be applied to the sums secured by tha Mottgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and I,t~rdtr otherwise agree in writing, there shall be applied to the sums stcuted by this Mortgage such proportion of the prooeedt as is equal to that proportion wfiich 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 daft of taking; with the balance of the procads paid to )gort+ower. If the Property is abandoned by Borrower. or if. after notice by (.ender to Borrower that the condemnor oRen 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. Lender is authorized to collect and apply the proceeds. at Lender i 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, if. Borrower Nof Released. Extension of the time for payment or modification of amortization of the sums stx~ured by this Mortgage granted by Lender to any srtcctssor in intereu 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 be required to eomrrrertee 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 Borrowers successors in interest. 11. Rorbtarwwce try Leger Not • Waiver. Any forirearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicabk law, shall not be a waiver of or preclutk the exercise of any such right or rctntedy. The procurement of insuranoerlx the payment of taxes or other liens or charges by Lender shall not be a waiver of bender's Might to accelerate the maturity of the indebtedness secured by this Mortgage. - 12. Restedks CaeahMve. All remedies provided in this Mortgage arc dntinct and cumulative to any other right or remedy under this Mortgage or aRorded by law or equity, and may be exercised concurrently, independently or successively. 13. Sweceras ssti AssiRws Ronal; .>teht ttrti Sexed i.ia6itlry; Capdorrs. The covenants and agreemrnts 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 ~oiry and several. 71re captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to be used to interprot or define the provisions hereof. - 11. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided (or 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 i (b) any notice to Lender shag Ire given by certified mail, return receipt requested. to i.ender s address stated herein or to . _ such other address as Lender may designate by rK+tice 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. 1S. Uwitorw MortRttRe: Goverwiwtt Law: Sererability. This form of mortgage combines uniform covenants for national ~ zest 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 j event that any provision or clurse of this Mortgage or the Note conflicts with applicabk law. such conflict shalt not affect I 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. lf. Rotrowet's Co'y. Borrower shall be furnished a conformed copy of the Note and of this Mortgage: at the time of execution or after recordation hereof. 17. Trawler of the Twpertr: Aswwptiow. if 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 crcatron of a l+urchace mr+ney security interest for household appliances. (c) a transfer by devise, descent or by operation of law upon the death of a jomi tenant or fell the grant of any leasehold interest of three years or less s not rnntaining an option to purchase, Lender may. at lender i option, declare all the sums secured by this Mortgage to bt ~ immediately due and payable. Lender shall have waived such option to accelerate if, prior tb the sale or transfer. Lender and the person to whom the Properly is t~~ be colt or transferred reach agreement in writing that the credit of such person ` is satisfactory to Lender and that the intere.t Fayabk on the sums secured by this Mortgage shall be at such rate as Lender . shall request. lt. 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~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 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 o.xlared due. Tf Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Norrower, invoke any remedies permitted by paragraph Ift hereof. Nort-UNrFOant Covt:Narns" Borrower and Lender further covenant and agree u follows:. ~ lei. Acceleration; Rearedia. Lst:e~t w prorhld iw pragrapM 17 hereof. upon Rorrswtes's breach of troy eovtrwawt K ~ trgreewtewt o/ >sorrower b this Mortgage. b+dsdiwg tbt covewaMs to pf whew else trgr sswts secured bl' thb~Motittsge. Ltnrier prbr to acctkntlow shat wail wotke to llbrrower s provided Iw pragrsph 14 hereof sptcltyiwg: (1) the brewcb:121 the tretiat aquked to care swch 6rtaeh; t3) a date. woe less thaw 30 days frow the date the wotict b wailed to Rorrorrer. ~ wlrkh sseh bstach wwt be cwred; ttwd (1) that 6ilsre to etrre rash breach ow or before the date s'ecMed iw the wotice way result iw aecekrs~tiow of the sttna~s secsred by fhb Mortgage. feseeltrsrrrr by js~ebl /roeeedisg fwd salt of the rroperty. The tretiee. shat fsrtber iwtorw Borrower of the right to reiwstNe deer aecekratiow ttrri ebe riglN b assert i• the toreelessre psoctedlwB the wow-exbtewte of a detaslt or awy other decease o/ Borrower to aecekrMbw awd toreeloarre. N the 6rewch b woe Bated ew or before the date gteitied iw the troNce. (.ender at l.ewder's opiow way dtelarr aM d the twrrrts stewed by fhb MoAgsRt N be httwediately else tai pysbk without farther demand and way toreclost fhb Mortgage b!' jsikW Lender shall be ewfidtd to cored r such poctedisg err a:pcrwes of foreclosure. bxlsdbg, bat woe Ytwifed M. rtasowsblt stt.,rsev's fees. awl costs of doestweMary evidewee. >r6strwcts and tNk reports. lf. Borrower's Right to Rebtstate. Notwithstandeng Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings been by Lender to enforce this Mortgage discontinued at any timt • { - ; e oK341 ~N~E~012 - ~~2