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HomeMy WebLinkAbout1542 • i t • Lender's written agreement or spplicabk law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by lender purwant to this paragraph 7, with interest thereon. shall become addilionai indebtedness of Borrower secured by this Mortgage. Unkss_Bormwer and !.ender agree to dher leans of payment. such amounts shall be payable upon notice tram Lender to Borrower requesting payment theryv(, acrd shall bear interest from the date of disbursement at the rate payahk Item time to time on attstsnding princi~t` finder tire' Nde unless pa'yraent of interest at such late would be contrary to applicable law, in which event such amounts shall bear interest at the highest rata ! permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any exaerae a take any action hereunder. ' Introetiow. Tender may make ar cause to be made reasonable entries upon and inspections of the Property. provided that !.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condesatbw. The proceeds of any award or claim for damages, direct or rnnstquential, in connection with any condemnation or dher taking of the Property, or part thereof, ar for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. Tn the event of a total taking of the Property. the proceeds shall be applied to the sums secured by this Mortgage. with the excess, it any, paid to Borrower, In the event of a partial taking of -the Property, unless Borrower and Lender dherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of tha proceeds as is equal to that proportion which tht amount of the sums secured by this Mortgage immediately prior to the dale of taking bwrs to the [air market value of the Property immediately prior to the date of taking, with the balance of [het proceeds ~ paid to Harrower. ` { If the Prapeny is abandoned by Borrower. or if. after notice by Lender to Horrower that the condemnor offers to make ~ an award or settlr_ a claim for damages. Harrower fail. to respond to Lender within 30 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 Lender and Borrower dherwise agree in writing, any such application of proceeds to principal shall rat extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the remount o[ such installments. 16. eorr~uwer Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rcksse, in any manner. the liability of the original Borrower and Borrower's successor in interest. Lender shall red be required to commence proceedings agairut such successor or refuse to extend time for payment or dherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. f 11. Forftearanee bar i,errder Not s Waiter. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise aBorded by applicable law, shall rat be a waiver of or preclude the exercise of say such right or remedy. The procurement of insurance or the payment of taxes or dher liens or charges by Lender shag not be a yvaiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Rewxdies CnwuhtNre. All remedies provided in this Mortgagt are drstirrct and cumulative to any dher right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently. independattly or successively. ' 13. Srrectwas awd Asdgas •oatsd:.loirrt and Several T.ia6itTty; Captlws. The covenants and agreements herein contained shall bind, and the rights hereunder-shall inrrr~ to. the respective successors and assigns of Lender sod Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joiry and sevual. The captions' and headings of the paragcaphc of this Mortgage are for convenience only and an rat to lie used to interpret or define the provisions herrnf. 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 ratite by cenifled mail addressed to Borrower at ~ the Properly Address or at such abet address as Borrower may designate by notice to Tender as provided heron. and (b) any notice to Lender shall he given by certified mail. return retxipt regrxsted. to Lender's sddress stated herein or to f such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this } Mortgage shall be deemed to have been given to Harrower or Lender when given in the manner designated herein. 'i lS. Unitorso Mortgage; Gorernhrg Law: SeverabilNy. This form of mortgage combines uniform covenants for national j use and ran uniform covenants with limited variations by jurisdiction to constitute a uniform sxurity irstrument covering l real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. Tn the event that any provision or clause of this Mortgage ar the Note conflicts wish applicable law. such conflict shall not aged ~ dher provisions of This Mortgage or the Nate which can be given effect without the t:ooflicting provision. and to this end the provisions of the Mortgage and the Nate arc declared to be severable. 14. son+uwte'c Cory. Borrower shall be furnished a conformed copy of the Nde and of this Mortgage at the time of execution or after recordation hereof. ` 17..Trancfer of tee Property: Aswnrptiow. If all. or any part of the Property or an intere~ therein is sold or transferred by Borrower without Lender s prior written consent. excluding (al the creation of :lien or encumbrance subordinate to this Mortgagt. (b) the crcatiart of a purchase money security interest for household appliances, (e) a Iranster t?`r devise. descent or by operation of law upon the death of a joint tenant or (dl the grant of any leasehold 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 to accelerate if, prior to the sale or traruier. Lender and the person to whom the Property is to be cold or transferred reach agreement in writing that the credit of such person is utisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate ac Lender ' shall request. I[ Lender has waived the option to.accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written aaumption agreement accepted in writing by Lender. Lender shall release Borrower Pram all ~ obljgations under this Mortgage and the Nrxe. if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordanrx M•irh paragraph 14 heroof. Such notice shall provide s period of red less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such stems prior to the expiation of such period. v Lender may, without further ndioe or demand on Borrower. invoke any remedies permitted by paragraph IR hereof. NoN•Ut+tPOaat CaveNawrs. Borrower and Lender further covenant sad agra ai follows: lfi. Aeederatlor Rearediw. >Euept w rr't+viied h rnragrarlr if [retool. trpn >>erttrwera ireneY at arty creawt K agroewat of >t~rrrarret V tYs Mostgage. irrclrr~rrg the covearts a pap when dire ap onus oeewstt h this Mortgage. I.e~detr rrbt N ncceleslloa sfrar trail notlce to >tornwer as rr+ovidea M Nragtapi 14 b~ereo[ spoeltplr~gs (1) Are breselr; (t1 the sttMw re*irsi !o ettae ntreti breselq (3) • dale. not few tlrarr 30 days revert tbx dote tee wetke fe tolled N ifbrrfawet. ~ wbikTr snrtt ~rwtfi rtrtrtt k enrr# aoi Wt hilnre N etrre snelr IrreaeM err ar ftetere t11e date sreeiBod r tbx tcotiee tray rank r ~ aceeieratie~ nt tee err ioetrsd h Art Mortgage. hreeioenre h !fit arrd ale al the Ptsrertp. 71re wotk+e j elect! twiret Wita >sornwer of tee right t. reirvtak after se:ekratiora and [tie right N acci<rt ire the latoeNowe rrrltet8tg. ~ . lie aresMeoce A s detaak of al' other defence d >iortawe* b nccekratMn wti t~raeloonre. Il Aa IlteaeY 1r Nt etrted art K letire the dNe oroelied f• the ttalke. I.ew/et st l.rrrriet's opierr tap dodero ail at ~e r~ oectrs~ h Arlo MottRplpe M k ittctredlMelp effete ant! pfapsttie wkrotrl trrrtber demand area ray r..selae lair M~age b jrrdieW rneoeitt. render .call inel./i.~. ink reek Barkott M nwerreMe otbxaetro tea. itK N eoBott V sndr rntsedirrg d ssrrnrces ref toreclestrr+e. W tt+eels at ieetaevtarp eridenee. aMtrscls arri kirk retorts. i!. Aennwa's Rigkt N RdtrMate. Notwithstanding Lender's aooekration of the sums secured by thn Mortgage. Borrower shall have the right to have any proceedings heEun by Lender to enforce this Mortgage discontinued u any time a~342 P~Ei54i