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HomeMy WebLinkAbout0946 t • , l.endcr's written agreement or applicablc law. Borrower s~iall pay the amount of all mongage insurance premiums in the maa~er provided under paragraph 2 hereof. . Any amounts disbursed by l_ender pursuant to this parag~aph 7, with interest thereo~, shall becomc sdditional indebtedness of Borrower secured by this Mortgage. Unless Horrower anJ l.ender agree ta other terms of payment, such amounts shall be payable upon natice from I.ender to Borrower requesting payment ltiereaf, and shal) bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under thc Note unless payment of interest at such rate would be contrary ta 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. lespectioa. Cender may make or cause to be made reawnable entries upon and inspections of the Property, provided that I_ender shall give Borrower notice prior to any such inspection specifying rcasonable cause therefor related to Lender s i~terest in the Property. 9. Condemnsifbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any co~demnation or other taking of ihe Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. Tn the eveot of a total taking of the Properly, the proceeds shall be applied to the uims secured by this Mortgage. with the excess, if any, paid to Bo~rower. Tn the event of a partial taking of the Property~'Z~nless 6brrower and Lender otherwise agree in ~yriting. ihere shall be applied t~ the sums secured by this Mortgage such pmporfion of the proceeds as is equa) to 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 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 condemnor offers to make an award or settle a claim for damages, Borrowe~ fails t~ respond to i.ender within 30 days after the date such nolice 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 by this Mortgage. Unless Lender and Borrower otherwise agree in a~riting, any such application af proceeds to principal shall not extend 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. Borrower Nof Rekased. Extension of the time for payment or modification of amortization of the soms secured by this Mortgage granted by Lender to any successor in interest of Borrower shall no1 operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender 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 by this Mongage by reason of any demand made by the orieinal Borrower and Borrower's succescors in interest. 11. Forbearance by Ixnder Not a Waiver. Any forbearance by l_ender in exercising any right or remedy hereunder, or otherwise aBorded by applicable law, shall not he 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 Lender s right to accelerate the maturity of ihe indebtedness secured hy this Mortgage. 12. Remedies Cumulative. 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 exercised concurrently, independently or successively. l3. Successors and Assigas Bound; Joint and Se~~eral Liability; Captions. The covenants and agreements herein contained shalt 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 agreementc of Borrower shall be joint and several. "il~e captions and headings of the paragraphc of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. • l4. 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 b}• notice ta T_ender as provided herein, and (b) any notice to Lender shall he given by certified mail. return receipt requested. to l.ender s address stated herein or to such other address as Lender may designate b~• notice to Borrow~er as pr~~~ided herein. Anp notice provided for in this Mortgage shall be deemed ro have been gi~•en to Borrower or Lcnder w~hen given in the manner designated herein. 15. Uniform Mort~age; Governin~ I.aN; Se~•erabilitp. This form of mortgage combines uniform covenants for national ~I use and non-uniform covenants with limited variations b~~ jurisdiction to constitute a uniform security instrument covering i real property. This Mortgage shall be governed h~~ the law of the jurisdiction m which the Property is located. Tn the j event that any provision or clau~e of this Mortga~e or the Note conflicts ith applicable law, such conflict shall not affect i other p~ovisions of this Mortgage or the Note a•hich can ~ be given effect. without the conflicting provision, and to this ~ end the ~~rovisions of the Mortgage and the Note arc dcclared to be severable. 16. Borrower's Copy. Burrower shall be furnished a conformed copy of the Note and of thi~ Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Properfy; Assumption. lf all or an~~ part of the Property or an intcrest therein is s~ld ar transferred by Borrower without Lender's prior written ronsent. excluding la) the crcation of a lien or encumbrance subordinate to this Mortgage. (b) the creation of a purchase money security interest for household appliances. (c) a transfer b~~ devise. descent or by operation of law• upon the death ~f a jaint tenant or (d? the gran~ of any Ieasehold interest of three years or less - not containing an option ta parchase. Lender ma~•, at I.ender's option. declare all the sums secured by this Mortgage to be immediately due and payahle. I.ender shall have waived such option to accelerate if. prior to the sale or transfer, t_ender and the person to whom the Property is to be soW or transferred reach agreement in writing that the credit of such person ic satisfactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at si~ch rate as Lender sh;~ll reyuest. If 1_ender has waived the option to accelerate provided in this paragraph 17, and if Bormwer s successor in interest has executed a written assumption agreement accepted in H~riting by Lender, i_ender shall release Borrow•er from all ~ obligations unJer this I~iortgage and the Note. lf 1_ender exercixs such option to acceler~te. I.ender chall mail B~~rro~ser notice of acceleration in accordance with paraeraph 14 hereof. Such no:ice shall provide a Fx:riod of not Iess than 30 da}~s fmm the date the notice is mailed within which Borrow~er may pay the sums declared duc. lf Borro~~er failc to pa} surh sums prior to the erpiration of ~uch period. ~ Lender may. without further notics or demand nn Borrowcr. invo{.e an~ rrmedies permittecl b~~ paragraph 1 R hereof. - T~o:v-IJviFORnt CovEN~xTS. Borrower and 1_ender further crn~enant and agree as follows: r 18. Accelerstion; Remedies. Except as pro~•ided in para~rnph 17 hereof. upon Borrowe~s breach of any co~~enanf or ` a~;reement of Borrower in this Mortg~e. includin~ the corenants to pay when due any~ sumc secured b~~ this Mortga~;e, Lender ~ prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) fhe breach; (2) the adion ~ required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such ; breach must be cured; and (4) that failure to cure such bresch on or before the date specified in the notice may result in ~ acceleration of t6e sums secured by this iltortgage. foreclosure by judicial proceeding and sale of the Property. The notice ~ shall further inform Borrower of the right to reinstate after scceleration and the right to assert ia the foreclosure proccedi~ the non-existence of a default or any other defense of Borrower to acceleration and foreclosure. if the bresch is not cured cn ~ or before the date specified in the notice. Lende~ at Lender's option may declare all of the sums secured by this Mortgage to be ~ immediately due and payaWe without further demand and may foreclose this Mort~age by judicial proceeding. Lender sh~l! be eatided to collect in suc6 proceeding ali eapenses of foreclosure. including. but not limited to, reasonabk attomey's fees, ~ and costs of documentary evidence, ~bstrac~c and titk reports. 19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums ~ecured by Ihis Mortgage. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time _ eQ~ 434 Pa~E 944 ~ . , , _ - y e~ ~ # ~ . _ ~ . _