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HomeMy WebLinkAbout0925 . , ~ E.e~der's.written agreement or applicable~ law. Borrower shall pay the amount of all mortg~e insurance premiums in the • manner provided under paragraph 2 heroof. - Any amounts disbursed by Lende~ pursuant to this paragraph 7, with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and l.ender agrce to othe~ tertns of paymeot. such amot~nts shall be payable upc~n ~otice fram Lender to Borrower rcquesting payment thereof, and shall bear interest fwm the date of disbursement at the rate payable f~om time t~ time on outsta~ding p~incipal under the Note unless payinent of ~ interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permiuible under applicabk law. Nothing contain~3 ia this paragraph 7 shal) require Lender to incur any expense or take any action hereunder. ~ 8. Inspectbn. Lender may make or cause to be made reasooable entries upon and inspections of the Property, provided that Lender shall give Borrower ~+otice prior to any such inspection specifying reasonable cause theretor related to Lender's interest in the Property. 9. Coademnstbn. The proceedc of any award or claim for damages, dircrt or cansequential, in connection with any condemnation or other taki~g of the Property, or part thereof, or for conveyance in lieu of condemnation, are hercby assigned and shall be paid to Lender. . in the event of a tatal taking of thc Propcrty. the proceeds shall be applied to the sums securcd by this Mortgage. ~ with the excess, if any, paid to Borrower. in the event of a partial taking af the Propeny, unless Borrower and Le~der otherwise agree in writing. there shall be applied ta the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sumc cecured by this Mortgage immediately prior to the date of _ taking bears to the fair market valuc of the Propcrty immediately prior to the date af ~aking, with the balance of the proceeds paid ta Borrower. if the Property is abandoned bp Borrow~er, or if. after ~notice by i.ender to Bormwer that the condemnor oRers 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 c option. either to restoration or repair of the Propeny or to the sums secured by this Mortgage. Unless I_ender and Borrow~er othenvise agree in w•ritine. any such application of prc~ceeds ta principal shal) not extend or postpone the due date of the monthly installmcnts refermd to in paragraphs 1 and 2 hereof or change the amaunt of such installments: !0. Borrovrer Nof Released. Extension of the time for payment ~r modification of amortizatior. of the sums secured by this Mortgage grant~d by I_ender to any s;~ccessor in interest of Borrower shall not operate to release, in any manne~, the liability of the original Borroaer and Borrower s successorc .in interest. Lender shall not be required ta commence proceedings against such successor or refuse to extend time for payment or otherw~ise modify amortization of the sutm secured by this Mortgage by reason of any demand made b~• the original Borrower and Borrower s successors in interest. ll. Forbearance by i.ender Not a R'aiver. An}• fort~arancc by i.cnder in exercising any right or remedy here~mder, or . otherwise af~orded by applicable law, shall not be a waiver of or preclude the exercise of aoy such right or remedy. The procurement of insurance or the payment of taxec or other liens or charges by I_ender shall not be a waiver of Lender's . right to accelerate the maturity of the indebtedness securcd h}• thic Mortgage. ~ 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and comulative to any other right or remeJy under this Mortgage or afiorded hy IaW or equity. and may bc exercised concurrently, independently or successively. 13. Snccessors and Assi~ns Bound; ]oint and Se~•eral i.iability; Captions. The covenants and agreements herein contained shall bind, and the ri~hts hereunder shall im~re to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the parag~aphc of this Mortgage are for convenience only and are not to 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 b~~ mailing such notice by certified mail addressed to Borrower at the Property Address or at such other addresc as B~rrow~er may designate by notice to i.ender as provided herein, and (b) any notice to Lender shall be given hy certificd mail. retum reccipt requested. to l.enders address~stated herein or to such other addres~c as Lender may designate b~• notice to Borrow•er as provided herein. Any notice provided for in this Mortgage shall be deemed to ha~~c bccn given to Borrow~er or I.cnder when given in the manner designated herein. 15. U~iform Mortgage; Go~ernin~ i.aw; 3e.•erability. This form of mortgage combines uniform covenants for national use and non-uniform covenants w~ith limited variations hy jurisdiction to constitute a uniform security instn~ment covering ' real property. This Mortgage shall be governed M~'the law• of the jurisdiction in which the Property is located. in the event that any provision or clause of this Mortgage ~r Ihe Note conflicts w•ith applicable law~, such conflict shall not affect ` other provisions of ihis Mortgage or the Note which can be given effect without the conflicting provision, and to this ~ end the provisions of the Mortgage and the Notc are declared to he severable. ~ 16. Borrower's Cop~•. Borwwer shall be furnished a conformed copy of the Note and of this Mortgage at the time of e?cecution or after recordation hereof. ~ 17. Transfer of the Property; Assumption. Tf all or an~~ pan of the Property or an interest therein is sold or transferred f by Borrower without Lender s prior written concent. e~cluding (al the creation of a lien or encumbrance subordinate to ~ this Mortgage. (b) the creation of a purchase mone}• securit~~ interest for household appliances. (c) a transfer by devise, ~ descent or by operation of law upon the death of a joint tcnant or fd~ the grant of any leaschold interest of three years or less . not containing an option to purchase, I_ender ma~~_ at 1_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. Leoder and the person to whom the Property is to be soW or transferred reach agreement in writing that the credit of such person is satisfactory to Lendee 7G&Y~aY~eXiY~ieYdCK ~I~CJ~CX~I(dE~I~C 76I[$~ ~[~j~~ lf I_ender has waived the option to accelerate provided in this paragraph 17, and if Borrower s successor in ~ interest has executed a written assumption agreement accepted in.writing by I_ender, Lender shall release Borrower from all obligations under this Mortgage and the Note_ ~ If Lender exercises such option to accelerate, l.ender shall mail Borrower notice of acceleration in accordance with ~ paragraph 14 hereof. Such notice shall provide a perioci of not less than 30 days from the date tt~e notice is mailed within ~ which Borrower may pay the sums dedared due. if Borrower fails to pa~• such sums prior to the expiration of such period, ~ ~ Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. Notv-UtvtFORnt CovexexTS. Borrower and Lender further covenant and agree as follows: t 18. Acceleratiqn; Remedks. E:cept as prQvidcd in paragraph 1'7 hereof~ upon Eorrower's breac6 of any co~eosnt or agreemcat of Borrower in t6is Mortgage. including the corenanls to psy when doe aoy sums secured by thk Mort=a6e, Lender prior to accekntion s6a11 mail aotice to Bormwer as provided in Puagraph 14 6ereof specifyiu~: (1) the breac6; (2) t~e actbo ; required to cnre sacb breac6; (3) s date, not less t6an 30 days fmm the d~e the notice is mailed to Bornower, by whk6 wc6 brcac6 mwt be cured; and (4) tbst failure to cnre such breach on or before the dafe speci6e~ in the noHee ntay radt in accekratioo of tbe anms secwed by t6ts Mort~age, ~foreclowre py judlcial proceedin= and sale of t6e Property. 'Ibe notke F shaq fnrt~er iaform Borrower of the ri~6t to reinstate dter accekration aad the ~bt to a~ert in tLe toreclowre proceediaL ~ the aoa-ezistence of s defanN or any other defense of Borrowe~ to acceleration and foreciowre. IE the 6reac6 k not rered ow ff. or beforc !he date speci6ed in tbe notice, Lender at Lendcr's option may declare aA of the soms secored by this Mort~e b be ~ immediatdy dae and payabk wit6out fnrt6er demaad and may foreclose this Mort~age by judicial proceedi~. Lender s~a~ ~ be entlded to co~ect ia snc6 proceediag all e~penses of foreclosnre, Inriudiu~, but oot iimited to, reaconabk attoroey's tea, aod co~ts of docomentary evldence, abstracts aad title reports. ~ 19. Eorrower's Rjg6t to ReinNste. Notwithstanding Lender's acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proccedings begun by Lender to enforce this Mortgage discontinuod at any time ~ BU~;K ~ 435 PN~E 92~ - . . ~ ~ . . - - . > - ~ i ~ w . . . . . . . _ . . . _ ~Er " „r-' -