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HomeMy WebLinkAbout1629~ l.ender's written agrcement or applicable law. lbrrowe~ shall pay the amount ot all mortgage insunnce prcmiur~u in the manncr pravided uoder puag~aph 2 hertot. Any amounts disbursed by I.ender purcuant to ~his paragraph 7, with interest theteon, sh311 become additional inJeh~edness ut Borrawe~ seeured by Ihis Morlgage. Unlecc Bo~rower aod l.encier agrce to other terms ot payment. sueh amountc shall he payable u~+c~n naticc f~om (.ender to Borrowrr rcquc~ting paymeot thereof, and shall bear interest from 1he Jate af disbursement at thc rate payablc from time to time on outstanding principal under the Note u~less payment ot interest at such rate would be contrary lo applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nathing contained in this parag~aph 'l shall rcquirc I.e~der to incur aoy expense or take any actiun hereunder. 8. In~teHon. I.ender may make ~~r cause ta t+e made reaconahle e~t~iec u~n and inspections of the P~aperiy, provided tita~ I.enJer chal) give Borrowe~ nolice p~ior to a~y such inspection cpecitying reasonable cause therefar related to Cender's inte~est in the Properly. 9. Condemnstbn. The prcxeedc of any aw•ard or claim for damages, direc~ or concequential, in connection with any con~rmnatiun or othe~ taking of the Prope~ty, or pan thereof, or far conveyance in lieu of condemnation, are hercby assig~ed and ;hail !,c paid to 1-ender. (n the rveot of a total taking of the Proper~y. the prcxceds chall be applieJ to Ihe cums secured by this Mongage, w•ith tl,e eticca, if any, p•rid to Borrc~wer. In ~he evcnt ~.f ~ partial taking ot the Property, unless Borrower and I.ender ~~therwic~ ~grec in writin~t. therc shall be applied to the cums secured by thic Mortgage such proporlion of the proceeds as ic equal to ~hat pm~c,rtian v-hich the amount of the sum~ cecured by this Mortgage immediately p~ior to the date ot taking hears to the fair marke~ value of the Property immeJiately pri~r to the Jate of taking. with the balance of the proceeds p~id t~ Borrower. if the Praperty is abandoned by Borrower, or if. af~er notice by I.ender to Borrower that~ the condemnor ofkrs to make an aw~arci or selNe a claim fo~ Jamagec, B~~rrower faib to re-~nd to 1-ender wilhin 30 days atter ~he date such notice is mailed. I.ender i~ authorized to callect and apply ~he proceeds. at I.ender i ~ption. ~ither to restoration or repair of the Pro~n}• or ~o the sumc secured hy ~his Mortgage. Unlesc I.endfr ~nd Borraw•er otherwice agree in w•ritine, any such applicalion of proceeds to principa) shall not exte~d or Fx,~tpc.ne ~he due Jate of the monthly inslallments referred to in parag~aphc 1 and 2 hercof or change the amount of ~uch mstallments. 10. Borrower Nof Rekased. F.xtensian of Ihe time for payment or mcxlification of amortization of the sums securcd by th~~ Mort~age granted by l.ender to any cuccessar in interest of Barrower chall not operale ta rclease, in any manner, ~he liab~li~y ~.f ~he origin•rl Borrower and Borrower'c surcescort in interesl. Lender shall not he rcquircd to commence p~.xeeJingc aga~nst such suttecsor or rcfuse to eY~enJ time foc payment or otherv~•i~e modify amortization of ihe sums ~e, ured by ~hic Mortgage hy reau~n of any demand made by the oriQinal Borrower and Borrower s successon in interest. I1. Forbea~ance b~ I.ender hot s W~irer. Any forhearance by I.ender in etercising any right or remedy hercunder, or ~~therw•ise aRurdeJ hy applicable law, shall not he a waiver of o~ preclude the exerciu of an~ such right or remedy. Thr procurement of insurance or Ihe payment of tarr~ or other liens or charges by Lende~ shall not be a waiver of Lender's right ~~- acrrlcratc ~he maturily of thc indeb~ednea crrured hy thic Mortgage. 12. Remedies Cumulatlve. All remeclies pro.•ided in thic Tlortgage arc distinct and cumulative to any other right or rrmeJp under Ihic Mortgage or aHorded hy lavv o~ equity, :~nd may he ezercised concurrently, independently o~ succtssively_ 13. Successo~s and Assi~ns Bound; ]oinl and Sereral I.iability; Captions. The covenants and agreemenls herein ronta~ned ~hall hind. and the riAh~s hercunder shall inore to. the recpeetive succecsors and assigns of Lender and Borrowtr, +uhject to ~he provicion~ of paragraph 17 hereof. All coven•rn~s and agreementc of Borrower ~hall be joint and several. The captiuns anJ headingc of the paraeraphc ~f thic Mongage are for convenience only and arc not to be used to ~n~erprel or deBne the pravicionc hereof_ 14. Nolice. Except for any notice reyuired under applicable law to be given in another manner, (a) any notice to Borraw•er provided for in ~hic M~ngage shall he grven bp mailing ~uch notice by certified mail addressed to Borrawer at thc Property Addrecs or al ~uch other addrecs as Borrow•er may decignate by notice to t.ender as provided herein, and Ih1 ~n~ noticr a~ t.ender shafl he gi~~en hy cerdfxd m:~il, return rece~pt requecled. to 1 ender's address stated herein or to wrh ~~ther addresc as I.ender ma}~ dreignate by notice to Borrov-•er as proeided hercin. Any no~ice provided tor in this Nortgage shall he d~emed to ha~c t-cen given to Borrow~er or I.cnder'when grven in the manner decignated herein. 15. l;niform MortRa~e; GoverninR [.aw; Se~enbilily. Thic tc.rm of mortgage combines uniform covenants for national uce and o~-n-uniform corenanll with limited variations h}• junsdiction tc. constitute a unifornt security insUument covering real property. Thic Mortgage shall he guverned h}• the law of the juricdict-on in r-•hich the Property is located. In the event thal any provision or clauk of thi~ Mohg•rge ar ~he ?`'ote conflict~ wi~h applicahle law, such conflict shal) not affect ~~ther pr~nniune of ~hic Mortgage or the Notr wh~ch can be givcn efTect wiihout the conflic~ing pmvicion, and to this end ~he pro.~icionc of the Mortgagc and the '~ote are ~lerl:~red t.~ he severable. 16. Borrower's Cop~~. Borrower ~hall t+e furni.heJ ~ con(ormed copy of thc Note and of thic Mortgage at the time uf execution or a(ter recordation hercof. 17. Transfer of the Propert~; Assumplion. If all ~r am- part of thc Property or an intercst therein ic sold or tnnsferred hy Borrower without I.e~der's prior wriuen conaent. ercluding lal ~he creation of a lien or encumbrance subordinate to ~h~~ Mortgage. (b) the creation of a pu~chace money ~ecuri~~ ~nterest for houtehold appliances, (e) a Iransfer by devise, deuent or by operation of law~ upon the Jeath of a j~~int tcnant or (dl ~he grant of any leasehold interest of three years or less not rontaining an option to purchase. Lender may, a~ I.ender'~ optiun. declare all the sums secured by this Mortgage to be ~mmeJiatel~~ due and payable. I_ender shall ha.•e waived ~uch option ~e. accelerate if, prior to the cale or transfer. Lender and the perion to whom the Proper~y ic to be so1J or Irans(erred reach agreement in writing that the credit of such penon ~c satisfactor}~ to I_enJer -+Mdl-re~~uesE. If I.ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest hac executed a writte~ assump~~on agreement accepted in writing by Lender. I_ender shall release Borrower from all ~~bligations under this Moftgage and the Note. If I.ender exercises such option to accelerate. I.enJer shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice chall provide a period of not Iess lhan 30 days from the date the nolice is mailed within which Borrower may pay the sums declared due. I( Borrower failc to pay such sums prior to the expiration of such period. Lender ma~•, without further notice or ciemand on Korrower. imoke an~• remedies permitted by paragraph 18 hereof. NoN-I1rviFOent Covex~NTS. Borrower and 1_ender funhcr covenant and agree as follows: ~ 18. Accelerat'an: Remcdies. Except as provided in ps~raph l7 hertof~ upon Borrowers breacb of anr co~enut or ~ agreement of Borrower in this Mortga~e. lncludirq~ the covenants to pay when due sny snms secured by this Mortsa~e. Le~der ~ prior to accekratan shdl mail nolice to Borrowcr as provided in psragnph 11 hereof specifyiu~: (1) the brescb; (2) t6e utioa requircd fo cure such breach; (3) a date. not less Ihan 30 days from the date fhe notice b mailed fo Borrower. by whk6 sncb breach must be cured; aad (4) thst failure to cure such bresch on or before the date specl~ed in the ootice may• raalt i~ ~ accelerallon of the sums secuted by this MortR~e. foreclosure by judicisl proccedint aad sak of the Property. 7Le .otke } shall further inform Borrower of the right to reinsWte afler sccekratan and tbe ri~ht fo ~sstirt in the forecbwrt proc~ i the oon-eaistence of a detauk or any Mher defense of BoROwer fo accelention and foreclosure. If the breacb is aot c~red os ~ or before the date specf6ed jn the notice. Lender af Leoder's option may declue sl! of the sa~ secored by thk Mo~a~e to be ~ immediately due and payabk without furlher demaad and may toreclose thB lllortga6e by judicfal proceedia`. Lewder shaY be entitkd to collect In snch procecdir~ all e:peoses ot foreclowre, includin~. but aot timited to, reatoaabk atton~ey's tea, ~ and costc of documentary evidence. absEractc and lftk reports. ~ 19. Borwwe~'s RiRht to ReinstNe. Notwiths~anding Lenckr's acceleration of the sums securcd by this Mortgage. € Borrower shall have the right to have any proceedings Ixgun by Lender to enforce this Mortgage discontinued at any time AddsaA~~ to Para~rapr 15. The state and local laws applkable to this mortgage shall be the laws ot the jurisdiclion in whkh Ihe propertp k located. The toregoiny sentence shall not limit the a Ilcabili `~ I law to this mortgage. i 6~'~~~ 1 P~b~~l~~ - ..~ - _ . - W ~ ~~_ .-0 - ~.- :~._;;-__.,, _ .