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HomeMy WebLinkAbout1073 1 Lender's written agreement or spplicabb law. Borrower shall pay the amount of all mortgage inwrantx premiums in the manner provided under paragraph 2. hereof. . Any amounts disbursed by 1:eq~ri pursuatt~ -Z~ shy paragraph 7. with interest thereon. shall become additional indebtedness of Borrower secured by t is Mortgage. " Unless Borrower and lender agree to other terms of payment. such amounts shah bt: payable upon nMica 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 artstanding principal under the Note unless pa~?raatt of interest at such rate would bt contrary to applicable law, in which event such amounts, shall bear interest at the highest rate 3 permissible under applicable few. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. Iwspeetiow, 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 I.dtder's interest in the Property. 9. Coweewrwatbw. The proreeds of any award or claim for damages, duct o~~otnlt~tential, in connection with any condemnation or dher Taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigtred and shall be paid to lender. - ln tlta 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 bender s otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the prooeatk as is equal to that proportion which the ama~nt 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 by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make _ an award or settle a claim for damages, Borrower fails Io respond to lender within 30 days after -the date such notice a mailed, Lender is authorized to collect .and apply the proceeds, at Lender's option, either to restoration of repair of the _ Propt:ny 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. Borrower Not RNeased. Extension of the time for payment or modiAcation of amortization of the wms 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 required to commence proceedings against such successor or refuse to esttnd time for payment or otherwise modify amortintion of the sums secured by this Mortgage by rezsort of any demand made by the original Borrower and Borrower's successors in interest. 11. Forbearance by Leader Not a waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or - othervKise 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 taxes or other liens or charges by Lender shall not be a waiver of Lender': right to accelerate the maturity of the indebtedness secured by this Mortgage. 1Z Rewreeies Cauwula~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 successively. 13. 3accessors and AssiRas lloawd:.Joht awd Several T.iabiNtr; Capaowa. The oovananb and agrceanents herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender cad Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and several. -The captions- and headings 'of the paragraphs of this Mortgage arc for convenience only and -are not to lie used to interpret or deAne the provisions hereof. 11. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgaet shall be given by mailing such notice by certifkd mail addressed to Borrower at - the Property. Address or at such dher address as Borrower may designate by notice to i_ender as provided herein, and _ (b) any notice to Lender shall he given by certified mail, return receipt requested. to tender'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. - ]S. Ua+iforrtt Mortgage: CoterwiwR Law: Serersbllity. This form of mortgage combing uniform covenants for national t use anti non-uniform covenants with limiter! 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 € event that any provision or clause of this Mortgage or the Note rnnflicts with applicable law, such conflict shah not affect - f other provisions of this Mortgage or the Note which can be given eQect without the conflicting provision. and to this end the provisions of the Mortgage and the Note arc declared to be severable. lt. lorrower's Cory. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. - 17..Trawder of tie >rrorertr: Aswmptiow. Tf 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 enwmbnnce wbordinate 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 (dl 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 each person is utisfactory to Lender and that the intcn~ct payable on the sums secured by this Mortgage shall be at arch rate ac Lender shall request. if Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in interest has executed a written ssstrmption agreement s~ecepted in writing by Lender. Lender shall release Borrower from all obtijations under this Mortgage and the Note. °t, if Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance .?•ith I paragraph 14 hereof. Such notice shall provide a period of not less than 30 days-from the data the notice is mailed within t which Borrower may pay the wms declared due. If Borrower fails to pay such sums prior to the expiration of such period, i Lender tray, without further notice or demand on Borrower. invoke any remedies permitted by paragrsph lg hereof. s ~ Now-Unrt~oanr CoveNanrs. Borrower and Lender further covenant and agree as folbws: P ifs. Aetdaatlo~; Reaseela. l.xcert cat rrorMa~ i• raragrarr 171aereet. anon fliarrrwes'a irrratr d awr coreaas?t sr agrec~at of 1a+rrowetr V Irv Marigage. rsclseiag are eorenarMs to 1M7' when ttae a4 :afar: sscsrei i7' err Mortgage. t.eweer rrtotr N aeederMloo star aaN wa+ace to Borrower as rrorNed Iw rsragrarr 11 Dereoft sPCelfrlsgs (1) are ireaer; (21 ere atetNw ~ rr~ira! M ewre wd ireaer; (3) • esee, rat las thaw 3• esrs frow tie dale ue .otke r hared N Mrnwer. b wikr seer • ksaeh asrrst rte ears sat (4) that Ihgare a cure arrei brescr err o< ietore ere >ats galfied r tie notice rear resrrN V I atederatlM a+[ tis was seearci i7 err Mortgage. Mreaiowre b lydlcW rroee~ and sale of ere Ihorertr. Tire wotiee slrsr tsrtit!r ftlorrw rorrswer of ere right to rclydtMe after seeekratba awi tie right N ata+ert V ate forcelesare rroeee~ag tie ~ of s refaark or astr Nrer deferrse o/ >torrower M sccekratfsw salt foreeloesrc. 1r are ireseh r wet e~rci a a+r iefore ate bate erectiatt t• tie •oaee. Leweer st I.ewtler's a+rtiow r.ar lacbre al[ .R as w.. asarr+ei rr trrr MertpRe is rr lwaseeia/elr ire std psrsrk wNioat tarrtrer deaAarrd awe twat fsreelae fir Mor~age b ir+kw rneea+rtc. Lender dear j k eatNlei M pipet V :fret rneeediag sr exrtases of forstlosrnt. iael.eia~. tat not 1laritsi M. reseawark attwwer's fees. E atri pals of rioca•~estarr erteewere. akatrscb awe trek rerorb. ~ i!. lllsrarwa's ltfgrt ts? Refsatate. Notwithstanding Lenders acceleration of the wms secured by thr. Mortgage: Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ BIN1K J~1 PAGE 1071. ~ :