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HomeMy WebLinkAbout0940 i . _ - . . - _ ' ' t . ' Lendet's writte~ agrcement or applicable law. Borrower shall pay the amount of al) moRQage ins~taiScb~pnmiums in the manner provided under parag~aph Z hereof. Any amounts disburxd by Lender pu~sua~t to this paragraph 7. with intenest thereo~. shall become additio~al - indebtedness of Borrowcr secuced by this Mongage. Unless Borrower and I.eo~icr agree to other terms of payment, such amounts shall be payabk upoo notice from I.cnder to Borrower requesting payment thereof. and shatl bea~ intercst fmm the date of disburscment at the rate payable fram timo to time on outstanding principal under thc Note unless payment of interest at such rate would be contrary to applicable law, in v?•hich event such amounts shall bear interest at the highest rate permissible under applicabk law. Nothing contained '+n this paragraph 7 shall require Lend~r to incur any expense or take any action hereunder. 8. iaspectbn. Le~der may make or cause to be made reasonable entries upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any sucfi inspection specifying reasonablt cause therofor related to Lender'a i~terest in the Property. 9. Condemaatbn. The proceeds of any award ar claim for damages, direct or consequential, in connection with any condemnation ar other taking of the Property, or pa~t thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. • 1~ the event of a total taking of the Property, thc proceeds shall be applied to the sums secured by tfiis Mortgage. with the ezcess, if any, paid to Borrower. In tht event of a partial taking of the Property. unless Bornower and I.ender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion wh+ch the amount of the sums stcurtd by ihis Mortgage immediately prior to the date of taki~g bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the procecds paid to Borrower. if the Properry is abandoned by Borrov?•er, or if. after notice by I.ender to Bormwer that the condemnor offers to make an av?-ard or uttte a claim for damages, Borrower fails to respond to Lendor within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at I~nder's option, either to restorstion or eepaic of the Propeny or to the sums secured by this Mortgage. Unless I.endtr and Borrower othervvise agree in writing. any such application of proceeds to principal shatl not extend or postpone the due date of the monthly installmcnts referrcd ta in paragraphs i and 2 hereof or change tfie amount of such installments. l0. Borrower Nof Released. 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 Borrower shall not operate to r~elease, in any manner, the liability of the original Bonower a~d Bc~rr~wer e successors in +ntertst. Lender shall not be required to commence proceedings against such successar or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrawer and Borrower's successors in interest. 11. Forbearance by I.eader Nof a Waiver. Any forbearance by Lender in exercising any right or remedy hereu~der, o: otherwise afiorded by applicahle law, shall not t~e a waiver of or preclude the exercise of any such right or remody. TAe 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 maturity of the indebtedness secured hy this Mortgage. 12. Remcdies Camulati~e. A11 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 he exercised coocurrently, independently or successively. l3. Snecessors and AssiRns Bound; Joint and Se~~eral ~.iability; Captions. 'The covenants and agreements herein contained sha11 bind, and the rights hereunder shall inure to, the n.-spective successors and assigns of Lender and Borrower. • subject ta the provisions of paragraph 1? hercof_ All covenants and agreements of Borrower shall be joint and several. •'ihe~ captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereaf. , 14. Notke. Except for any notice required under applicable law t« be given in another manner. (a) any notice to Borrawer provided for in this Mortga¢e 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 desigoate by notice to i_ender as provided herein, and (b) any notice to Lender shall he given by certified mail, retum receipt requested..ro I.enders address stated herein or to such other addre~ as Lender may designate by notice to Borrower as provideJ herein. Any notice prnvided (or in this Mortgage shall be deemed to have been given to Borrowcr or l.ender when given in the manner designated herein. 15. U~iform Morigage; Governin~ Law: Severabilify. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited ~•ariations M~ jurisdiction to constilute a uniform security instrument covering ' real property. This Mongage shatl be governed hy the law of the jurisdiction in which the Property is located. In the j evertt Ihat any provision or clause of this Mortgage or the Note conflicts w•ith appficahfe 1aw, such conflict shalt not affect E other provisions of this Mortgage or the Note which can be given efTect without the conflicting provision, and to this I end the provisions of the Mortgage and the Notc are declared to he severable_ ~ 16. Borsower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property: Assumplion. if all or any part of the Property or an interest therein is sold or transferred ~ by Borrower without I.ender's prior writtcn consent, excluding (al 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 ~pon the death of a joint tenant or (d? the grant of any leasehold interest of three years or less € not containing an option to purchase. I_ender may, at 1_ender'~ option, declare all the sums secured by this Mortgage to be € immediately due and payable. Lender shall have waived such option to accekrate if, prior to the sale or transfer. Lender R and the person ta whosr 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 intercst pa~~able o~ the sums secured by this Mortgage shall be at such rate as Lender ~ shall request. If Lender has waived the optian to accelerate provided in this paragraph 17, an~ if Borrower's successor in ~ interest has executed a written assumption agreement accepted in writing by i.ender, Lender shaU release Borrower from all r obiigations under this Moctgage and the Note. - s if Lender exercises sueh option to accelerate, Lender shall mail Borrovrer notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a periocl af not Iess than 30 days from the date the notice is mailed within ~ whicfi Borrower may pay the sums decla~ed due. tf Borrower fails to pay such sums prior to the expiration of such period. ~ Lender may, without turiher notice or demand on Borrower, invol:e any remedies permitted by paragraph 18 hereof. Norr-Utv~FORt~t CovExetv7s. Borrower and Lender further covenant and agree as follows: - 18. Acceleration; Remedks. Except as provided in paraqraph 17 hertof, upoa Bonower's breach of aay covenaat or - agrcement oE Borrower in thts Mo~tgage, including tbe corcnants to pay v?hen due any sams secored by this Mott~age, i.euder prior to scceleratioa a6a11 mail aotke to Borror?er ag provkled in paragraph 14 heaoE specityio~: (l) tbe brescb; (2) the aetion reqoircd to cwe aoc6 brescb; (3) s date, not ks than 30 days from the d~e t6e notke b a~ailed to Bomower, by w6k~ wch breach muid 6e cnred; and (4) that failure to cure soch breach on or before the d~e spec~td in t6e nodce may raolt in i accekratioa oE t6e sams secnrcd by thts MortEage, forn{osure by jndicial proceedin= aad sak of tUe Pmperty. 'lbe ootice s6ap further fAform Borrovrer of the r~bt to reinctate after sccekratioa and t6e right to ~ed in tbe forec{owre proceedie~ t6e oon-exWeoce ot a defaak or aoy dher defease oE Borrower to accekraNon and forecloaore. If the breac6 i~ aot cand oa 13 or before tbe dah apeci~ied in t6e notice, Lender at Leader's optioa msy declue aq of tbe soms secnred bY thb Mort~e b be ; immediately due aod pryabk without fuR6cr demaad and may fomlose thts Mort=a~e by jodicW proceedinL. Lender s~a11 3 be entitkd to cotlett fn sAe6 procteding all e:peoses of forccbsure. includin=, but nM fimited to, ee~oasbk ~ttorney's tees, ~ snd costs.o[ docomeotary evidence. abstracts aad Utle teporis. 19. Borrower's Rl~ht to Reiostste. Notwithstanding Lender s acceleration of the sums securcd by this Mortgage, Borrower shall have tht right to have any proceed'+ngs begun by I_ender to enforce this Mortgage discontinuod at any time 800~( PACE