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HomeMy WebLinkAbout0237l.cndcr's written agreement or applirable law. Bor~ow•er shall pay the amount ot all mortgage insurance premiums in the manner provided under paragraph 2 hereof. ~ Any amounts disbursed by I_endc~ pursuant ta this paragraph 7, with interest thereon, shall become additianal indebtedness of Borrower secured by this Mongage. Unless Borrower and I.enJer agree to other temts of payment, such amounts shall be payable upon natice from t.ende~ to Borrawer requesting payment thcreaf, a~d shall bzar i~te~est h~om the date of disbursement at the rate payahle from time to time on outstanding principal under the Nate unlezs psyment ot interest at such rate would be contrarv to applicable law, in which event such amounts shall bear intercst at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shal! require 1_ender to incur any eapense or take any action herounder. . 8. IaspecHoq. Lender may make or cause to be made reawnable entries upan and inspections of the Pr~perty, provided that i.ender shal) give Borrower notice prior to any such inspection speci[ying reasanable cause therefor related to Lender's interest in the Property. 9. Condemaatb~. The prMCedc of any aw~ard or claim for damages, direc~ or concequential, in connection with any condemnation or ~tfier't~lcing of the Property, or pan thereof, or for conveyance in lieu af condemnation, are henby assigned and shall be paid'ta I.ender. ~ In the event of a tota! taking of the Pmperty, the proceeds shall he applied to ~he sums secured by this Mongage, ~•ith the ercess, if any, paid to Barrower. in the event ~f a partial Iaking of the Property, unless Borrower and Lender otherw~isr agree in writing. ihere shall be applied to the sums securcd by this Mortgage such pmportion ot the proceeds as is equa) to that proportion w~hich the amount of the sumc secured by this Mortgage immediately prior to the date of taking hears to the fair ma~ket value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. if the Propeny is abandoned by Borrower, or if. after notice by 1_ende~ to Borrower that the condemnor otten to make an award or setNe a claim f~r damages, Borrower fails t~~ res~nd to I.ender within ~0 da~•s after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at l.ender's option, either to restontion or repair of the Property or to the sums secured hy this MortRage. ~ ' Unless I_ender and Borrow•er othen+vise agree in writing, an}• such application of proceeds to principal shal) not extend or postpone the due date of thc monthly installmcnts referrcd to in paragraphs 1 and 2 hereof or change the amount of such i~stallments. l0. Borrowcr Not Released. Extension of the t~me for payment or modifica~ion of amortization of the sums secured by ~his 1liortgage granled by I_endcr to an~~ successor in interest of Borrowe- shall not operate to rclease, in any manner, the liability~ of the original Borrow•er and Borrower's successars in interest. i.ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage hy' mason of any demand made bp the ori¢inal Borrower and Borrower's successors in intercst. 11. Forbearance by I.ender Not a WaWer. Any f~uhearance by I.cnder in exercising any right or remedy hercunder, or otherwise afforded hy applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The pro:urement of insurance or the payment of tares or other liens or charges by Lender shall not be a w•aiver of Cender s right to acce{erate the maturity of the indebtedness cecured hy this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aff~rded hy law• or equity, and may be exercised concurrently, independently or succecsively. l3. Snccessors and Asceqns Baund; Jofnt and Several t.iabillty: Csptbas. The covenants and agreements herein contained shall hind. and the rightc hereunder shall inure to, the respective successors and assigns of Lender and Borrower. subject to ihe provisions of paragraph 17 hereof. All covenants and agreements of Borrou•er 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 defiRe the provisions hereof. 14. Notice. Except for any notice required under applicable law• to be given in another manner, (a) any notice to Borrower provided for in this htortga¢e shall be given by mailing tuch notice by certified mail addressed to Borrower at the Propeny Address or at soch other address as Borr~wer may designate by notice to 1_ender as provided herein, and (b) any notice to Lender shall be given by certified mail, re~urn receipt requetted. to l.ender s address stated herein or to s~wch L!her ~L~~i£SS 3S I_ender ma}• cl~sir~r.ste b~• ~ntire tr. Berro~+~er ss ~~o~~ided herei~. Any ~~ri~ nrt~vidPd fnr in thic :~tortgage shall be deemed to have been given to Borrower or I.ender when given in the manner designated herein. 1S. Uniform MortRa~e: Go~ernin~ LaN; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenan~c with limited variations b;.• juri~diction to canstiurte a uniform security instrument covering real property. This Mortgage shall be governed hy the law• of the jurisdiction in which the Propert)• is located. In the event ~hat any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shall not affect other pmvisions of this Mortgage or the Notc v-hich can be g:ven etfect without the conflicting provision, and to this end the pro~•isions of the Mortgagc and thc `ote are declarcd to he severable. 16. Bormwer's Cop~•. Borrow•er shall be furnished a conformed cop~~ uf the Note and of this Mortgage at th~ time of execution or after recordation hereof. 17. Transfer of t6e Propert~; Assumption. If all or any part of the Property o: an interest therein is sold or transferred by Borrower without Lender's prior written consent. excluding (a1 the rreation of a lien or encumbrance subordinate to this Mortgage. (h) the creation of a purchase money security interest for household appliances. (cl a transfer by devise, descent or by operation of lav-• upon the death of a joint tenant ar (d~ the grant of an}• leasehold interest of three years or less not containing an option to purchase, l.ender may, at Cender's optian. declare all the sums secured by this Mortgage to be immediately due and payable. I.ender shall have waived such option to accelerate iF. prior to the sale or transfer. Lender and the person to whom the Properly ic to be sold or transferred reach agreement in w•riting that the credit of such person ic satisfactory to I.ender and that the int~rect payable ~n the sums -ecured by this Mortgage shall be at such rate as Lender shall request. If [.ender has tivaived the option to accelerate provided in this paragraph 17, and if Bonower's successor in intrrest hati axecuted a written assumption agreement accepled in writing by Lender, Lender sfial! :Fleasc Barraxer fsosss a!! obligations under this Mortgage and the Note. ' If I_ender exercises s~ch option to accelerate. i.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the Sums declared due. lf Borrow•er fails to pa~• such sums prior to the expiration of such period. I_ender may. without further notice or ciemand on Borrower. invoke any rcmedies permitted by paragraph 18 hereof. NoN-Utv~FOei-t CovEHeNTS. Borrower and Lender further covenant and agree as follows: 18. Acceleratioa; Remedks. Except as pmvided in paraqraph 17 hereof. upon Borrower's breach of any coveoant or agreement of Borrower in lhis Mortga~e. includi~ the covenpnts to Pay when due aey sums ssenred by this Mortsa~e, Leader prior to accekration sball mail ootice to Borrower as provided in paragnph 14 bereof specffying:.(1) the breacb; (2) the actlon required to core such breach; (3) a date. not less fhsn 30 days from the date the notice b mailed to Borrower, by w6k6 such breac6 must be cnrcd; and (~) that faflurc to curc snch breach on or before the dsUe specffied in the aotice may resdt in accekratioo of the snms secured by this Mortgage. forecbsurc by judicid proceeding and sale of the Property. 'il~e nolke shafl fnrther inform Borrower of the righi to reinstate after accekratbn and the rig6t to a~ert in the forecMsare proceedfng the oon-e:~stence ot a defank or any othcr defense of Borrower to scceleratbn and foreclosure. it the breac6 is not curtd on or before the date apecified in the notice. Lender at Leader's optlon may declare aq of the soms secured by this Mort`a`e to be immediately due and payabk vritbout further demsnd and mAy forecbae this Moeigage by judkW proceedtn6. Lender shall be eotitled to colkd in sach proceeding all e:peoses of foreclowre. includin`. but not limHed to, nasonsbk aKomey's tees, and cosis of docnmentary evidence. abstrscts aod title reports. 19. Borrower's Right to Reinstate. Notwithctanding Lender s acceleration of the sums secured by this Mortgage. Borrower shall have the right to have any proceedings I~egun by Lender to enforce this Mortgage discontinuod at any time ~ ~ y ~ r ~+ '~... ~,..~. . . ~' ~~349 ~P~~E 237 ~ ~<<_' ~~ -, a it.