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HomeMy WebLinkAbout0927 ~ Lender's written ss~+oement or applicabk law. Bortower shall pay the amount ot aN nwK~ase inwrance prcmium: in the manner p~ovided under pirajrapA 2 hereot. ; Any amounts disbuned by Lender punuani to this parag~aph 7, wi~h intercst thereon, shall become additio~al i~debiedness o[ Borrowe~ xcurcd by this Mongage. L'~?1eu Borrower and Lender aaree to othe~ terms ot payment, such amounts shall be payabk upoe ootice trom ~ender to Borrower rcquesting payment the~eof, and shall bea~ intercst from the date of disbursement at the nte payabk from time to time o0 outstandi~g principal under the Note unless payme~t ot intercst at such nte would be coMrary to applicable law, in w~hich ev~nt such amounts shall bear interest at the hiahest rate permissibk under applicable law. Nothing contained in this paragraph 7 shall requirc Lender to incur any expense or take any action hereunder. S. laspectlo~. Cender may make or cause to be made reawnable entries upo~ and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection specifying rcasonable cause theretor related to Lender's i~terest in the Property. • 9. Condemnatbn. 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 thereof, or for conveyance in litu of condemnation, are hercby assigned and shall be paid to Lender. . In ~he event of a total taking of the Propeny, the proce~ds shall be applied to the sums secured by this Mo~tgage. with the excess, it any, paid to Borrower. In the event of a partial taking of the Property, u~less Borrower and Lend~r otherwise agrce in writinR, therc shall be applied ta the sums xcured by this Mortgage such proportion of the proceeds ` as is equal to that proportion which the amount of the sums secured by this Morigage immediately 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 to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condtmnor offers to make an award or uttle a claim for damages, Borrower fails to respond to Lender within 30 days after the dat~ such notice is mailed, Leoder is authorized to collect and apply the proceeds, at l.ender's option, either to restoration or repair of the Property or to the sums secured by this Mortgage. - Unless Lender and Borrower othetwise agree in writing_ any such application of proceeds to principal shall not extend or postpone ~ue date of the monthly installments referred to in paragraphs 1 and 2 htreof or change the amount of such installments. 10. Bormwer Not Releiced. Extension of the time for payment or medification 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 liability of the original Borrower and Borrower's successors in interest. I.ender shall not be required to commence proce~dings against such successor or rcfuse to extend ~ime for payment or otherwise modify amortization of the sums - secured by this Mortgage b}• rcason of any demand made b~~ the ori¢inal Borrower and Borrower s succescors in interest. 11. Forbearance by Lender Not a Waiver. Any fc?rbearance by Lender in exercising any right or remedy hereunder, or otherwise afTorded by applicahle law, shall not he a waiver of ar preclude the exercise of any such right or remtdy. The procu~ement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to aceelerate the maturity of the indebtedness cecured hy thic Mortgage_ 12. Remedies Cumul~ti~e. All remedies provided in this Mortgage are distinct and cumulative to any other right or _ remedy under this Mortgage or afforded by law or equity. and may be ezercised concurrently, independently or successively. 13. Successors and AssiRns Bound; ]oint and Se~•era! I.iability; Captions. The covenants and agreements herein contained shall hind, and the ~iQhts hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisiont of paragraph 17 hereof. All covenants and agreements of Borrou•er shall be joint and several. The captions and headings of the paragraphs of this Mortgage are far convenience only and are ~nt to be used to interpret or define the pro~~isions hereof. 14. Notice. Except for any notice required under applicable law~ to be given in another manner, (a) any notice 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 address as Borrower may designate by no~ice to i_ender as provided herein, and ' (h) an~• notice to Lender shall be gi~•en by certified mail. return receipt requested. ro I.ender s address stated herein or to ~ wch other address as Lender ma}~ designate bq notice to Borrow•er as provided herein. Any notice provided for in this ~lortgage shall he deemed to have been given to Borroa~er or 1_ender when given in the manner designated herein. 15. Uniform Aiorl~aRe; Go~erninR i.a~.; Se~~erabilit~•. This form of mortgage combines uniform covenants for national use and non-uniform rnvenantc with limited variatians b}~ jurisdiction to constitute a uniform security instniment covering real property. This Mortgage shall be governed h}~ the law of the juricdiction in which the Property is located. In the event that am' provision or clauce of thic Mortgage ~r ~he N~~te conflicts with applicable law•, such conflict shall not affect rnher prrnisirnt of this Mort¢age or the Note which can be given efiect without the conflicting provision, and to this end the pro~~isions of the Mortgage and the Note are declared to he severable. 16. Borrower•s Cop}~. Borro~•er ~hall be furniched a conformed copy of the Note and of this Mortgage at the time s ^ - uf execution or after recordation hereaf. i~. Transfer of the Propertv; Assumption. if all or am• part of the Pmperty or an interest therein is sold or transferred ? by Borrower without I.ender's prior w~ritten consent. exrluding (al the creation of a lien or encumbrance subordinate to ` this Mortgage. Ibl the creation of a purcha~e mone}~ securit~~ inrerest for household appliances. (cl a tranafe~ hp devise. ; descent ur bp operation of law• upon the death ~f a j~int tenant or fd? the grant of any leasehold interest of three }•ears or less s not containing an option to purchase, t.ender ma}~, at !_ender't opt~on, declare all ~he sums secured by this .'~lortgage to be E immediately due and payable. I.ender shall have wai.•ed such option tn accelerate if, prior to the ~ale or transfer, Lender ; and the person to whom the Property ic to be sold or transferred reach agreement in writing that the creJit of such person is satisfactor}• to I.en~ier and that the interest payable on the sumc cecured by thic Mortgage shall be at soch rate as I_ender ~ shall request. If l.ender has waived the oPtion to accelerate pru~~ided in this paragraph 17, and if Borrower's successor in ; interest ha~ executed a u•ritten assumption agreement accepred in writing by Lender, Lender shall.release Borrower from all obligations under this Mortgage and the Note. If I_e~der exercises ;i~ch option to accelerate. [.ender ~hall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period ~~f not less than 30~ dayc from the date the notice is mailed within : which Borrow~er ma~~ pay the sums declared due. If Barro~er fail~ to pay~ such cnms prior to the expiration of such period. Lender may~. without furthe.r notice or demand on Borrower, im~oke an} remedies permitted by paragraph 18 hereof. 3 Nox-UN~FOx!?~t Covey~Nrs. Borrower and Lender further covenant and agree as follows: 18. Acetlention; Remedies. E:cept as provided en paragraph 17 hertof. upon Bormwer's breach of any covenant or agreement of Borrower in this Mortgage. including the covenants to pay when due an~ sums secured by this Mortgage, Leoder prior to acceleration shdl mail notke to Borrower as pro~ided in paragnph 14 hereof specifyiog: (1) the bnach; (2) tbt action required to cun sacA breach; (3) a date. not leu fhan 30 days trom the date the notice is mailed to Borrower. by which such breach must be cnred; aad (4) that fallure to cure such breach on or before the date specN'ied in the ootke may radt in acceleration of the sums secnrcd by tAis Mortgage, foreclosure by judicial proceeding and sale of the Property. The notin ; shall further ioform Borrower of the riaht to rcinstate after accderation and the right to ~ssert in the foreclosure proceedh~g the non-existence of a defauk or any other defe~e of Borrower to acceleration and foreclosuro. If thr breacb is not cored oa or betore the dste specified in t6e notice. Lender at Lender's option may declur dl of the sar~ xcored by this Mortsage to be immedLtely due and parabk witbont Enrther demaad and may forccloee this Mortaa`e by judicial proceedio=. I.ender shall = be entided to collect ia snc6 proceediag all e:peosa of foreclosurc. includiu=~ but oot limited to, rcasonabk attoroey's Eees. . and costs of documeatary evidence, abstrscts and tiNe rrports. 19. dorrower's Rfg6t to Reimtate. Notwithstanding Lender's acctleration of the sums xcurcd by this Mortgage. - Borrowt~ shall have the right to have any procadings begun by Lender to enforce this Mortgage discontinued at any time ^~~~r415 P~~E 925 ~ . _ ~ ~ __,v _ _ _ . ~