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HomeMy WebLinkAbout0944 [.ender's written agrcetnent or applicabk law. Borrower shall pay the amount of all morigage insurance premiums in tht manner provided under paragraph 2 hereof. Any amounts disburaed by Lender pursuant to thia paragraph 7, with interest thereon, shal! became additional indebtedness of Borrower securcd by Ihis Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payabk upoo notice f~om i.ender to Borrower requesting payment thereof, and shall bear interest from the date of ciisburse~ment at the rate payable from time to time on outstanding principal nndtr 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 'f shall require I.ender to incur any expense or take any action hereunder. 8. IaspecHon. Lende~ may make or cause to be made reasonable entries uFwn and inspections of the Property, provided that I_ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coademaatbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the P~operty, or part thereof, or for conveyance in lieu of condemnatio~, are hereby assigned and shall be paid to Lender. TI) I~1P PVPnf Af a fM~l t~l-inn n~ ~{.n D •{.e ..,i.. ..{...11 h.. 1'...! ~a ~ ~1,:~ lt~a,~,,,.,, . . .i) - .::i ti 3~+~~.~~:3 ` '"cJ• v"' ..Yt'::~u . :::a~ ..1_.:P'P" w~ith the excess, if any, paid to BorroH~er. In~the event of a partial taking of the Property, unless Bormwer and Lender otherw~ise agree in writir.g, th~re shall be applied to the sums secured by thi~ Mortgage such proportion of the proceeds as is equal to that propottion which the amount of the sumc cecured by this l~tortgage immediatel}• prior to the date of taking bears to the fair market valt~e of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned b}• Borrower, or if. after notice bv I_ender to Borrovver that the condemnor of[ers to makt 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 prc~ceeds, at I_ender s option, either to restoration or repair of the •Property or ta the sums secured h}~ this Mortgage. Unless Lender and Borrow•er otherw-ise agree in writinc, any such application of proceeds to principal shall not extend or pc~stpone the due date of the monthl~~ installments referrcd to in paragraphs 1 and 2 hereof or change the amount of ~uch installments. 10. Borrower Not Released. Extcnsion of the timc for paymcnt or mndification of amortization of the sums secured bp this Ltortgage granted by Lender to any successor in interest of Borrow•er shall not operate to release, in any manner, the liahility of the ori¢inal Borrow~er and Borrower e succescorc in interest. Lender shall not be req~iired to commence proceedings against such saccessor or refuse to extenJ time for payment or othen~~ise mc~dify amortization of the sums secured by thie 1liortgage by reason of ~m• demand made b~~ the orieinal Borrower and Borrower s successors in interest. ll. Forbearance by I.ender Not a Wai~•er. Am~ f~rhearance h~~ i.ender in exercising any right or remedy hereunder, or otherwise afTordec! by applicable la~v, shall not be a waiver ~f or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of tares c.r other liens or charges by I.ender shall noi be a w•aiver of Lender's right to acceieratc the maturity of the indebtedness securcd h}~ thic Mortgage. ; 12. Remedies Cumulafi~e. All remeciies pro~•ided in thi~ rlortea¢e are distinct and cumulative to any other right or reme~~~ under this Mortgagr or afford~d h}~ la~• nr equit~•, and ma}~ hc csercised concurrenUy, independenUy or successively. I3. Successors and Assi~;ns Bound: Joint and Se~eral i.iability; Captions. The co~~enants and agreements herein rontained shall hind, and the riehts hereunder shail inure to, the recpective succe~sors and assigns of Lender and Borrower, subject to the pro~•isions of paragraph 17 hereof. All covenants and aereements of Borrower shall be joint and several. The captions and headings of the paraeraph. of thi~ M~~rtgag~ are for rnnvenie~ce only and are not tu be used to interprct or define the provisions hereof. 14. Notice. Except for any notice reyuired under ;~pplicable law to be given in another manner, (a) any notice to Borrower pmvided for in this Mortgage shall he gi~~en h}• mailing wch notice by certified mai) addressed to Borrower at the Property Address ~r at such uther addre~ti as Bormw~er ma~~ designatc b}~ notice to i.ender as provided herein, and i (b) am• notice to Lender shall be given h~~ certifird mail. return receipt requested_ to i.ender s address stated herein or to ~ ~uch other address as Lender ma~~ designate b~~ notice tc~ Borrower as pmcided herein. Any notice provided for in this ~ `lortgage shall oe deemed to havc been eiven to Bormw~er or l.cnder when given in the manner designated herein. I 15. Uniform MoriRal;e; Governin~ Law; Sererabilit~•. Thie form of mort¢age combines uniform covenants for national ! use and non-uniform covenants with limited ~~ariations b~• jurisdiction to constitute a uniform security instrument covering ! real property. This Mortgage shaq be governed h}• the law of the jurisdiction in which the Property is located. In the i event that any provision or claute o~ this 111ortgage or the Note conflicte ~~ith applicable law•. such conflict shall not affect ~ other provisions of this Mortgage or the Note which can be gi~~en efiect ~vithout the conflicting provision, and to this end the pro~isions of the ~forigag2 and ihe '~oi~ are .ie~lared to tx severable. 16. Borrower's Cop~~. Borrow•cr shall tx: furni~hed a rnnformed cop}~ of the Notc and of this Mortgage at the time ~ of exec~rtion or after recordation hereof. i l7. Transfer of the Property: Assumption. if all or an~~ part of thc Property or an interest therein is sold or transferred ' by Borrower without Lender's prior written consent. e~cluding lal the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchase; money u:curity interest for household appliances, (c) a transfer by devise. ~ descent or by operation of law~ upon the death of a joint tenant or (~U the grant of any leasehold interest of three years or less ~ not containing an option to purchase. Lender may. at ~ender'~ option, declare all the sums secured by this Mortgage to be ~ s immediately due and pa)~able. Lender chall have w•aived such option to accelerate if, prior to the sale or transfer. Lender a and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person k is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ~ § shail request. if Cender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in = interest hac executed a written assumption agreement accepted in writing b~~ I_ender, Lender shall release Borrower from all ~~bligations under this Mortgage and the Note. s If I.ender exercises such option to accelerate. Lendr ehall mail Borrouer notice of acceleration in accordance with ~~araer:~ph 14 hereof_ Such notice shall provide a period of ~ot less than 30 days from the date the notice is mailed within tihich Borruwer may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, ° Lender ma}•. without (urther notice or demand on Borrower, invoke any remedies permitted by paragraph 1R hereof. Notv-UxtFOR~?t CoveN~xrs. Borrower and I_ender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided ia pgraqraph 17 hereof, opon Borrower's breach of any coveaaat or agreement of Borrower in t6is Mortga6e. inclnding the covenants to pay when due any sanss secured by t6iS Mortgage, Lender prior to acceleratan s6a11 mail notice to Borrower as provided in paragrap6 14 hereof specifyias: (1) the breach; (2) the actioo ' required to care sac6 breach; (3) a date, aot less tban 30 days from the d~te t6e aotice is owiled to Borrower, by wbk6 snch brexh must be cnred; and (4) that failure to cnre snch breach on or before t6e d~e speci6ed ia the notice may resnlt ie scceleration of t6e saaa~ secured by this Mortga~e, foreclosure by jodkial proceediu~ aad sWe of tbe Property. 'ILe notice shall furt6er inform Borrower ot the right to rcinstats after accekration and t6e rigdt to assert in tbe forecMwre proccedin~ ' the aon-existence of n defauk or any other defense of Batirower to acceleratioa and foreclosurr. If tbe bresc6 is not cared oe or before the date specified io t6e aotice. Lender at Lender's option may declare aIl of the sa~ns secured by this Mortaa~e to be immediatcly due aad payaWe witlant furt6er demand aad may forcclose t6ts Mortgage by judicial proceeding. Leoder s6a11 be entitled to colkct ia suc6 proceeding aN e:penses of foreclosure, includiog, bot oot Bmited to, reasona6k ~torney's fees, ~ and costs of documentary evidence, a6strscts and titk reports. 19. Borrower's Rigbt 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 FORM-31613Gt1~ il~~~"_ x~, ~ s-.~.<. r z_ ' 'x~~..".~.