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HomeMy WebLinkAbout0997 Lender's wntten agreement or app;icable law. Bo~rower shall Qay tht amount ot all mortgaae insurance prrrni~ms in the manner pruvided under paragraph 2 hereot. Any amo~n;s disburKd by Lender pursuant to thu paragraph 7, with intercst thercor., sh~ll becortx additional i~de~~edness of Borrower secut~ed by this Mortgage. Unku Borrower and l.rnder agrce to othzr terms of payment, such ama~~ts shall be payable upon no~ice from Lender to Borrower rcqutsting payment thereof, and shall bear ioterest from the date of disbursement at the nte payable from time to time on outstanding principal under thc Note unles.c payment of intercst at :uch nte would be contnry to applicable law, in which eveot such amounts shall bear interest at the highest rate permissibk under applicabk Iaw. Nothing containtd in this panaraph 7 shall rcquire Lender to incur any expense or take any action hereunder. S. Ie~ecti~, i.ender may make or cause to be made rcasonable entries upon and inspections of the Propeirty, provided that Ltnder shall give Sorrower notice prior to any such inspection specifying reasonable cause therelor related to I.ende~ s interts; in the Property. 9. Caa3~ais~ik.~. The proceeds o~ any award or claim for damages, dircct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveya~ce in lieu of ca~demnation, are hereby assigned and shall be paid to Lendtr. In the tvent of a total txking of th~ Property, the proceeds shall be applied to the ~ums secorcd by this Mortgage. with tl~e exc~ss, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lendtr otherwix agree in writing, therc shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amcunt of the sums secured by this Mortgage immrdiately prior to the date of taking bears to the fair market value of the Property immediately prio~ to the date of taking, with the balance of the proceeds paid to Bo~rower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offen to make an award or settle a claim for damages, Borrower fails to respond t~ Lender within 30 days after the date such r.otice is ma~led, Lender is suthorized to colloct and apply the proceeds, at Lender's option, either to rcstoration or repair of the - Proper~y or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proce~ds 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 amount of such installments. . 10. Eorrorver Not Reka~cd. 6xteosion of the timc for payment or modification of amortization of the sums secured by this Mortgage granted by Lender to any succ~ssor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borcower 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 ucured by this Mortgage by reason of any demand made by the original Borrower and Borrower s successors in intertst_ il. Forbearaece by Lender Not a Wa=ver. Any forbe3rance by Lender in exercising any r:ght or remedy hereunder, or otherwise afforded by applicable Iaw, shall not be a waiver of or preclude the exerciu of any such right or remedy. The proc~~rement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured hy this Mortgage. l2. Remedks Comulathe. All rcmedies provided in this Mortgage are distinct and cumulative to any other right or rcmedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independeotly or successively. 13. Soccessors and Assigns Bound; Joint and Sereral I.iaM'lity; Captbns. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respecti+e 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 paragraphs of this Mortgage are for convenience only and are nat to be used to interpret or de~ne :he provisions hereof. . 14. Notke. 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 hy mailing such notice by certifi~d mail addressed to Borrower at the Proptrty Addrcss or at such other addr~ess as Borrower may designate by notice to T.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 Mortgagt shall be deemed to have been given to Borrower or Lender when given in the manner dcsignated herein. ~ IS. Uniform Mortgaae; Governin~ I.aw; Sererability. This form of mortgage combines uniform covenants for national ~ i ux and non-uniform covenants with limited variations by jnrisdiction to constitute a uniform security instrument covering ~ ! real property. This Mortgage shall be governed hy the law of the jurisdiction in which the Property is located. In the ~ k event that any provis~on ~r clause of this Mor±gage or the Note conflicts with applicab!e 12w, s~ch con8ict shall not afftrt ~ € other provisions of this Mortgage or the Note which can be given e:~ect without the conflicting provision, and to this E end the provisions of the Mortgage and the Note are declared to be severable. 16. Eorrower's Copy. Borrower shall be furnished a~onformed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of t6e Properiy; Assumption. If all or any pan of the Property or an interest therein is sold or transferrtd by Borrower without Lender's prior written consent, excluding (a) the creation of a lien oc encumbrance subordinate to this Mortgage, (b) the creation of a purchase mone} security interest for household appliances, (c) a transfer by devise, descent or by optration 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 purchase, Lender may, at Lender's option, declare all the sums secured ~y chis Mortgage to be immediately due and payable. Lender shall have waived a~ich 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 person is satisfactory to L.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 assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, [_ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower 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. ~ Norr-UNtFORM CovEx~NTS. Borrower and Lender funher covenant and ag:ee as foUows: ~ 18. Accekritbn; Remedks. Except as proridrd ia paragrap6 l7 hereof. opon Borrower's breach of any roreaant or ~ agrtemeat of Bocrow~r in thi~ Mortaagm~ iaciudie~ !be covenants to psy when dns any snms secnred by this Mortgagt, Leader prbr io accekniioa shr~ll mafl aotkt to Eorrowsr as provided in para~raph 14 hereof specityina: (1) t6e breacb; i2) the s~etion ~ required to enre sncb bresch; (3) a date. Rot less tban 30 days from the date the uotice ia m~iled to Borrower. by whkh snch breac6 ms~t be c~red; and tl~ failure to c~re such bresch on or befors t6e date speci6ed ie the ootke nuy rault in acceknttioe oE t6e smu~s secured by t6b Mo~a`e, forecbsare by judkid proceeding and sale ot fhe Property. 'ILe notke shall furWer infonn Borrawer ot t6e ri`ht to relnstsfe after accelcration aad tbe ris6t to a~ert in t6e forecbsurt proctedis~ tbe non-e:isteoce oE a defa~kk or any other defease of Eorrorrer to accekrstion and foreclosurr. Bf the breacb h oot cund on ~ or bef~e tbe date specif~ed in i6e aotice~ Ltnder at Lc~der's optfon may dsclare s!I of the son~s secared by thb Mart~a6e to be imencdhtely dne aad payabie witl~o~lt furt6er demssd and a~ay fareclose thl~ Mo~a6e br jndkisl proceedio~. Lender shsli be eothkd to cc8ect ia wcs proceedio~ d e:4essea of toreclosaro~ incl~dir~, but not Umited !o, rea~onabk ~ttoreey's fea, aed cosb of doc~ment~ eridesct, ~bshsc4 aed titk rtporb. ~ 19. Eornnwer's Ri~~t to Reiestate. Notwithstanding l.ender's acceleration of the 3ums xcured by this Mortgage, ~ Botrowtr shall have t!~ t':ght to have any proceedings begun by Lender to enforce this Mortgage discontinued at any ticnt BUElK ~7~ ~a~ ~ _ _ ~.4 ~