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HomeMy WebLinkAbout1048 j i . t . Lender s written agreement or applicabb law. Borrower shall pay the amount of all mortgage insurancs pt+aniums in the manner provided under paragraph 2 heroof. Any amounts disMrrsed by Lender pursuant to this paragraph 7. with interest thereon. shall become additional indebtedness of Borrower secured by This Mortgage. Unless Borrower and !.ender agree to other teen of payment. such i amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the i date of disbursement at the rate payable from time to lime on artstanding principal under the Note unless ps'~matt 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 any expense or take any action hereunder. >L IwrFectiow. 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 rcasonabk cause therefor related to Lender's interest in the Property. 4 9. Cowdewrwstbw. The proceeds of any award or claim for damages, direct or consequential. in connection with any i 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. In the event of a total felting of the Property, the proceeds shall be applied to the sums secreted by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Larder 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. 1f the Property is abandoned by Bor:owe~, or if. after notice by Lender to Borrower that the condemtar oRers to mate an award or settle a claim for damages. Borrower fails to respond to tender within 30 days after 'the date such notice is mailed. Lender is authorind to collect and apply the proceeds. at Lender's option, either to ratoration 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 twstponc the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change tht amount of such installments. - 10. IRorrower 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, the liability of the original Borrower and Borrowers successors in interest. Lender shall not be requited 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. ForDearanee by Lewder Not a Wsiver. Any forbearance by 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 procrrrcment of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewxdig Cwwrrhtlve. All remedies provided in this Mortgage arc 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 successively. • 13. Swccesrors sad Assigws 0oawd:.Johrt awd Several I.isbilify: Captbws. 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 joirtf and .several. The, captions' and headings of the paragraphs of this Mortgage arc for convenience only and arc not to tle 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 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 under as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lender'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 Lender when given in the manner designated herein.__ 1S. Uwitonw MortRaRe: Goverwiag Law: Severability. This form of mortgage combing uniform covenants for national use and teen-uniform covenants with limited variations by jurisdiction to rnrrstitute a uniform security instrument covering i 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 ~?r the Note conflicts with applicable law, such conflict shag not affect ' other provisions of This Mortgage or the Note which can be given effect without the conflicting provision, and to then end the proveseoirs of the Mortgage and the Note arc declared to be severable. lf. >sorrower'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..Trwter of the hoperty: Asswwrpliow. if all-or any part of the Property or an interest therein is sold or transferred by .Borrower without Lender's prior wriurn consent. excluding (al the creation of a lien- or encumbrance wbordinate to this Mortgage, (b) the creation of a purchaa money security interest for household appliances. (c) a trarnfer 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 vrrived such option to avxeknte if. prior to the sale or transfer. Lender and the person to whom the Property is Ice be cold or transferred reach agreement in writing that the credit of such person is sitesfactory to Lender and that the inter~•ct payable on the sums secured by this Mortgage shall be at such rate as Lender shall requgt. I[ Lender has waived the option to accelerate provided in this parsgraph 17. and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender. 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 accekntion in accordarr~-c v?•ith 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, involve any rctrredig permitted by pangrsph Ifs. hereof. Nor+-UNIFOttM t;.OYBNeNTS. Borrower and Lender further coverraet and agree n follows: lfi. Aeeder~ Rawedies. B:ceps as'rorMcd iw pnpspb 17 herself. wpw •errewer's leweb d swy coewwwt sr agree•errt at •snosrer V tots Mortgage. Iwelwdiwg fire co.ewawb fo /w7' whew dwt ~ strata seewrei by Nils Mwrlgale. Lewder r !riot to wceekneMw sirs wsaY wotke to Itorrrlwer as provide4lw pragrgU 14 laer~eof spaitylwgs (1) tbs ireaeb: (2) the wetisrt rpwid b ewes web Meaelr; (3) a date, wet less dew 3• days trorw tee male the woNee r twslki N Mrrwwer. ~ which sweet IMeaeb gwrt be ewrt:~ swi (4) Nat twitwre fa twee web hrewcb ow w before the date speifis~ d tot wotlce way rawlt iw ~ wa+deraNsw afi the straws sscwrsd y Ntir Morlga`e. tersclawre y jirrdield N'wsslML wwi sale st the Pt+s'erty. Tire wetiet . sbwll freber iwform liorrrawer d the right to rshwste after aeeeieratiow awe the right to ssseA lw the fers~eioswre preteen t>re ¦ow•e:Ltewee df . ddawlt or awe other aiefewse o/ liorrewer fo wccekraNew awl tsredonwra !t Nee breach r cwt tweed a or bdore the rte gseMed V the wotice. Lewder at t.swaer's oNiew way aeclwre si w[ the stems seewrar by tlds Msrtpgje tr be iwtwstaidsly dwe awl ~aMe witbowl fwAber dearaad awe way fereelest tftis Mse~agt b!' jwdklwl pretse~¦IC• Lender doll k ssNiAsi N eoYset V web ~reeee>iwg aw a:'cwses of torecloswrri. iwclediwg. btM ¦st MNed M. r~tassMMt snwwev's fee. } aw/ pws st lags-~ewtarp svidewa, abstrwcb awl tick repro. 1!. Iserrowa's ~t t• Reiwstate. Notwithstanding Lender's acceleration of the sums socurod by rhea Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforvx this Mortgage discontinued at any time a~~3~i P.~E10~~ _