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HomeMy WebLinkAbout1531 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 indeMedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other teems of payment, such amounts shall he payable upon nruicc from I.cnder to Borrower regttetting payment thereat. avid ~q11 bear interest from the date of tlicbttrsement at the raft payable from time to time on outstanding principal andbr the• Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear intertst at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall ricquirc Lender to incur any expense or take any action hereunder. . S. laspectiou, Lender may make or cause to F-c made reasonable 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 intereu in the Properly. 9. Cotudemaatbn. The proceeds 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 condemnstiatt. are hereby assigned and shall be paid to Lender. 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 parka) 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 propoAion 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 proceeds paid to Borrower. If the Properly is abandoned by Borrower. or if. after notice by lender to Borrower that the condemnor oRers to make an award or settle a claim for damages. Borrower tails to respond to Lender within 30 days after the dale such notice is mailed. Lender is authorized to collect and apply the proceeds, at Lender i option, either to restoration or repair of the Property or M 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. 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's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortizatton of the sums secured by this Mortgage by reason of any demand made by the oritinal Borrower and Borrowers successors in interest. 11. Forbearance 6y Lender Not a Waiver, Any forbearance by lender in exercising any right or remedy hercttnder, 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 i_ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedks Crmulati~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may be axercised concurrently, independently or successively. ' 13. Srecessors and Assigns Found; Joint aad Screed tLbiUty; Captbas. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttrc to. the respective successor and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof: All covenants and agreements of Borrower shall be join( and several. The captions and headings of the paragraphs of this Mortgage arc for convenience only and arc not to be used to interpret or define the provisions hereof. 14. Notke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgate shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower ma_v designate by notice to lender as provided herein. and (b) any notice to Lender shall be given by certified mail. return receipt requested. to f ender s address slated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or lender when given in the manner designated herein. 13. Uniform Mortgage; Governing Law: Seversbility. 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. 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 aRect 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 are ~kclared to be severable. 16. Borrower's Copy. Borrower shall be fttrntshed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hermf. 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 .onsent. excluding lal the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creatton of a purrhace 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 (dl the grant of any leasehold interest of Ihrec years or less not containing an option to purchase. Lender may. at lender's option. declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have v+a~ved such option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is t~. be solJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interc.t payable on the sums secured by this Mortgage shall bt 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, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises 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-UNIFORM COVENANTS Borrower and Lender further covenant and agree as [ollows: 18. Accekratioa; Remedies. Except as provided M paragraph 17 hereof. upon Borr'ower's breach of nay covertmtt or agreemest of Borrower in this Mortgage. including 16e covenants to pay when due awy arms secured by fhb Mortgage. Lender prlor to sccekntba shall mail twtke to Borrower as provided in paragraph 14 hereof specByirg: (1) the breach:/2- the sdba required to cure socb breach; (3) r date. not less than 30 days from the date the wMke b mailed to Borrower. by whkh such btreach mwt be erred; sad (~) that fallen to sere arch breach oa or before the date specified in the aotke may resrN iw acceleration of the arms secured 6y this Mortgage. foreclosure by jrdkid proceedMg sad sale of the hoperty. The wotke sba[l further inform Borrower of the riRM to reinstate after accekratbn anti the right to assert is the foreclosure proceedb>tg the non-exastenct of a defauN or any other defense of Borrower to acceleration swd foreclwrre• it the breach is aM erred aw or before the date specified is the notice. Lender at Lender's optbw may declanc aM d the suttss seemed by ebb Mortgage to 6e immediately due and payable without further demand and may foreclose ebb Mortgage b3' judkW proeeeditrg. (.ender shah be ertitkd to collect b such proceeding ap a:penses of foreclosure. including. bet oot Bashed to, reasonable sttnrner's fees. and costs of doerraeatary evidence. abstracts and title reports. 19. Borrower's Right to Reiastste. Notwithstanding 1 ender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any prcxeed~ne: he~in by Lender to enforce this Mortgage d~sconttnued at any time =~ ~ ~:~: gUOK 34 `t PAGE ~~1 - -