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HomeMy WebLinkAbout1391 i r I.cndcr's wnuen agreement or apphcrhle law. Borrower shall pay the amount of all mortgage insurance premiums in the manner pnwutcd under paragraph 2 hereof. Any anwunts dish~u.ea by 1 ender pursuant to this paragraph 7, with intcrcd thereon, shall become additional ,ndehtcdnres of 19~rn?wrr secured by this Mungage. l)nlc.c Borrower and Lender agree to other teems of payment, such amounts shall he pavahlc upon notice from 1 ender to Harrower rey„ecting payment thereof. anJ shall bear interest from the date of dishurscmenl at the rate payable fn?m time to lime on austanding principal undo the Note braless payment of interest at such rats woukf hr contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissihlr under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any a:pease or take any action hereunder. 8. laspectbn. Lender may ma{,e or ca,~se to he made reaconablt entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to :,ray such inspection specifying rcasonabk cause therefor related to Lender's interest in the Property. 9. Condemnatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, ar part thereof, or for conveyance in lieu of condemnation. are hereby sssigrtod and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be 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; unless Borrower and Lender otherwix agree in writing. there shall he applied to the sums secured by this Mortgage such proportion of the ptotxeds as is equal to that proportion vrhich the amount of the sums secured by this Mortgage immediately prior to the date of taking bears 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 ahandoned by Borrower. c?r if. after notice by Lender to Borrower that the condemnor oRea to make an award or settle a claim for d:tm:,ecs. Borrower fail. to respond to I-ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds. at lender i option, either to restoration or rcpait of the Property or to the sums secured by this Mortgage. 1!nless 1 ender and Borrower otherwise agree in w•nhng. any such application of proceeds to principal shall not extend or pocrpone the due dare of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 1O. Borrower Not Rekastd. Fztension of the time for payment or modification of amortization of the sums secured by this Mortgage granred by Lender to any successor in interest of Borrower shall not operate to releast, in any manner. the liahility of the anginal Borrower and Borrower i successors in interest. i.ender shall not be required to commence proceedings against tiuch successor or refuse to ectenJ time for payment or otherwix modify amortization of the sums x~ured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by /.ender NM a Waiver. Any forhearance by i.ender in exercising any right or remtdy hereunder, or otherwix a(iurded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance Qr the payment of taxes or other liens or charges by i.ender shall not he a waiver of Lender's right to accelerate the maturity of the indehledrtess cectrrcd by this Mortgage. l2. Remedies Cumulatitre. Alt remedies provided in this Mortgage arc distinct and cumt,lative to any other right or remedy under this Mortgage or afforded by law or equity,rnd may be exercixd concurrently, independently or successively. 13. Successors and Assigns Bound; .Ioiat aad Several I.isbilify; Csptbns. The covenants and agrettrtrnts herein contained shall bind, and the rights hereunder shall inure to. the respective successor and assigns of Lender and Borrower, subject to the provisions of paragrapF~ 17 hereof. All covenants and agreements of Borrower shall be joiry and reveal. Tht captions and headings of the paragraphs of this Mortgage are for convenience only and arc not to be used to interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to bt given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addresxd to Borrower at the Property Address or at such .other address as Borrower may designate by notice to lender as provided herein. and (h) any notice to Lender shall Ix given by certified mail. return receipt requested. to I enders address stated herein or to 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 Borrower or !.ender when given in the manner designated herein. 15. Uniform Mortgage; Governing law: Ses•erability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited varialionc by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law• of the jurisdiction in which the Property is located. In the event that any provision or claux of this Mortgage or the Note rnnflicts with applicable law, such conflict shall not aBect other provisions of this Mortgage or the Note wh,ch can be given effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Note are declared to be xverable. f 16. lsorrower's Copy. Borrower shall be h,rnished a rnnfotmed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. I7. Transfer of the Properly: Assumption. If all or any part of the Property or an interest therein is sold ar transferred by Borrower without Lender's pear wrinrn cunscm. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. Ibl the creation of a purchase money security ,nlerest for household appliances. (c) a tranckr by devise, descent or by operation of law upon the death ofa jrnnt tenant or Idt the gram of any ltaxhold interest of three years or kss not containing an option to purchase. Lender may, at Lender's option, declare all the sums secured by this Mortgage to be ,mmed,atcly due and payable. Lender shall have w:uved such option to accelerate if, prior to the cak or transfer. Lender , and the person to wham the Property is to he col.! or Iransferrcd reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage. shall be at such rate as Lender shall request. If lender has waived the option to accelerate provided in this paragahph 17, •and if Borrower a successor in interest hoc executed a wr,tten assumption agreement accepted in writing by Lender, Lender shall releax Borrower from all obligations under this Mortgage and the Note. If I-ender exercises such option to accelerate, !-ender shall mail Borrower notice of acceleration in accordance w;th paragraph 14 hereof. Such notice shall prov,de a period of not 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 sums prior to the expiration of such period, j Lender may, without further notice ar demand on Borrower. invoke any remedies permitted by paragraph IR hereof. ; NON-UNIFORM COVENANTS Borrower and !.ender further covenant and agree•as follows 18. Acceleatbn; Rcmcdks. Escept as provided is psngrapb 17 hereof. upon >;omswer's breach of any roreasa! or agreemnnt of Borrower in this Mortgsge, including the covenants to pay when due any sums sec~uttd by this Mortgage. Leader C prbr to accelerstbn shall mail notke to Borrower as provided la paragraph 14 hereof specNyiag: (1) the brrscA;121 the sdbw required to cnre sock breach;l3) a date. not kss than 30 days from the date the notke b maikd to Borrower. by whkh such Meech must be cored; aad (1) that failure to cure sucA breach oa or before the date specified M the notke may restrh b € secekratbn o[ the sums secured by thk Mortgage. foreclosure by judkial proteedirtg and sale of tbt Properly. The aotkt shall further inform Borrower of the right to reinstate after accekratba sad the right to amen Mthe /ortrlosurt proeeedittg the non-r:istence of a defauN or any other defense of Borrower to aectkrNion sad torecbwre. It the brrscb is rat Bored on or before the dale specified is the notice, !.ender at I.etrder's optba gray declare sQ of the saws seared by fhb Mortgage to be immediately due end psyable without further demand and may. ftrrscbse fhb Mortgage by judkW proteednug. I.en+itr shag I be entitled to collect in such proceeding sfl a:pcnses of foreclosure. including. but rat limited to. reasoaabk att.,rner's fees. and costs of docuroeatary evidence. abstruts and tick reports. 19. Borrower's Right to Reirtstste. Notwithstanding i ender's acceleration of the sums secured by this Mortgage, Borrower shall have the nght to have -any pnx~ecd~nec (x'~in by Lender to enforce th,s Mortgage discontinued at any nmt a X343 P~Ei3~~ -