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HomeMy WebLinkAbout1366 is 1 ~ l cnder's written agrrrmcnt or ;tpph+•ahlc law. BOrfpwrr shall pay the am+?unt of all mortgage incur;ue« prcmiuntc m the manner pn?vidr+l under paragraph 2 hereof. - Am• amounts dishursed by I.endrr pur.uanl to this paragraph 7, with interest thereon. shall hece+ntc ~addilie?nal inckhtrdnris of Rurrowcr secured by this Alortgagc. 1'nlccs Rorruwrr and 1 rn+lrr acrcr to oQ+rr terms of payntrnt, such amounts .h;dl he payable up+?n noticr from 1 ender u? Borro++rr rryuesting payment thereof. ;uul .hall 1?rar inMrcd from the .late of dishurcrmrnt at the r:+te payahk from time to time on rngctanding principal under the 'rote unlece payment of interest at such r.+tc would he a?ntrary a? applicable law. in which event such amounts shall I?cat~intc 4 Jt the highest rate pcrmissihlr under applicahle laa•. Nothing contained in this p:uagraph 7 shall require Lcndcr M ineuF any•c>:pence or take any action hereunder. 8. Inspection. Lcndcr may make or rouse to he made reasonahlc entries upon and inspections of the Property, provided that l ender shall give Borrower nidice prior to any such inspection specifying rrau?nahle sauce thcrrfor related n? Lender's interest in the Property. t 9. Condemnation. The pn?ceeds of any award or claim for damages, direct or consequential. in connection with any Condemnation or other faking of the Property. +?r part thereof, or for conveyance in lieu of condemnation. are herchy assigned an+l sh:dl hr paid to Lender. In the event of a total taking of the Property. the pnkccds shall he applied to the toms secured by this Alortgagc. with the r~cecs. if any. paid t+? Born?wrr. In the event of a partial taking of the Property, unless Borrower :rod i.ender • otherwise agree in writing. there shall he applied Io the sums secured M• this Alortgagc curh pmlx?rtion of the proceeds as is equal to that proportion which the amount of the sums .scored M• this Vortgagc immediately prim to the date of taking hears to the fair market c•alue of the Property immediately prior to the date of taking. with the balance of the proxeeds paid to Bormwcr. If the Proliet•ty is abandoned he Bormwcr, or if. after notice by Lrndrr to Borrower that the condemnor offers to make an award or cMtlr a Taint for dam:+grs. &?rn?wcr fails to respond Io I ender within Zll dav. after the d:+tc such notice is mailed. Lcndcr is authorized to ~ollcct and apply the proceeds. at Lender's option, either to restoration or repair of the Properly or to the sums secured M• this Alortgagc. Unless Lender and Borrower Mherw•isr agree in writing. any Such application of proceeds to principal shall not extend or pcwpone the due daft of the monthly installments referrcil to in paragraphs 1 and ~ hcrcof or chance the amount of such installments. 10. Borrower 1\iM Released. Extension of the time for paymem or mcxlification of amortization of the sums secured by this Morteage granted M• lender to am• successor in interest of Bormwcr shall not operate to release: in am• manner. the liability of the original Borrmccr and &?rmwrr'c suCCessorc in intcrcst. Lcndcr shall not he required to commence pn?~eedings against such successor or refuse to extend tints for payment or otherti+•ise mcxlify amortization of the stems secured by this Morlgagc by rcau?n of any demand made M• the original Borrower and Barrc?wers successors in intcrest. 11. Forbearance by Leader \ot a Wais'er. Any forheara~cc hs• Lcndcr in exereicing am• right or remedy hereunder. or othrtwisc :dTurded by applicahle law. steal! not tx: a wais•rr c?f or preclude the exercise of any such right or remedy. Thr procurcmcnt of insurance or the payment of lases or other liens or charges by Lender shall not tx. a waiver of Lcndcr's right to accclcratc the maturity of the indrhtrdnrsc secured M• this Alortgagc. • 12. Remedies Cumulative. .411 remedies pm~idrd in This Alortgagc arc distinct and comulativr to any other right or remedy imdcr this Mortgage or afforded h.• law or rquity.:md may I?e c~crcise+t concurrently. indcpcndcntl~~ c?r suCCrscivcly. 13. Successors and Assigns Bound; Joint and Se~erol Liabilih•; ('options. The covenants and agrrrnunts herein a?ntainrcl shall hind. and the richts hereunder ,hall, inure to. the respective successors and assigns of Lcndcr and Borrower. - suh~ect to the provisions of paragraph 17 hereof. All cocenanh and agreements of Borrower shall he joint and several. The captions and headings of the paragraphs of this Afortgage are for convenience onh• •rnd arc not to t?c: used to interpret or define the provisions hereof. 14. Votive. Except for any notice required under applicahle law to he given in another manner. fal any notice to 1 Burrower provided fur in this Mortgage shall 1?c given by mailing such notice by certified mail addressed to Borro++er at the Property Address or at such other address as Borrower mac_ designate M• notice to Lender as provided herein. and ~ Ihl am~ notice to Lcndcr shall he given by certified mail. return rece•~pt rryuestrd. to I ender'c address slated herein or to ~ such other address as l.rnder may designate by noticr to. Borrower as provided herein. Am• notice provide) for in this Alortgagc shall he deemed to have b+tcn given to Bormwcr or I.rnder ++hrn gi+rn in the manner designated herein. 15. Uniform Afortf;aRe; Governing i.aw; Ser,~erabilih~. This f.?rm of mortgace romhincs uniform ancnants for n;+tional i j ucc and non-uniform covenants with limited variations by iurisdictian to r~?nstitute a uniform security inctnimcnt covering ~ real property. This Afortga>zc shall tx: governed M• the law of the iuriscfirtion in which the Property is k?Catrd. in the event that am• provision or clause of this Alortgagc .?r the \++tr contlirts with applicahle law, such conflict shall not affect i other provision,- of this Alortgagc ur the ':~Me which c:u+ 1?e given effrrt without the rontlirting procicirn+. and to this 1 rnd the pn?+•isions of the Alortgagc and the \otr arc ~JeClared to I?c severahlr. 16. Bormw•eis ('opt. Borro:vrr sh:dl he furm.hrcl runformed ropy of the Notr :rod of this Alortgagc at the time of execution or after recordation hcrcof. 17. Transfer of the Pmperl~: Assumption. If :+11 or ant part of the Property or an intcrest therein is sold or transferred by Born?wrr +vithotit l.cndcr's prior written roncrnt. r~Cluding lal the creation of a lien or cncamhranre cutx?rdinate to this Mortgage. Ih) the creation of a purchase money seCUrity intcrest for household appliancrc. (cl a transfer by devise. descent or by operation of law up++n the death of a joint tenant or (dr the grant of am~ Iracchold interest of three years or less , not containing an option to purchase. 1 ender m:n•. at I ender'. oph+m. declare :dl the sums secured by this Alortgagc to be intmediateh• due and payahlr. I ender shall have ++:u?rd snrh +•ptian accclcratc if. prior to the sale or transfer. Lender and the person to whom the Prnprrty is to he col+l or transferred reach agreement in writing that the credit of such person is saticfacton• to Lender and that the interest payable on the sums ururcd by this Alortgagc shall be at such rate as Lender shall request. If 1 ender has waived the option to accrle~atr provided in this paragraph 17. and if Borrower's successor in intcrest has executed a written assumption agreement arcrptrd in writing M• Lender. Lender shall release Borrower from all obligations under this :Mortgage and the Note. if Lcndcr exer.isec such option to accelrratr. Linder shall mail Bormwcr notice of acceleration in accordance with paragraph 14 hcrcof. Such notice shall provide a period of not Tess than 30 days from the date the noticr is mailed within which Borrower may pay the sums deCLrred due. If Borrower fails to pav such sums prior to the expiration of such period. Lcndcr may. without further notice or demand on Borrower. im•okr any remedies permitted by paragraph 1 R hcrcof. r Nox-i)P:IFORI?t COVENAtiTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as pros•idcd in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this !?tortgage, including the.cocenanis to pay when due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as pros•ided in paragraph 14 hereof specifying: (1) the breach; (2) the action s required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by which such i breach must be cured: and (4) that failure to cure such breach on or before the date specified in the notice may result in 1 acceleration. of the sums secured by this iortgage. foreclowre by judicial proceeding and sale of the Property. The notice f shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foret:Msure proceeding the nun-txiStence of s defsuN or any other defense of Borrower to acceleration and foreclosure. If the breach is not cured on i or before the date specified in the notice. [.ender at Lender's option may declare all of the sums secured by this Mortgage to be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lendsr shall be eatitkd to collect in such proceeding aB a:peruses of foreclosure. including. but riot limited to, rct>sorwbk attorney's fees, and costs of documentary evidence, abstracts and title reports. l9. $orrower's Right to ReirWate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. • Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any tittx r t t 8341 P,~Ei~4 _ .