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HomeMy WebLinkAbout0923 I_ender's written agreement or applicablc law. Borrower shall pay the amount of all mortgage insurance premiums in the manner p~ovided under paragraph 2 hereof. Any amounts disbursed by 1_ender pursuant to this paragraph 7, with interest thereon, shall become additionai indebtedness of Borrower secured by this Mortgage. Unle~c Borrower and I.ender agree to other terms of payment, such amounts shail be payable upon notice from I.ender to Barrower reque~ting payment thereof, and stiall bear interest from the date of disbursement at the rate payable from .time to time on outstanding principal under the Note unlc~ss payment of interest at such rate would be cantrary to applicable law, in which event such amounts shall bear interest at the high~st rate permissible under applicable law. Nothing contained in this paragraph 7 shall require I.ender to i~cur any expense or take any action hereunder. 8. inspection. Cencler may make or cause to be made reasonable entries upon and inspections of the Property, provided that !_ender shall give Borrower notice prior to any such inspection specifying reasonable cause thtrefor related to Lender's i~terest in the Prop~rty. 9. Coademnatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereaf, or for conveyance i~ lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking of the Property. the proceeds shall be applied to the ~?rms secured by this Mortgage. with the excess, if any, paid to Borrower. Tn the event of a partial taking of the Property. unless Borrower and Lender 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 which the amount of the sumc secured by this Mortga~te immediately prior ta 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. if the Property is abandoned by Borrower, or if, after notice by I.ender to Borrower that the condemnor offers to make an award or settle a claim far damages. Borrower fails to respond to I_ender within 30 da}~s after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at I_ender's option, eithtr to restoration or repair of the Property or to the sums secured by this Mongage. Unless Lender and Borrower otherwise agree in ~•ritinc. any such application of proceeds to principal shall not exiend or postpone the due date of the mo~thly installmcnts referred ta in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Eorrower Not Rekased. Extension of the time far payment or modification of amortization of the st~ms secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner. the liability of the original Borrower and Borrower'c successors in interest. I.ender 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 reas~n of any demand made bp the original Borrower and Borrower s successors in interest. il. Forbearance by Lender Not a Waiver. Any forhearance bY I.ender in exercising any right or remedy hereunder, or otherwise afiorded by applicahle law. shall not t~e 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 Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this 1liortgage. l2. Remedies Cumulafive. All remedies pmvided in this M~rtgage are distinct and cumulative to any other right or remedy under this Mortgage or afiorded by law or equity, and ma}• be exercised concurrendy, independently or successively. 13. Snccessors and Assigns Bound; Joint and Se~~eral Liabilify; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall imire 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 be jaint and several. The 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 hereof. l4. Notice. Except for any notice reqtiired under applicable law to be given in another manner. (a) any noti~e 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 addre~s as Barrower may designate by notice to i.ender as provided herein, and (b) any notice to Lender shall hc given by certified mail. retum receipt requested. to l.ender s address stated herein or to such other address as Lender may designate by notice to Borrow•er as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or l.ender w~hen given in the manner designated herein. 15. Uniform Mortgage; Covernin~ Law: SeveraM'lity. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations h}~ jurisdiction to constitute a uniform security instrument covering E real property. This Mortgage shall be governed h~~ the law of the jurisdiction ir. which the Property is located. In the ! event that any provision or clause of this Mortgage or the Note conflicts w•ith applicahle law, such conflict shall not affect i other provisions of this Mortgage or the Note w~hich can be given effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Tvote are declared to he severable. P 16. Borrower's Copy. Borrower shall be h~rnished a conformed copy of thc Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17. Transfer of t6e Property: Assumption. Tf all or an~• part of the Property or an interest therein is sold or transferred by Borrower without Lender's prior written consent. e~cluding (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• upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option t~ purchase, Lender may. at Lender's 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 and the person to whom the Property is ta be sold or transferred reach agreement in writing that the credit of such persfln is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shalt be at such rate as Lender shall request. if I_ender 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 bp I.ender, I_ender shall release Borrower from all obligations under this Mortgage and the Note. If I_ender exercises such option to accelerate. I_ender shall mail Borrow~er 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 Borrow~er may pay the sums deciared due_ Tf Borrower fails to pay such sumc prior to the expiration of such period. [.ender may, without further notice or Jemand on Borrower, invoke any~ rcmedies permitted by paragraph 1R hereof. ~ NON-UNIFORM COVENANTS. BO~iOWC~ Blld I_efldei fUf[t1C~ COVCi?8t1[ 3(ld agree as follows: ~ I8. Acceleration; Remedits. Fxcept as prot•ided in para~;raph l7 hereof. upon Borrower's breach of any covenant or agreement of Borrower in this Mortg~q includire~ the covenants to pay when due any snms stcured by thts Mortgage, Lender ~ prior to acceleration shall mail nofice to Borrower as provided in par~reph 14 hereof specifying: (1) the breach; (2) the action ~ required to cure such breach; (3) a date, not Iess than 30 days from the date the notice is maikd to Borrower, by whjch suc6 # breach must be cured; and (4) that failure fo cure such bresch on or before the date sperified in the notire may rcsuk in acceleration of Ihe sums secured by this Mortgage, foreclosure by judicial proreeding and sale of the Property. '[l~e notice shall further inform Borrower of the reght to reinstate after accelerntion and the right to a~.sert in the foreclosure procetding the non-existence of a defauk or any other defense of Borrower to acceleratan and foreclosure. If the breach is not cnred oa or before the date specified in the notice, Lender ~t Leoder's option roay declare aR of the soms secured by this Mortgage to be immediately due and payable without further demand and may foreclose this Mortgage by judicial proceediug. Lender shall be entitled to coliect in such proceeding all expertses of foreclosurc. including. but not limitcd to, reasonable attorney'a fees, ~ and costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. ~ Borrower shall '~ave the rieht to have an~ proceedings txgun by Lender tn enforce this hlortgage discontinued at any time ~ ~ ~ - - ~ a.'~ 7+` Av.~ -'~-:'k?a X y' .Sfi4 °d~",~y~-"°~ S ,f`°~-4`:~`r-~=~.'.. ~ ~ _ y1 l ~a