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HomeMy WebLinkAbout0969 Le~der's written agreement or applicabk law. Borrower shall"p~c the amount of aU m`oRaage insurance pnmiums in tbe manner provided under paragraph 2 heroof. Any arr~ounts disbursed by Lender punuant to this paragraph 7, with iutecest thercon, shal! become additional ~ inckbtedness of Borrowtr secured by this Mortgage. Unless Borrower anci ~tnckr agree to other terms of payment, such ~ amounts shall be payable upon naice fmm i_ender to Borrower requesting payment thereof, and shall bear interest fro~n the ~ date of disbursement at the rate payabk from time to time an outstanding principal under the Note unless paymet~t ot ' interest at such rato would be contrary to applicable law, i~ which event such amounts shall bea~ interest at the highest rate pormissibk under applicabk law. Nothing contai~ed in this paragraph 7 shall requi~+e Lender to incur xny expec~se or take any action hercunder. 8• Iu~ectio~. Lender may make or cause to be made reasonable eotries upoa and inspections of the Property, provided ~ that Lender shall give Borrower notice prior to any s~~ch inspection specifying reasonabk caux theretc?r related to Lender's interest in the Property. 9. Cowdewwlios. The proceeds of any award or claim for damages, direct or conxquential, in connection with any 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 L.ender. In the event of a total taking of the Property, the proceeds zhall be applied to the sums securcd by this Mortgaga ~ with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unkss Borrow~~ and I.ender 3 othervvise agree in writing. there shall be applied to the sums secured by this Mortgage such proportioQ of the proceeds ! as is equal to that proportiun 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 Property immediately prior to the date of taking, with ihe balance of the proceeds paid to Borrower. If the Property is abandc?ned by ~rower, or if, after notice by Lender to Boirower that the condemnor offers to make an award or settk a claim for damages, Borrowe~ fails to respond to Lender within 30 days after the date such notice is mailcd, Lender is authorized to col~ect and apply the proceeds, at Lender's option, either to restoration or rtpair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower othenvise agree in writing, any such application of proceeds to principal shall not eztend • or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Dorrower Not Relezsed. 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 release, in any manner, the fiability of the original Borrower and Sorrower's suceessors in interest. Lender shall not be required to commence proceedings against such successar or refuse to extend time for payment o~ otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the ori¢ina{ Borrower and Borrower's successors in interest. ~ ll. Forbearance by Lender Not a Waiver. Any forhearance by i_ender in exercising any right or remedy hereunder, or otherwise afiorded by applicable law, shatl 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 Lender shall not be a waiver of Lender's ~ right to accelerate the maturity of the indebtedness secared hy this Mortgage. ~ l2, Ree~edies Camuhti~e. All remedies provided in this Mortgage are distinct and cumulative to a~y other right or ' remedy under this Mortgage or afforded hy law or equity, and may be exercised concurrently, independendy or successively. ~ 13. Socces.wrs and Assi~as Bouad; Jant and Se~•enl Liabiiity; CapBo~. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower, j ~ subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and severaL ~ 'il~e captions and headings of the paragraphs of this Mortgagc are for convenience only and are not to be used .to j interpret or define the provisions hereof. i 14. Notke. Except for any notice reqoired under applicable law to be given in anather manner, (a) any notice to ~ Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Botrower at the Property Address or at such other address as 8orrower may designate by notice to i_ender as provided herein, and ~ (bl any notice to Cender shall be given by certified mail. return receipt requested. to I.ender s address stated herein or to such other address as Lender may designate by notice to Bormw~er as provided herein. Any notice provided for in this ~ , Mongage shall be deemed to have been given to Borrower or t_ender when given in the manner designated herein. l5. Uniform Martgagr. Govemin~ I.aw; Severability. This form of mortgage combines aniform covenants for national ~ ~ use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ' ~ real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is Iocated. In the ~ event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shal) not affect 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 Mortgage and the Note are declarcd to be severable. ~ : 16. Borrower'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 t6e Propertv; Assumption. If all or any part of the Pmperty or an interest therein is sold or transferred ~ by Borrower without Lender's prior written 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 ttansfer by devise, _ ~ descent or by operation of law~ upon the death af a joint tenant or (d1 the grant of any leasehold interest of three years or less not containing an option to 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 j 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 L,ender ~ ~ shall request. lf Lender has waived the option to accelerate provided in this paragraph 17, and if Bonower'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. [.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shal! provide a period of not less than 30 days from the date the notice is maeled within ~ which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the ezpiration of such period, ~ Lender may, without further notice or demand on Borrower, im~oke any remedies permitted by paragraph 18 hereof. f Nox-UxiFORnt Cove:vexTS. Borrower and Lender further covenant and agree as follows: 18. Acceleratan; Remedies. Except as provided ia parsq~raph l7 hereof. upoo Borrower's breach of any co~enant or agreemeot of Borrower in thi~ Mortgage. inclnding tbe coveaants to pay when due aay snms securcd by thk Mortg~e, Lender prior to siccekration s6at1 mail aotice to Borrower as pro~ided in paragraph 14 hcreof specifyiug: (1) the bresch; (2) t~e action required to coe~e snch brcach; (3) a date, not iess tban 30 days Emrn the dste the notice ~S maikd to Borrower, by whk6 s~ch breach must be curcd; and (4) that failure to cure such brcach on or before the date speci6ed fn the ootice ntay resott in acceleration of t6e sums secured by this Mortgage. forecbsurc by judicial proceediag aad sak of t6e Property. 'Ibe notice ! shall further ioform Borrower of the rig6t to reinstate after accekrstion and t6e rig~t to assert ie the forecbsare proceedi~ ~ the oontaisteace of a dcfauk or any dher detense of Borrower to sccekntion and forecbaare. If tAe brwch is not cimd ae ~ ~ or before the date specified in the ootice~ Lender stt Lender's option may declut a{I of the sams secorcd by this Mo~a6e to be ~ immediately due and payabk ~rithout further demand and may foreclose thk A~ortg~e by judicial proceed~ng. Lender shall ~ ~ be eotitled to coilect in suc6 proceedins a!1 e:penses of foreclosurc, including. bat not Wnited to, rea~onabk attorney's fees, ~ and costs of docamentaty evidencq abstracts and titl~reports. ~ 19. Borrower's Ri~6t lo Reinstgte. Notwithstanding Lender's acceleration of the sums secured by this Mortgage. Borrower shail have the right to have any proceedings begun by Lender to enforce this Mongage discontinued at any time ~ 1 1.A¦ ~ JJ,`~ iV • ~/~V` IIP. - BOOK ~ PlI~E~,~ Rt-~ec~ ~ . _ . _ . ~ ~ . . j __r_ ~ - - _ -