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HomeMy WebLinkAbout0933 . Lender's written agreement or applirable law. Borrower shall oay the amount uf all mortgage insurante pretniums in the manner provided under paragraph 2 hereof. An~ amounts disbursed by I_ender pursuant to this paragraph 7, with interesi thereon, shall becnme additional in~ebtedness af Bonower secured by this Mortgage. Unless Borrower and LenJer agree to other terms oi payment, such amounts shall be payable upon notice from i.ender to Borrower reyuesting payment thereof, and shall hear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require I.ender to incur any expense or take any action hereunder. 8. Inspection. i_ender may make or cause to be made reasonable entriec upon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasanable cause therefor related to i.ender's interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, o~ part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid ta Lender. in the event of a total taking of the Property, the procceds shall be applieJ to the sums secured by this Mortgage. w•ith the excess, if any, paid to Borrawer_ in the event of a partial taking of the Property, 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 ta that proportion which the amount of the sums secured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Propert~~ immed~ately prior to the Jate of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned bt~ Borrower, or if, after notice by i.ender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to I.ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the proceeds, at I_ender's option, either to restoration or repair of the Property or to the sums secured b}• this 1~lortgage. Unless I_ender and Borrower otherw•ise agree in riting. am• such application of proceeds to principal shall not extend or postpone the due date af the monthly installments referrcd to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by I.ender to any s~ccessor in interest of Borrower thall not operate to release, in any manner, the liability of the original B~rrower and Borrow~er's successorc in interest. I_ender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured b}• this Mortgage by reason of any demanci madr b~• the orieinal Borrower and Borrower s successors in interest. I1. Forbearance by I.ender Not a Wai~~er. An}• forbearance b}• T.ender in exercising any right or remedy hereunder, or 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 I.ender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. 12. Remedies Cumulative. All remedies pmvided in this Alortgage are distinct and cumulative to any other right or reme~ly under this Mortgage or afforded h}~ law• or equit}•, and ma}• be exercised concurrently, independently or successively. i 13. Successors and Assigns Bound; Joint and Several i.iabilit}; CapNons. The covenants and agrcements herein contained shall bind, and ihe riQhts hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agrcements of Borrower shall be joint and several. ' The captions and headings of the paragraph~ of this Mortgage are for convenience only and are not ro be used to interpret or define the provisions hereof. 14. Notece. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shatl he given h~• mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as B~~rrow•cr may designate by noti:.e to i.ender as provided herein, and (bl any notice to Lender shall tx~ given by certified mail, retum receipt requested, to l.ender s address stated herein or to ~ such other address as Lender may designate b}• notice to BorroH~er as provided herein. Any notice provided for in this Mortgage shal! be deemed to have been given to Borrower or Lcnder w•hen given in the manner designated herein. i 15. Uniform Mort~age; Governing I.aw: Se.~erabitih•. This form of mortgage cambines uniform covenants for national ~ use and non-uniform co~~enants with limited variations h~~ jurisdiction to constitute a uniform security instrument covering ~ real property. This Mortgage shall be governed M~ the law• of the juricdiction in which the Property is located. 1n the ~ event that any provision or clause of this I~lortgaee or the N~,te contlicts w ith applicable law, such conflict shall not affect ~ other provisions of this Mortgage or the Note ~~hich can be given eiiect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are ~icclared to he severable. ! 16. Borrower's Copy. Borrower shall he furnished a conformed copy of the Note and of this Mortgage at the time ` of execution or after recordation hereof. 17. Transfer of t6e Property; Assumption. If 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. 1b) the creation of a pur~hase mone}~ securit}• interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or fd) the grant of any leasehold interest of three }~ears or less not containing an option to parchase, Lender ma~~, at Lender'e option, declare al! the sums secured by this Mortgage to be immediateiy due and payable. Lender shall have ~~aived such option to accelerate if, prior to the sale or transfer, 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 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 hy Lender. Lender shall release Borrower fram all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate. Lender shall mail Borrow~er notiee of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a periocl of not less than 30 da}•s from the date the notice is mailed within ~~hich 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 am~ remedies permitted by parag~aph 18 hereof. Nox-Urr~FORt~t Covex~NTS. Borrower and Lender further covenant and agree as follows: r 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's bre~ch of any covenant or ~ agreement of Borrower in t6is Mortgage, including the co~~enants to pay when due any sums secured by th~s Mortgage, Lender ~ ~ prior to acceteration sball mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure sach breac6; (3) a date. not less than 30 days from the date the notice is maiied to Borrower, by w6ich sucb k= ~ breach must be cnred; and (4) that failure to cure such breach on or beforo the date spect6ed in ths nntice may restilt in ~ accelersitioa of t6e snms secured by this Mortgage, foreclosure by judici~l proceedirtg and sale of tht Property. 'Ibe notice ~ shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the forecbsore proceedivg the non-ezistence of a defauk or any other defense of Borrower to acceleration and foreclosure. If the bresc6 is oot cured on or before the date specified io the noNce, Lender at Lender's option may decisre all of the sums secnred by this Mortgage to be immediately due and payable without furlher demand and may foreclose this Mortgage by judicial proceediug. Leader shall be eotitled to collect in such proceeding aU expenses of foreclosure, including, but not limited to, rcasonabk attorney's fees, n and costs of documentary evidence, abstracts and title reports. 14. Borrawer's Rjght 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 ~ aooK 4~4 ~acf ~ ~ - ' ~~~a ~L - ~ rx:~,..~F: ~ -