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HomeMy WebLinkAbout0129.1 ' . , t ~~ Lender's written agreement or applicable law. Borrowtr 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 terms of payment, such amounts shall he payable upon notice from i.endtr to Borrowrr reyuetting payment thereof, and shall bear interest trom.the date of ditbt-rsement at the me payable from tune 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 bear interest at the hightst 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. t.rnder may make or cause to l+e made reasonable entries upon and inspections of the Property, provided that i.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Properly. 9. Condemnatbn, The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Properly, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall he paid ro Lender. in the event of a total taking of the Property. the proceeds shall he applied to the arms secured by this Mortgage. with the excess, if any. paid to 1orrower. In the event of a partial taking of the Property, t-nless Borrowtr 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 sec-rred by this Mortgage immediately prior to the date of taking hears to the fair market valt-e of the Property immediately prior to the dale of taking, with the balance of the proceeds paid to Borrower. If the Property is 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 tails to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless 1_ender and Borrower otherwise agree in K•riting, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of loch installments. - 10. Borrower Not Rekased. 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 oat operate to release, in any manner. the liability a! the original Borrower and Borrower's successors in interest. i.ender shall not he rcgtrired to commence pr,.ccrdings against cosh s-rccetsor or r4ftrse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by tender Not a Waiver. Any forbearance by (.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 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 to accelerate the maturity of the indebtedness secured by this Mortgage. i2. Remedies Cumulathe. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by Saw or equity. and may he exercised concurrently. independently er successively. 13. Successors and Assigns Bottnd; Joint and Several (.lability: Csptbns. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure ta. the respective st-ccetsors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 herrnf_ All covenants and agreements of Borrower hall be joint and several. The captions and headings of the paragraphs of Chic Mortgage are for convenience only and are not to be used to intcrprct or define the provisions hereof. 14. Notice. Except for any notice required tinder applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall he given by mailing such notice by certified mail addressed to Borrower at the Property Address or at each other address as Borrower may designate by notice to tender as provided herein. and Ih) any notice to Lender shall he given by certified mail. return receipt requested. ro Lenders address stated herein or to such other address as i.ender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Borrower or Lender when given in the manner designated herein. 1S. • Uniform Morlga~e: Governitt~ i.aw: Severobility. This form of mortgage combines uniform covenants for national use and non-unift•rm rnvenants with limited variations by juriuliction to constitute a uniform security instrument covering real property. This Mortgage shall he governed by the law• of the jurisdiction in which the Property is located. In the event chat any provision or clatrte of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the dote which can l+e given effect without the conflicting provision, and to this end the provisions of the Mortgage and the ``otc are tkclarcd to be severable. 16. Busrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation herrnf. 17. Transfer of the Properfy: 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 la1 the creation of a lien or encumbrance subordinate to this Mortgage. (h) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law• upon the death of a joint tenant or /d) the grant of any leasehold interest of three yeah or less not containing an option to purchase. Lender may. at 1_ender'c option, declare all the sums secured by this Mortgage to be immediately due and payable. i.ender shalt have waived such option tcs 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 tht credit of such person it satisfactory to Lender and that the interest payable on the s-rms 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 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 Lender exercises such option to accelerate. I Winder shall mail Borrower notice of acceleration in accordance with paragraph i4 hereof. Stich notice shall 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, i_ender may, without further notice or demand an 1orrower, invoke any remedies permitted by paragraph 18 herwf. Nox-Utvtt=oawr Covt=_rrArns. Borrower and Lender further covenant and agree as follows: 18. Acctleration; Remedies. Except as provided is parsgnph 1? hereof, upon Borrower's breach of any coveoaot or agreement of Borrower in this Mortgage, including the covenants to pay when doe any wnrs t+ecnred 6y this Moraage, reader prbr to accekntion sbap mail notice to Borrower as provided in psragrspb 14 hereof specifying: (1) the breach; (2) the action required to core such breach: (3) a date, not kss than 30 days from the date the notice b mailed to Borrower, by wbkb sac6 breach must be cured: and (4) that fsiinrt to cure sash breach oa or before ibe daft specified is the nutlet atsy result b accekration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sak of the Property. The native shall fut7htr inform Borrower of the right to reinstate after sccekntion and the right to assert io the tortclosart proceeddg the non-existence of a defauM or any other defense of Borrower to accekratioa and foreclosure. If the breach b out ctu~ed oe or before the date specifkd is the notke, Lender at Lender's optbn may decbue sN of the snass secured by this Mortgagt to be immediately due and payabk without further demand and may forecbse this Mortgage by judkial poceeding. Leader shall bt cntitkd to collect in snob proceeding aM expetsses of toreclosurt. including, bat rat Btdted to, reasonabk attorrsey's ties. and costs of docnmentary evidence. abstracts sad title reports. 19. Borrower's-Rlgbt to Reiestste. 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 Addssdsrm to Paragapb 15. The state and local laws applicable to this mortgage shall be the laws of the jurisdiction in whkh the property is located. The foregoing sentence shall not limit the applicability of federal law to this mortgage. ~_ -x344 PEE 129 k ~~ A = .~