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HomeMy WebLinkAbout1583 1 ~ _ I.enDer's written agreement or applicahlc law. Borrower shall pay the amount of all mortgage insurance premiums in the , manner provided under paragraph 2 hereof. Any amounts disbursed by LenJer pursuant to this paragraph with interest thereon, shall become additional • indebtedness of Borrower secured by this Mortgage. llnle++ Borrower anD LenJer agnre to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower reyue+ting payment thereof, and shall hear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder: - 8. Inspection. i.ender may make ar cause to he made reasonable entries ulxin and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable 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 rnnnection with any condemnation ar other taking of the Properly, ar part thereof. or for conveyance in lieu of condemnation, arc hereby assigned and shall he paid to Lender. In the event of a tMal taking of the Property. the pracecDc shall he applied to the toms secured by this Mortgage. with the excea, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender , otherwise agree in writing. there shall he applied to the soma secure) by this Mortgage such proportion at the proceeds as is cyual to that proportion which the amount of the sums +ccurcd by this Mortgage immediately prier to the date of taking hears to the fair market value of the Pmperh• immediately prior to the Jate of taking, with the balance of the proceeds - paid to Borrower. If the Properly is abandoned by Harrower, ar if. after notice by Lender M Borrower that the rnndemnor offers to make an award ar scale a claim for Damage, Borrower fail+ to re+pand ro Lender within i0 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration ar repair of the Property ar to the sums secured by this Mortgage. Unless Lenifer and Borrower atherv?•ise agree in writing. any such application of proceeds to principal shall not extend • ar postpone the due Date of the monthly installments referred to in paragraphs I and 2 hereof ar change the amount of } such installments. 10. Borrower Not Released. I:xtensian of the time for payment or modification of amortization of the sums ucured by this lliartgage granted by Lender to any succesuvr in intere+t of Borrower shall not operate to release. in any manner, the liability of the original Borrower and Bormw•er'+ successors in interest. Lender shall not he rcquireD to commence proceedings against such successor or reface to extend time for payment ar otherv?•ice modify amortization of the sums secured by this Mortgage by reason of any demand made by the aritinal Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Anv forbearance M• Lender in exercising any right ar remedy hereunder, ar otherwise afforded by applicahlc law, shall not be a waiver of ar preclude the exercise of any such right ar remedy. - The procurement of insurance or the payment of taxes ar other liens or charges by Lender shall not he a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage arc Distinct and cumulative to am other right ar remeJp under this Mortgage or afforded M• law or equity. anJ may he exercise) rnncurrently. independently or successively. 13. Successors and Assigns Bound; Joint and Several i.iabilih; Captions. The covenants and agreements herein containeJ shall bind, anD the rights hereunder shall inure to. the rc+pecUve succe+cars and assigns of Lender and Borrower. subject to the provisions of paragraph 17 herrnf. All covenants anJ agreements of Borrower shall he joint and several. The captions anJ headings of the paragraphs of this Mortgage arc for convenience only anD arc not to he used to interpret ar define the provisions hereof. 14. Notice. Except far any notice required under applicable lave to he given in another manner. fa) any notice to Borrower provided far in this Mortgage shall he given hp mailing such notice by certified mail addres+ed to Bormw•er at - thc Property Address ar al such other addre++ as Burrower may designate by notice to Lender as provided herein. anD (h) any notice to Lender shell he given by certifieD mail. return receipt requecteJ. to 1 codex's address stated herein ar to such other address as Lender may designate by notice to Burrower as pr,wideJ herein. Any notice provided for in this Mortgage shall he deemed to have been given to Borrower or 1-ender 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 by jurisdiction to constitute a uniform security instrument covering real property. The . state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the Note rnnflicts with applicable law. such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect 'll without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall t?e furni+hed a conformed copy of ehe Nrne and of this Mortgage at the time j of execution ar after recordation hereof- ; 17. Transfer of the Propertc; Assumption. If all ur am part of the Pn•pcrtp or an intereq therein is cold or transferred by Borrower without Lender's pricer written amsent. excluding sal the creation of a lien or encumbrance subordinate to i this Mortgage. Ih) the creation of a purchase money security interest far hrnrsehalJ appliances, f.-) a transfer by devise, j descent ar by operation of law upon the Death of a joint tenant or (d? the grant of any leasehold interest of Ihree years ar less oat rnntaining an option to purchase. Lender may. at Lender ~ option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have wawed such option to accelerate if. pricer to the sale or transfer. LenJer = anJ the person to wham the Property is to he sold or transferred reach agreement in writing that the credit of such person s is satisfacrory• to Lender and that the intere+t 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 (.ender. Lender shall reieace Harrower from all obligations under this Mortgage and the Nate. If Lender exercises such option to accelerate. 1-ender shall mail Borrower notice of acceleration in accordance with paragraph ld hereof. Such notice shall provide a perioJ of not Tess than ?0 Ja}•+ from the date the notice is mailed within ! which Borrower may pap the sums declare) due. If Borrower fails to pay such wms prior to the expiration of such period. _ ~ 1_ender may. without further notice ar Demand on Harrower. im•oke am remedies permitted hp paragraph IR hereof. NoN-IiNIFORN CoveY~N•rs. Borrower and Lender further covenant and agree as follows- 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of aay covenant or agreement of Borrower in this Mortgage. irrcludirrR the covenants to pay when doe any sums secured by this Mortgage. Lender ' prior to acceleration shall mail notice to Borrower ac provided in paragraph 14 hereof specifying: (1) the bctach; (2) the ad'ron required to cure snch breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may resdt in s acceleration of the snrrts secured by this Mortgage. foreclosure by judicial proceeding and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right fo assert in the foreclosure prnctedirtg the non-ezistcnce of a default or any other defenst of Borrower to acceleration and foreclosure. If the breach is not cured on or before the date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Mortgage fo be immediately due and payabk without further demand and may foreclose thlc lltortRage by judicial proceeding. Lender shall ( be entitled to collect in such proceeding all expenses of foreclosure, including, but not limited to. reasonable attorney's tees. ~ and costs of documentary evidence. abstracts and titk reports. j 19. Borrower's Right to Reinstate. Notwithstanding Lender + accclcrauun of the sums secure) by this Mortgage. Borrower shall have the right to have an} praceeJings hcyun h~ LenJer to enforce this Alartgage discontinued at any time ~ 6n~~iK 3~3 PsGE