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HomeMy WebLinkAbout1681l.ender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance prcmiums in the manne~ provided ur~der paragraph 2 he~eof. Any amounts disbursed by Lender punuant to thu parag~aph 7, with intercst thercon, shall become additional inJebtedness o[ Bor~owe~ securod by this Mongage. Unless Borrower and l.en~kr agrce to other temu ot payment, such amounts shall be payable upoo ootice f~om l.ender to Borrowc~ requesti~g payment thereot. and shall bea~ interat from the date of disbunement at the rate payabk from time to time on outstanding principal under the Note unkss,psyment of i~terest at such rate would be contrary to applicable law, in which event such amou~ts shall bear interest at the highest rate permissibk under applicabk law. Nothing contained in this paragraph 7 shall require Le~der to incur any expense or take any action hereu~der. S• lnspectbn. i_ender may make or cause to be made reasonable entries upon and inspections of the Property. provided that~I.ender shall give Borrower notice prior to any such inspeclion specifying rcasonabk caust therefor relatcd to Lende~'s interest in the Property. 9.. Coademastba. The proceeds of any award o~ claim for damaga, direct or consequential, in connectio~ with any coodemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, arc hercby assigned and shall be paid to Lender. in the event of a total taking of the Property, the proceeds shall be applied to the sums securcd by this Mortgage, with the excess, if any, paid to Borrower. in the event ot a partial taking of the Propeny, -inless Bonowe~ and I.ender atherwix agree in writing, therc shall be applied to the sums securcd by this Mortgage such proponion of the proceeds as is equal to that proportion which the amount of the sums securcd by this Mortgage immediately prior to the date of taking bea-s to the fair market value of the PropeNy immediately prior to the date of taking, with the balance of th~ proceeds paid to Borrower. if the Property is abandoned by Borrower, or if. after notice by Lender to Borcower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to l_ender within 30 days after the date such notice is mailed, Lender ic authoriud to collect and apply the proceeds, at Lender's option, either to rcstoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agrce in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragtaphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Nof Rekased. Extension of the time for payment or moditication of amortization of the sums socured by this Mortgage granted by Lender to any successor in intercst of Borrower shall not opente to rclease, in any manner, the liability of the original Borrower and Bc~rrower's succcssors in interest. Lender shal) not be nquired to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amonization of the sums ucured by this Morigage by rcason of any demand made by the original Borrower and Borrower's successors in interat. 11. Forbearance by Lender Not s Waiver. Aoy fortxarance by Lender in exercising any right or rcmedy hereunder; or otherwise afforded by ~pplicable law, shall not be a waiver of or preclude the exercise of any such . right or remedy. The procurement of insurance or the payment of taxes or ~ther liens or charges by Lender shal) not be a waiver of Lender's right to accelerate the maturity of the indebtedn~ss secared hy thic Mongage. 12. Remedies Comulsthe. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or aftorded by law or equity, and may be exercised concurrcntly, independently or successively. 13. Snecessors and Assigns Bound; Joint and Sereral i.isb~ty; CspNons. The covenants and agrcements herein con~ained shall bind, and the riRhts hercunder shall ;nure to, the respective succc~ssors and assigns of Lender and Borrower, subject to the provisions of paragraph 1? 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 arc not to be used to interprct or define the provisions hereof. l4. Notice. Except for any nolice 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 cuch notice by certified mail addressed to Borrower at the Propeny Address or at such other address as Borrawer may designate by notice to f_ender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt rcquested, to [.ender s address stated herein or to cuch other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mongage shatl be deemed to have been given to Borrower or t.ender when given in the manner designated herein. 15. Uniform Mortgage; Governin~ I.aw;~Sevenbilitv. Thic form of mortgage combines oniform covenants for national use and non-uniform covenants with limited variations by jurisciiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed bp the law of the jurisdiclion in which the Property is located. In the event that any provision or clauce of thic Mortgage or the Note conflicts v-•ith applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given efiect wethout the conflicting provision, and to this end the provisions of the Mortgage and the Notc are declared to lx severable. 16. EorrowePs Copy. Borrower shall be furnished a contarmed copy of the Note and of this Mortgage at the time of eaecution or after recordation hereof. 17. Transfer of t6e Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without I.ender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances. (c) a transfer by devise, descent or by operation of law upon the Jeath of a joint tenant or (dl the grant of any leasehold intercst of three years or kss not containing an option to purchase, Lender may, at Lender'c option. declare all the sums secured by this Mortgage to be immediately due and payable' ~ender shall have waived cuch option to accelerate if, prior to the ~ale or transfer, Lender and the person to whom the Property is to be sold or trans(erred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage st~all be at sach ratt as Lender shall rcquest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's succasor in interest hac executed a written assumption agreement accepted in writing by I.ender. Lender shall release Borrower from all obligations under this Mortgage and the Note. . if Le~ider exercises such option to accelerate. I.ender .hall mail Borrov-•er notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than i0 ~ia}~c from the date the notice is mailed within which Borrower may pay the sums declareJ due. If Borrower fails to pay such s~ims prior to the expiratian of such period, Lender may, without further notice or dcmand on Bcirrow•er. ~nvoke am~ remedies permitted by paragraph 1R hereof. Notv-UNtFOR~-t CovEw~xTS. Borrower and l_ender funher covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in psr~raph 17 hereof. upon dorrower's breach of any covensnt or agrecment of Borro~-er ia this Mortgase. includinR Ihe covenants to psy whe~ due any sums secnred by tbis Mortga~e, Leeder prior fo acceleration sball mail aotice fo Borrowe~ as provided in paragraph 14 hercof specifyios: (1) the dreacb; (2) tbe setbn requind to cure socb bresch; (3) a date. not less than 30 days from the date the notice is mailed to Borrower, by w6kb wch breach must 6e cured; aod (4) lhat tailure to cure such breach on or beforc the date spccified in the ootice wy raolt la accekration of t6e sums secured by t6is Mortgsge. foreclosure by Judiclal proceeding aad sale ot tbe Prope~. 'ILe aotke shaU turther inform Borrower of the right to reinstate afler acceleration and the right to ~ssert In the toreclosurs proceedia` the non-ex[steace ot a defauk or any othcr dete~ue of Borro~er to acceleration s~d forecbsure. It the breach is oof cnred oa or before the dste specified in the notice. I.endcr at Lende~'s optlon may declue aq of the snms secured by this Mat~a~e to be immtdiately due aad payabk wHlant iurther demand and may foreclose lhts Mort~a`e by judkial proctedin~. Leader s6aq be eatilkd to collect in wc6 proceeding sq e:peates of foreclosurc, includin=. but aot Ifmited to, reawnabk Mtorsey's tees. snd costs o[ documentary evidence, a6strscts and titk r+eports. 19. lbrrower's Rf~bt to Rciost~e. N~twithstanding Lender s acceleration of the sums xcurcd by this Mortgage. Borrower shall have the right to have any proccedings begun by Lender to enforce this Mongage discontinued at any time ~~~K 347 p~- f1675 ~- x -s`~.i~Y -y..,;:r - , -. , i • ' ~ ^`F ' v-~:,.: c... ~ ~:,;`"i_ i~;