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HomeMy WebLinkAbout0947 , ~ Lender's written agreement or applicable law. Borrower shall pay the amou~t of all mort~aa~ee insuraact premiutru in the = manner provided under pa~agraph 2 hereof. { Any amounts disbuned by Le~der pursua~t to thi: paragraph 7, with interest thereon, shall become additional ` indeb~edness of Borrower secured by this Mortgage. Unless Borrower and Lender agrce to other tertns of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interat from the date of disburs~ment at the rate payable from time to time on out:tanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, .in which event such amou~ts shall bear interat at the highest nte ~ permiuibk under applicable law. Nothing contained in this paragraph 7 shall rcquirc ~Lender to incur a~y expense o~ take ! any action hereuader. ; S. Iaspectba. Lender may make or cause to be made reasgnable entries upon and inspections of Ihe Property, provided i that Lender shall give Borrower notice prior to any such inspection specifying rcasonable cause therefor related to Lender's ! interest in the Propeny. ~ 9. Coade~aafbp. The proceeds of any award or claim for damages, direct or conscquential, in connection with any ~ condemnation Qr other taking of the Properiy, or part thereof, or for conveyance in lieu ot condemnation, are hercby assigned and shall be paid to Lender. in Ihe event of a total taking of the Property, the proceeds shall be applied to the sums securcd by this Mortgage, with the exceu, if any, paid to Borrower. in the event of a pa~tial taking of the Property, unless Borrower and Lender o~herwiu agree in writing. therc shall be applied to the sums securcd by ihis Mortgage such proportion of the proceeds j as is equal to that proportion which the amount of the sums secured by this Mortgage imm~diately prior to the date ot ~ taking bears to the [air market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. 1f the Property is abandoned by Borrower, or if. atter notice by Ltnder to Borrower that the condemreor oRen to make ~ an award or settle a claim for damages, Borrower fails to rapond to Lender within 30 day~s after the date such notice is ~ mailed, Londer is authoriud to collect and apply the proceeds, at i.ender's option, either to restoration or repair of the Proper~y or to the sums sccured by this Mortgage. Uoless Lender and Borrower othenvise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hercof or change the amount of such installments. _ 16. Eorrower 1Vot Released. Extension of the time for payment or mc~dification of amortization of the sums securcd by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rclease, in any manner, the liability of the original Borrower and Borrower s successors in intercst. Lender shall not be nquired to commence proceedings against such successor o~ refuse to extend time tor payment or otherwise modify amoriization of the sums secured by this Mortgage by rcason of any demand made by tfie original Borrower and Borrower s su:cessors in interest. 11. Forbeuance by Lender Not s Waiver. Any forhearance by Lender in exercising any right or remedy hercunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procureme~t of insurance or the payment of taaes or other liens or charges by Lender shall not be a waiver of I.ender's right to accelerate the maturity of the indebtedness cecored hy this Mortgage. l2. Remedies Cnmulafhe.~ All rcmedies provided in this I?iortgage arc distinct and cumolative to any o~her right or rcmedy under this Mortgage or aftorded by law or equity, and may be exercised concurrcntly, independently or successively. 13. Successors aad Assi~os douod: loint and Several i.iabiUty; Csptions. The covenants and agreements herein contained shall bind, and the righ~s hercunder shall inure to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall tx joint and several. 'ilu captions and headings of the paragraphc of this Mortgage are for convenience only and arc not to be used to interpret or define the provisions hereof. ; 14. Notice. Except for any isotice rcquired under applicable law to be given in another manner, fa) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at ! the Propeny Address or at such other address as Borrower may designate by notice to T_ender as provided herein, and ~ (b) any notice to [.ender shall be given by certified mail, retum receipt rcquested. ro l.ender s address stated herein or to such other addreu as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner desigoated herein. 15. Uniform Mo~tgaLe; ~overnin~t Law; Sevenbility. This form of mortgage combines uniform covenants for national use and non-uniform covenan~s with limited variations by jurisdiction to constitute a uniform security instrument covering I real property. This Mortgage shall be governed by tFx law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect i othe~ provisions of this Mortgage or the Note which can be given eBect without ihe conflicting provision, and to this ~ end the provisions of the Mortgage and the Note arc declared to tx severable. 16. Eorro~+er's Copy. Borrower shall bc_furnished a conformed copy of ~he Note and of this Mortgage at the time ~ of execution or after recorda~ion hereof. f 17. Transfer of tbe Pmperty: Assumption. If all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without Lender's prior written consent, excluding lal the crcation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchau money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intercst of three years or less ~ 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_ Lender shall have waived such option to accelerate if, prior to the sale or transfer. Lender S and the person to whom the Property is to be sold or transferred 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 shall be at such rate as Lender shall rcquest. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in ~ interat has executed a written assumption agreement accepted in writing by Lender, Lender shall•release Borrower from all ~ obligations under this Mortgage and the Nott. ~ If Lender exercises such option ta accelerate. Lender shall mail Borrower notice of acceleration in accardance with ~ paragraph 14 hercof. 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 such sums prior to the eapiration of such period, ~ Lender may, without further notice or demand on Borrower, invoke any remedia permitted by paragraph 18 hereof. i Nox-UtvtFORnt Coverv~NTS. Borrower and Lender further covenant and agrce as follows: j 18. Accekratbn; Remedies. E:cept as pmvided ia para~rsph 17 hereot. npon Eorrower's breach of any coveoant or < ? sgreement of Dorrower ia tb~s Mort;age. iAClndjn` t6e coveasnts to p~y when due sny snms stcnred by this Mort~a~e. Leadcr _ ' prior to accekntion s6aq mail notke to Borrower as pwvidcd in paragraph 14 hcreof specitrin=: (1) the breac6; (2) tbe action • rcquired to cnn soc6 bresch; (3) a date. nol las than 30 da~ fmm the date t6e aotice b ma~ed to Eorrow~er, by whkh sucb breach must be cwred; and (4) t6st fdlure to cure snch breach on or betore the date speci6ed h tbe aodce mar raWt in_ ~ accekration ot t6e snms secured by tbis Mort~a~e, forecbsun by judkial proccedin~ and sale ot t6e Property. 'Ibe notice - •hall furtber iefora~ Borrower of t6e ~ht to rei~tate sfter accekation aad tbe ti=bt to a~erE in t6e toreclowro peoceedb~ ; ~ t6e nos-e:istence of a detauk or aoy otl~er detensc of sorror.er to sccekration and foreclosure. if the breacb k not cnred on ~ or betore the date speci~ed ia tbe notice. Leader at Leode~'s optbn may declarr ap of the s~a~s secnnd by thb Mortt~e b be im~nediately dxe and payabk witboM turther demand and may foreclose tbis Mort~a~e by judkW procecdio=. Leader s6dl sg be entided to cdlect ia anc~ proceedin` a8 e:pen~a o[ torecbwre. focludiu`, but oot dmfted to, rcawaabk ~ttorue~s tres, 3 Slld tOi1f OI dOCDmlOt~ tYIdtllCtr ~bATSCIf SOd f~~It rtpOib. ~ 19. dorruwe~'~ Rijbt to Re~state. Notwiths~anding Lender's acceleration of the sums securcd by this Mortgage, i Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time BQOK~~U PaGE J4~ S ~ ~ ,