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HomeMy WebLinkAbout0960 I.endcr's written agreement or applicable !aw. Borrower shall pa}• 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 intercxt thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shaft he payable upon notice from Lender to Borrower requesting payment thereof. and shall hear interest from the date of disbursement at the talc payahle from time to time on outstanding principa! under the Nate 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. luslteelion. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Cottdemnatbn. The proceeds of any award or claim for damages, direct or consequential, in rnnnection with any 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 taking of the Property. the procceds shall he 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, ttnlesc Bormwcr and Lender otherwise agree in writing. there shall he 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 immediatel}• prior to the date of taking hears to the fair market value of the Propert}• immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is abandoned b}• Borrower, or if. after notice by lender to Bormwcr that the condemnor offers to make rn rwai3 (~i +ettfe a claim for damages, Borrower fails to respond to lender whhin 10 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless i_ender and Borrower otherveisc agree in +rriting, an}• 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 Released. Extension of the time for payment or modification of amortization of the sums ucured by This Mortgage granted h}• Lender to any succeswr in imerest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. i_ender shall not he required to commence proceedings against such successor or refuse 1o 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 Bormwcr s successors in interest. 11. Forbearance by Lender Not a Wainer. Am_• forhearancc by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insu:erase or the payment of taxes ar (?iher item iii chaigrs by i.endei shall not tx a waiver of Lender's right to accelerate the maturity of the indebtedness secured by thii Mortgage. 12. Remedies Cmm~latire. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or atiordcd by law or equity, and may he exercised concurrently, independently or succeaively. 13. Successors and Assigns Bound; Joint and Seseral Liability; Captions. 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 shelf he joint and several. The captions and heailingc of the paragraphs of this Mortgage are for convenience only and are not to he used to interpret or define the provisions hereof. 14. Notice. 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 he given by mailing wch notice by 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 (b) any notice to Lender shall he given by certified mail. retain receipt requested. to Lenders address stated herein or to such other address as Lender may designate by notice to Borrower as pr.wided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Borrower or Lender when given in the manner designated herein. 1 S. Uniform Mortgage; GovernirrR taw; Severability. This form of m e combines uniform covenants for national use ortgag andnon-uruform covenants with limited variations by jurisdiction toconstitute a uniform security instrument covering real property. The state and local laws applicable to this Mortgage shaft be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this MoRgage or the ~ Note cortfli~s with applicable law, such conflict shall not attest 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 be furn_isheJ a conformed rnpy 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 an~• part of the Property or an interest therein is sold or transferred h}• Borrower without Lenders prior written consent. excluding tat the creation of a lien or encumbrance subordinate to this Mortgage. (h) 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 (d? the grant of an}• leasehold interest of three years or less not containing an option to purchase, Lender may. at 1_ender'+ option, declare all the sums secured by this Mortgage to be immediately due and payahle. 1_ender 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 payahle on the sums secured by this Mortgage shall be at such rate ac Lender shall request. If i_ender 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 Id hereof- Such notice shall provide a period of not less than 30 days from the date the noticr is mailed within t which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period. 3 Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 1 R hereof. 1 Nox-Utvtt=ot(trt COVFNAN75. Borrower and Lender further covenant and agree as follows: 18. Accekratato; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's brcacb of any covetnant or 6 agreement of Borrower in Ibis Mortgage, including the cotenants to pay when due any sums secured by this Mortgage, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof sptcifyirrg: (1) the breach; (2) the action required to core such breach; (3) a date. not less than 30 days from the dale the notice is mailed to Borrower, by which such breach mast be cored; and (4) That failure to cure such breach on or before the date specified in the notice may resdt in acceleration of the sums secured 6y this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeditrg the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach k not cored on or before the date specified in the notice. Lender 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. Lender shall be entitled to collect in such proceeding ap expenses of foreclosure, including, but not limited to, reasonable attorney's fees, 4 and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to ReirWate. Notwithstanding Lender'srcceleradon of the sums secured by this Mortgage, Borrower shall have the right to have an} proceedings begun by Lender to enforce this Mortgage discontinued at any time 800K~~4 PaGE QUO - -