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HomeMy WebLinkAbout1491 . ~ ~ ~ ~ cif t Lender's writtcn agreement or applicable law. Borrower shall qt' the amount of all mortgage insurance prani?um in the manner provided ?tnder paragraph 2 hereof. Any amaints disb?trud by Lender pursuant to this gragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrow•tr and Leader agree to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting gyment thereof. and shall bear interest from the date of dab?trsement at the rate payable from time to time on o?ttstanding principal under the Note unless pay~t of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall roquire Lender to incur any expetge a hike any action hereunder, s. inspection. Lender may make or cauu to be made reasonable entries upon and inspections of the Property. provided that lender shall give Borrower notice prier to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condetntntbs. The proceeds of any award or claim for damages, direct or consequential, in contieetlon with any condemnation or other taking of the Property, or qrt thereof, or for conveyance in lien p~ cpgd~aot?tran. are 1?ereby ttssigtied and shall be qid to Lender. in the event of a total taking of the Properly, the proceeds shall be applied to the s?tms secured by the Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and I.ettder otherwise agree in writing. there shall be applied to the sums sec?trcd by this Mortgage such proportion of fife proceeds as is equal to that proportion which the amatnt of the sums secured by this Mortgage immediately prior to the date of taking heirs to the fair market value of the Property immediately prior to the date of taking. with the balanu o! the proceeds paid to Borrower. if the Property is ahand~ned by Bartower. er it. atttr nc+tice by Lender to Rormwer that the eondeaitar oRers to mtt>oe an award or attic a claim for damages, Borrower tails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at l.ende~ s option, either to restoration or regir o[ tots Property or to the sum. secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to princigl shag not extend t or postportt the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount d such installments. 19. Borrower Not Released. Extension of the time for payment or modilkation of amortization of the sums secured by this Mortgage granted by lender to any cucceswr in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower c successors in interest. Lender shall not be required to comnrenoe proceedings against such successor or rcfua to extend time for gyment or otherwise modify amortization et the sums secured by this Mortgage by reason 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 otherwise afforded by applicable law, shall trot be a waiver of or proclude the exercise of any such right or remedy. l The proc?trement of insurance or the payment of taxes or other liens or charges by Lender shall not be i waivrr o[ Landers right to accelerate the maturity of the indehtedneu ac??red by this Mortgage. 12. Retriedks Ctmubtlre. All remedies provided in this Mortgags arc distinct and cumulative to any other right or - rcmedy under this Mortgage or aBorded by law or equity, and may be exercised concurrently, independently or suect:sively. ' 13. Saccessas and Assigns B~oaad:.Jobt sad Several f.ia6ilMy; Captions. The covenant: and agroements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigtn of Lender sad Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joirtj and several. The captions' and headings of the paragraphs of this Mortgage are fo_ r convenience only and are trot to Ile used to interpret or define the arovisions 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 be given by mailing such notice by certifed mail addressed to Borrower at the Property Address or at such other a?idresc as Bormwer map designate by notice to I~ttder as provided herein, and 4 (b) any notice to Lender shall he given by certified mail. return receipt requested. to Lenders tddrcss stated herein~or to such other address as Lender may designate by notice to Borrower ss 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 desi`rtated herein. i i 1S. UnBorm Mortgage: Goveniag Law; SevetsbBity. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to constit?tte a uniform ttx?lritir iMtrument covering real properly. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the i event that any provision or cla??se of this Mortgage or the Note rnnflicts with applicable law, such conflict shall not aRect _ other provisions of this Mortgage or the Notc which can be given eQect without the oonAicting provision. and to this end the provisions of the Mortgage and the Note arc declard to be severable. 16. lorrowers Colt'. Borrower shall be furnished a conformed cope of the Note and of this Mortgage at the time of execution or after recordation hereof. 17..Ttnsttsfer of the Property; Assantptiow. if aft or any part of the Property or an interest therein is wld or transferred E by Borrower without Lender's prior writtcn consent. excluding (al the creation o[ a lien or encumbrance subordinate to - this Mortgagt. (b1 the creatrcxs of a purchaa money security interest for household appliatsces, (c) a transfer by dtvise. descant or by operation of law upon the death of a joint tenant or (d) the grant o[ any leasehold imerest of three years or less not containing an option to purchase. Lender may, at Lender s option, dalarc all the sutra sxured by this Mortgage to be immediately due and payable. Lender shall have waived s?tch option to t?ccekrate it. 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 intcrc~at payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. if Lender hu waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in interest has exocuted a written auumption agreement s~ccepted in writing by Lender. Lender shall release Borrower from all obli~ions under this Mortgage and the Note. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in sccordantx v?•irh ' paragraph 14 hereof. Such notice shall provide a period of nd less than 30 days from the dare the notice is mailed within ~ which Borrower may pay the sums declared due. ?f Borrower fails to qt' such sums prior to the expiration of wch period. ~ Lander tray. without further notice or dematnd on Borrower, invoke any remedies permitted by gragtaph Ig hereof. s Norv-Utttt=otnt?r CoveNan'rs. Borrower and Lender further covenant and agree as follows: € ~ 1R Aetekratiwi Renitdfes. E:cell as lrnvMsd b laragrallr 171reraot. crier, tiornwes'a Meath at atq cwet>~t ~ sgreeaseM of lseerewet fu fhb Mortgage. Ineluis~ the esvenauts le lh when dtrs star sattrs ttenreJ irf grin MotfgrRs. L,awier lrfatt N acceltraMot, shah ttsttN trwtlce b ionewa as lrovNetf b /rnragralh 14 hes+set slsalffltrgr p) tht ht+aehs (2) the aefMu r~puMtl N suet sttseh hrtaciq (3) a tale. tntt ins than 30 days treat the dale t>re taetiee It tstaiai N >tassewrer, try whki web htraeli squat he estrt~ and (1) that faYrrate Io ettrtt web breach on er hetes~e the date sgelAed fr the racks stay taesttlt In aeeekeatltw of the wtsts atcttrel by fhb Mortgage. tes?cclowrs hlr l~r !s'ws~ ttsttl salt et the Peelerty. Tlrs natke ahsM fttsther idorw ion+swer of fire rIg1M to re~talt abet seeeleratloti awl the trtgM is at>.ert i• rift terteltaast lsetstitg . de tsorr~Meace of a detttait or t>q other refewsc o1 sorrewer b aecelerdMn ant twseleturt. Il tht hesach b oral cocci M K hders the hie gecYtd V the tsolke. Lanier s» t.trnler's oltMw wtry detdrt aB et the ttrttts atetwsl ~X Iltis Mtrl`flpe tit tK trowedialtly lue ttnrl layaMe without ItsAher demand anti Wray t«+eelaae this M«igage b Ir+kW N'KK~g• Lenore. dry k eNMft/ u a~tet is web lroetediag sN eslcaaes of foreclowre, luctulia~. r~t net iarNal Mr rtaaarMt altaser's fen. aril salt et iet:tweafatry sdlenle, ahatratb and title Rlefb. i!. ianewa's Right to Reiattde. Notwithstanding Lenders acceleration of the awns sectued by tht: Mortsage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinuod at any rinse ~ 800~R~~ P~tt~i~ f -.'S+ _ f _ rte- _