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HomeMy WebLinkAbout2282l.e~der's w~itten agrcement or applicable law. Borrowe~ shall pay the amount of ali mortgage insurance premiums in the manner provided under pang~aph 2 hercof. Aoy amounts disbursed by Lende~ pursua~t to this parag~aph 7, with interest thercon, shall become additional indebtcdness of Borrowe~ securcd by this Mortgage. Unless Borrower and t_ende~ agrce to othe~ terms of pa~ment. such amounts shall be payable upoo notice [rom Lender to Borrower ~equesting payment thcreof, and shall bear interest from the date of disbursement at the rate payable from time to time o~ outstanding principal under the Note unless psyment of intercst at such rate would be contnry to applicable law, in which event such amounts shall bea~ interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur a~y eape~se or take any action hereunder. 8. Iaspectba. i.e~der may make or cause to be made reasonable entries upon and inspections of the Property. provided that Leoder shall give Borrawe~ ncuice prior to any such inspection specifying rcaso~abk cause therefo~ related to Lender's interest in the Pmperty. 9. Coademnatbn. The proceeds of any award or claim for damaga, dircct or conseqoential, in connection with any co~demnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assig~d and shall be paid to Lender. In the event of a total taking of the Propeny, the proceeds shall be applied to the sums securcd by this Mongage. with the excess, if any, paid to Borcower. in the event of a partial taking of the Propeny, 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 Mongage immediately prior ta the date of taking bears to the fair market value of the Propeny immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by i.ender to Borrower that the co~demnor offen to make an award or settle a claim for damagcs, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is aufhorized 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 othenvise agrce in vvriting, any such application ot proceeds to pri~cipal shall not extend ar postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hercof or change the amount of such installments. 10. Eorrower Not Rdeased. Extension of the time for payment or modiflcation of amortization of the sums secured by this Mortgage granted by Lender to any succcssor in interest of Borrower shall not operate to rekau, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required to commenee proc~edings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums cecured by this Mortgage by rcason of any demand made by the original Borrower and Borrower s successors in intercst. 11. Forbearance by Lendcr Not a Waiver. Any fort~araoce by Lender in exercising any right or rcmedy hercunder, or otherwise afiorded by applicable law, shall nt~t be a waiver of or preclude the exercise of any such right or nmedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Le~der's right to accelerate the maturity of the indebtedness secured hy this Mortgage. 12. Remedies Cnmulati~e. All remedia provided in this Mortgage aro distinct and cumulative to any other right or remedy under this Mortgage or aftorded hy law or equity, and may be exercised concurrcntly, independently or successively_ 13. Successors and Assigus dound; Joint and Sereral i.iability; CapHons. The covenants and agreements hercin contained shall bind, and the rights hereunde~ shall inure to. the respective successori and assigns of Lender and Borrower, subject to the provisions of pa~agraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or de6ne the provisions hereof. 14. Notice. Except for any notice requircd 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 cenified mail addrcssed to Borruwer at the Property Address or at such other address as Borrower may designate by notice to 1_ender as provided herein, and (bl any notice to Lender shall he given by certified mail, retum receipt requested. to I.ender s address stated herein or to such other address as Lender may designate by notice to Borrower as provided hercin. Any notice provided for in this `lortgage shail be deemed to have been given to Borrower or l.ender when given in the manner designated herein. IS. Uniform Mortgage; GoverninR Law; Se.erability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform xcurity instrument covering rea! property. This Mortgage shall be governed hy the law af the jurisdiction in which the Property is located. in the event that a~y provision or clause of this Mortgage or the 1`ote conflicts w•ith applicable law, such conflict shall not afftct other provisions of this Mortgage or ihe Note which can be given effect without the conflicling provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Eorrovre~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. l7. Traosfer of the Proptrty; Assumption. Tf all or an~• part of the Property or an interest therein is sold or transferrcd by Borrowe-r without Lender's prior written consent, excluding (al the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation ot a purchase money security interat for household appliances, (c) a transfer by devise, descent or by operation of law upon the death o( a joint tenant or (dl the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at I_ender'c option, declare all ~he sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such 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 i~ satisfactory to LenJer and that the interest payable on the sumc secured by this Mortgage shall be at such rate as Lender shall request. if (_ender has waived the option to accele~ate provided in this paragraph 17, and if Borrower's succasot in interest has executed a written assumption agreement accepted in writing by i.enckr, I_ender shall release Borrower from al) obligations under this Mortgage and ihe Note. If I.e~der exercises aiich option t~ accelerate, l.ender ehall ma~f Borrowe~ notice of acceltration in accordance with paragraph 14 hereof. Such notice shall provide a pericxl of not Iess than 30 days from the date the notice is mailed within which Borrower may pay Ihe sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, [_ender may, without further notice or dcmand on Borrower. mvoke am~ remcdies permitted by paragraph 18 hereof. Notv-UNiFORt~t Covey~xTS. Borrower and Lender (urther covenant and agree as follows: 18. Acceleration; Remcdies. E:cept as pmvided in ParaR~ph 17 hereof. upon Borrorrer's breach of say coveoant or agreement of Borrower in th~s Mortgabe, including the covenants to pay when due any sums securcd by thk Mortsa~e, Leoder prior to acceleratloa sball mail notice to Bormwer as provided in parograph 14 hereof specNyiot: (1) the breach: (2) t6e acNon rcqufred to cun such brcach; (3) a date, not less than 30 days trom the date the notice is mailed to Borrower, by ~+hk6 snch breach must be cored; and (4) Ihat failure to cure such breach on or beforc the date specified Ia the aotke may resolt ia acceleration of t6e snms secured by thic Mortgage. foreclosurc by judicia! proceeding aad sale of the Properry~. 1~e notke shall further lnform Borrovser of the right to reinstate after acceleration and the right to assert in tbe toreclosnrt p~oceediu~ the ooo-existence of a defauk or any othcr defense of Borrower to accelerstioa and torecbsurr. If the breach is oot cnr~ed on or betore the dsle speci6ed in tbe notice. Lender at Lender's option may declare atl of the soms secored by this Mo~qe to be immediately doe and payabk f-ithout further demand and may forec{ose thls ~fortga`e by judkW proceedin~. Lender s6aU be eotitled to copect ia snch Qroceeding aq e:peoses of foreclosun, includin`, but aot limited fo, reasonsbk attorae~'s fea, snd cosfs ot documentary evidence, abstrac~s and titk reporls. 19. lbrrower's Righl to Reinstste. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings hegun by Lender to enforce this Mortgage discontinuod at any time ~ ~ BOOK 345 P~~E 2281 ,.~~-~ _ ~ _ _ _ .:_ _ .. - --. - - - .~~ _ . ,~.~.~-~