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HomeMy WebLinkAbout1102dr~ ?~~~~ ~~~~ ~~(~~i . ~~~ Lenders wntlen agreement or apptiCable law. Borrowei shall pay the amouM bl a11 mortgage ~nsurance prem~ums ~n Ihe manner provided under paragraph 2 he~eof. . Any amounts disbursed by Lender pursuant to this paragraph 7, wilh interest Ihereon, shall become add~t~onal indebtedness ol Borrower secured by th~s Mortgage. Unless 8orrower and Lender ayree to olher terms of payment, such amounis shall be payable upon notiCe Irom Lender to 8orrower requesting payment thereot, and shall bear mterest irom the date ol disbursemenl at the rate payable from time to time on outstanding principal under the Note unless payment ot ~nterest at such rate would be contrary to applicable law, in which event such amounts sha11 bear ~nterest at Ihe h~ghest rate perm~ss~bte under appticable law. Noth~ng conta~ned in this paragraph 7 sha~l require Lender to ~ncur any expense or take any act~on hereunder. 8. I~sp~etion. lender may make or cause to be made reasonable entr~es upon and ~nspect~ons of the P~operty, prov~ded that Lender shall give Borrowei notice prior to any such inspection specify~ng reasonabte cause the: efor retaled to Lenciers interest in the P~operty. 9. Cond~mnatlon. The proceeds of anya~vard or cla~m for damages, d~rect or consequent~al, m connect~on w~th any condemnation or other taking of the Property, o! part thereof, or for conveyance ~n I~eu ol condemnat~on, hereby assigned and sha11 be paid to Lender. tn the event ot a totat taking ot the Property, Ihe proceeds shall be appi~ed to the sums secured by th~s Mongage. w~th the excess, if any paid to Borrower. In Ihe event ol a part~al tak~ng of Ihe Property untess Borrower and_ lender otherwise agree in writing, there shall be appl~ed to the sums secured by th~s Mortgage such proport~on of the p~oceeds as ~s equal to that proportion which the amount of the sums secured by this Mortgage ~mmediately prior to the date of tak~ng bears to the (air market vaiue of Ihe Property immediately pnor to the date of tak~ng, w~th the balance ot the proceeds pa~d to the Borrower. If Ihe Property is abandoned by Borrower, or it, after not~ce by Lender to Borcower that the condemnor otlers to make an award or seltte a cla~m for damages. Borrower fails to respond to Lender with~n 30 days alter the date such not~ce ~s ma~ted. Lende~ is authorized to collect and apply the proceeds, at Lende~'s opt~on, elther to restoration or repair ot the Property or to the sums secured by th~s Mortgage. Unless Lender and Borrower otherv+nse agree in wnting, any such appi~cat~on ot proceeds to pr~nc~pal shall not extend or postpone the due date of the monthly mstallments referred to m paragraphs t and 2 hereot or change the amount ot such insiallments. 1 O. 8orrower Not Relessed. Extens~on ot the time for payment or mod~fication of amortizat~on ot Ihe sums secured by th~s Mortgage granted by Lender to any successo~ in ~nterest of Borrowe~ shali not operate to release, in any manner. the I~ab~l~ty of the ong~nal Borrower and Borrowers successors m interest Lende~ shall not be required to commence proceed~ngs aga~nst such successor o~ refuse to extend time lor payment or othe-w~se mod~fy amortizat~on of the sums secured by this Mortgage by reason of any demand made by the ong~nai Bo~rower and Borrowers successors ~n ~nte-est. 11. Forbsarance by Lender Not a Waiver. Any lorbearance by Lender m exerc~s~ng any nght or remedy hereunder. or otherw~se altorded by appf~cabte 1aw, sha11 not be a wa+ver of or preciude Ihe exerc~se of any such nght or remedy. The procurement of insurance or the payment of taxes or other l~ens or cha-ges by Lender ,halt not be a wa~ver of L~nder s r~ght to accelerate the maturity ot the ~ndebtedness secured by this Mortgage. 12. Remsdles Cumulstlve. All remedies prov~ded m th~s Mortgage are distin~t and cumutative to any other r~ght o~ remedy under Ih~s MoRgage or aftorded by law or equity. and may be exerc~sed concurrently. ~ndependently or success~vely 13. Successors and Assigns Bound; Jofnt and Several Ltability; Captfons. The covenants and agreements herein contamed shall bmd, and the .nghts hereunder shali ~nure to. Ihe respect~ve successors and ass~gns ot Lender and Borrower. subject to the provisions of paragraph t 7 hereof. All covenants and agreements ol Borrower shall be ~o~nt and several. The captians and headmgs ot Ihe paragraphs of th~s Mortgage are for coven~ence only and are not to be used to ~nterpret or define the prov~sions hereoi. 14. Notles. Except tor any notice reqwred under applicable law !o be g~ven m another manner. (a) any not~ce to Borrower prov~ded tor in th~s Mortgage shalt be g~ven by mail~ng such not~ce by cert~l~ed ma~l addressed to Borrower at the Property Address or a1 such other address as Borrower may des~gnate by not~ce to Lender as prov~ded here~n. and ~b) any not~ce to Lender shall be given by cert~fied ma~1. return receipt requested. to ~.enders ahdress stated here~n or to such other address as Lender may des~gnate by not~ce to Borrower as prov~ded herein. Any notice prov~ded for in this Mortgage shall be deemed to have been g~ven to Borrower or Lender when given ~n the manner designated here~n 15. Unlform Mort~a~e; Gove~ning Law; Severabiiity. ThiS torm ot morigage comb~nes uniform covenants for nationat use and non-urnfo~m covenants w~th I~mrted vanat~ons by ~unsdict~on m const~tute a unitorm secunty instrumen! covering real ~roperty The stale anct tocai Eaws appi~c.abie to th~s Mo-tr,ayF~ sh~~i: be tne taws ol the ~unsrnc:+on m•vhich the Prope~ty ~s ~ocated. The turego~ng sent~nce sna~~ nc~t i~m,t t-~e appi~cah~~~~y ~,t tc•hF•a~ !~,~.v i~> thiS mOrtga~C In Ihe t~veni that any prov~s~on or c~ause et th~s M~ntgage or the tJote conf!~c!s w~th a~>~,i~r <nt,~E• ::~:: Suc+i Conttict s-~~It not aflect c~~her p~ov~s~ons ot th~s Mortgage or the N; ~te ~vhich ~.~in be g~ven Atf~•~ t wi?hr,u! t~,f• i~~~f :c ?,~ic~ ;~~~,~-~5:~~n ~in~f t~, Th~s ~a~~f t!;i~ provis~ons ot the Mortgage and the Pdote are ~'eClare~i ?r, t,e sevrr~it~~e 16. Bonowers Copy. Borrower shall be furn~shed a conformed copy ot the PJote ard of th~s Mortgage at the t~me of execut~on or after recordat~on hereot. 17. Transfer of ths Property; Assumption. If a;l or any parl of the Pro~erty or an ~nterest ~here~n ~s ~old or transterred by Bor~ower without Lenders prior written con;ent. exclud~ng (a1 the creat~on of a I~en o~ encumb-ance subord~nate to th~s Mortgage. (b) the creat~on of a purchase money secur~ty interest for househotd appl~ances. (c) a transfer Cy dewse. descent or by operation ot law upon the death ot a ~o~nt tenant or (~ the grant of any ieasehofd ~nterest of three years or Iess not containing an option lo purchase. Lende- may. at Lender s ootion, declare all ihe sums secured by this Mortgage to be ~mmed~ately due and payable. Lender shatt have wa~ved such opt~on to acceterate ~f pr~or to the sale or transfer. Lender and Ihe person to whom the Property ~s to be sold or t~ansferred reach agreement ~n wr~t~ng that the cred~t ol such person ~s.satisfactory to Lender and that the mterest payable on the sums secured by th~s Mortgage shall be at such rate as Lender shall iequest. If Lender has waived Ihe opl~on to accelerate prov~ded m th~s paragraph t 7, and ~f Borrowers successor ~n mterest has executed a wntten assurnpt~on agreement accepted ~n wr~bng by Lender. Lender sha~l release Borrower from aii ob~~gat~ons under this Mortgage and the Note. It Lender exercises such opt~on to accelerate. Lende~ sha11 maii Borrower not~ce of accelerat~on ~n accordance w~th paragraph t 4 hereoL Such r.oUce shall prov~de a penod of not Iess that 30 days fram the date the not~ce ~s ma~led w~th~n wh~ch Borrower may pay the sums dec~ared due. II Bor~ower fa~ls to pay such sums pnor to the exp~rat~on of such penotl. Lender may. without further notice or demand on Borrower, ~nvoke any remed~es permitted by paragra~h 18 hereof NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as lollows: 18. Accelsratlon; Remedlas. Except as proWded fn parsgraph 17 hereof, upon Borrower's breach of any covenent or agreement of Borrower f n this Mortgsge~ Including ths covenants to pay when due any sums secured by thls Mortgag~. L~nd~r prior to ecc~lerstion shalt mall notlas to Bonower ss provldsd In ps~agrsph 14 hereof spsclfying: ~1 ~ ths brosch; (2) the action rsquired to curs auch breach; (3) a date, not less than 30 dsys trom the date the notice Is meiled to 8orrower, by whlch such breach must be curod; snd ~4) thatfailurs to curs such breach on or before the date spectfisd in ths notics may result !n acceleration of ths sums securod by thls Mortgage, foreclosure by judlclsl procssdi ng snd sale of the Prop~rry-. The notlce shall further inform Borrowsr of the rightto reinstste after secelerotlon and the right to asse~t in ths fonclosuro proceeding the non-sxistence of s defsult or sny other defens~ oi Borrower to accelention and foroclosure..lf the bresch Is not curod on or bsfor~ the date specifted In the notlce, Lsnd~r at Lsnder's optlon may declaro sll of the sums sscursd by thls Mo~tgage to be immsdfatsly due and psyebN without fu~thsr dsmand snd may forscloss thls Mortgsge by judiclal proceeding. Lsnder shsll be entltled to collsct in such procesding all expensss of foreclosure, includln~, but not Nmited to. reasonabte attornsy's fees, and costs of documentary evide~ce, abstracts and titts reports. 19. Bortower's Right to Rainstate. Notw~lhstanding Lender s acceterat~on of the sums secured by ih~s Mortgage B~~rrower shaU have the nght to have a~y proceed~ngs begun by Lender to entorce th~s Mortgage d~scom~nued at any t~me ~ .,~~ : ...._ . . -S fcY- 'R~-~:..~:'~i-h.~"'.~~z'2~-.2xs ~.u~ _ _.. ~~i g~~x 345 PdGf 110i0 f _ - :. ~ ~~'-`' . ~:X:,+c.~.m. .