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HomeMy WebLinkAbout0933 • r 1 . . t Lender's written agrcemeot or applicable law. Borruwer ahall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hercof. Any amounts disbursed by i.ende~ pursuant to this paragraph 7. with interest thereon, shall become additional indebtedneu of Borcower sxurcd by this Mongage. Unloss Borrower and I_ender agree to other terms of payment. such amounts shall bc payable upon notice from I.ender to Bc~rrowe~ rcques~ing paymeM thereof. end shall bear intercst from the date of disbursement at the rate payabk from time to time on outstanding ~principal under the Note unless payment of intercst at such rate would be contrary to applicable law, in which event such amounts shall bwr intercst at the highest rate permissibk under applicabk Isw. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. iaspectba. i.ender may make or cause to be made reasonable entries opon and inspections of the Prope~ty, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonabk cause therefor related to Lender's intcrest io the Property. - 9. Coademnatbn. The proceeds of any award or claim for damages, direct or consequential. in connection with a~y condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. in thc cvent of a total taking of the Pmperty, the proceeds shall be applied to the sums securcd by this Mortgage, with the excess, if any, paid to Borrower. In Ihe event of a partial taking of the Property. unl~rrower and I.ender otherwise agrce in writing, there shall be applied to the cums secut+ed by this Mortgage'aK1~ p n of the proceeds as is equal to that proportion which the amount of the sums sec~~red by thic Mortgage immediately prior ta the datt of taking bears to the fair market value of the Property immediately priar to the date of taking, with the balance of the proceeds paid to Borrower. ' if the Propeny is abandoned by Borrower, or if. after notice by Lender to Bormwer that the condemnor offen to make an award or settle a claim for damages, Borrower fails to respond to t_ender within 30 days after the dale such ~otice is mailed. I.ender is authorized to collect and apply Ihe proceeds, at I.ender's option, either to restoration or repair of the Propeny or to the sums secured by this MortRage. , Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shalt 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 installments. - 16. Bonower Not Rekased. Extension of the time for payment or moditication of amortization of the sums secured by this Mortgage granted by I_ender to any ~uccessor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrawer s surcessors in interest. Lender shall not be required •to commence proceedings against such successor or refuse to extend time for payment or otherv~~ix modify amortization of the sums secured by this Mortgage by reason of any demand made by the ori¢inal Borrower and Barrowers successors in interest. 11. Forbearance by Lender Not a Waiver. Anp forhearance by I.ender in exercising any right or remedy hereunder, o: otherwise afforded by applicahle 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 shall not be a waiver of Lender's right to accelerate the maturiry of the indebtedness securcd hy this Mongage. 12. Remedies Cnmulafire. All remedies pravided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or aftorded by law or equity. :~nd may he exercised c~ncurrently, independently or successively. 13. Successors and Assigos Bound; 7oint and Se~~eral i.iability; C.aptions. Thc covenants and agrcements hcrein contained shall hind, and the rights hereunder shall im~re to, the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shalt be joint and several. The captions and headings of ihe paragraph~ of this Mortgagc are for convenience only and are not to be used to interpret or define the provisions hereof. 14. Nofice. Except for any notice rcquired ander applicable law• to be given in anoiher 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 Addrcss or at such other addre~c as Bormwer may designatc by notice to I_ender as provided herein, and (b) any notice to Lender shall he given by certifnd mail, return receipt requested. to I.enders address stated herein or to such other address as Lender may designate b~~ notire to Borrower as provided herein. Any notice provided for in this :~iortgage shall be deemcd to have been given to Borrow•er or [.ender when given in the manner designated herein. ~ 15. Uniform Mort~age; Governin~ Iaw: Se.•eraM'lity. Thic form of mortgage combines uniform covenants for national use and non-uniform covenants with limiteei variatic~ns b~~ jurisdiction to constitute a uniform security instrument covering ~ real property. 'i?iis Mortgage shall be governed hv the law of the jurisdiction in which the Property is located. In ihe ~ eveot ~hat any provision or clause of this Mortgage or the Note rnnflirts with appiicable law, such conflict shall not afiect ; other provisions of this Mortgage or the Note w~hinc ~an be given effec~ without the conflicting provision, and to this ~ cnd the provisions of the Mortgage and the Note are dcclared to he severable_ l6. Borrowe~s Copy. Borrower shall be fiirnished a rnnfarmed rnpy of thc Note and of this Mortgage at the time # ~ of eYecntion or after recordation hereof. ~ ~ l7. Transfer of fhe Pmperty; Assumption. if all or any part of the Praperty or an interest therein is sold or transferrcd ~ ` bp Borrower without Lender's prior wriuen concent, excluding (a) the creation of a lien or encumbrance suhordinate 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 tcnant or (d? the grant of anv leasehold interest of three years or less ~ not containing an option to purchase. Lender may, at I_ender's option, declare all the sums secured by this Mortgage to-be ~ ~mmediately due and payable. I_ender shall have waived such oation to accelerate if, prior to the sale or transfer, Lender ~ and the person ~o whom the Property is to be sold or transferred reach agreement in writing tnat the credit of such person ~ ~ ic satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender # ~ shall request. If I.ender has waived the option to accelerate provided in this paragraph 17, an~ if Borrower's successor in interest has executed a written assumption agreement accepted in writing by LenJer, Lender shall release Borrower from all P obligations under this Mortgage and the Note. $ If I_ender exercises such option to accelerate. Lender shall mai! Borrow•er notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a period ~if not less than 30 days from the date the notice is mailed within w•hich Borrower may pay the sums declared due. If Borrower failc to pay such sums prior to the expiration of soch period, I_ender may, without further notice or demand on Borrower, invoke an}• remedies permittecl by paragraph 18 hereof. Nox-UNiFOx[~t Coverr,?NTS. Borrower and Lender further covenant and agree as follows: - = 18. Acceleration; Remedies. Except as provided in paragrap6 17 hercof, upon Borrower's breach of any covenant or _ agreement of Borrower in th~s Mortgs~e, jncluding the covenants to psy when dne any sams secnred by this Mortgage, Lender prior to accekration s6a11 mail notice to Borrowcr as prorided in parAgraph 14 hereof specifyiug: (i) t6e breacb; (2) the sction reqaired to cure snch brwch; (3) a date, not less than 30 days from the date the aotlce ia mailed to Borrower, by w6k6 sach brwch must be cnred; aad (4) that failure to cun such breach on or before the date spcci6ed in the notke may radt in accekrat~on of t6e su~ secnrcd by this Mortgage. forcclosurr by judicial proceeding aad ssk of t6e Property. 'Il~e notice shall furt6er intorm Borrower of t6e right to reiastate after accektation and the right to assert in the forecbsnre pr~nceeding ~ the non-existence of a defanlt or aoy other defease of Borrower to accekratioa and forecbsore. If the breach ~ oot cured o0 ° or before the date apeci6ed in t6e notice, I.ender at Lende~'s option may declare a11 of the snms secured by tWs Mortgage to be ~ immediately dne and payable witbout furt6er demand and may forccbse this Mortga`e by jndicial proceedina. Leader shall } be eatitled to coUect in suc6 proceeding all expepses of foreclosurc. including~ but not limited to, rcasonabk attoruey's fea, ' and costs of docnmeatary evideace, abstracts and litk reporis. 19. Borrower's Rigbl to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this =Mortgage, ' Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time B0~ ch'7~ PAGE ~c 2 ~ _ _ - - - - _ W... . ~ ~y~.~