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HomeMy WebLinkAbout1612~ .~ , •r 't ~ Lender's written agreement or apphcahle law. Borrower shall pay the amount of all mortgage insurance premiums in the manner pn,vidcd under paragraph 2 hereof. !1ny amounts disbursed by Lender pursuant to this paragraph 7, with -ntercct thereon, shall become additional indebtedness of Burn,wcr secured by this Mortgage. lJnless Borrower and Lender agree to other terms of payment, such amounts shall he payable upon notice fnmt I ender to &urawcr reyttesting payment thereof, and shall hear interest from the date of dichursement at the rate payable from Iitne to tune 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 hear interest at the highest me permissible under applicable law. Nothing a,ntained in this paragraph 7 shall require lender to incur any expense or take any action hereunder. !s. Itupection. Lender may make or cause to he made rcascutahk entries upon and inspections of the Property. provided that Lender shall give Borrower notice prior to any wch inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The prtxeeds of any award or claim for damages, direct or consequential, in cortttection Frith 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. in the event of a total taking of the Property, the proceeds shall be applied to the sums •set:trrpd by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless borrower and Lender otherwix agree in writing. there shall he 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 Pn.perty 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 offers to make an award or settle a claim for dam;recs. B+~rrower 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 I~nder i option, either to restoration or repair of the Property or to the sums secured by this Mortgage. tJnlesc !.ender and Borrower othervvise agree in writtng, any such application of proceeds to principal shall not extend or pextpone 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 thts Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rckax, in any mantxr, the liability of the original Borrower and Borrower's sttccessc-rs in interest. Lender shall not be required to commence proceedings against such successor or rcfttx to etitend 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 lender in exercising any right or remedy hereunder, or otherwix afiordecf by applicable law. shall not be a waiver of or preclude the exercix of any such right or remedy. The procurement of insurance Qr the payment of taxes or other liens or charges by 1_ender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cnmutative. 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 exercised concurrently, independently or successively. ' 13. .Successors and Assigns Bound: Joint gad $eretal 1.iabiBly; Captbtts. The covenants and agreements herein contained shall bind, and the rights hereunder shall inttrc to. the rccpective successoro and assigns of Lender acrd 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 are 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 Mortgage shall be given by mailing such novice by certified mail addresxd to Borrower at the Property Address or at such other address as Borrower mav_ designate by notice to Lender as provided herein. and (b) any notice to Lender shall he given by certified mail. rett+rn receipt requested. to lenders address stated herein or to such other address as Lender may designate by notice t~ Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to &-rrower or l_cnder when given in the manner designated herein. 1S. Uniform Mortgage; Governing I.aw; Sevenbility. 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 rnvering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. /n 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 Nnte which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to he 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 written ~unsent_ excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (bl the creation of a purchase m+•nev security +ntercst for household appliances. (c) a trancter by devise, descent or by operation of law• upon the death of a jo+nt tenant or (dt the grant of any leasehold interest of Ihrcc 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. Lender shall have w;++ved such option to accelerate if, prior to the tale or transfer. Lender and the person to whom the Property is t+, t,c :ol.l or transferred reach agrrrment in writing that the credit of such person is satisfactory to Lender and that the intcre,t 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 [_ender exercises such option to accelerate, lender shall mail Borrower notice of acceleration in accordance s. ith 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 stuns 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 follows: 1S.' Acceleratios; Remedies. Except m provWed is pars~raph 17 hereof. upon Borrowers breach of gay covetusttt or agreement of Borrower in this Mortgage. includirtR the corenaMs to pay when doe swy snms recnrtd br this Mortgage, tender prior to accekratfoa shall mail notke to Borrower as provided Iw paragtspb 14 hereof spccHyittg: (1) the bnacA;/2- the setiow required to con such bnach;l3) adate. cwt less Than 30 days from the date the twtke b trtailed to Borrower, by whkh streb breach must be cured; gad (4) Ihst tailuro to core such bnsch on or Teton the date spcciRitd in the wotke may resole iw accekndort of the sofas secured by This Mortgage. torecbwn by jddkir proeeedittg snsi ssk of the Property. The notike shag further inform Borrower of the right to niastste after sceirkntion sad the right to assert in the toreclosutt protsediittg the two-existence of a dctsull or soy other defense of Borrower to accekrsliow seed foreclosure. It the bnsch is not cored ow or before the dste ttptcifitd is the twtke, lender at I.ertder's option ttuy decbre sw of the snnrs secnred by this MottgaRe M be imtnediattly due and psysble without further demand and may foreclose tftk Mortgage by jndkW proceedhtg. i.ender shag be totitkd to cogect in such proctedirtg all expenses rat foreclosure. iaclttdirtg. brat trot limited to. rrssoaabk attorney's fees. sod costa of documentary evidence. absences sod title nporls. 19. Borrowers Right to Reinstate. Notwithstand+ng 1 ender's acceleration of the sums secured by th+t Mortgage. Borrower shall have the right to have an} prcxerd+ne, he~+n by lender to enforce this Mortgage discontinued at an) ume 1 t -_ _ tom., - 3 344 ~=Gf i61? ..,~:.,~