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HomeMy WebLinkAbout1606. ~ ~ t. . , ~ r •~ `. . Lender's written agret:mcnt or appGeahle law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under par;tgraph 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. l)nless Borrower and I enter agree to other terms of payment, such amounts shall he payable upon ntrticc farm Lender to Borrower regttccting payment thereof} and shall hear interest from the date of ciicbursement at the cafe payable fmm time to time on artstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall hear interest at the highest rate permiuible under applicable law. Nothing contained in this paragraph 7 shall rt:quirc Lender to incur any expense or take any action hereunder. ><, fwspectioa. I.entkr may make or cause to be made reasonable cMries upon and inspections of the Property. provided that Lender shall give Borrower notice prier to any such inspection specifying reasonable cattle therefor related to Lender's interest in the Property. 9. Cowdemaatbn. The proceeds of any award or claim for damages, direct or consoqueatial, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of eotndetnnatiott, are hereby assignod and shall be paid to Lender. • In the event of a total tt;king of the Properly. 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 partial taking of the Property. unless Borrower and I.etrder otherwise agree in writing. there shall he applied to the sums sectrrcd by this Mortgage such proportion of the prooecds 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 proceeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor otters to make an award or settle a claim for damages, Bi~rrow•er fails to respond to Lender within i0 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 scarred by this Mortgage. Unless lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend or poclponr: the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Harrower Not Released. Extension of the lime for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any cuccecsor in interest of Borrower shall not operate to release, in any manner. the liability of ;he original Borrower and Borrower's strccesson in interest. lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sr~ms secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in intereu. 11. Forbearance by lender Not w Waher. Any fotfiearance by Lender in exercising any right or remedy hcrctrnder, or otherwise afforded by applicable law, shall not ere 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 scarred 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 concurrently, independently or successively. ' 13. Successors and Assigss Bound:.Joint and Several iLbility; Captbas. 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 bt joiry and several. The captions and headings of the paragraphs . of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof- 14. Nolke. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortga¢e shall be 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 i.ender as provided herein, and (bl any notice to Lender shall he given by certified mail. return receipt requested, to Lenders address stated 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 bcen gis•en to Borrower or lender when given in the manner designated herein. 1S. Uniform Mortgage: Governing Law; Se.•erability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with IimiteJ variations by jurisdiction to constitute a uniform security instrument rnvering 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 Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note arc Declared to be severable. 16. Borrower'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. 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 wntreo consent. excluding la) the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase mt•nev 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 years or less not containing an option to purchase, lender may. at t_ender'c option. declare all the sums secured by this Mortgage to be immediately due and payable. tender shall have waved such option to accelerate if, prior to the vela 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 payable 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 Borrower i 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 stems prior to the expiration of such period, Lender may, without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. Nox-UNIFORM Covex~NTS Borrower and lender further covenant and agree as follows: 18. Accekratiow; Rcmcdia. Except as provided iw paragraph /7 hereof, opow liorrowet's breach of awy corentutl or agreement of Torrower in this Mortgage, including the corewawts to pay whew doe awy wms secured by this Mortgage. Lewder prbr to accekntiow shill mail rwtke to Qorrowcr as prodded iw paragraph 14 hereof specifying: (1) the breach: (21 the actiow requlrcd to core such breach; (3) a date. not kss thaw 30 days fmm the date the notke b ntafkd to dormwer. by whkb sorb bsewch must be cored: sad (4) that failure to core sock breach ow or before the date speciRed iw the notke may result b sccekration o[ the lams secured by this Mortgage, torcclosore by jodkial pmceediwg and sale of the Pmperfy. The wotke shag further inform Borrower of the right to rtfttatate after accekratiow awd the right to ~>f fw the foreclosure proeeedlrtg the won-existence of a defauN or any other defew~e of Borrower to tuccekrstiow gad foreclowrc. It the breach is woe cored ow or before the date specified in the ttotke, Lender at I.rttdtr'} optlow wtay declstirc aft of the vents secured by tlrts MortRttRe M be immediately doe and payable witM-ut further demand and may totrcclose this Mortgage by judkW proeeedhrg. I.tnAtr shah be eotitkd to cdlect in such proceednug all expenses of foreclosorc, Inclodiug, Got woe limild to. reasonable alt•~reev's fees. aril costs of docontewlary evidence. abstracts and title reports. 19. Borrower's Right to Reiwsiste. NotwithstandinK I ender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings Frr~~in by Lender to enforce this Mortgage discontinued at an) time :-__:_;: =~ _-~_ an~c ~~ ~ PdCE ~~