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HomeMy WebLinkAbout2823Lender c written agreement or applicable law. Born-wCr shall pay the amutint Y~f all mortgage imurance premiums in the manner pnwided under paragraph 2 hereof. Any amounts dishurud by Lender pursuant to this paragraph 7, with irttcrest thereon, shall become additional indebtedness of Borrower secured by this MurtgagC. t'nless Borrower and I ender agree to other term, of payment, atch amoontc shall he payable upon notice from LCndcr a>' &-rruwCr reyucsting payment thereof. and shall hear interest from the date of disbursement at the rate payable from lime to time on outstanding principal under the Note unless payment of interest at such rate wrndd he 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 Lender to incur any expense or take any action hcrcundcr. 8. Inspection. Lender may make or r.-usc to t+c made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any +uch inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, arc hereby assigned and shall he paid to l.cndcr. In the event of a total taking of the PmpCrty. the proCCCds shall he 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 otherwisC 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 cams 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 Io Borrower. If the Properly 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 damage,. Borrower faih to respond to Lender within 30 days after the date such notice is mailed, i.ender is authorized to collect and apply the prcxecds. at Lender's option. either to restoration or repair of the Pmpeny or to the sums secured by this Mortgage. Unless Lender and Bormwcr otherw•isC agree in w ritine. any such applir.-tion of proceeds to principal shall not extend or postpone the due date of the monthh• 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 Ir any cucceswr in interest of Bormwcr shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. lender shall not he required to commence pn.ceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured h}• this Mortgage M• rcawn of am• demand made by the original Borrower and Bormwcr s successors in interest. 11. Forbearance by Lender Not a Waiter. Any forhCarance hY Lender in exercising am• right or remedy hereunder, or otherwise -aBorded by applicable law, shall not he a waiver of or preclude the exercise of am• such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not he a waiver of Lender s right to accelerate the maturity of the indebtedness secured M• this Mortgage. 12. Remedies Cumulative. All remedies pm+•ided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity. and may he C+ercised rnncurrcntly. independent)}• or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captbns. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hercoL All rnvenants and agreements of Borrower shall he joint and several. The captions and headings of the paragraphs of Ihic~ Mortgage are for convenience. only and arc not to he used to interpret or define the provisions hereof. 14. Notice. Except for any notice rcyuired under applicable law to be given in another manner. (a) any notice to Burrower provided for in this Morlgaee shall Ix given by mailing such notice b}• certified mail addressed to Borrower at the Property Address or at such cHher address as Borrower maY_ designate by notice to Lender as provided herein, and (h) am• notice ro Lender shall he given by certified mail. return receipt requested. to I ender s address stated herein or to such other address as Lender may designate by notice to Borrower as pmYided herein. Any notice provided for in this Mortgage shall he deemed to have been given to Bormwcr or Lender when gis•en in the manner designated herein. 15. Uniform Mortfage; Governing iaw•; Seterability. This form of mortgage rnmhines uniform covenants for national use and non-uniform covenants with limited variations h+_• juriuliction to constitute a uniform security instrument covering real proper[}•. This Mortgage shall he 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 !date conflicts with applicable law. such conflict shall not affect other provisions of this Mortgage or the Note which can hC giYCn eliect without the conflicting provision, and to this end the provisions of the Mortgage and the Vote arc declared to hC severable. 16. Borrower's Copy. Borrower shall t-C furnished a a~nformcd copy of the NotC and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or anv part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding tat the Creation of a lien or encumbrance subordinate to this Mortgage. Ih) the creation of a purchase money security interest for household appliances. (cl a transfer by devise, descent or by operation of law upon the death of :- juim tenant or 1d- 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 such option to accelerate if. prior to the sate 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 has executed a written assumption agreement accepted in :veiling by 1_ender, 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 pericxl of not Less than i(1 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower faik to pay such s-ims prior to the expiration of such period. Lender may, without further notice or demand on Borrower. invoke any remedies permitted h}• paragraph 1R hereof. Note-UNIFORM CoveN~N•rs. Borrower and Lender further rnvenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's breach of any cor~nant or agreement of Borrower io this Mortgage. including the covenants fo pay when due any sums secured by this Mortgage, Lender prior to acceleration shag mail notice to Borrower a3 provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure snob breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by whicb such breach must be cored; and (4) that failure to cure such breach on or before the date specified in the notice may result in accekration of the sums secured by this Mortgage. foreclosure by judicial proceeding and sak of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-existence of a default or am other defense of Borrower to acceleration and foreclosure. If the breach is rat cored on or before the date specified in the notice. Lender at Lender's option may decbtre aq of the sums secured 6y this Mortgage to 6e immediately due and payabk without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to co11eM in sucb proceeding all expenses of foreclosure. including, but rat limited to, reasonable attorney's ftes, and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shall have the right to have an) proceedings begun by lender to enforce this Mortgage discontinued at any time __ _ ~ _ __ ao~344 ~~~E~is _~.~. ~ ~ ~.T,..