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HomeMy WebLinkAbout1561 !.ender i written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner pn?vided under paragraph 2 hereof. Any amounts disbursed by !.ender pursuant to this paragraph 7, with interest thereon, shall become additional indchtedncst of Borrower secured by this Mortgage. llnlcst Borrower and I.cnder agree to other fermi of payment, such amounts shall he payable upon notice from Lender a? &?rmwrr reyucsting prymcnt thereof. and chill hear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unletc payment of interest at such rate would be contrary, to applicable law, in which event cttch amounts shall hear interest at the highest rate permissible under applicable law. Nothing rnntained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inspection. Lender may make or cause to be made rcatonahle entries upon and intpectionc of the Properly, provided that Lender shall give Borrower notice prior to any such inspection tpecitying reasonable cause therefor related to Lender's interest in the Property. 9. Condemaatbn. The proceeds of any award or claim for damages, direct or cnncequential. in connection 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 i.cnder. 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 otherwise agree in writing. them shall be applied to the some secured by this Mortgage each proportion of the proceeds as is equal to that proportion which the amount of the cumc secured by this Mortgage immediately prior to the date of taking hears to the fair market valor of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Properly iz abandoned M• Borrower, or if. after notice by !.ender to Borrowrr that the condemnor offers to make an award or settle a claim for damages. Borrowrr fails t~? respond to !.ender within i0 da)•s after the date such notice is mailed. Lender is authorized to collect and appl}• the proceeds, at Lender ~ option. either to restoration or repair of the Prope:t)• or to the sums secured h}• this Mortgage. Unlcsc Lender and Borrower othenaite agree in writing. any such application of proceeds to principal shall not extend • or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of , such installments. - la. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by lender to am successor in intercct of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Tender shall not be required to commence proceedings against such successor or reface to extend time for payment or otherst•ise modify amortization of the sums secured by this Mortgage by reaun of any demand made by the original Borrowrr and Borrowrr s successors in interest. li. Forbearance by Lender Not s Waiver. Am• forbearance M• I:ender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of an}• such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges M• lender shall not be a waiver of Linder s right to accelerate the maturity of the indehtednect secured M• this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or eyuiq•, and may be exercised rnncurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of I_rnder and Borrower, subject to the provisions of paragraph 17 hereof. All covenantx and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and are not to be used to interpret or define the provisions hereof. 14. Nofke. Except for any notice required under applicable law to be given in another manner, fa) any notice to - Borrower provided for in this Mortgage shall- be given h}• mailing such 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 (h) any notice to Lender shall be given by certified mail, mum receipt requested. to lenders address stated herein or to such other address as [.ender may designate by notice to Borrowrr as provided herein. Any notice provided for in this Mortgage shall he deemed to-have been given to Borrowrr or Lender when given in the manner designated herein. 15. Uniform Mortgage: Governing taw: Severabilit}•. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations ht• jurit~iction to constitute a uniform security instrument covering real property. This Mortgage shall be governed h}• the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect 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 ~kclarcd to he severable. ~ 16. Borrower's Copy. Borrower shall be furnished a conformed copy 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 any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior written content. excluding tat the creation of a lien or encumbrance subordinate to this Mortgage. Ib) the creation of a purchase money tecurit}• interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or fdt the grant of any leasehold interest of three years or less not containing an option to purchase, Lender mry. at 1_ender't 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 tale or transfer. Lender ~ and the person to whom the Property it to be sold or transferred reach agreement in writing that the credit of such person j is satisfactory, to [xnder 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 paragraph 17, and if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing by Lender, Ixnder shall release Borrower from all j obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrowrr notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not lest than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Born~wer fails to pay such sums prior to the expiration of such period, ~ Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph I R hereof. E Note-UNtt=oRl+t CovErveNTS. Borrower and Lender further covenant and agree as follows: ~ 18. Acceleration; Renredks. Except as provided in parsgraph 17 hereof, upon Borrower's breach of any covenant or r agreement of Borrower in this Mortgage. including Ibe covenants to pay when due any sums secured by tbk Mortgage, Lender prior to acceleration ship mail twtice to Borrower as provided in paragraph 14 hereof specifying: (1) the btrcacb; (2) the action f required to core snob breach; (3) a date, not less than 3A days from the date the notice is mailed to Borrower, by whkb such - i breach must be cored; and (4) that failure to cure such breach on or before the date specified in the notke tray resdt in acceleration of the sums secured by this Mortgage. foreclosure by judicial proceeding and ssk of the Property. The notke 4 shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding a the non-existence of a defsuk or any other defense of Borrower to acceleration and foreclosure. if the breach is cwt cored on or before the date specified in the nMke, Lender at Lender's option may declare sU of the inns secured by this Mortgage b fie immediately doe aid payable without further demand and may foreclose this Mortgage by judkial proceeding. Lender shall be entitled to collect in snc6 proceeding aU espenses of foreclosure, including. but cwt United to, reasonable attorney's ices. `s and costs of documentary eridencc, abstracts sod title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time { 343 P~~E 159