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HomeMy WebLinkAbout0971 Lender's written agrcement or applicable laK~ Borrower shaN pay the amount of ail mortgage insurance premiums in the manntr provided under paragraph 2 hereof. Any amounts dishursed by 1_enJer pursuant to this paragraph 7, with intercst thereon, shall become additionai indebledness of Borrawer secured by this T?lortgage. Unless Borrower and l_ender agree to other ternts of payment, such amounts shatl be payable upon notice from Lender ~o Borrower requesting payment thereof, and shalt bear interest from the date of disbursement at the rate payable from timt to time on outstanding principai under ihe Note unless payment of interest at such rate would be contrary to aPplicable law, in which event such amounts shall bear interest ,t the highest rate permissible under applicablt law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. a. InspecNon. Lender may make ot cause to bc made reasonable entries upon and inspections of the Property, provided that Lende~ shail give Borrower notict prior to any such inspection specifying reasonable cause thercfor relatcd to Lender's interest in the Property. 9. Condemnation. The prckeeds of any aW~ard or claim for damages, dircct or consequential, in connectioo with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnstion, are henby assigned and shali be paid to I.ender. T» the event of a total taking of the Property. the proceeds shall be applied to the sums seci~red by this Morigage, with the excess, if any, paid to Borro~~er. In the event of a partia) taking of the Property, uNess Borrower and Lender otherwix agree in writing. tfiere shall be applied to the ~ums secured by this Mortgage such proportion of the proceeds u is equal to that proportion which the amount of the sums secured by this Mortgage imm~diately prior to ihe dste of taking burs to the fair market value of the Property immediately prior to th~ date of taking, with tht balance of ihe proceeds paid to Borrower. If the Property is abandoned by Borrow~er, or if. afrer notice by I.ende~ to Borrower that the condemnot ofiers to make an award or settle a claim for damages, Borrower failt to res~+ond to I.ender within 30 days after the date such notice is mailed. Lender is authorized to collect and apply the prc~ceeds. at i.ender's option, either to mtoration or ropair of tht Property ot to the sums secured b}~ this MortRaee_ Unless Lender and Borrow~er o:herw~ise agree in ~+ritine. anr such application~of proceeds to principal shall not extend or postpone the due date of the monthly inst:,llments referred to in paragraphs 1 and 2 hereof or changt the amount of such installments. 10. BorroWer Not Releaced. Extension of the time for payment or m~dification of amortization of the sums stcured by this Martgage granted by Lender t~ an}• ~uccessor in interest of BorroN•er shall nol operate lo release, in any manner, the iiability of the ori¢inal Borroµrr and $~~rrt~wer'~ successor~ in interest I.ender shall not be required to commence proceedings against such successor or refu,e to extend time for payment or otherwise modify amortization of the sums secured by this T~tort¢age hy reasor. of :,m' demand made by the orieinal Borrower and Borrower's successars in interest. ll. Forbearance by Ixndcr'~ot a R'ai.er. .Am• f~~rhearance bt' 1 rnder in c~ercising any right or remedy hereonder, or othtrwise afforded b}' applicable law, shap noi be a H•aiver of ~r preclude the e~ercise of an}' such ;ight or remady. 'I~e proc~irement of insurance or the pa}•ment of taxes or other liens c~r charges b}• 1 ender shall not be a waiver of Lender's right to accelerate the maturit}~ of the indchtedne~s ~ecured h}• this ~loncage. 12. Remedies Cumutative. Ali remedies prc.~ ided in thic At~rlgage are clistinet and cumulative to any other right or rtmed}• under Ihis Mortgage or afiorded hy laH c,r equit~~. .ind ma}~ t~ exerci~ed c~ncurrentlp. independently or successively. l3. Successors and AssiRns Bound; Joinl and Se~eral Liabitih; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall in~~re to. the retpecti~e succe«nrt and as~igns of Lender and Borrower, subject to the provisions of paragraph 17 hereof. All co:~rnant~ ancl a~recmcntt of Borrower sha11 be joint and several. The captions ~nd headings of the paragraphs <~f this M~rtgage are f~~r c~mrnicnce only and are not to be used to interpret or define the provisions hercof. 14. Notice. Except f~r any notice reyuired under applicahle lau t~~ he ~iven in an~ther manner, (a) any notice to Borrower provided for in this Mongaee shaN be g~ven hy mailine .u~h noti~e h} rertified mail addressed to Borrower at the Property Address or at such other a;idress as Borr~»~•er ma~~ dec~gnat~ b~~ mnice io T.ender as provided herein, and (b) any notice to I_ender shall be given by certified mail. return receipt reuue~ted. to l ender's address stated h~rein or to socfi other address as Lcnder ma~• de:ignate b~ notice to $o~r~~wer as pr~~~ided herein. Any notice provided for in this Mortgage shalt be decmed to ha~~e heen gi~en t~ 8~rroµer or 1_er~der µhen gi~•en in ihc manner designated herein. l5. Uniform ?11ori~a~e; Go~ernin~ 1.aN: Se~erabilih. T~it fc,rm of mortgaec comhines iiniform covenants for nationa] use and non-uniform c~~venants with limited ~~anatiims b~• juricdi~tion t~~ constitute a uniform security instrument covering real property. This Mortgage shall he g~~~erned h~• the law of the juri~diction in w~hich the Property is located. 1n the event that anp prrnision or clause of thit '~tortg~ee c}r the '~.~te c~~nflirt~ ~ ith applicable )aw~, such conflict shall not aftect other provisions of this Mortgage ur the 'ti'~te uhich can oe g~~•en efie~t ~.~ithc~:it the conflicling ptovision, ~nd to this end the provisiens of the Mortga¢e and the tii,te are declared te~ he sc~~erahlc. 16. Borrowers Cop~~. Borrower shall oe furnishcJ a conformed copy of the ;`iote and of this Mortgage at the time of execution or after rernrdation hercof. 17. Transfer of the Prc,perty: :1«umption. If all ~}r am ~art of the Prnpe~t}~ or an interest therein is sold or transferred by Borrower without I_e~der's pri~r Hrittrn cuntent. e~cludin~>, la1 thc rreati~~n of a lien or encumhrance subordinate to this Mortgage. (b) the crcation of a~urcha~e mc~ne~• ~ecurit}• interest f~r h~utiehold appiiances, (c) a transfer by devise, descent or b}' operation of iaw ~ip~n the death rf a ic~int tcnant nr (~1~ thr grant of an~• leasehnld interesl of three years or less not containing an optio~ t~ t urchase. I endrr m_+~~. at Lender'c ,~rU~~n, declare all Ihe sums secured b}' lhis Mortgage to be immediately due and pa~able I.rndrr chall ha~e ~~:+~~ed ~urh o~!i~m ;c~ accelerate if. prior to ~he sale or transfer. Lender and the person to µh~m the Pro~ert} is t~, he tc~ld ~~r tr~~icfcrred reecF~ .e,~reement ;n writing that the credii of suctt person is satisfactory to I.ender and tha~ !he intere~t pa}ahle c~n the ~um~ ~e~ured bt• thi~ '~iortgage shall be at such rate as Lender shall reqaest. If I ender has waived rhe ~~ti~n tn accelerate pmt•ided in this paragraph 17, and if Borrower's successor in interest has e?c~cuted a~+nttrn as~um~tion aereemeni acrepted in writine h}• I en~ler, l.ender shall release Borrouer from all obligations unJer this ;~ic~r~e:+ge and thc N~te. If i_ender exercites ~uch option to acceferate. I.ene3er .hall mail 8urm~er notice af acceleration in accordance with paragraph i4 hereof. Such r~oiice tha)i ~ro~~ide a}~eriod ~f not less than 3~ days from the date the notice is mailed within w•hich Borrower ma}~ pa~ the ~nms ~le~l::red ~~ie !f Aorr~uer failt to pa~• snch cums prior to the expiration of such period, Lender ma}~, w~ithout further notice ~r ~icm;~nd on Hc~rrower, imc~l,e am remcdies permitted b}• paragraph 18 hereof. NoN-UwFORr,t CovF~~.~~.rs. Borrower and I_ender further covcnant and agree as follows: 18. Aceeleration; Remedies. Except as provided in para~raph 17 hereof. upon $orrower's brcach ¢F any co~~enant or agreement of BorroNer in this ~Torigage, includinR fhe co.enants to pa~ .+hen dut an}• sums secared by t#~s Mnrfgagt~ I.ender prior to acetltration shall mai( notice fo Bo~rower u provided in paragrQph 14 hereof specifying: (1) the breach; (2) tbe ~ction required to cure such breaeh; (3) a date, not less than 30 days from the date the notice is maitcd to $orrower, bq wiuch suc6 brcach must be cured; and (4) Ihyt failure 1o cure such breach on or beforc the date specifiet~ in the wtirt m~ry tesult ia acceleration of the sums secured by this ~1orlRage, foreclosure by judicial proceeding and sale oi the P,~aperty. 'IThe notice shall further inform Borrower o[ the right to reinstate after acceleration a~d the ri~ht to usert in tht foreelosurc praceeding the non•tzist~nce of a defaulf or ~nv olher defense of Borrower to ~ccele~ation and forectosurc. If the breach is nof cured on or before the date specified in the no nder at L nder's oplion ma~ declare all of the sums secured by this Mortgage to be immediately due and pA}able ~itho~tf ~Iler ~eqi~n~~i~tna~ foreclose this ;ltortRage b}• judicial proceeding. I,ender shal! be entitled to collect in such proceed~ng a`tl expenses ~~f'~e~losure, including, bul not limiled to, rezsonable attorney's fets, and costs of document~}• e~idence, abstracis and title reports. 19. Bornnwer's Righl to Reinslate. Notwithstanding Lender's acccleration of thc sums secured by this Moregage, Borrower shall have the right to ha•:e any rr~cecdines hegun hy Lender to enforce this Mor~gage discontinued at any time . ,,;X ~•3~ f''t;{ _ ~ A S., . 4: