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HomeMy WebLinkAbout1525 I.end~r c written agreement or applicable low. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 heroot. Any amaunh dishuncd by Lender pursuant to this paragraph 7, with interest thereon, shall become additional indcF,tednesc of Horn,wer secured by this Mortgage. Unless Borrower and !.ender agree to otber teems of payment, such amounts shall be payable upon rnaice from !.ender to &~rrower reyitecting payment thereof, and shall hear interest from the elate of disbtirxmenl at the rate payable from time to time on attstanding principal under the Nate unless payment of interest at such rate would be contrary to applicable law, in which event c,tch amounts shall hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall rtquirc Lender to incur any expense or take any action hereunder. g. Ir,spectiow. !.ender may m-rke or ~ arnC to be made reasottabk entries upon and inspections of the Property. provided that !.ender shall give Borrower notice prier to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9, Coademratlow. The proceeds of any award or claim for damages, direct or rnnseq,xMial, in connection writh arty condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby sssigtted and shall be paid to Lender. in the event of a total taking of the Property, the proceeds shall be applied to the ~t,tgs; sbcttre~ by this Mortgage, with the excess, it 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 the balance of the procesds paid to Borrower. If the Property is abandoned by Borrower. or if. after notice by !.ender to Borrower that the condemnor oRetx to make an award or xttk a claim for damages, Burrower tail. to respond to Lender within 30 days after the daft 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 Lender and Borrower otherwise 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 1 and 2 hereof or change the amount of such installments_ 10. Ibrrower Not Released. Extension of the time for payment or modification of amortization of the wets stxured by this Mortgage granted by !.ender to any successor in interest of Borrower shall not operate to rckax. in any manner, the liability of the original Borrower and Borrowers successor in interest. !.ender shall not be required to commence proceedings against such successor or refuse to e+ctend 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 successor in interest. l 1. Forbearance by !.ender Nof s Waiver. Any fortrearance by i.cnder in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy_ The procurement of insurance Pr 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 sec,trrd by this Mortgage. 12. Remedies Cnmulatire. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy tinder this Mortgage or afforded by law or equity, and may be exercised concurrently. independently or successively. ' 13. Successors and Assigss Bound; Johtl awd Several I.iabiNty: Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall intirc 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 joiry and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and arc not to be teed to interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such ether address as Borrower mav_ designate by notice to Lender as provided herein, and (bi any notice to Lender shall be given by certified mail. return receipt requested. to !.enders address stated herein or to such other address as Lender may designate by nr-tice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been green to Borrower or lender when given in the manner designated herein. 1S. Usiform Mortgage: Gorerwiag Law: Sevenbility. This form of mortgage combines uniform covenants for national fix and non-uniform covenants with limited variations by jriricdiction to constitute a uniform xcurity 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 clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the N~tc which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are Declared to be severable. 16. lliorrower'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. Trassfer 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 write. n consent. excluding lal the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a prirchasc mt`nev security interest for houxhold appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint temnr or Idt the grant of any leaxhold interest of three years or less not containing an option to purchax. !.ender may. at t_ender'c option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived arch option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is to be so1J or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that tbe intcrrst payable on the sums xcured by this Mortgage shall be at such rate ac Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower a successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall relcax Borrower from all obligations under This Mortgage and the Notc. If Lender exercixs such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such 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. Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph IR hereof. NON-UNIFO1tM COVENANTS Borrower and Lender further covenant and agree as follows: 1g. Accekratiow: Remedies. E:cept as provided iw pragrsph 17 !tercet. upon Sorrower's br+caclt of say coretawt or a;rtemewt of Borrower iw this Mortgage. iwcludir,R the corewawls to py whew tine .wy soma secured by fhb Mortgage. Lewder prior to accekrstba shall mail notke to Eorrowcr as provided iw pra~rsph 14 hereof specifyiwg: (1) the brracA:121 the sefiow regairird to curo crash brcseh: (3) a dste. root less thaw 30 days Irowt the date the wotke b tnaikd to librrower. by whkh such btieach wtust be cured: atd (4) that tailarc to cure twxh breach ow or before the dste specified iA the wotke atay rec,ttt h aecekratioa of the swats secarcd by fhb Mortgage. torrclosare b7' jadkial proeeedbR sad sale d the Property. The wotke chap further iwtornt Borrower of the riRM to rciwstatt steer scteleratiow sad the right to assert iw flee tottclosure proreedlwg the wow-a:istewee of s detarrk or any other dcfesse of borrower to acceleratbw awn tortcloswre. N the breach b roof coved ow or before the date specified iw the wotke. Lender at I.ewder's optbw ttss)r dethre aN off fbt twins srctrred by Mb Mortgage M be intutediatcly due sad pyabk without farther demand and way tottclose fhb Morl=age h judicW proetedhig. I.enJer chap be entitled to co9ttet iw such proctediaR sll espenses of toreclosarc. iwchrding. bat root Iimild to. reasowsbk stt„rner's fees. awd costs of docurwewtary eridewce. sbstrscts sod talk reports. 19, sorrowtr's Right to ReisstNe. Notwithstanding 1 ender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have an} procerdmec hr~m by Lender to enforce this Mortgage drscontinueD at any hrne s~~x344 P~E15~25 ~ , _.~:.