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HomeMy WebLinkAbout1545 l.rnder's written agrermknt 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 became additional indrMedncss of Borrower sec:urcd by this Mortgage. l)nless Bormv-er and I.rnder agree to other ferrets of payment, such amounts shall be payahlc upon nc-ticc fn-m I.cnder to Borrower requesting payment thereof, ?nd shall hsa~, interest from the date of disbursement at the net payahlc frc-m time to time on outstanding principal undeittke'Note unless payment of interest at such net would be contrary to applicable law, in which event such amounts shall bear interest at the highest me permissible under applicable law. Nc-thing ce-ntained in this paragraph 7 shall require Lender to incur any expenx or take any action hereunder. 8, itaspectioa. Lender may make or ca~+sc to he made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower notice pri+-r to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnatba. 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 condemnation, are hereby assigned and shall be paid to Lender. 1n 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 tbe even) of a partial taking of the Property, unless Borrower and Lender otherwix 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 Pmpcrty 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 offers to make an award or settle a claim for damage. B~-rrc+wer fail. to respond to Lender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at 1_ende~ 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. 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 ctrcctssc-r in interest of Borrower shall not operate to rckax, in any manner. the liability of the original Borrower and Borrower's successors in interest. Lender shall not be rcgttircd to commence proceedings against such successor or rcfux to extend time for payment or otherwise modify amortization of the sr+m: xcured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. i 1. Forbearance by Lender Not a Wd~er. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercix of any such right or remedy. The procurement of insurance pr the payment of fazes 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. 12. Remedies Cumulative. All remedies pmvided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or aBorded by law or equity, and may be exercised concurrcntiy. independently or sreecessively. ' 13. Successors and AssiRas hound; Joint and Severd i.iabiBry: Captious. 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 joiry and xvenl. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be trxd 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 Mortgage shall be given by mailing such notice by certifkd mail addressed to Borrower at the Properly Address or at such dher address as Borrower may designate by notice to fender as provided herein, and Ih) any notice to Lender shall be given by certified mail. return receipt requested. to Lender's address stated herein or to such other address as Lender may designate by nc-tice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Bc-rrawer or Lender when given in the manner designated herein. 15. Uaifortm MortRsRe: Governing Law; Sevenbility. This form of mortgage combines uniform covenants for national use and non-uniform covenants with Limited variations h}• juriuliction to constitute a uniform xcurity instrument rnvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the _ Property is located. Tn the event that any provision or clause of this Mortgage ar the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nntc which can be given effect without the conflicting provision, and Io this end the provisions of the Mortgage and the Note are ckclared to be severable. 16. llbrtrower's Copy. Borrower shall be furnished a conformed copy of tbe 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 v-rinrn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase me+ney security interest for household appliances, (c) a transfer by devix, descent or by operation of law upon the death ota j+++nt tenant or (dt 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 xcured by this Mortgage to be immediately due and payable. tender shall have w awed such option to accelerate if, prior to tht sale or transfer. Lender and the person to whom the Property is a+ be .oIJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest pa}•ahle on the sums secured 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 Borrowers 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 Nott. If Lender exercises such option to ac~elcrate. Lender shall mail Borrower notice of acceleration in accordance wish 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 euch 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 follows: 18. Acceleratba; Remedies. Excep ss provided is paragraph 17 hereof. npoo ^orrower's breach of awy eovteraat or agreemnst o/ igorrowcr in tbk Mortgage. inctudirig the cortaaats to pay when doe awy sams secnred by this Mortgsge. Lender prior to accekntioa shag mail notke to >dotrrower as provided is panrgrapb f4 hereof specNritotg: (1) the breach:121 the setbn rcgnircd to core snob breach; (3) a date. rat kss than 30 days from the dMe the notke b mailed to Borrower. by wbkA sneir breach moat be cored; and (4) That faiturc to care such bnscb ow or before tbt date specified in the outlet nuy rtstrN h sceekration of tbe~ snms tucnrcd by Ibis Mortgage. foreclosure by jndicisl proceedMg and sak of the Iroperty. The wolkt shall inrther inform Borrower of the right to reinstate after sccekrNiow suet the right to assert iw the forecbsnre proeeedlttg the non-a:astenct of a defauk or say other defense of Borrower to acceleratiow aad foreclosure. If the breach b nM cored ow or before the dale specified is the esotke. Lender at I.endtr's optiow may dtelm sN of the tortes sectrrtd by Mss Mortgage to bt immediately dot sod psyabk without further demand and msy fortctost H4 Mortgage by jsrdieW proeeedltrR. f.tnder chap be eotitkd to edket in snch proceeding ap expenses ref foreclostrrt. inetndiesg. btq not dmitd to. rcmonabk tNinrnet+'s fees. sad costs of docnmeatary evidence. abstracts sod title reports. 19. >sorrower's Right to Reitsststt. Notwithstanding 1 trader's acceleration of the sums xcured by th+s Mortgage. Borrower shall have the right to have an. prcxecd~nec tx~~~n by Lender to enforce this Mortgage d+scnnhnued at any time F ~p ~ z _ =s' ~5;:'.- .... -r BOOK344 PacEijQ.rj