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HomeMy WebLinkAbout0919 . • . ~ . ~ ' . • - ~ S Lender's writtea a~reemeat or applicable law. eorrower ,na~~ pay che amounc oc au mor~„se ;,uura;;oe p miuaat in t6e mannar provided under pua~rapb 2 hereof. Any unounb disbursed by Le~de~ punuant to tha pangraph 7. with inte~+est thetton; ~all become additionat ~ indebtednas of Ho~rower secured by this Mottgsge. Unless Borrowe~ and Lender agree to dher ters~ of payaaent, such amounts ahall be payabk upo~ notioe from Lender to Borrower roquesting payment thereof. and shall bea~ intereat from the date of disbunement at the nte payabk from time to time on ouhtanding principal under the Note unless p~ya~at of interest at :uch ate would be contrary to applicabk law. in which event such amounb ahall bear inte~+est at the hiahat rate permisaibk uader applicabk law. Nothing contained in this paragraph 7 shall require Lendet to iacnr aay ei~penae or take any action hereuader. S. IarpecHoa Lender may make or cauK to be made rcasonabk entria upon and inspections of the Property. provided that Lende~ shall give Borrower ~wtice prior to any such inspectioq specifying reasonabk cause thenfor relatod to Lende~'s interest in the Property. ' ~ . 9. Coademssdou. The proceeds of sny award o~ claim for damages, diroct or consequentiil, in connectlon with any condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of ccmdemnation. are hereby assianed ~ and shall be paid to Lender. In the event of a total taking of the Propeny. the proceeds shall be applied to the sunts securocl by this Matgsge. with the excess, if any. paid to Borrower. I~ the event of a partial taking of the Property. untess Borrower and Lender otherwix agr+ce tn writing, there shall be applied to the sums sxurod by this Mortgage such proportion of the pr~ooeed: as is equal to that proportion which the amount of the sums socured by this Mortgage immodiately prior to the date of taking bears to the fair market value of the Property immediately prior to thc date of taking, with the balance of the proceeds paid to Bo~owe~. . If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the oondemnor oRen to mal~e . an award or settle a claim for damaga, Borrower fails to respond to Lender within 30 days after the date such notia ia mailed. Lender is suthoriud to rnllcet and apply the proceeds, at i.ender's option, either to ratorstion or repair of the Property or to the sums secured by thii Mortttage. ~ ~ Unless Le~der a~d Borrower otherwise agree in writing, any such application of proceeds to principal shalt not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 herwf or change the amount of such installments. • 10. Eorrowe~ Not Rekased. Extension of the time for payment or mQdiflcation of amortiution of tne sums securod by this Mo~tgage granted by Lender to any successor in interest of Borrower shall not operate to rekase. in any manner. the liability of the original Borrower and Bc?rrower s successors in interat. Lender shall ~wt be roquircd to oommence proceedings against such suocessor or refuse to extend time for payment or otherwise modify amortization of the suma secured by this Mortgage by reaso~ of any demand made by ihe origioal Borrower and Borrowe~a successors in interest. 11. Rorbearance Iry Lender NM s N+aiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afiorded by applicable law, shall not be a waiver of 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 I.ender shal) not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. - ~ l2. Remedks Comolati~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurnently, independe~tly ur successively. 13• Sacce~ors and As~pa Bound; Joint aod Sereral i.ia6ility; Captloas. The covenanta and agreements herein contained shall bind. and the rights hereLnder shall. inure to, the respective successors and assigns of Lende~ and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agre~ments of Borrower shall be joint and several. "[he captions and h~adings of the paragraphs of this Mortgage are for co~venience only and are not to be used to interpret or define the provisions~ hereof. 14. Notlee. Faccept for any notice required under applicable law to be given in another tnanner. (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Bonower at the Property Addresc or at such other address as Borrower may designate by notice to T_ender as provided hercin, and (b) any notice to Lender shall be given by certified mail, return roceipt rcquested. to I.ender's address statod hercin or to such other address as I.ender may designate by notice to Borrower as provided her~ein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or i.ender when given in the manne~ designated hercin. IS. Uniform Mort~e; Gorerniug I.aw; Severab8ity. This form of mortgage combina uniform covenants for national - use and non-uniform covenants with limited variations by jorisdiction _to constitute s uniform sxurity instrument oovering neal propeny. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. 1n the ~ event ihat any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shatl not affect ~ other provisions of this Mortgage or the Note which can be given effect without the confliciing provision. and to this ~ end the provisions of the Mortgage and the Note are cieclared to be severable. 16. Sorrower's Copy. Borrower shall be furnished a conformed copy of ihe Note and of this Mortgage -at the time ~ of eaecution or after recordation hereof. ~ ~ 17. Tnnsfer of t6e Property; Assumption. if all or any part of ihe Property or an interest thercin is sold or transferred i by Borrower without I.ender's prior written consent, excluding fal the creation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase 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 las not containing an option to purchase. Lender may, at Lender s option, declare all the sums sceurod by thia Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or tranafer, i.ender ~ 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 I.ender shall requat. If Lender has waivod the opiion to accelerate provided ir~ this paragraph 17, and if Borrower's succeswr in ~ interest has executed a written assumption agreement accepted in writing by. I.ender, I.ender shall release Borrower frmn all obligations under this Mortgage and the Note. If Lender exercises such. option to accelerate, Lender shall mail Borrower notice of accxkration in accordance with ~ paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the 8ate the notice is maifod within which Borrower may pay the sums dcelared due. If Borrower fails to pay such sums Qrior to the eapiration of such period. ~ I.ender may, without further notice or demand on ~Borrower, invoke any remedies permitted by paragraph 18 hercof. Nox-UH~FOaM Covexerits. Borrower and Lender further covenant and agrce as follows: r 18. Accde~On; Rt~edies. Fa~cept ~ provfdcd ie Wrs~rapr 1? 6ereof, ~poe somowa's breac6 of ay co~ea~t or ~ agreemeot ot ~orrower L t6i~ Mortga6e, inclodiea tbe rnveaanb fo pay w~ea due any so~as iatird by thi~ Morfta~e, Le~der ~ prbr to scceleratloa ~6aH ma8 notJce to dorrower as provided ia p~raarap6 14 6ereot q~ecltyb~ (1) t~e 6rescti; t~e actio~ ; r~ired to cm~e srch brsacb; (3) a da~e, not las t6an 30 days from tbe date tbe ~otke Y maYei to ~orrowsr. 67' wik~ wci beac6 ma~t be ca~+e~ aod (4) t~at failnre b cure ~oc~ bresch oe or betore f6e date s'eeliei b tie ~otke m~ rewlt L ~ sccdentlo~ oE tre sos sec~vsd b~+ t6h Mortss~e, foreciosnre Iry judkial proceedia~ a~d wie of tre rru~e~ty. 'Itie ~otkY ~ sYall turtber iatas Dormw~ oE tbe rit6t to reiastate dter sccek~atioa and tre r~6t b arert ~ tre forecloaue ~tocecai~ • ~ tre aor~ieteoce of a defaak or asy other defeo,e of Eor?ower to sccekratioo aed [ora~loaie. it tre bre~cti i~ oot e~ o~ ~ or betore t6e dMe speclSed io the eotke, Leader at Leoder'~ optbn mar declse+e all d tbe sran seetrrd by t~ Morlp~e b be ~ im~tdy doe asd payabk witbo~t fart6er demaad aod a~ toreclose th4 Mo~a[~ 6T ~ P~L• I.esder ia~ be eaWkd to coUect L s~ proceediu~ d espeo'a af torscbsare, isclydio~, 6ot not 8sitd fq rwo~aiie attor~e,~'s tees, aad aosb ot doc~meotsq erideace, a6strscts aad thie reporb. ~ 19. Eorwwer's Rt~6t to Reimtate. Notwithstanding Lender s~celeration of the wms secur+ed by this Mottgage. ~ Borrower shall have the right to have any proceedings begun by L.ender to eoforcx this Mortaage discontinued at my time : _ g~395 P~E 918 ; - ~ ~ _ , _ ~