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HomeMy WebLinkAbout0976 t • . ~ . . - - Lender's w~tten agreetacnt or applicabk law. Borrower shall pay the amount of all mo~tgsge ~sura~ce premium~ in the ~ mannet provided unde~ pangraph 2 hereof. Any amaunts disbur:ed by Lender pursuant to this pa~ag~aph 7. wi~h interest thercon, shall became additional _ in~lebtedness ot Borrowc~ securcd by this Mqngage. Unlecs• Borrowc~ a~d l.ender agrce to other tertns of piyment. such amou~ts shall be payabk upo~ notice from I.ender to Borrower rcquestiog payment thereof, and shall bear interest trom the . date of disbursement at the rate payable fmm time to time'on outstanding p~incipal unde~ the Note unless paytneot of intercst at such rafe would be contary to.applicable law, io which event such amounta sha11 bear interest at the highest rate • ~ permiuibk under applicabk law. Nothi~g cootained in this paragraph 7 shall rcquire Lender to incur any ~expease or take any action hereuader. s. i~peedo~. Lender may.make or cause to be made rcasonable eMries upon and inspections of the Property. provided that i.ender shall give Borrower notice prior to any such-inspection specifying reasonabk cause therefor related to Lender's ~ ~ interest in the Property. - - • ' 9. 'Coademaatbn: TF~e procreds of any award or claim for damages,_dircet or co~uquential, in connection with a~y ~ condemnation or other taki~g of the Propeny, or part therec?f, or for conveyance in lieu of condemnation, arc hereby assigned and shall be paid to Lender. . • - ~ { ~ to ~he event of a total taking,of the Prope~ty, the proceeds shall be applied ta the cums securcd by this MoKgage. ; with the excess, if any, paid to Bormwer. in the event of a partial taking of the Proper~y, unless Borrower and Lender ~ othenvise agrce in writing. there shall t~e applied to the sums secured by this Mortgage such proportion of the proceeds as is eqoal to that proportion which the amount of the sums secured by this Mortgage immediately priar to the date of . taking bears to the fair market value of the Propeny immediately priar to ihe date of taking, with the balaoce of ihe proceeds . _ paid to Borrow~e~. ~ if the Property is abandoned by Bar~ower, or if, after natice by i.ender to Bormwer that the condemnor ofrten to make an award or settle a claim far damages, Bormwer fails to respond to t_ender within 30 days after the date such notice is ma~led. Lender is authorized to collect and apply the proceeds, at I.e~der s option, either to restoration ot repair of. the Propeny or to the sums secured by this Mangage. ' Unless Lender and Borrower othervvise agree in w•riting, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments~referrcd to in paragraphs 1 and 2 hereof or change the amount of such instaltmenis. - ~ 10. Borrower Not Rekased. Fxteniion of Ihe time for paymcnt or modificatian of amortization of the sums secured • by this Mortgage granted by I.encier t~ any successor in intereSt of Borrower shall not operate to rclease, in any manmr, • the liability of• the original Barrower and ~orrower s s~kcessors in interest: Lender shall ~oi he required to commence . .proccedings against such successor or refuse ta extend time for payment or olhervvise modity amortization ot the sums secured by this Mortgage by reason of any demand made by the ariRinal Borrower and Borrowers uiccessors in interest. 11. Forbearance by i.ende~ Not a Waiver. Any forbearance by I_ender in e~ercising any right~or remedy hereunder, or . othenvise afforded by applicable law, shall not be a waiver af or preclude the exercise of any such right or remedy. ~ The procurement of insurance or the payment of taxes or other liens or chargeS by [_e~der shall not be a waiver of Lender s right to accelerate the maturity of the indebtedness cecured hy this Mortgage. 12. Remedjes Cnmulstl~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy urider ihis Mortgage or afforded by law, or equity, and ma~• be exercised concurrenUy, independenNy or successively_ 13. Successors and Assi~us Bound; Joinf and Sereral i.iabilify: Captions. The covenants and agreements herein contained shall bind, and the rights heieunder shall imve to. the respective succecsors and assigns of Lender and Borrov?er, subject to tFie provisions ot paragraph 17 hereof_ All covenams and agreemeots of Borrower shall be joint and severaL The eaptions and headings of the paragraphc of this M~rtgage are for convenience only and are not to tx used to interpret or define the provisions hereof. - ~ 14. NWiee. Except for any notice req~iired under applicable law to be given in another manner, ~a) any notice to _ Borrower provided for in this Mortgage shall t~e given by mailing wch notice by certified mail addressed ~o Borrov?~er at the Property Address or at such other address as Borrower may designate by notice to I.ender as provided herein, and (b) any notice to Lender shall be given by certificd mail. return receipt requested. to I.ender s address stated herein or to such other address as Lender may designate by notice to Bormwer as pr~vided herein_ Any notice provided for. in this ; Mongage shall be deemed to havc becn given to Borrower or 1_ender when given in the manner designated herein. ~ 1S: Unitorm Mod~a~e; Gorernin~ I.aw; Severab~ity. This form of mortgage caabines ~nifarm ooveaants for national use i and c~a?-unifam oovenants with Wnited vuiations by jurisdiction w c~oastituu a unifam secwity instrumeat ooverin8 ~ W'oP~rtY- T~ stau and local laws applicabk W this Mortgage shall -be the laws of the jurisdiction in whic6 the P~~operty is located. T6e forcgoing ~ sent~noe s6a11 not limit the applicability of federal law to this nwrtgag~e. In the eveat that any proviaion or clause.of this Mortgage or the ! Note conflicta with applicabk law, such contlict shaU not atfect other provisioas of this Mortgage a tbe Nde which can be 6iven effect ~ wit6out the caotlicting provision,. and to this end tbe provisioas d the Mortgage and the Note arc declarod to be sevenble. ! 16. Borrower'a Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgago at ihe time ~ of execution or after recordatan hereof. _ 17. Tn~ter of the Propartv: Assumpfion. if all or any part of the Property or an intercst therein is sold or transferred _ by Borrower without Lender s prior written consent, excluding (al the creation of a lien 'or encumbrance suborJinat~ to this Mortgage, (b) the crcation of a purchase money security interest for household appliances, (cl a transfer by devise, . descent or by operation of law upon the death of a joint tenant or (J? the grant of any Icasehold interest of three ytars or iess not containing an option ta purchase, I_ender may, at Lender'c option, declare all ~he:sums securcd by this Mortgage to be ~ immediately due and payable. Lender shall have waived such option to accelerate if, prior to the cale or transfer. 1_ender • and ihe person to whom the Property is to be sold or transferred reach a~reement in writing that Ihe credit of such person is satisfactory to Lender aod that the interest payable on the sumc secured by this Mortgage shall be at surh rate as Lender ~ shall rcquest. If I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in imerest has exe~ut~d a written assumption agreement acCepted in~ writing by I_enckr. Lender shall release Borrower from all ~ obligations under this Mortgage and the Note. - . • If Lender exercises such option to accelerate, i.enJer shall mail Borrow•er notice of acceferation 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. If 8orrower fails ro pay such sUms prior to the expiration of such periad. ~ Lender may, without further notice or ckmand on Bcirrower, invoke any remedies permitted by parag~aph 1 R hereof. . ~ Notv-UrriFOawt Coverv~wrs: Borrower and I.ender further covenant and agree as follows: ~ 18. Acccleratioo; Remedies. Escept as provided ia paraRrapl~ 17 bereof. opoe Borrower's bresch of my co~enaet or ~ asreemeat,of Borrower ia this Mo~ase. inclndi~ tl~e covenants to Pay when doe aay somsstrured by t6is Mortsa`e, I.eader ~ prior•to sccekrstloa sha0 mail notice to Eorrower zs providcd la para~raph 14 bereof specN~: (1) tbe beeacb;l2) tbe actioa ~ required to core snc6-4resch; (3) ~ date. not less than 30 days from tbe dste t6e notice ts ma0ed to Bomower. by which sneb ~ breach mwt 6e cared; and (4) tlwt faflnre~to core such bresch on or befott tbe date spec(6ed ie tbe aMiee ~ radt ia ~ accekratioa oE t~e sums sccured by this Mort~ase. foreclosurc by judkisl proctedi~ aad sak of tbe Propcrty. 'ILe notice sl~all fnrther iaform Borro~+er of ihe ~at tb rei~tate after accekration aad tbe ~bt to ~ssert ie tMe fortc{osure p+oceedia` t6e oon-exkteace of s de(snk or sny other defense of Borrovrer to accekrstion and foreclosure. N the breac6 k nW cared on or before the date speci6ed in tbe notice. Lender a1 I.cade~'s optan may declue aq of the snms secored by th~s Mo~a~e to be - immediately due and payable without turtber demand and may forcclose this Morp~a~e by jndicisl proceediu~. Lender sball be eotitled to colkct in wc6 proceedin~ a8 e:pe~es of foreclosure. includin~. but not limited to, reasonable attoree~'s fees, ~ and costs of docnmentary evideace, sbstracts and titk reports. 19. Borrower•s Ri~ht to Reinstste. Notwiths~anding t_ender s acceleration of •the sums stcurcd by this Mortgage. Borrower shall have the right to have an~~ proceedings hegun by Lender ta enforce this Mortgage discontinued at any time f , . BOOK~ ~~f ~ ~ - _ _ - ~ -