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HomeMy WebLinkAbout0389 LcnDcr's written agreement o? applicahle law. titlrfUwl'r ,hall pay the am.arnt of all mortgage insurance premiums in the manner pn?vided under paragraph 2 hereof. Any amounts disbursed by Lcndcr pur,uant to this par.igrapt; 7, with interest thereon, shall become additional indehtednrs, of Bormwcr secured by this Mortgage l.'nle„ Burn?wcr :u?ct Lcndcr agree to other terms of payment, such amount, shall t?c payahle upon notice from Lender to Barruwvr rcyuc,ting p:+yntent thereof. and sh:dl tzar interest from the elate of dishurtement at the rate p:ryahlc from time to time on outstanding principal under the Note unless payment of interest at such rate would t+e contrary to applicable 1:?w•. in which event arch amounts ,hall hear interest at the highest rate permissible under :?pplicahlc law. Nothing contained in thi, paragraph 7 shall requim Lender to incur any expense or take any action hcrcundcr. 8. lnspecfion. Lcndcr may nr.?ke or sauce to be made rcatonahle entries upon and in,pccliunc of the Property. provided that [.ender shall give Borrower Holier prior to any ,uch inspection ,pacifying reasonable cause therefor related to [.ender s interest in the Property. 9. Condemnalian. The proceed, of ar»• award ur claim for J:.mages. direct ur con,equential, in connection with any condemnation ur other taking of the Property. ur part thereof. or for cum~eyance in lieu of condemnation. arc hereby assigned and ,hall he paid M 1-cndcr. In the event of a total Taking of the Property. tfic proceeds shall he applied u• the sums secured by this Mortgage. with the cxecss, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower :+nd i.endcr otherwise agree in writing. them shall he applied to the ,umc seaircJ by this Mortgage arch proportion of the proceeds ac is equal to that proportion which the amount of the sums ,ecured by this Mortgage immediately prior to the date of taking hears to the fair market value of the Property immediately prior to the Jate of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned M• Borrower. or if, after notice by Lcndcr to Borrower that the condemnor offers to make an award or fettle a claim for damage,. Borrower fail, to re,pcmD tc. 1-cndcr within i0 days after the date such notice is mailed. i.cndcr is authorized to ccdleet and apph• the proceeds. at Lcndcr', option, either to restoration or repair of the Property or to the sum, ,reared by thi, Mortgage Unless Lcndcr and Borrower otherwise agree in writinc. am such application of proceeds to principal shall not extend or pcxtpune the due date of the gtonthh~ installments referred to in paragraph, 1 and 2 hereof or change the amount of such installmcnic. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to an}• successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower', cucces,ors in interest. Lender shall not he required to rnmmence proceedings against such successor or reface to extend time for payment or otherwise modify amortization of the sums - secured by this Mortgage by reason of am• demand maDe by the orieinal Bormwcr and Borrowers successors in interest. I1. Forbearance by Lender Not a Waiwer. :1m' fortx:arancc by [.ender in exercising any right or remedy hereunder, or otherwise afforded M• applicahle law. shall not t+e a waiver of or preclude the exercise of arn• such right or remedy. The procurement ~t insurance or the payment of taxe, or other liens ur charges by Lender ,hall not be a waiver of Lender s right to accelerate the maturity of the indebtedness ,ecured h}• this Mortgage. 12. Remedies Cumulative. A!I remedies provide) in this Mortgage are Distinct and cumulative to any other right or remedy under this Mortgage or affordeD by law or cyuity. and ma} he exerci,eJ concurrently, independently or successively. 13. Successors and Assigns Bound: Joint and Several I.iabilih': Captions. The covenants and agreements herein containeD shall hind. and the rights hcrcundcr shall inure to. the rc,peclive succe,son and assigns of Lcndcr and Borrower. subject to the provision, of paragraph 17 hereof. All covenants and agreements of Borrower shall he joint and several. The captions and headings of the paragraphs of this Mortgage arc for rnnvenience only anD arc not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice rcyuired :ruder applicable law to be given in another manner. (a) any notice to Burrower provided for in this Mortgage shall he given M• mailing wch notice by certified mail addressed to Borrower at the Property ADdress or at such other addrec, a, Burrower ma}• designate M• notice to Lender as provided herein, and (M any notice to Lender shall he given by certifieD mail, return receipt requested. to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provide) herein. Any notice pmvideJ for in this Mortgage shall be deemed to have been glean to Borrower or Lender when given in the manner Designated herein. 15. Uniform Mortgage: Governing LaN: Severabilit}•. Thi, lorm of mortgage rnmhines uniform covenants for national use anD non-uniform covenants with IimiteJ s•ariationt by jurisdiction to constitute a uniform security instn?ment covering j real properly. This Mortgage shall he governcD h} the law of the jurisdiction in which the Propem is Icx:ated. In the Ef event that any provision or clause of thi, Mortgage ur the Nute cunflirh with applicahle law. Bach conflict shall not affect r other provisions of this Mortgage w the Note which can be gi,•en effect without the conflicting provision. and to this ( enD the provisions of the Mortgage anD the (lose arc declared to he tcverahle. 16. Borrower's Copy. Bormwcr ,hall be furni,heJ a cc.nformed cop}• of the Notc and of this Mortgage a1 the time ` of execution or after recordation hereof. 17. Transfer of the Propert~~: Assumption. If all or an}' part of the Property or an interest therein is sold or transferred $ by Borrower without Lender's prior written content. excluding la! the creation of a lien or encumbrance subordinate to thi, Mortgage. (h) the creation of a purchase money security interest for household appliances. fc) a transfer M• devise. descent or by operation of law upon the Death of a ju~m tenant or f~U the grant of any leasehold interest of three years or less not containing an option to purchase. Lender ma}•. at lender's option. declare all the sums secured by this Mortgage to be immediately due and payahle. Lender shall have w:+iecd such option to accelerate if. prior to the ,ale or transfer. (.ender and the person to whom the Property is to tie so1J or transferred reach agreement in writing that the credit of such person it satisfactory to lender and that the intere,t payable on the sums secured by this Mortgage shall be at such rate at 1_ender shall request. If 1-ender has waived the option to accelerate pmvideD in this paraeraph 17, and if Borrower s successor in interest has executed a written assumption agreement accepted in w•riling by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. [.ender 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 I which Borrower may pay the sums Declare) due. If Borrower fails to pa}• such ,umc prior to the expiration of such period. [_cndcr ma without further notice or Jcmand on Borrower. invoke am~ remedies permitted by paragraph IR hereof. y Nox-Urrtroxr`t COVENANTS. Borrower and [.ender further rnvenant and agree a~.follows: 18. Acceleration; Remedies. Except as prox•ided in paragraph 17 hereof, upon Borrower's breach of any covenant or ( agreement of Borrower is this Mortgage. including the covenants to pay when due any sums secured by this Mortgage, Lender prior to acceltration shall mail notice to Borrower as provided in 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 is mailed to Borrower, by whk6 such breach must be cured; and (4) that failure to cure such breach on or before the date specified is the notke may resWt io acceleration of the sums secared by this Mortgage. foreclosure by judicial proceeding and sak of the Property. The notke shall further inform Borrower of the right to reinstate after acceleration and tht right to assert in the foreclosure proceeding the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is twt cured on or before the date specified in the notice. [.ender at Lender's optioa may declare aq 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 all expenses of foreclosure. including, but not limited to, rea~sotwblt attotntey'a fees, and costs of documentary evidence, abstracts and Iitk reports. 19. Borrower's Right to Reinstate. Notwithstanding I.enJer', acceleration of the sums secureD by this -Mortgage. Borrower shall have the right to have am proceedings begun by Lender to enforce this Mortgage discontinued at any tune ar,~r 343 ~ecE 3S9 4 r - - x _ =ed~