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HomeMy WebLinkAbout0977 Lender's writ~en agreement ar applicable law. Borfower shall pay the amaunt o[ all mori~a~e insurancc pr~nf4~~s in the manner provided under pa~agraph 2 hereof. 11ny amounts disbursed by I.ender pursuant to this paragraph 7, with interest thercon, shall bccome additional indebiedness of Borrower secured by this Mortgage. Unlecs Borrawer and Lerxier agrcc to t~ther tertns of payment, such amounts shall be payable upon notice from !_ender to Borrower requttting paymeM thtrtof, aod shall btar interat from the date of disbursement at the rste payable from time ta time on outstanding principal under the Note unless payment ot interest at such rate would be contrary to applicabl~ law, in which tveni such amounts shall bear interest at tF?e highest rate perm+ssib{e undsr applicable taw. Nothing contsincd in this paragraph 7 shall require Ltndet to incur any expense or take any action hercunder. 8. lnspectbn. Lender may make or cauu to be made reasonable entries upon and inspections of the Property, p~ovided that l.ender shall giv~ Borrower net:ce psiar co ~ny su~h insp~ction specify~~s$ ~+s~,ria~~~ cau~ tt~r~fur rc3aic6 io Lenatr's interest in the Property. 9. CondemnaNon. The proceeds of any award o~ claim tor d~mages, direct or consequentia{, in connectior, with any condtmnation or other taking of the Property, or pArt thereof, or for conveyance in lieu of condemnation, arc hercby assigned and shall be paid to Lendtr. in the event of a total taking of thc Prope~ty, the procseds sha11 be applied to the cums secured by this Mongage. with the ezcess, if any, paid to Borrower. in the event af a partial taking of the Property, unless Borrower and tender ~therwise agree in writing. therc shall be applied to the sums secured by /his Mortgage such proportion of the proceeds as is equal to that proportion which the amount of ~he sumc sec~ired by thic Mortgage immediately prior to the date of taking txa~s to the fs+r market value of the Property immediatety prior to the date of taking. with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if. after nntice by Lende~ to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the dale such notice is mailed, L.ender is authorized to co4{ect and apply thc proceeds. at i.ender's option, e~ther to restoration or repair of the ~ Properry or to the sums securcd by this Mortgage. ! Unless Lender and Borrower otherwise agree in writing any such applic~tion of proceeds to principal shall not extend ~ t or postpone ~he due date of the monthly installments rcferred to in paragraphs 1 and 2 hercof o~ change the amount of ~ ; such installments. ` 10. Borrower Nof Rrleased. Extension of the time for payment or modification of amortization of the sums secured ~ by this Mortgage granted by Lender to any successor in interest of Borroa-er shall not operate to n:ease, in any manner. the liability nf the original Borrower and Borrower's succescors in iotercst. Lender shall not be required to commenct proceedings against such successor or refuse to exeend time for payment or otherwist modify amortization of the sums secured by this Mortgage by reason of any demand made by the oriKinal Borrowe~ and Borrowec s successorc in interest. 1l. Forbearance by Lender 1Vot a Waiver. .~n}• forhearance by l.ender in exercising any right or remedy hercunder, or otherwise afforded by applicable law, shall noi t~e a waiver of or preclude the exercise of any such :ight or remtdy. The procurernent of irtsu~ance or the payment of taxes or other Gens or charges by Lender shali not t~e a~raiver of Lender s right to accelerate the maturity of the indebtedness secured hy thic Mortgage. l2. Remedies Cnmulative. All remedies provided in this INortgage arc distinct and cumulative to any other right or remedy under this Mortgage or af[orded hy law or equity. and ma~~ be exerciseJ concurrently, independently or successively. 13. Successors and Asx~ns Bound;. loint s~nd Se~eral i.iability; Captions. The covenants and agreements herein contained shall hind, and the rights hereunder shall inure to. the respective successon and assigns of C.ender and Burrower, - subject to the provisions of pa~agraph 17 hereof. All covenants and agreementc of Borrower shall be joint and several. "i~e captions and htadings of the paragraphc of ~his Mortgage are for convenience only and arc not to be used to 1 interpret or define the provisions hereof. !4. Notiee. Ezcept for any notict reqi~ired under applicable law to be given +n another manner, fa) any notice to i Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at g ' the Property Address or at such other address as Borrower ma}• designate by notice to f.ender as provided herein, and ~ ~ (b) any notice to Lender shall be given by certified mail, return receipt requested. to l.ender s address stated txrein or to ' such other address as Lender may designate by notice to Borrower as provided herein.. Any notice provided for in this i Mortgage shall be deemed to have been given to B~rrow~cr or I_ender when gi~-en in the manner designated herein. ~ ~ lS. Uaiform Moct~a~e; Gavemins Isw; Sererabilih. This form of mortgage combines uniform covenants for national ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering , ; real ptoperty: The state and local laws applicable to this Piorigage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit ~the applicability of federal law to this Mortgage. In the event that any ! provision or ctause of this Mortgage' or tt~e tiote conflicts with applicabfe law, such conflict shall not affect other provisions i of this Mortgage or the Note.which can be given effect without the contlicting provision, and to this eod the provisions of the ! Mortgage and the Note are declared ~to be severable: 16. Borrawec's C.opy. Borrower shall be fumished a conforrned copy of che Note and of this Moreg~ge at tht time of es~cution oc after tecotdation htrco~f. ~ 17. Tean~fec of the PeopectT: Assumption. If all or any parc of che Pcapcriy ot an incerest cherein is sold or uansfernd'bjr Borrawcr witho~rt Lender's prior wtittrn conseae, tuluding (a) the cmuon of a lirn or encumbeairce subordinace to thes Mortgage, (b) the creation of a punhlse monry sccuriry interat for household appiiances, (c)- a cransfcr by devise, descent or by operation of law upon the death of a joint tenant or (d? thc grant of any leasefiotd interest of three years or ltss not containing an option ta purchase, ~ender may, at Lender't aption, declare all the sums secured by th+s Mortgage to be immediately due apd payable. Lender shal) have waived such option to accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of s~ch pecson is satisfactory to -Lt~ckr and that the interest payable on tfie st?ms secured by this Mortgage sfia1S be at such rate as Lender shall request. If Lender has wai~ed the option to accelerate provided in this paragraph l7, and if Borrower's successor in interest has executed a written assumptio~i agreement accepted in writing by Lender. Lender shall releau Borrower from alt obligations under this Mortgage and ihe Note. . If Lender exercises such option to acceterate, Lender shaff mail Borrower notice of acce{eration in accordance with paragraph 14 hcreof. 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 Borrower fails to pay ~uch si~ms prior to the expiration of such period, Lender may, without further notics or demand on l3o~rower, invoke any remedies permitted by paragraph 1R hereof. Nor:-UNtFOR~t CovEN~NTS. Sorrower and Lender further covenant and agree as follows: 18. Aceekration; Remedks. Except ac provided in paragraph 17 hereof~ upon Barrower's Dreach of any core~at ~ a~rccment of Borrower iu thb Mortg~e, including ii~e covsnants Ia pay when due any snms secnred by thk Mort=a~e, I.eeaer prbr to sccekr~tion sftall ma[I oatke to Borrowet at proride¢ in pars`~aph 14 bereof specifyie~: (1) tbe bresc6; {2) tbe sctios requited to cure suc6 bresch; (3) a date, aot kss t6ae 30 days fmm the datt the aotice is mafled to Borrow~er. by whicb soc~ breu6 mt~t be cnrcd; aed (Ay thst tatlurc lo cure snch brearh on or betore t1~e date speciGed ts the aotke may resdt i~ accderadon ot t5s awaas tecund by this Mertga`e, torccbsure by jud}ctal pmceedin` and sak ot t6e Propertr. 7Le nMke sbaU further jntorm Eorro~ver of the rig~t to reinstate after acccknlion and the risbt to aisert ia the forecbwne proceedf~ t!x nou-e=Wtace vt a detanN or any other defe~ae of Bonower to sccckntion and foreclos~re. It the breacM k oot cnred oa or Defwe the dats speci~ed ia tb~e notice, Lender at Leodcr's optbn may declare aq ot tl~e s~ms ~ectired by this Mortia~ ~o be immtdlafely des aod payabk withoM f0rtbcr demaad and may torocbse Mb Mortaate by jndkGJ pwcetdfK. Leader ~ail be entltled to co{kct is snch ~roceedi~K aa e:peases ot foreclosare, includiw:, but oot Umited to, reasooabk attorneys fees, aad cwts at docame~ta.-y evideace, abstracb sad thk nporb. 14. Borrowe~'~ Ri~`t fo Reiostste. Notwithstanding 4ender's accelcration of the surns securcd by this Mort~s~e, Barrovrer shal{ have thc right to fiave any procadings begun by Lender ta enEorce this Mort~age discontinutd at any tirtu ~ ~~r~~w PaGE ~~5 . - -~,Y> ' - - ~.~2`v.