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HomeMy WebLinkAbout2564 l rndrr's written agreement or applicable .low. Borrower shall pay the amount of all mortgage insurance premiums in the manner pn+vidrd under paragraph 2 hereof. Any amounts dishiirsrd by Lrndrr pursuant to this paragraph 7, with interest thereon, shall become additional indrhtrdncss of Norrowcr secured by this Mortgage. Unless Borrower and Linder agreo t0 better .terrrls of payment, such amounts shall he payable upon nosier fn+m I coder to Borrower requesting paymrm thereof, and shall hear interest from the date of dishurxment at the rate payable fmm time to time on outstanding principal under the Note unless payment of interest at such rate would he contrary to applicable Irw, in which event such amounts shall hear 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. g. Itsspection. lender may m;i{,e i~r cause to he made reasonable entries upon and inspections of the Property. provided that Lender shall give Borrower nosier prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnatbn, The proceeds of any award or claim for damages, direct or consequential, in cot-rrection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation. are hereby assignod 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 Larder otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the prooeeds 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 Properly is abandoned by Borrower. or if. after notice by i.ender to Borrower that the condemnor oRers to make an award or set!!e a claim for dama¢rs. Bormwer fail. to respond to 1_ender within 30 days after the date such notice is mailed. 1_ender 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 postpone the due date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount of such installments. 10. Borrower Not Released. 1?xtension 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. lender shall not be required to commence proceedings against such successor or refuse to extend 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. i 1. Forbearance by Lender Not s Waiter. Any fort+tarance by lender in exercising any right or remedy hercrrnder, or otherwise afforded by applicable law, shall trot tx a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance Qr the payment of taxes or other liens a charges by Lender shall not ht a waiver of Lender's right to accelerate the maturity of the indehtedtress secrrrrd by this Mortgage. 12. Remedies Cumulstire. 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 br exercised concurrently. independently or successively. ' 13. Successors sod Assigws Bound; Joint and Several T.isbipty; Csptbns. 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 t:ric Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 11. Notke. Except for any notice required under applicable law• to bt 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 mav_ designate by notice to Lender as provided herein. and (hl any notice to Lender shall he given by certified mail. return receipt requtxted. to [.enders address stated herein or to such other address as Lender may designate by notice to Borrower as pros•ided herein_ Any notice provided for in this Mortgage shall bt deemed to have txen gis•en to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage: Governint; law: Sereratrilily. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jirricdiction to constitute a uniform security instrument covering real property. This Mortgage shall be itoverned 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 aRect other provisions of this Mortgage or the Notc which can t,e given effect without the conflicting provision, and to this end the provisions of the M~+rtgage and the *Iote arc ~kclared to ht severable. 16. Itiorrower's Copy. Borrower shall he furnished a confotrtred copy of the Note and of this Mortgage at the tithe 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 wrinrn consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (bl the creation of ;+ purch:isr mi~nev security interest for household appliances, (e) a transfer by devise. descent or by operation of law upon the death of a joint tenant or Ids 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 dire and payahlr. !_rnder shall have waived srich option to accelerate if, prior to the sale or transfer. Lender and the person to whom the Property is a+ he .oIJ or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the intrrc.t payable on the sums secured by this Mortgage shall bt at Birch rate as 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 Note. If 1_ender exercises such option to accelerate. (_ender 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 sums prior to the expiation of such period, Lender may. without further notice or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof. NON-UNIFORM COVENANTS Borrower and lender further covenant and agree as follows: Ili. Accekrslion; Remedks. Except as provided is paragraph 17 hereof. tnpow Sorrower's breach of swy corttrsnt ar a~greemewt of Borrower iw this MortgsRe. inciudinR the covensnts to pay whew due swy sums secured by this Mortgage. i.eudcr prbr to sccekratbn shall mail notke to Borrower as provided la paragraph 11 hereof specNyiag: (1) the breach: f21 the adtow required to cure such brcach;l3) a date. not less /hsn 30 dsys from the date the wotke b grafted to Borrower. by whkh such btresch must be cured: rind (1) thst failure to cure such breseA ow or before the date specified iw the notke may resWt iw acceleration of the soots secutxd by this Mortgage. forccbsurc by judkial proctedirtg and ssk of the Property. The notke shall further inform Borrower of the right to reinstate steer secelerstiow and the right to Borers is the foreclosure proeeedisg the non-a:istenct of a defauN or soy other defense of Eorrower to sccekrstion sad foreclosure. N the breach is woe cured ow or before the date specified is the notice. Lender at l.cnder's optbw say deehre aM of the strttas sttttued by fhb Mortgage to be immediately due and payable without further demand and may foreclose fhb Mortgage by judkW proceediwR. l.cnder chap be eatitkd Io copeet in such proceeditrg sp t:penscs of foreclosure. lacludirrg. but woe Bmited to. rctrsonsbk stt.,rner's fees. gad casts of docutsrewtary evidence. sbstrscts and title reports. 19. dotrrower's Rijht to Reinstate. Notwithstanding 1 codex's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any prcxecdmes F+r~,un by Lender to enforce thn Mortgage discontinued at any rime a~3~4 ~~~Ez~s3