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HomeMy WebLinkAbout0953 ~ ' : . . Lender's written agrcement or applicable law. Borrower ahall pay the amount of all mort~age insurance prcmiums in the manner pravided under paragraph 2 heroof. ~ Any amounts disbuned by Lender punuant to this paragraph 7, with inteeest thereo~, shall become additional i~debtedness of Borrowe~ securcd by this Mongage. Unless Borrower and Lender agrce to othtr terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear inttrest from the date af disbursement at the rate payabk from time to time on outstanding principal under the Note u~less payment of interest at such rate would be cont~ary to applicable law, in which event such amounts shall bear interest at the hiahest rate permissible under applicable law. Nothing contained in this paragnph 7 shall rcquire Lender to incur any expense or t~lce any action hereunder. S. Iaspectio~; Lcnder may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower ~otice prior to any such inspection specifying rcasonable cause therefor related to Lender's interest in the Property. 9. Coademaatbw. The proceeds of any award or claim for damaga, dircct or consequential, in connection with any condemnation or other taking of the Property, or pa~t thereof, or for conveyance in lieu of condemnation, are hercby assigned and shall be paid to Cender. in the event of a tota) taking of the Property, the proceeds shall be applied to the s~ims securcd by this Mortgage. with the ezcess, if any, paid to Borrower. in the event of a partial taking of the Property, unless Borrower and L.ender atherwise agree ie writing. iherc shall be applied to the sums securcd by this Mortgage such proportion ot the proceeds as is equa) to that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. tf the Property is abandoned by Borrowor, or if, after notice by i_ender to Borrower that the condemnor ofien to make an award or settle a claim for damages, $orrower fails to respond to Lender wilhin 30 days after the date such notice is mailed. Lender is anthoriud to collect and apply the proceeds, at I.ender's option, either to restoration or rcpair of the Proper~y or to the sums securcd by this Mortgage. Unless Lender and Borrower othenvise agrce in writing, any such application of proceeds to principal shall not eatend or postpone the due date of. the monthly installments referred to in paragraphs 1 and 2 hercof or change the amount of such installments. ~ lA. do~mwer Not Rekased. Extension of the time for payment or modification of amortization of the sums xcured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to rcleau, in any manner. th~ liability of the original Borrower and Borrower's successors in intercst. I_ender shall not be rcquired to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of ihe sums secured by this Mortgage by rcason of any demand made by tfie original Borrower and Borrower's successors in interest. ll. Forbearance by Lender Not a Wairer. Any forlxarance by Lender in exercising any right or rcmedy hercunder, or othenvise aBorded by applicable law, shall not he a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes o~ other liens or charges by 1_ender shall not be a waiver of Lender's right ta accelerate the maturity of the indebted~ess cecurcd [~y this Mortgagt. l2. Remedks Cumulafire. All rcmedies providcd in this Mortgage arc distinct and cumulative to any other right or remedy under this Mortgage or atforded by law or equity, and may be exercised concurrcntly, independently or succeuively. 13. Soccesaors and Assi~os Sonad; Joint and Several i.iability; Csptions. The covenants and agreements herein . contained shall bind, and the~ riRh~s hercunder shall inure to. the rcspective successon and assigns of Lender and Borrower, subjcct to the provisions of paragraph 17 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 ar~ not to be used to interpret or define the provisions hereof. _ 14. Notice. Except for any notice rcquired under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to T_ender as provided herein, and ~ (b) any notice to Lender shall be given by certi6ed mail, return receipt rcquested. to t.ender s address stated herein or to wch other address as I_ender may daignate by notice to Borrower as provided hercin. Any notice provided for in this i Mortgage shall be dcemed to have been givrn to Borrower or Lender when given in the manner designated herein. ! 1S. Uniform Mortgsge; Governin~ I.aw: Sevenbility. This torm of mortgage combines ~iniform covenants for national ' ux and non-uniform covenants with limited variations by jurisdiction to constitutt a uniform security instrument covering ~ real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In ihe ; event that any provision or clause of this Mortgage or ~he Note conflicts with applicable law, such conflict shall not affect ~ other prov~sions of this Mortgage or the Note which can be given eKect without the conflic~ing provision, and to this j end the provisions of the Mortgage and the Note arc dcclared to be severable. 16. Eorrov.er's Copy. Borrower shall be furnished a conformed copy-of the Note and of this Mortgage at the time ! of execution or a(ter recordation hereof. E 17. Tnnsfer of t6e Property; Assumption. If all or any part of the Properly or an interest therein is sold or transferred ~ by Borrower without Lender's prior written consent. excluding (al the creation of a lien or encumbrance subordinate to t this Mongage. (b) the creation of a purchase money security interest for houuhold applianca, (c) a transfer by devise. ~ descent or by operation of law upon the death of a joint tenant or (dI the grant of any leaxhold intercst of three years or less not containing an option to purchase. Cender may, at Lender's option, declare all the sums secured by ihis Mortgage to be i immediately due and payable. Lender shall 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 rcach agreement in writing that the credit of such person ~ is satisfactory to Lender and that the interest payable o~ the sums secured by this Mortgage shall be at such rate as Lender ~ shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall.release Borrower from all ' obligations under this Mortgage and the Note. ~ If Lender exercixs such option to accelerate. Lender 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_ It Borrower fails to pay such sums prior to the expiration of such period. = Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ Notv-UN~FORnt CoveNervrs. Borrower and Lcnder further covenant and agree as follows: 18. Acceleration; Remedks. E:cept ae provided in para~rapb 17 hereof. upon dorrower's bnsch of aay co~enaet ot a~reemeet of Eorrower ie thk MortasLe~ iacludir~ the coveaants to pay when dne any soms ~ecured by thb Mo~a~e~ Leader ~ prior lo accekration sLall msU notke to dorrower as provided in para=raph 14 hereof specif~: (1) tbe breach; (2) tbe actba requlred to core sncb bnscb; (3) a date, not las t~an 30 days from the date the notke M maikd to Sorrower, by whlc6 wc6 } breach most 6e carcd; and (4) thst failure to cure snch bnsch on or betore tbe date specYed io the sotke may resdt in ; ~ sccderation ot tre snms secared by this Mort~qe, tweclosure by judicial pwceedin~ ~d sak oi tbe Prope~. 1be notke f shall furiher iotorm Eorrower of the ri~ht to reins4te atter sccekrstba aad tbe ~bt !o assert ia the torec{aure proceedin= € ' tbe nan-e:Wence of s detaak or a~y otAer detense of Sorror?er to accekratbo and fortt{owre. if the breach is not cnrtd on ~ ~ or bctore the date ~peciSed ia tbe aotke, Leader at Lender's option may declarr sN ot tbe soa~s secarid by thls Mo~aa~e to be : immediately d~e and payabk witboot turther demaad and rnay foreclose t6k Mort=a~e br judkW proccedio~. Leader s6al1 ' ~ be entitkd to cotlect ia wc~ proceedln` a8 expen~a ot toreclosnre, inclndin=~ bot not Waited to, reawna6k aKorney's fees, f i aod costs of docameatary evideoce, abatrscts ~sd title repo~ts. ~ 19. Dorrower's Ri~6t to Reimtate. Notwithstanding Lender's acceleration of the sums securcd by this Mortgage. ! Borrower shaU have the right to have any proceedinga begun by Lender to enforco this Mortgage discontinucd at any time ~ ; ~ 60~K~~U QAGE JS,, ' s ` ~ .