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HomeMy WebLinkAbout0125,t Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by lender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other ternns of payment, such amounts shall he payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless paytnrnt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest me permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action htreunder. ><• laspection. lender may make or cause to he made reasonable entries upon and inspections of the Property. provided that leader shall give Harrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademaatbn. The procetdc of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation. are hereby assigned and shall t+e paid to [.ender. in the event of a total taking of the Property. the proceeds shall ere applied to the cams secured by this Mortgage. with the erects, 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 be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which 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 tht balance of the proceeds paid to Borrower. if the Property it abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed. !.ender is authorized to collect and apply the proceeds, at tender's option. either to restoration or repair of the Propeny or Io the sums secured h}• this Mortgage. Unless !.ender and Harrower otherwise agree in writing. any such application of proceeds to principal shall not extend or postpone the due date of the month)}• installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 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 any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower t successors in interest. Lender shall not ere required to commence pnxeedings against each successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage try reason of any demand made b}• the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by i.ender in exercising any right or remedy hercttnder, or otherwise afforded by applicable law, shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right a~ accelerate the maturity of the indebtedness secured h}• this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may Ire exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The 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. Notice. Except for any notice required under applicable law to be given in anotfier manner. (a) any notice to Borrower provided for in this Mortgage shall tx given by 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 fender as provided herein, and (h) an}' notice to Lender shall he given by certified mail, return receipt requested. to Lenders address stated herein or to such other address at Lender may designate by notice to Borniwer as provided herein. Any notice providtd for in this Mortgage shell ere deemed to have been given to Borrower or lender when given in the manner designated herein. 1S. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national ate and non-uniform cmenantt with limited variations by jurisdiction to constitute a uniform security instrument covering real propert)•. This Mortgage shall be governed by the law of the jurisdiction in which the Property it located. In the event that any provision or clause of this Mortgage i~r the Note conflicts with applicable law, such conflict shall not affect other pmvisionc.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 are declared to ere severable. 16. Borrower's Copy. Borrower shall be furnished a conformed ropy 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 consent. excluding (a- the creation of a lien or encumbrance subordinate to Chic Mortgage. (h) the creation of a purchase money security interest for household appliances, (e) a transfer by devise, decent or by operation of law upon the death of a joint tenant or (d1 the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at Lender c 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 sa{e or transfer. Lender and the person to whom the Property is to be sold or transferred 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 providtd in this paragraph 17, and if Borrowers successor in interest hat executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If tender exercises such option to accelerate.- 1_ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shalt provide 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. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Note-UrvtFOtet-t Covt=_tv~NTS_ Borrower and Lender further covenant and agree as follows: 18. Acceleratbn; Remedies. Except as provided in pantgrapb 17 hereof. upon Isortowtr's breast of atoy covenant or agreement of >sorrower in this MortSaRe. including the covenants to pay when due any sours secared by tbfs Mort~t, Lender prbr to accekratbn steal! mail notice to Bormwsr as provided in paragnpb 14 hereof specNying: (1) the brescb; (2) the sefioe required to cure such bt~cscb; (3) a date, not less than 30 days from the date the notice b ttssYcd to Borrower, by which such breach mmt 6e cured; snd (4) thst fsilure to care such breach on or before the date speeiBed b the notice utay result b acceleration of the sums secnrcd by this Mortgage, foreclosure by jadkial proceeding and sale of the Property. Tie notice shalt further inform Borrower of the right to reinstate after scceleratbn and the ti=ht to assert in t>,e foreclosure proceeding the aoa-existence of a defauM or any other defense of Eonrower to accekratbn and forecbwre. it the breach is not aw~cd eta or before the date specified in the notke, Leader at Lender's optbn may dechtre sq of the sows secttrcd by thin Mortgage to be immediately due and payable without !Welber demand and may foreclose this Mortsa~e by judicial proceediag. Lender sitaY be entitled to coped is such ptxreecdiu6 aN expetssa of torecbsure, ineludi~, bet not Ywitsd to, reatoaabk attorneys fees, and costs of docuwentary evidence, abstract and title report. 19. Eorrowet's RIRbt to Reinstate. Notwithstanding Lenders 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 Addsaiduw to Psra~rapr 15. 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 appifcability of federal law to thfs mortgage. ~~ax344 P>~~E 125 R ~ x