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HomeMy WebLinkAbout0928 . . ' . a Lender's wr'tten agnetment or applicabte law. Borrower shall pay the amount af all mortgagt insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disburstd by Lendtr pursuant to this parag~aph with intettist theteon, shall become additional indebtedness of $orrower secured by this Mongage. Unless Bnrrower and Lender agree to, other terms of payment, such amounts shall be payable upon notice frum Lender to Borrower requesting payment ihereof, sod shall bear intertst from the date•of disbursement at the rate payable from time to time on outstanding principal under ihe Note uoless psyment of int~rest at such rate would be contrary to applicable iaw, in which event such amounts shall bear interest at the highest rate permissible u~der applicable law. Nothing containcd in this paragraph 7 shail require Lender to incur any expense or take any action hereunder. 8. InspecHoa. Ltnder may make or cause to be made rcasonable entries upon and inspections dtht *to~ei~ty,~provided that Lender shall give Borrower notice prior to any such inspeetion spccifying reasonable cause therefor related to Lender's intcrest in the Property. 9. Coademmtbn. The procecds of any award or claim for damages, dircct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or far conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the evont of a total taking of the Property, the proceeds shal! be applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. In the event of a partial taking of the Propcrty, unless Borrower 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 which the amount of the sums secured by this Mortgage immediattly 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 ta Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor of~en to make an award or settfe a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, I.eoder is authorized to collect and apply the proceeds, at Lender's option, either to restoration or rtpair of the Property or to the sums secured by this MartRage. Unless Lender and Borrower otherwise agree in writing, any such application of praceeds to principal shall not extend or postpone the due date of the monthly instailments referred to in paragraphs 1 and 2 hereof or change the amount of such inslallments. 10. Borrower Not R~le~ed. Extension of the time for payment or modification of amortization of the sums stcured b} this Mortgage granted by Lender to any successor in interest of Borrower shall nat operate to release, in any manner. the liability of the original Borrower and Borrower's successors in interest. Lender shalt not be required to commence proceedings against such successor or refuse to extend time for payment or othenvise modify amortizalion of the sums secured by this Mortgage by r~eason of any deman~ made by the original Borrower and Borrower s successars in interest. 11. ForbeArance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or othenvise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procureme~t of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to acceferate the maturity of the indebtedness secured hy this Mortgage. l2. Remedies Camulative. All remedies provided in this Mortgage are distinct and cumulative to any other rigbt or remedy unde* this Mortgage or afforded by law ar equity, and may be exercised concurrentty, independently or successively. 13. Successors and Assigns Bound; Joiat and Se~~eral i.iabillt~~; Capdons. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure 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 joint and several. The captions and headi~g~of the paragraphs of this Mortgage are for c~nvenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. Except for any notice reyuired urrde~-applicable law to be given in another manner, (a) any notice to Borrower pravided 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 Borrow•er may designate by notice to l.ender as provided herein, and (b) an~• notice to Lender shall be given by certified mail, return receipt requesred, to I.ender s address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed *.o have been given to Borrower or Lender when given in the manner designated i~erein. 15. Uniform Mo~tgage; Governin~ Law; Se~•era6ilif~. This form of mortgage combines uniform covenants for national «se and non-uniform covenants with limited variations b}~ jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed b}• the lau• of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts ~•ith applicable law-, such conflict shall not af~ect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Morigage and the Note are cieclared ta be severable. 16. Borrower's Copy. $orrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or afrer recordation hereof. ~ 17. Transfer of the Property: Assumption. If all or an}• part of the Property or an interest therein is sold or transferred hy Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to :his Mortgage. (b) the creation of a purchase mone~~ security interest for household appliances. (c) a transfer by devise. descent or by ~peration of law• upon the death of a jaint tenant or (ci) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare a!I the sums.secured by this Mortgage to be immediately dae and payabie. Lender shall hati~e 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 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 biortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Barrower'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 exercises such option to accelerate. Lender-shall mail Borrow~er notice of acceieration in accordance with paragraph I4 hereof. Such notice shait provide a periad of not less than 30 da}'s from the date the notice is mailed within which Borrower may pay the sums declared due. if 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. Nox-Urr~FORM CovFx~NTS. Borrower and I_ender further covenant and agree as foliows: I8. Acceleration; Remedies. E:crpt as provided in paragraph U hereof. upon Borrower's bres~ch of any covenant or agreement of Borrower in t6is Mortgage, including the covenants to pay when due any sams secured by thk Mortgage, Lender prior to acceleration s6all mail notice to Borrower as provided i~s paragraph 14 hereof specifying: (1) the breach; (2) the artioa rrquired to cure such bmch; (3) a date, not iess than 3Q days from the date the notice ~S m~led to Borrowcr, by which suc6 brench must be cnred; and (4) that failurc to cure such breach on or btfors the date specified in the ootke may resdt in accderation of the sums secured by this Mortgage, foreclosars by judEcial proceeding and sak of the Property. 'Ilse notEce shaU furt6er ioform Borrower of the right to reinstate after ncederation and the right to assert in t6e foreclosurr pr+neeeding the non•existence of a defank or any other deferese af Borrower to acceleration and forecbsure. If tbe breach ~ not rared on or before the date specffied in tbe notice, I.ender at Leader's option ms~y declare all of t6e snm~ secured by this Mortgage to be immrdiately doe aad pAyable without further demand and may foreclose this Mortg~ge by judicid proceeding. L•nder shall be entitled to collect in suc6 proceading all expenses of forec{osnre, including, but aot limitrd to, reasonaWe attorney's fees, and cosfs of docnmentary evidence, abstracts snd title reports. • 19. Borror~er's Rjgbt to Reiastate. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings t~egun by Lender to enforce this Mortgage discontinued at any time 90t~( `tt?~ PbGE t~ - .P.~,_,~~,;, _ . ~ _