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HomeMy WebLinkAbout0951 ' . . t , Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the maaner provided under pa~agraph 2 hercof. J~ny amounts disbursed by Lencler pursuant to this paragraph 7, with interest thereon, shall become additional inJebtedness of Borrower secured by this Mortgage. Unless Borrawer anJ Lender agree to other tertns of payment, such • amounts shall be payable upon ~otice from [.ender to Borrower reques~ing payment thereof, and shall bear interest from the date of disbursrment 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 Lender to incur any expense or take any action hereunder. 8. Inspectioa. Lender may make or cause to be made reasonable entries upon and inspections of the Property, provided that l.ender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Property. 9. Coodemwtbn. The praceeds of any award or claim for damages, direet or cansequential, 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 Lender. ~ . in the event of a total taking of the Property, the proceeds shall be applied to the sums sec«red by this Mortgage. with the excess, if any, paid to Borrower. In Ihe event af a partial taking of the Property, unless Borrower and Lender otherwise agree in writing. there shall be applied to the sums secured by this Mortgage such proportion of the proceeds . as is equal 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 Propeny is abandoned by Borrow~er, or if. after notice by i_ender to Borrnwer that the condemnor ofters to make an award or settle a claim for damages, Borrower fails to respond to l.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 by this Mortgage. Unless Lender and Borrower otherwise agree in w~riting. any such application of 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 amoant of such installments. l0. Borrower Not RekaSed. 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 liability of the original Borrower and Borrower's successors in interest. Lender shall not be~mquired to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in interest. 11. Forbesrance 6y Lender Not a Waiver. Any fort~earance by I_ender in exercising any right or remedy hereunder, or • othenvise afforded by applicable 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 taYes ~r other liens or charges by I.ender shall not be a waiver of Lender's right to accelerate the maturity of the 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 concurr~ntly, independently or successively_ l3. Successors and Assigos Bound; Joint and Sereral Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective succecsors and assigns of Lender and Botrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrawer shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not ta be used to interpret or define the provisions 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 ma~• designate by notice to i_ender as provided herein, and (b) any notice to Lender shall he given by certified mail, retum receipt requested. to I.ender s address stated herein or to such other address as Lender may designate by notice ta Borrow-er as provided herein. Any notice provided for in this ! Mortgage shatl be deemed to have been given to Borrower or l.ender when given in the manner designated herein. j I5. Uniform Mortgage; Govemin~ Law: Severability. This form of mortgage combines uniform covenants for national i use and non-uniform covenants with limited variations by jurisdiction ta constitute a uniform security instrument covering ~ real property. This Mortgage shall be governed hy the laa~ of the jurisdiction in which the Property is located. In the € event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect ~ other prmisions of this Mortgage or th~ Note w~hich can be given efTect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. t 16. Bomnwer's Copy.. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at ihe time of execution or after recordation hereof. 17. Transfer of f6e Property: Assumption. if all or any part of the Property or an interest therein is sold or transferred by Borrowet without I.ender s prior written consent, excluding (al the creation of a lien or encumbrance sutwtdinate to this Mortgage. (b) the creation of a purchase money~ security interest for household appliances. (cl a transter by devise. descent or by operation of law upon the death of a joint tenant or (d? the grant of any leasehold interest of three ycars or less . not containing an option to purchase, Lender may. at l.ender'~ 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 and the person to whom the Property is to be solJ or transferred rcach agreement in writing that the credit of such penon ic satisfactory to I.ender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ~ shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a written assumpiion agreement accepted in writing b}~ I_ender. I.ender shall release Borrower from all ~ obligations under this Mortgage and the Note. If I.ender exercises such option ta accelerate. I.ender ehall mail Burrow~er notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a period of not Iess than ~0 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pa~~ such sums prior to the expiration of such period. ~ Lendcr may, w~ithout further notice or demand on Borrow•er. mvoke anp rcmedies permittetl by paragraph 18 hereof. Nox-UtvtFOtttH CoveN~xTS. Borrower and [_cnder further covenant and agree as fallows: . 18. Aceeleration; Remedies. Eacept as provided in paragrap6 17 hereof. upon Borrowe~'s bresch of any covenant or agreement of Borrower in this Ntortgage. including the co~enants to pay when due aRy sums secured by this Mortgage, Lender ~ prior to acceleration shali mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) t6e adion required to cure sucb breach; (3) a date, not less than 30 dpys from the date the notice Ls mailed to Borrower, by w6ich such . F breach must be cnred; and (4) that failure to cure such breach on or before t6e date speci6ed in the notice may resdt in ; acceleration of the sums secured by this Mortgage. forcclosure by judicial proceeding aod sale of the Property. 'I7~e notice ~ shall further inform Borrower of the right to reinstate after acceleration aad the right to acsert in the foreclosurc proceeding ~ the non-eaistence of a default or any other defense of Borrower to acce{eration and foreclosure. if the breach ~ aot cured on ~ or before the date specified in the notice. Lender at Leoder's option may declare all of the soms secured by this Mortgage to be ~ immediately due and ps~yable wit6out further demand and may foreclose this MortgAge by judicial proceediog. Lender st~all ~ be entiUed to collcct in snc6 proceeding all expenses of toreclosure, including, but not Umited to, reasonable attorney's fees, ~ and costs of documentary evidence, abstracts and titk reports. ~ 19. Borrower's Right to Reiastate. Notwithstanding LenJer's acceleration of the sums secured by this Mortgage. Borrower shall have the.right to have any proceedings begun by I_ender to enforce this Morfgage discontinued at any time 6~434 P~ 949 s ~ . 4 ~x ~ _ . A" ; •~',~9~ '"r~ ~ r, . ry, -r ~ "3q . .....,trn.,••-g _ _