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HomeMy WebLinkAbout0951 Lender's written agreement or applicable law. Borrower shall pay the amuunt u! 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 became additional indebtedness of Borrower secured by this Mcutgage. Unless Borrower and Lender agree to other terms of payment, such amamts shall be payable upon satire from Lender to Burmwrr rcytresting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to tinx on 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. permissihk under applicable law. Nothing contained in Chic paragraph 7 shall require lender to incur any expense ar take any action hereunder. 8. lnspectiou. Lender 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 Lender's interest in the Property. 9. Coademnatbn. The proceeds of any award or claim for damages, direct or conuqucntial, in connection with any condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation, arc htrcby assigned and shall be paid to Lender. 1n the event of a total taking of the Pmprrty. the proceeds shall be applied to the sums secured by this Mortgage. wish the excess, if any, paid to Borrower. In the event of a partial Taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage each proportion of the proceeds as is equal to that proportion which the amuunt of the sums secured by this Mortgage immediately prior to the date of taking hears 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 1_ender fo Burrower that the condemnor offers to make an s::•srd or settle a claim fzr da:.zag;. B:zrrczucr fair; i:~ respcrd tc: l.crdcr within 3tt days after the date such notice is mailed. Lender is authorized to rnllect and apply the proceeds, at Lender c 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. shat! not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of i such installments. 70. Borrower Not Released. Extension of the time for pai•ment or modification of amortization of the sums secured by this 11iortFage granted by Lender to am cuccess~~r in interest of Borrower shall not operate to release. in any manner, the liability of the original Burrower and Borrower's successors in interest. i.endtr shall not he required to commence 1 proceedings against such successor or relate 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. Forbearance by Lender Not a Waiver. Any forbearance b}• I.rnder in exercising any right or remedy hereunder. or # otherwise afforded by applicable law, shall not hr 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 s right to accelerate the maturity of the indeMednecs secured by this Mortgage. 12. Remedies Cumulative. 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 he exercised concurrently, independently or successively. 13. Successors and Assigns Bound; ]oint and Sec~eral i.iability: Captions. The covenants and agreements herein contained shall hind, 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 agrrcmcntc of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are fur convenience only and are not to be used to interpret or define the provisions hereof. 14. Nolke. Except for any notice rcyuired .under applicable law to be given in another manner, fa) any notice to Borrower Fmvided for in this Mortgage shall he given M• mailing such notice b} certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to lender as provided herein. and (hl any notice to Lender shall hr given by certified mail. rrwm receipt requested. to I .enders address stated herein or to such other address as i.ender may designate by notice to Borrower as pr.wided herein. Any notice provided for in this Mortgage shall be deemed ta have been given to Borrower or Lender when given in the manner designated herein. 1 Uniform Mortgage; Governing law; Severabilit}•. This form of mortgage combines uniform covenants for national use 'f andnon-uniform covenants with limited variasions by jurisdiction to constitute a uniform security instrument covering real property. The k state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in wfiich the Property is located. The foregoing I sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect 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 arc declared to be severable. 16. Borrower's Copy. Borrower shall I+r furnished a conformed cop}• of the Note and of this Mortgage at the time 3 of execution or after recordation hereof. ~ 17. Transfer of the Property; Assumption. If all or ant- part of the Property or an interest therein is sold or transferred _ ~ by Borrower without Lender's prior written content. excluding tat the oration of a lien or rncumhrancc subordinate -to ; this Mortgage. (b) the creation of a purchase money trcurity interest for household appliances. Icl a transfer by devise, ( descent or by operation of law upon the death of a joint tenant or I~It the grant of any leasehcild 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 tc. accelerate if, prior to the sale or transfer. Lender and the person to whom the Property it to be sold or transferred reach agreement. in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured b}• 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, 1_ender shall release Borrower from all obligations under this Mortgage and the Nute. t If Lender exercises such option to accelerate. 1_rnder shall mail Borrower notice of acceleration in accordance with j paragraph 14 hereof. Such notice shall provide a period of not less than i0 da}•t from the date the softer is mailed within which Borrower may pay the sums declare) due. If Borrower (rile to pay such sums prior to the expiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted M paragraph 1R hereof. 9 Nox-UNIFORM COVENANTS. Borrower and lender further covenant and agree as "follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage. includirrR the covenants to pay when due any snms secured by this Mortgage, Lender ~ prior to acceleration sbaU mail notice to Borrower ac provided in paragraph 14 hereof specifying: (1) the breach; (2) the adios j required to cure snch breach; (3) a date. not kss than 30 da}s from the date the notice is mailed to Borrower. by whkh such ; breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notke rosy resWt in ~ acceleration of the sums secnred by This '~fortRage, forcclocure by judicial proceeding and sale of the Property. The notker ~ shall further inform Borrower of the right to reinstate after acceleration and the right to assert io the foreclosure proceeding the non-existence of a defauN or any other defense of Borrower to acceleration and foreclosure. If the breach is ant craved on or before the date specified in the notke. Lender sl Lender's option rosy declare all of the'sums secured by this Mortgage to be immediately due and payabk without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in such proceeding all expenses of foreclosure. including. but not United !o, «asonable attorney's fees,s and costs of documentary evidence, abstracts and tick reports. ~ 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have am~ procrrdings hrgun b}• 1_rndrr to enforce this Mortgage discontinued at any time i a~x 342 PN~E 951 -