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HomeMy WebLinkAbout0980 . t , , 3 i Lender'a writte~ agceeme~t or applicable law. Borrowet sh~q pay the ~,ou~ af all mortgage insurance premiums in the ~ ~ manner provided uoder puag~aph 2 hereof. ~ ' ' Any ~ amounts disbursed by Lender pursuant to this paragraph 7, with intercst thereo~. shall become additiona) indebtedness of Bo~r+ower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payme~t. such # amounts shap bc payable upon notice from Lender to Borrower reyuesting payment thereof. and shall bear interest from the ~ dat~ of disbursement at the rate payable from time to time on outstanding priocipal u~der the Note unless pay~mnt of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest nte ~ permiasible under applicabk law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. ~ j a. Taspecttoe. Le~der may make or caasc to be made reasonable entries upon and inspections of the Property, provided , that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender'a ' i~terest in the Propeny. ~ 9. Coademaafbn. 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 i~ lieu of condemnation, are hereby assigned and shall be paid to I.ender. ~ In the event of a total taking of the Property, the proceeds shall be applied to the sums sea~red by this Mortgage. with the excess, if any, paid to Borrower. In the event of 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 preceeds as is equal to that proportion which the amount of the sums sccured by this Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately priar 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 I.ender to Borrower that the condemnoc ofters to make ~ an award or settle a claim for damages, Borrower fails to respond to Lender 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 ~ Propeny or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, aoy such application of proceeds to principal shal) 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 installmcnts. ~ 3 10. Borrower Not Released. Extension of the time for ~iayment 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 mam~er, ~ 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 F secured by this Mortgage by reason of any demand made by the ori~ginal Borrower and Borrower s successors in interest. ~ Il. Forbearance by Lender Not s Wniver. Any fort~earance by Lender in exercising any right or remedy hereunder, o: ~ otherwise 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 taxes or other liens or charges by I.ender shall not be a waiver of Lender's ~ right ta accelerate the maturity of the indebtedness s~:cured hy this Mortgage. . ~ l2. Remedks Cumulalive. All remedies pmvided 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_ ~ 13. Successors and Assigos Bound; Joint and Se~•eral i.iabilify; Captions. The covenants and agreements herein ~ contained shal! bind, and the rights hereunder shall inure to, the respective successors and assig~s of Lender and Borrower, , subject to the pravisions of paragraph 17 hereof. All covenants and .agreements of Borrower shall be joint and several. _ The captions and headings of the paragraphs 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 by mailing such notice by certified mail addressed to Borrower at ~ the Property Address or at such other address as Borrower may designate by notice to i.ender as provided herein. and ~ (b) any notice to Lender shall be given by certified mail, return receipt requested. to I.ender s address stated •herein or to ~ ~ such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or l.ender when given in the manner designated herein. % 15. Uniform Mortgage; Govemin~ Law; Severability. This form of mortgage combines uniform covenants for national ' use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering ~ ~ real property. 'Tliis Mortgage shall be governed by the law 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 confliet shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. T 16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time ~ of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred j by Borrower w~ithout Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to ~ i this Mortgage. (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, j descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less . ~ not containing an option to purchas$, Lender may, at Lender's option, declare all the sums secured by this Mortgage .to be j 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 sold or transferred reach agreement in writing that the credit of such petson ; is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender f shall request. Tf Lender 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 Lender, Lender shal) release Bonower from all ` obligations under this Mortgage and the Note. ; If Lender exercises such option to accelerate. I_ender shall mail Borrower notice of acceleration in accordance with f paragraph 14 hereof. Such notice shall provide s period of not less than 30 days from the date the notice is mailed within ~ which Borrower may pay the sums declared due. if Borrow•er fails to pay 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. ; Nox-UHtFOte~at CovEx~rtTS. Borrower and Lender funher covenant and agree as follows: • j > 18. Acceleratioo; Remedies. Escept as provided in paragraph l7 hereof, npon Borrower's breach of s~ny coveaant or { agreement of Borrovrer in t6ts Mort~nge, inclnding tbe covenants to pay when dne any soms secored by this Mortgage, Lender ~ ~ prtor to acceleration shall m~u7 notice to Borrower as provided in parAgraph 14 hereof specifying: (1) t6e breac6; (2) the Action ~ reqaired to cnre snch breac6; (3) a date, not less t6an 30 days from the date the notice L~ matled to Borrower, by whkh soc6 f ~ bresirh mnst 6e cured; aad (4) thst failurc to cure snch breach on or before t)x dste spec~ed in the aotke msy resdt in r ri acceleration of t6e sams secured by Wis Mortgage, foreclosan by judicial proceeding and sak of t6e Property. 'ILe notke s6a11 further inform Borrower of the right to rei~te after accekration and t6e right to assert in the for~cbsure proceeding ; t6e aon-ex~steoce of a defanlt or any other defe~e of Borrower to accelcration and forecbsure. if tbe breach is not cured oe ~ or before the date specified la t6e aotice, I.ender at Leade~'s option may declAre all of the sams secared by this Mortgsse to be ~ immediatdy dne and {wyable wlthoat fnrt6er demand and may foreclose t6is Mortgage by jadicW proceeding. Lender s6~1 g be eotitled to collect in wc6 proceeding all e:peoses of foreclosure, includiug, but aot limited to, re~soaa6k attorney's fees, ~ and costs of docnmentary evidease, abstrscts sad title reporls. ~ 19. Borrower's Rig6t to Reinstate. Notwithstanding Lender s acceleration of the sums secured by this Mortgage. ~ Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time ~ . ; , ~ ~ ~ BO~K `tJU P~GE ~p~ ~ ~ . - Q 3 _ „ . .._o-r1:~u...r . ~,'.'v;2.t :...,.,,,.,;Z . - .:y ~ . - . . . . . . . ~ ' ' " ' . " ' ' ` . , _