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HomeMy WebLinkAbout0660 Lcndci 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 lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mar+gage. Unless Borrower and Lender agree to other terms of payment, such amrnmts shall be payable upon notice from tender to Borrower rey?+c~ting payment thereof. and cFiait tzar inierest from the date of disbursement at the rate payable from time to time an outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall hear 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. 8. lrupecttoa. ?.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 rcaaonabk cause therefor related to Lender's interest in the Property. 9. Condemnatbn. The proceeds of any award ar claim far damages, direct or rnnsequential, in rnnnection with any condemnatian ar other taking of the Property, ar part thereof, ar for conveyance in lieu of candemnation, are hereby assigned ` i and shall be paid to Lender. Tn the event of a fatal taking of thr Property. the proxeeds shall he applied to the sums secured by this Mortgages with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender atherwise agree in writing. there shall be applied to the sums sec++ree1 by this Mortgage such pro~ortian of the proceeds as is equal to that proportian 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 pricer to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandaned by Harrower. ar if. after notice by i.ender to Harrower that the condemnor offers to make _ an award r•r settle a claim fnr damages, B~rrntiver fails !a respand to Lender within 3t? days after !hc date such notice is 4 mailed. Lender is authorized to rnllect and apply the pracecds, at Lender's aption. either to restoration ar repair of the Property ar to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such applicatian of proceeds to principal shall not extend i or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or ch2nge the amount of r such installments. 10. Borrower Not Released. Extension of the time far payment or madification of amortization of the sums securrd by this Mortgage granted by fender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the anginal Borrower and Borrower s successors in interest. lender shall not be required to commence proceedings against such succesoar or refuse to extend time feu payment or otherv?•ise modify amortization of the sums secured by this Mortgage by reason of any demand made by the ari¢inal Borrower and Harrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Am• farhearancc by Tender in exercising any right or remedy hereunder, or otherwise afiorded by applicable law, shall not he a waiver of ar preclude the exercise of any such right ar remedy. The procurement of insurance or the payment of taxes ar ather liens ar charges by Lender shall not he a waiver of Lender's i right to accelerate the maturity of the indebtedness secured by this Mortgage. _ i 12. Remedies Cumulatire. All remedies provided in this Mortgage are distinct and cumulative to any ather right or remedy under this Mortgage or aflarded by law or equity, and may he exercised cancurrently, independently or successively. 13. Successors and Assigns Found; ]oint and Several Liability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall im+re to, the respective st+ccessars 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 Ibis Martgagr arc far convenience only and are nat to be used to interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to be given in another manner, fa) any notice to Horrower provided for in this Mortgage shall be given by mailing such notice by certified mat! addressed to Harrower at the Property Address or at such other address as Barmwer may designate by notice to i_ender as provided herein, and (h) any notice to Lender shall he given by certified mail. return receipt requested. to Lenders address stated herein or to such other address as Lender may designate b}• notice to Borrower as provided herein. Any notice provided for ~in this Mortgage shall be deemed to have been given to Barrawer or i_ender when given in the manner designated herein. 15. Uniform Mortgage; Governing I.aw: Severability. This form of mortgage combines uniform covenants far national use and non-uniform covenants with limited variations by jurisdistian to constitute a uniform security instn+ment covering ~ real properly. This Mortgage shall be governed by the law of the jurisdictian in which the Property is located. In the event that any provision or clause of this Mortgage ar the Nate conflicts with applicable law, such conflict shall not affect ather provisions of this Mortgage ar the Nate which can be given effect without .the conflicting provision, and to this end the provisions of the Mortgage and the Note arc .icclared to he 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 hereof. ~ 17. Transfer of the Property: Assumption. If all or any part of the Property or an interest therein is said or transferred by Borrower without Lenders pricer written consent. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest far household appliances, (c) a transfer by devise, descent or by operation of law upan the death of a joint tenant or (c1) the grant of any leasehold interest of three years ar less not containing an option to purchase, Lender may, at Lender c aption. 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 Lender and that the interest payable nn the sums secured by this Mortgage shall be at such rate as 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 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 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 Borrawer may pay the sums declared due. if Borrower fails to pay such sums prior to the expiration of such period, [.ender may, without further notice ar demand on Borrower, invoke any remedies permitted by paragraph t8 hereof. a Nox-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Accekrstion; Remedies. E:cept as provided is paragraph 17 hereof, upon Borrower'a breach of nay cotenant or agreement of Borrower in tbb Morfaage, inclndirq; the cotenants to pay when due any snns scented by tbb Mortsr+`e, Lender f i prior to acceleration shall ma8 notice to Borrower as provided is paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date. not less than 30 days from the date the notice b awed !o Borrower, bq which such ~ breach mwt 6e cured; and (4) that failure to cure such breach oa or before the date specified is the notice may resdt iw acceleration of the sums secured by this Mortgage. forecbsore by judkial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reirotafe after acctkration aced the riabt fo assert is the foreclosure proceedlaB a the non-existence of` a detsuk or any other defense of Borrower to sccekration and foreclosure. If the breach b not cw+ed oa or before the date specified in the notice. Lender at Leader's option may declare aq of the sums secured. by tbb Mortsa6e to 6e immediately due aced payable without further demand and may forrcbse fhb Mortsa`e by judkid proeee~os. Lender shall be entitled to collect in such proctedirrg all a:peoses of forcclosarr. inclndirrs. but not Waited to, reasosabk attorney's ftes, ; and costs of documentary eMdence, abstracts aced title reports. 19. Borrower's Right to Reimtate. Notwithstanding tender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings begun by I~nder to enforce this Mortgage discontinued at any time sow 342 P~ 660