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HomeMy WebLinkAbout1776. ~• 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 I.endcr pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender-agree to other terms of payment, such amounts shall he payable upon notice from I_endcr to Borrower requesting payment thereof, and shall-bear interest from the date of disbursement at the rate payable from time to time 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 bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. ti. Inspection. lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's inte~cst in the Property. -9. Condemr~tion. The proceeds of any award or claim for damages, direct or consequential, in connection with any eondemnatian or Mher taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid fo Lender. In the event of a total taking of the Property, the proceeds shall be applied to the cams secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking of the Properly, 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 hears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid tri Borrower. if the Properly is abandoned by Borrower, or if. after notice by (.ender to Borrower that the condemnor offer to make an award or settle a claim for damages, Borrower fails Io respond to !.ender within 30 days after the dtate 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 ptxtpone the due tjate 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. i_ender shall not he required to commence proceedings against such successor or Sefttse to extend time for payment or otherwise modify amortization of the sums tenured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by (.ender Not a Waiver. Any forbearance by (.ender 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 or 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 secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law• or equity. and may be exercised concurrently, independently er successively. 13. Successors and Assigns Botrnd: Joint and Serena! Liability: Captions. The covenants and agreements herein nontained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph t7 hereof. All covenants and agreements of Borrower hall be joint and several. The captions anJ 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. 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 other addretc as Borrower may designate by notice to Tender as provided herein, and Ih) any notice to Lender shall be given by certified mail. return receipt requested. to Lender c address stated herein or to such other address as I~pder 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 I_cnder when given in the manner designated herein. 15. Uniform Mortgage; Governing Law: Severability. 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 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 written content. excluding tat the creation of a lien or encumbrance subordinate to this Mortgage. Ibl the creation of a purchase money security interest for household appliances, (c) a transfer by devise. descent or by operation of lave upon the death of a joint tenant or (d1 the grant of any leasehold interest of three 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 waived Bach option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold 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 as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest hat 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 vt•hich 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 18 hereof. Norv-UtvtFORnt COVt:fVANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragrapk 17 hereof, upon Borrower's breach of any corenaat or ! agreement of Borrower in this Mortgage, including the covenants to pay when due any sums secured by tbk Mortgage, Lewder prior to accekration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the brescb; (2) the srNow required to cure such breach; (3) a date, not less than 30 days from the dste the notke is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such bresch on or before the date specified is the wotke easy malt b '~ accekration of the wms secured by this Mortgage, torcclosure by judicial proceeding sad sale of the Property. The wotiee small further inform Borrower of the right to reinstate deer accekration and the right to assert iw the foreclosure proceedia~ the non-existence of a defank or any other deferne of Borrower to accekratbn and foreclosure. if the beach h woe erred a i or before the date specified in the notice, Lender at Leader's option may declare ap of the sums secured by this Mortgage to be immediately due and payabk without further demand and may foreclose this Mortgage by jndkid proceeding. Lewder shall be entitled to coUeet in snob proceednug aq expenses of foreclosure, including, but rat Broiled to, reasonable attonzrey's lea, and costs of documentary evidence, abstracts aad title reports. ~ 19. Borrower's Right to Reiwstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage. p Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time Addewdrras to Parasrap6 1S. The state and local laws applicable to this mortgage shall be the laws of the jurisdiction in whkh the property is located. The foregoing sentence shall not limit the applicability of federal laeew~~t~~o this mortgage~~+ ~ 800~~(J`f~ PDfif~ , `V .,.