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HomeMy WebLinkAbout2399` . I.enckr'c writte~ agreement o~ appl~cable low. Bo~rowe~ shall pay the amount ot all mortgag! insurance prcmiums in the mannrr pruvidcJ under paragraph 2 hereo(. Any amounts di~hurccd by I.cn~lc~ pur~uant lo this paragraph 7, with interexc thercon, shall became addilional indchtednec~ of Horr.~wcr sccurcd by th~c M~x~gage. Unlecs Bor~av-er anJ I.rnJer agrcc tt~ ptfis~ I~ritlx of payment, such amounlc shall he peyahlc iiFx~n nu~ice fmm I.cnde~ to Bc~rrower reqixcting paymrnt thcrcof, and shall hear interest from the date M dicbunement at 1hc ratc payahlc from time to lime on outstanding principal unde~ Ihe Note unlest paymeet of interest at such rate would be contrarv to applicable law, in which event a~ch amountc shall hear interest at the hiahest rate permiuible under applicable law. No~hing comaineJ ~n ~his paragraph 7 shall requirc [.ender to incur any expense or talce any action hereunder. a• I~spection, l.ender may make ~•r ca~„e to be madc reacc~nabk emries upon and iospections of tl~t Propetty. provided that l.ender shall give Borrnwet not~rr pri~~r to any such inspection specitying rcasonabk cause therefor related to i.ender's interest in the Property. ~ 9. Coademeation. The prcueedc of any award or claim tor damages, diroct o~ consequential, i~ connection ~with any condemnation or dher taking of the Propeny, or part thercof, or for conveyance in lieu ot condemnation, are hereby assiaood and shall be paid to [,ender. in the event of a tot~l taking of the Propeny. ~he proceeds shall be applied to the sums secured by this Mo~t~aae, with the exces:, if any, paid to Borrowe~. ln the event of a partial taking of the Property, unless Borrower and Lender otherwix agree in writing. ther+e shall be applied to Ihe sums secured by this Mongage such proportion of the proooeds as is equal to that proportion v-•hich thc amount ~f ~hc sumc securcd by this MortgaRe immediately priar to the date o[ taking bears to the fair market value of ~he Properiy immediately prior to the date o( taking, wi~h the balance of the pr~oceeds paid to Borrower. 1f the Propehy is ahandoncJ bp Borrower. or if. after oo~ice by i_ender ta Bormwer that the condemnor oRers to mate an award or uttle a claim for damaces. B~~rrower fail~ to respnnd to l.ender within 30 days a(te~ the date such notice is maikd. I.ender ic autharized to collect and apply ~he proceeds, at l.ender's option, eilher to restoration or ~pair of the Property or to the sum~ cecured hy Ihis M~ngage. Unless l.ender and Bor~ow~er othenvi~c agree in v-~rit~ng. any such application of proceeds to principa) shall not extend or postpone the due date ot the monthly inslallments rcferrcd to in paragrapht 1 and 2 hercof or change the amount ot such installments. lA. Rorrow~er Not Rekased. Fztension of the ~ime for payment or modification of amortization of the sums securcd by this Mortgage gnnted by l.ender to any cuccessor in interest of Borrower chall not opente to rckase, in any manner. the liability of the original Borrower and Bc~rrower e successorc in intercst. i.ender shall ~ot be required to commence proceedings against such successor or rcfuse to e+ctenJ Iime for payment or otherwise modify amortizaiion of the sums secured by lhis Mortgage by reason of any demand made by ihe ori¢inal Borrower and Borrower s successors in intercct_ 11. Forbesrance by i.ender Nof a Waiver. Any forhearance by I.ender in e~ercising any right or rcmedy hercund~r, or othenvise afforded by applicable law, shall ne+t be a waiver of or proclude the ~xercise of any such right or remedy. The procurement of insurance or the payment of taxa or other liens or charges by [.ender shall not be a waiver of Lenders right to accelerate the maturity of the indebtednecs cecurcd hy thic Mortgage. 12. Reinedies Cnmulstire. All remedies pmvided in this Mortgage arc distinct and cumulative to any other right or rcmedy unde~ this Mortgage or afiorded hy law or equity, and may bt exerciud concurrcntly. independently or successtvely. ' 13. Successors snd Assi~us donnd; .Miat aad Severd T.iabiNry: CapHons. The covenants a~d agreements herein contained shall bind, and the riRhts hercunder shall inure to. the rcspective successors and assigns of Lender at~d Borrower. subject to !he provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joird and xveral. The captions and headings of the paragraphc of this Martgage are for convenience only and arc not to be used to interprct or deBne the provisions hereof. 1~. NWice. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this MortRa¢e shall be given by mailing such notice by certifled mail addressed to Borrower at the Property Address or at such o~her addresc as Borrower mav designate by notice to f.ender as provided herein, and (b) any notice to Lender shall tx given by cer~ificd mail. return receipt requested. to [.ender s address stated hercin or to such o~her addrcss as Lender may de~ignate by n~-~ice to Borrower as pro~ided hercin. Any notice pmvided for in this Mortgage shall be deemed to havc t-een gn+en to Bormwer or l.ereder when given in the manner designated herein. 1S. Uniforn~ MorlRa~e; Governin~ I.aw; Se~enbility. This form of mortgage combines uniform covenants fot national use and non-uniform covenan~c with IimiteJ varia~ions hy juricdiction to constiurte a uniform security instrument coverin~ rcal property. This Mortgage shall be govcrned by ~he law of the jurisdiction in which the Property is located. In tht event ~hat any provision or clauce of thic Mortgage or ~he Note conflicts wi~h applicable law, such confliet shall nd affoet other provisions of ~his Mongage or the Note wh~ch can be given effect wiihout the conflicling provicion, and to this end the provisions of the Mortgage and the Note are declared to t~e severable. 16. Sorrower's Copy. Borrower shall be furni~hed a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Traasfer of tbe Propertv: Assump~ion. If all or any part of the Property or an intercst therein is sold or transferred by Borrower without Lender's prior wn~~~n con~eot. excluding (al the crcalion of a lien or encumbrance subordinate to this Mortgage. (b) the creat~on of a rurchace money cecurity interest f~r household appliances. (el a Irancfer hy devist, descent or by operation of law upon ~he dea~h o( •r j~ant tenam or (d- the grant of any leasehold iroerest of ~hrcc years or kss not containing an option to purchase, l_ender may. at l.ender'c option, declare all the sums secured by this Morigage to be ~mmediately due and payable. Lender shall have w~~ved such option ~o accrlerate if, prior to the wle or transfer. Lender and the person to whom ~he Proper~y ic ~a bc .o1J ar trans(erred rcach agrerment in writing that the creJil of cuch percon is satisfactory to Lender and tha~ the inlerc.t payablc on the sums secured by this Mortgage shall bt at such rate ac Lender shall request. If Lender has waived the op~~on to accelerate provided in ~his paragraph 17, and if Borrower i suceessor in interest has executed a wriu~n assump~ion agreement accepted in writing by [~nder. Lender shall release Borrower from all obligations under this Mortgage and thc Note. If Lender ezercises such option to accelerate, 1_enJer chall mail Borrower notice ot accelera~ion in accordanc~ w•~th paragrapb 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrowe~ may pay the sums declared due. If Borrower (ails to pay such sums prior to the expiration of ~uch peric~d. [.ender may, without further notice or demand on Horrower, invoke any remedia permitted by paragroph IR herrnf. NON-UNIFORM COVENANTS BOffOWt~ 3fld Ltfld~f ~URMtf COVt11iO1 and agree u[ollows: ls. Accele~ioa; Remedies. E:cept as provided ia ~~rapb 17 bereot~ rpo~ Sorrower's brcacA o( ~wy cortw~l or a~reemeat ot Eorrower in tbis MoARaRe. lncludin~ the corenanls fo p~r whe~ due ~ay wna secured 6y thEs MorlRa~e. Lender prior to ~ceekraNoo shdl mafl notice to dorro~+er as provWed ia pan~raph 14 bereot specHyio~: (l) tAe M~each: (21 ~Ae aetb~ e~equired to cere socb bresch;l3) a date. not kss than 30 days /rorn the dMe the notke b maikd to dorrower. ~~+Akh suc~ b~each must be cend: snd (4) that failure lo cd-e sreA brescw oa or Aeto~e tbe date specified i~ tAe rwlke n~ar resWt h secekratioa ot t6e sams sccurcd by thts MorfRaRe. fo~eelown br jndkial proceediu= aud sde oI tbe rropertr. The rwtkt shaq further inform eorro~.er ot ~be riRh~ to relnshte af/er ~ccekrstfos swd tbc ~I~t to as~eN iw tbe tw~eclosorc NoeecdMK t!e aon-e:isience ot a detauN or any ofhe- detcnse o/ donower to acceknfioo ana foreclosvre. It tbe breac~ is aot crrea o~ or before the date specified ia the notice. I.eeder al l_ender's ~tiow way deeNrc ~q ot the s~ms sec~red by tMis MortRaRe to be immedjattly due and psyable witM-ut further demand ~nd msy for+etlost thk Mo~a~e br jadkW ~otttdin~. I.ender sAaq bt totided to cdltet ie wch proceedi~ all t:penses of toreclos~r+e. I~cludin~. brt ~ol Y~nitea to. reasonaMe stt.~rneY's fees. and casts d docurae~tary e~ideace. sbstracts snd ~itk nports. • 19. don+oner'f Ri~ht to ReirWatt. Notwith~ta~d~ng 1 ender s accelerat~on oI the sums secured by th~i Mon~age. Borrower shall have the righ~ to have am prckecdme• hr~~~n by Lendtr to entorce th~~ Mongage dncont~nutd al an~ hmt ~ ar,.~x f ~~R345 p~~E2398 :~. ~,~. -. ,r - - '___..