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HomeMy WebLinkAbout2136 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 dichuned by 1_ender pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Riuruwer secured by this Montage Unlcsc Borrower and I.rndcr agree to other tcrrr-c of payment, such amounts shall he payable ulxm notice from Lender to Borrower rcyuccting payment thereof: Ind iliall beer interest from the date of disburccmcnt 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 hear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require I.endtr to incur any expense or take any action hereunder. 8. laspecfion, Lender may make ar cause to he made rcacanabk 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 interest in the Property. 9. Coademaatbn. The proceeds of any award or claim for damages, direct or consequential, in eonntetion with any condemnation or other taking of the Property, or part thereof, or for conveyance in Iku of condemnation. are botchy 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 partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall he applied to the sums secured by this Mortgage such proportion of the prootxds 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 Praperty.immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Property is ahandaned by Borrower. c.r if. after notice by tender to Borrower that the condemnor offers to make an award or settle a claim for damages. Borrower fail. to respond to 1_ender within 30 days alter 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 Properly or to the sumo secured by this Mortgage. Unless lender and Borrower otherwise agree in writinc. 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 each installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortiution 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 lia5ility of the original Borrower and Borrower's strccescorc in interest. i.ender shall not be rcgtrircd to commence proceedings against such successor or refuse to extend time for payment or otherwiu modify amortitat~on of the sr~ms secured by this Mortgage by reason of any demand made by the original Borrower and Borrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by lender in exercising any right or remedy herctrnder, 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 Qr the payment of taxes ar other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness sectrrcd by this Mortgages 12. Remedies Comulstive. 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. Sreetssors and Assiges Bound; .Joint geed SeverN I.is6Blty: Capflons. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure 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 joiry and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and arc not to be used to interpret or define the provisions herrnf. 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 certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to fender as provided herein, and (h) 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 ~~ovided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or 1_ender when given in the manner designated herein. 15. Uniform Mortgage; Goremirrg Law: Sererability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variatians by jurisdiction to canstitute a uniform security instrument covering real property. This Mortgage shall be gaverned by the law• of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage ar the Nate conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which ran be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Nate are ikclared to be severable. 16. Borrower's Copy. Borrower shall be furnished a canfarmed copy of the Note and of this Mortgage at the time of execution or after retardation hereof. 17. Transfer of the Property: Assumption. if all ar any part of the Property or an interest therein is sold or transferred by Borrower without Lender's pricer wrinrn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the crcat~an of a purchase manev Security interest far household appliances, (cl a transfer by devise. descent or by operation of law upan the death of a joint tenant ar (dt the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at l_ender'c option, declare all the sums secured by this Mortgage to be immediately due and payable. lender shall have w-awed such option to accelerate if, prior to the role or transfer. Lender and the person to whom the Property is t., be .ald ar transferred reach agreement in writing that the credit of such person is satisfactory to 1_ender and that the interr.t payable on the sums secured by this Mortgage shall bt at srrth rate ac Lender shall request. If 1_ender has waived the aptian 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 Nate. If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance Hith 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 ar demand on Borrower. invoke any remedies permitted by paragraph IR hereof. Noty-UNtr=oRM Covt=rv~Nrs Borrower and Lender further covenant and agree as follows: 18. Accekratioa; Remedies. )Excep ss provided is psragrapb 17 bored. opow Borrowers breach of gay covrraawt or asreement of Borrower in this Mortgsge. including the corerraMs to pay when doe say sams secured by this Mortgage. Lender prior to sccekratioe shall mail notke to Borrower as provided iw para~nrph 14 hcreot specHyinf: (1) the bresch;121 the sdba tnegrired to core arch bresch;l3) a date. sot less lion 30 days twm the dste the tmotke b rasped to Borrower. by whkh sorb btteach most be cored; gad (1) That tailorc to core arch breach ow or bttorc the date specified In the notke rnav result is aeeckration of the sours sccercd by this Mortgage. forecbsrre by jrdkW proceeding gad sale of the hoperry. The notke shag further inform Borrower of the right to rclestNe after accekMbn geed the right to aroerf ire the torecbsrre'noeeediag the non-existence d s defauN or sny other defense of Borrower to sccekrNbs sad forecbsrre. If the breach is not crrtA oa or before the date specified is the notice. lender at Lender's option may declare aN o/ the sears tttrcrned by ebb Mortgage M be immediately due gad payable without further demand and rosy foreclose ebb Mor'tsage by jrdkW proetedlug• Lender chaN be eetitkd to collect br arch proceeding aft expenses of foreclosrrr. IncltndirtR, bet root Ymitd to. rcasosabk stt~,rneY's fees. sad costs d docrmeatary evidence. abstracts and•titk reports. 19. Borrower's RI`bt to Reinstate. Notwithstanding 1 ender s acceleratton of the sums secured by this Mangage. Borrower shall have the right to have any praceedme. t,rF~in by Lender to entarce this Mortgage d~sconttnued at any time - ,a 6u~K~~ PdGE~t~•, _:~