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HomeMy WebLinkAbout0726Lender i aritten agreement or applicabie law. Borrower shalt pay the amount of all martgage insurarice premiums in the manner provided under paragraph 2 hereof. • Any amounts disbursed by I.ender punuant to this paragraph 7, with in~erest thercon, shall become additional indeb~edness of Borrowe~ secured by this Mortgage. Unlesc Borrower anJ t.enJer agree ~o other termc of pay~nent, such amoiints shall be payable :ipan notice from I.cnder to Borrovver requesting paymcnt thereof, and shall hear interest from the date of disbunement at the ratc payable tram time to time on outstanding principal und~r the Nate unlesc paymant of interest at such nte would be cantrary ta applicable law, in which~event such amounts shall bear interest at the highest rate permissible under applicable Iaw. Nothing contained in this pa~agraph 7 shall require I_ender to incur any expense or take any action hereunder. 8. Iaspecfla~, i.ender may make or cause to l+e made reaconable entriec upon and inspectianc of the Propeny, provided that t.ender shall give Borrower notic~ prior to any such inspection speci(ying reasonable cause therefor related to I.ender's interest in the Property. 9. Coademaatbn. The proceedc of any awa~d or claim tor damages, dirort or consequential, in co~nectian with any condemnation or other taking of 1he Property, or pan thercaf, or for conveyance in lieu oi condemnation, are hereby assigned and shall be paid to Lender. Tn the cvcnt of a total taking of the Property. the procceds shall he applied to the cums secured by this Mortgage. with the excess, if any, paid to 8orrower. In the event of a partial taking of ~he Property, unless Bormwer and Lender otherwise agree in writing. there shall be applied to the sums secured by thic Mortgage such proporlian of the proceeds as is equal to that proportion which the amounl af the sumc secu~ed by this Mortgage immediately priar to the date of taking bears to the fair market vaiue of the Property immediateiy prior to the date of taking, with the balance of the }iroceeds paid to Borrower. If the Property is ahandoned b~~ Bor~ower. or if, after notice by l.ender to Bormwer thst the condemnor offen to make an award or xttle a claim for damages. Borrower fails ta resporid to l.e~der within 30 days after the date such natice is mailed. Lender is at~thorited to collect and apply the proceeds. at I.ender'.s option, either to restoration or repair of tlre Propertv ~r ta the sums secured b~~ this Mortgage. Unless Le~der and Borrower othenvise agree in writing, any such application ~f proceeds to principal shall not extend or pnstpone the due date of the monthl~~ installments referred to in paragraphs 1 and 2 hereof or change the amnun! of such installments. - 10. Borwwer Nol Rekased. Extension of the time for payment or modi$cation of amortization of the sums secured by this Mortgage granted by 1_ender t.~ any successor in interest of Borrower ~hall not operate to rekase, in any manner, the liabilits• uf the original Borrower and Bc~rrower'~ successors in interest. 1_ender shall not be required to commence p~oceedings againu s~~ch suecessor or refuse to eztend time for payment or othenvise modify amonization of the sums secured by thic Mortgage by reason of •rny demand made by ~he ori¢inal Borrower and Borrower's succesu-n in intercst. 11. Forbesraace by Le~er Not a Wdver. Am• fnrbearance b~• (.ender in e~ercising any right or remedy hereunder, or otherwiu atforded by applicable law. shall not he a waiver of or preclude the exercise of any such right or remedy. The procurtment of insurance or the payment of taxcs or other liens or charges by l.ender shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness cecured hy thic-Mortgage. 12. Remedies Camulali~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equi~v. and may he exercised concurrenHy, independently or successively. 13. Successors And Agigos Bound; Joint and Se~eral I.iability; Captions. The covenants and agreements herein centained shall bind, and the rights hereunder shall inure to, the respective suceessors and ascigns of [.ender and Borrower, subject to the provisions of paragraph 17 hereof_ All covenants and agreementc of Borrower shall be join! and several. The captions and headings of the paraeraphc of this ~lortgage are for _convenience only and are not to be used to interpret or define the provisions hereof_ 14. Notiee. Except for any notice required 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 cer~ified mail addressed to Borro~aer at the Property- Address nr at such othe~ address as Borrower ma~• designate b}~ notice to I.ender as provided herein. and [b) any notice to Lender shall he given by certified mail. return receipt requested, to l.ender s address s~ated herein or to such other address as Lender may designate b~~ notice to Borrow~er as provided herein. Any notice pravided for in this Mortgage shall be deemed to have been given to Borrower or l.cnder when given in the manner designated herein. 15. Uniform Mortg~e; Governin~ I.ars: Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations b~• jurisciiction to constitute a uniform security instrument covering real propertp. This Mortgage shall be gaverned ht• the law• of the jurisdiction in which the Properiy is located. In the event that any provision or clai~se of this Mortgage nr the Note conflicts w~ith applicable law. such conflict ~hall not affect other provisions of this Mortgage or the Note w•hich can be given effect without the conflicting provision. and to ihis end the provisions of the Mortgage and the 'Vote are dcclared to be severable. I6. Borrower's Copy. Borrower thall be flrrnished a conformed copy of the Note and of this Mortgage at the t+me of exec~~tion or after recordation hereof. 17. Tnnsfer of t6e Propertr: Assumption. if all or an} part of the Pmpeny or an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding !al the creation of a lien or encumbrance suhordinate to this Mortgage. (b) the creation of a purchase mone~• security interest for household appliances. (cl a tranxfer by devise, descent o* by aperation of law• upon the death of a joint tcnant or (d- the gran~ ot any Icaschold interest of three years or less not containing an option to purchase, I.ender may. at l.ender's option. declare all the sums secured by this Mortgage to be immediately due and payable. I.ender ~shall have w•aived such option to accelerate if, prior to the cale or transfer. 1_ender and the person to whom the Property ic to be sold or iransferred reach agreement in writing that the credit of such pe~son is satisfactory to Lender and that the interest payable on the sums secured b~ ~his Mortgage shall be at such rate as I_ender shatl request. lf i_ender has waived the option to accelerate provided in this paragraph 17, and if Borrow•er's successor in interest has executed a written assumption agreement accepted in writing by I.ender, I_ender shall release Borrower irom all ob)igations under this Mortgage and the Note. Tf Lender exercises such option to accelerate. l.ender shall mail Borrov-•er notice of acceleration in accordance with paragraph 14 hereof. Such notice ~hall provide a perioel of not Iess than 30 da}•s from Ihe date the notice is mailed within which Bormw•er may pa~• the sums dectared due. If 8orrower fails to pay such sums prior to the expiration of such period. Lender may. without furiher notice or demand on Borrower. invoke any remedies permitted 'ny paragraph 18 hereof. Nox-[t~tFORi-t Cov~rr~tvrs. $orrower and Lender further covenant and agree as follows: I S. Acceieratioa; Remedks. E:cept as Provided in par~rapb 17 bereof. upon Borrower's breach of aay coveoaot or agreement of Borrower in t6is Mortgage, iacluding the coveaants to psy when due any sums secured by this Mort~a~e, I.ender prior to accelentba sbail mail notke to Borrower u provWed in paragraph 14 hcreof specifyiug: (i) the Imacb; (2) the actloa required to curc such brcacb; (3) a date. not kss Wan 30 days from the d~e the notke is mailed to Borrower. by whk6 suc6 breach must 6e cnrcd; wd (4) that fa!lore to cure wch bre~ch on or bcfore tbe date speci6ed ie the ootice may resdt ia secekratioa of the snms secnred by this Mortgage, foreclowre by judicial proceedi~ sod sale of tbe Property. The notlce shall f~rther iafona Borrower of the right to reinstate after scceleratbn and t6e ri~hf to ~srrt in N~t forecbwrt ~roceediu~ the aoa-ezisteoce of a defauk or any other defense of Borrower to accekratio+~ aad forecbwre. If the bresch k not cured on ar 6efore tde date specified in the iwtke. Lender at Lender's optbn may declare a0 of Ihe snms secored by th~ MortRs~e to be immedhtely due and payabk w~itbont further demaad and may foreclose thb Mortgs~e by judkial Proceedin~. Leader shatt be entitkd to coUect in wch proceeding all eapenses of foreclowre~ includin~. but not Umitrd to, nasoaabie sttorney's fees, and costs d docnmentary evidence, s6stracts aad titk reporis. 19. Bomower's Right to Reinstste. IVotwithstanding LenJer s acceleration of the sums securcd by this Mortgage. Borrower shall have the right to have any proceedings hegun by l.ender to enforce this Mortgage discontinued at any time HO+~KJ4~ FAGE ~~•)