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HomeMy WebLinkAbout0966 Leoder's written sgreement o~ applicable law. Borrower shall pay the amount of all martgago iosurance prcmiums in the manner provided under paras~aph 2 her~of. ' Any amounts disbursed by Lender pursuant to this parag~aph 7, Wi~h interest thercon, shall become additional indebt~dncss'o( Borrower xcurcd by this 1?fortFage. Unless Borrau•er and Lender agrce tn other terms of paymcnt, such amaunls shall be payabk upod notice from Lender to Borrow•cr ~equesting paymcnt thereof, and shall bear interest from the • date of disbursement at the rate payable irom time to time on oi~tstanding ptincipal under the Note unless payment of ~ intercst at such rate would be contrary to applicable law, in which event such amounts shall bear i~terest at the highest rate ' permissibk under appticabie law. Nothing contained in this paragraph 7 shall requirc Lender to incur any expenu or take ' ~ any act~on hereunder. s. inspcclio~. Lrnder may make or cause to be made reasonable entries upon and inspactions of the Property, provided ~ that I.ender shall give Borrower notice prior to any such inspec~ion sp~cifying reasonable cause therefor related to Lender's . interest in the Property. . 9. Condemnation. 'me praceeds of any au'ard or claim for damages, direct or consequential, in connection with any condemnstion or other taking of the Property, or part thereof. or for conveyance in lieu of condem~ation. an hcreby assigo~d ' and shall be paid to Lender. ' In the event of a total taking of the Property. the procceds shall be applied to the sums securcd by this Mortgage. f with the excess. it any. paid to $orcower. In the event c+f a partial taking of the Property. unl~ss Borrower and Lender otherwise agree in wtiting. there sha11 be applied to the sums secured by this T?iortgage such proportion of the proceeds ' 3 - 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 Propeny immediately prior to the date of taking, with the balance of the procecds t paid to Bornower. - If tt~e Property is abandoned by Horrowor, or if. after notice by Lender to Bomower that the condemnor ofters to make i: an award or settk a claim for damages, Borrower fails to respond to Lender within .30 days after the date such notice is mailed, Lender is authoriud to coltect and appty ihe proceeds, at Lender's option. either to restoration or repair of ihe Properiy or to the sums securcd by this Mortgage. ~ Unless Leoder and Borrowet otherwise agrce irt u•riting, any such applica~ion of proceeds to principal shal) not extend or putpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereof or change the amount of such installments. . ~ 10. Borrowcr Nof Released. Extension of the time for payment or modificatio~ of amortization of the sums secured by this Morigage granted by tender to an}~ successor in interest of Borrower shal) noi operatt to relesse, in any manner, the liability of !he orieinal Borrower and Borrower s successors in interest. Lender shall not be required to commence , t proccedings against such successor or refuse to extend time for payment ar otherwise modify amortization of the sums - s~cured by this Mortgage by reason of any demand made by the orieinal Borrower and .Borrower's successors in interest. ll. Forbeannce by Lender lVot a Waiver. Any forbearance b~ Lender in exercising any righi or remcdy hereunder, or otherwiu afforded by applicablc law, shall oot be a waiver of or preclude ihe exercise of any such right or remedy. ~ 'The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lendec's ` right to accekrate ihe maturity of the indebtedness cecured hy this Mortgage. 12. Remedies Comul~ti~e. All remedies provided in this Mortgage arc distinct and cumulative to any other right or remedy under this Morigage or afforded by law or equity, and may be exercised concurrendy. independently or successivdy. ~ ~ ]3. Successors snd Assigns Bound; Joint and Several i.iability; Captions. 'ilu covenants and agreements herein . ( contained shall bind. and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrow-e~, ~ subject to the provisiais of paragraph 17 hereof. All covenants and ag~eements of Borrower shali be joint and sevenl. ~ 'Ibe captions and i~dings of the paragraphs of this Mortgage are for convenienct only and are not to be used to inierpret or define the provisions hereof. ~ j 14. NoU e. Faccept for any notice nquired under applicable )aw to be givon in another manner. (a) any notice to Borrower provided !'or in this Mortgage shall be given by mailing such notice by ceriified mail addressed to Borrower at i. the Property Address or at such other address as Borrower may designate by notice to T_ender as provided horein, and (b) any notioe to Lender shall be given by certifird mail, return receipf requested. to Lender's address atated herein or to ~ such other addras u Lender may _designate by notice to Borrower as pro~ ided hercin. Any notice provided for in this Mongage shall be damed to have been given to Borrower or Lender when given in the manner designated herein. i l5. Uniform Mortgage; Governing Iaw; Se~~erability. This torm of mortgage combines uniform covenants for national use and non-uniform oovenants with iimited variations by juresdiction to constitule a unifo~m security instrument covering real property. This Morlgage shall be governed hy the law of the jurisdiction in which ihe Property is iocated. In the ~ ~ event that any provision or clause of this Mortgage or the Note conflicts v?•ith applicable law, such conflict shall not affed ~ othe~ provisions of this Mortgage or the Note which ca~ be-given eBect without the conflicting provision, and to this ! cnd the provisions of ~he Morigage and the Note are dectared to be severable. ' 16. Borrnwer's Copy. Borrower shall be furnished a conformed copy of the Note and of ihis Mortgage at the timt ~ of execution or after recordation hereof. 17. Tnnsfer of tbe Pmperty; Assnmption. If all or any part of ihe Property or an interest therein is sotd or transferted by Borrower without Lender's prior wrinen conxnt, excluding (al the creation oE a lien or encumbranre subordinaie to - this Mortgage, (b) the.creation of a purchase money security interest for household appliances. (c) a transfer b~ de~ise. ~ descent or by op~ration of law upon the dcath of a joint tenant or fd) ihe grant of any leasehold interes! of three years ot less noi containing an option to purchase, Lender may, at Lender s option, declare all the sums ucured by this Mortgage to be f immediately due and payable. Lendcr shall have w•aived such option to accelerate if, prior to the sale or transter, Lender ' and the person to whom the Property is ro be sold or transferred reach agreement in uriting that ihe credit o! such petsc+n ; is satisfactory to I.endtr and tbat the inter~st payable o~ the sums secured by this ~iortgage shall be at such rate as Lender ~ shall requat. If Lender has waived the option to a:cclerate provided in ihis paragraph 17, and if Borrower s suecessor in interat has executed a written assumption agreement accepted in v?•riting b~ Lender. Lender shail reTease Bonow~er from all obiigations under this Mortgage and the Note. If Lender exercises such option to accelcrate. I.ender sh311 mail . Borrow er ~otice of acceleration in accordance w ith paragraph 14 hcreof. Such notice shall provide a period o[ no~ less than 30 daps from the date the notice is mailed w-ithin which Borrov?er may pay the sums dulared due. ]f BorroNer fails to pa~ such sums prior to the expiration of such peric~d. Lender may~ without lurther notice or dcmand on Borrov?~er. invoke an~• remedies permitted by paragraph 1S hereof. Nots-UNtFORM Coves.~r-7rs. Banower and Lendcr further covenant and agrce as follows: ' 18. Accelcration; Remedies. Except as provided in para~raph 17 hereof, upun Borrower's breach of any co~enant or agreemeat of Borrower in ihis ltorlgage, includin~ the co~•enanls to pay whcn due any sums secured by this :1torlg~gt, Leadtr prior to acceieration sh~1J mail notice to $orrov.er u pro~-ided ~n~parabraph 14 hereot specif~•ing: (I) ihe brcach; (2) the adion requfred to run sucb breacb; (3) s dafq no! less than 30 da~s from the date the aotice is mailed to Borrower, by whicb sucb breach must be cured; and (4) that failure to cure such bre~ch on or betore tht date specified ia ihe notict may resdt in acceler~tion ot tbt snms secured by this Mortgage. torcclosure 6y judicial proceedinP and saTe oi fhe Property. 71~e notice sh~I! further intorm Bomowu of thr right fo reinstate after accelention and the right !o asseri ia the loreclosun proce~din~ the aon-existence of a detantt or any olher detense of Borro.s•er to accelention and foreclosur~e. tf Ihe breach Is oot eured oa or beton the date speci6ed in the notice. Lender at Lender s option may decl~re ali of ihe snms seeure8 by this ltortga~e to be immedi~lely due snd payable without tu?iher demand and ma~• toreclose thLs 111orlgage b~- judfcial proctedin~. Lendcr sbalt be entitlcd lo collect in wch proceedine all ezpenscs of toreclosurt~ tncludin~. buf not Umited to~ reuonab)e sttornej's iees, ~nd costs of docnmentary evldence, :bstracls and tille rcports. 19. Borro~-cr't R~ht to Reinstpte. NotN•ithctanding LenJer s acceleration of the sums securcd by this Mortgate. Borrower shs11 havc the tight to havt any proccedings Ixgun by Lender to en[orce this I?lortgage discontinueQ at any tirt~e $~K ~JV PAGf c~U7 ' ~ - Y.:~ - - . _ : ~.~:~:~-~-.~_Y_.. _