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HomeMy WebLinkAbout0947 . ~ . , Lender's written agrcement or applicable law. Bor~ower ahail pay the unount of all mort~a~e iasurance prcmiunu ia the ~ manner provided u~der paragraph 2 hereot. Any amounta disbursed by Le~der pursuant to this paragraph 7. with intec~est thereon. shall become additional i~debtedr+tss of Borrower secured by this Mortgage. Unless ~orrower And Lender agrce to other tertns of payment, soch amounts shali be payable upon notice from Lender to Borrower roquesting payment thereof, and shall bear interest from the date of disbu~sement at the rate payable from time to time on outstanding principal under the Note unless p~yment of interest at such nte would be contrary to applicable law, in which event such amounts shall bear interest at the hishest rate permissible under applicablc law. Nothing contained in this paragraph 7 shall requirc Lender to incur any expense or take any action hereunder. 8. Isspectba. Lcnder may makt or caux to bt made reasonable entries «pon and inspections of the Property, provided that Lender shall give Borrower notice prior to any such inspection spec+fying rcasonable cause therefor related to Lender's interest in the Proptrty. 9. Condemnatbe. The proceeds of any award or claim for damages, direct ot consequential, in connection with any co~demnation or other taking of the Property, or part thereof, or for conveysnce in lieu oi coi~demnation, are hereby assigned and shall be paid to Lender. In ~he event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excesc, iE any, paid to Borrower. Tn the event of a partial taking of the Property, unless Borrower and Lender otherwise agra in writing. there shall be applicd to the sums secured by this Martgage such proportion of tho proceeds as is equal to that proponion which the amount of the sums secured by this Mortgage immediately pr+or to the dste of taking bears to the fair market value of the Prope~ty immediately prior 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 Lender to Borrowtr that tht condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to L.ender withirt 30 days after the date such notict is mailed. Lender is authorized to collect and apply the proceeds, at Lender's option, either to rcstoration or repair of the Propeny ot to tht sums secured by this Mortgage. Unless Lendec and Borrower otherwise agree in Writing, any such application of proceeds to principal shall not eatend or postpone the due date of the monthlp installments referred to in paragraphs i and 2 hereof or chaoge the amoUnt of such installments. 10. Borrower Not Rdeased. Extension of the time for payment or modification of amortization of the sums secured by this Mortgage granted by I_ender to any successor in interest of Borrower shafl not operate to releast, in any manner. the liability of the original Borrower and Borrower's successors in inte~est. Lender shal! not be required to commence proceedings against such succescor or refuse to extend time for payment or otherwise modify amortization of the aums ucured by tfiis Mortgage by reason of any demand made by the oriqinal Borrewer and Borrower's succ~ssors in interat. ll. Forbeuance by i.ender Not a Wslvcr. Any forbearance by Lender in exercising any right or remedy hercunder. or otheswise afforded by applicable law, shall not. be a waiver of or prcclude the exercise of any such right or temedy. The procurement of insurance or the payment of taxcs or other liens or charges by Lender shall not be a waiver of I.ender's right to acceferate the maturity of the indebtedness cecured hy this Mortgage. l2. Remedies Cumutative. All remedies provided in this Mortgage are distinct and cumutative to any other right or remedy under this Mortgage or afiorded by law or equity, and may be exercised co~curt+ently, independently or succesaively. 13. Successors and AssiRas Bound; Joiat and Several i.Is~biiity; Captians. The coveaants and agreements herein contained shall bind, and the riRhts hereunder shall im~re to, the respective successors and assigns of Lender and Borrower, subject to the Qrovisions of paragraph 17 hereof. AN covenants and agreements of Borrower shail be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are nnt to be us~d to interpret or define the provisions hereof. t 14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any natice to ~ Borrower provide~ for in this Martgage shap be given by mailing such notice by certified maii addressed to Borrower at ~ the Property Address or at such other address as Bormwer may designate by notice to T.ender as provided he~ein, and ~ (b) any notice to Lender shall he given by certified mail, return receipt requested, to l.ender s address state~ hercin or to ( such other addnss as Lender may designate by natice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower oc Lender when given in the mann~r designated herein. 15. Un~forni Mort~s~e; Gov~rninR Law; Severability. This form of mortgage combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a unifortn security instrument covering reat property. 'i'his Mortgage sfial{ be governed hy the iaw ot the jurisdiction in which the Property is located. In the. event that any provision or clause of this Mongage or the Note conflicts with applicable ~aw, snch conflict shal) not affact other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to thia end the provisions of ~he Mortgage and the Note are declared to be severable_ 16. Bo~rower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of exocution or after recordation hereof. ~ 17. Transfer of tbe Property: Assumption. If all or any part of the Property or an interest therein is sold or transfentd ! by Borrower without Lender's prior written corssent. excluding (al the creation of a lien or encumbrance subordinate to j this Mortgagt, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, ; 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 ltss ~ not containing an option to purchase. ~ender may., at Lender's option, declare all the sums secured by this MoRgage to be ? immediatdy due and payabie. Lender shall have waived such option to accelerate if, prior to the sak or transfer, Lender ; and the person to whom the Property is to be sold or transferred reach agreement in writing that the c~edit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage sha{I be at sucfi rate as Ltnder shall request. If Lender has aaived the option to accelerate provided in this paragraph 17, and if Borrower's suceessor in interut has executed a written assumption agrcement accepted in writing by Lender. Lender shall release Borrower from all obligations under this Mortgage and the Note. 1f Lender exercises such option to accelerate, Lender shall mait Borrower notice of acceleration in aceordance 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 ihe 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 remedia permitted by paragraph 18 hereof. Nox-UtatFORnt Covex~xTS. Borrower and Lender further covenant and agree as follows: r~cc~tration; Remedies. E:cept as provided In parasnpb 17 hereot. ~poo aorrower's breacb of aar coreoaat or a6r ot Eoaowrer in tbis Mat=a~e, Lnctudi~ the covcnants to psy wfisn dpe aar sums securc8 by thls Mortga=e, Le~der '9 prbr to accekntioe shaD n~ail notice to domower as prorWed in Qara=raph 14 hereot specifyto~: (1) the brescl~; (2) t6e sdb~ requfrtd to care soch bresc6; (3) a date, not ids tbat~ 30 da~ iroa~ tht dste tbe notice is waiied to Eorrower~ by wWei aec~ bnscb m~rt be rured; aod {I) that tailore to cuee sach bresch on os beEore the date speci6ed h the aotice a~ay resak is accekri?tlow at t~e s~a~s ~ecared by tbis Mo~a~e~ foreclosYre by ~dicial proceedio= a~d iaie of tbe Properq~. 'ltie notlce s6al1 turtber ioform Sorrower of t~e ~W to rei~stste ~ter acreleratlou and t~e r~ht to asurt ta the torecbwre ~roceedM~ tbe aon-ex~stence ot a defank or any other dete~ae o[ dorrowcr ta ~ccekratbn and [orec{osure. it tbe brescA k not cered o~ or b~tore ths date specified in t6e aohct. Lender st i.e~der's optba ee~y declsr+e a8 ot th! faaia sccered by this Mort`a~e b be iraenedlstely d ~ad payabk witbo~tt faet~er dem~d and ersy fortclose tfi1~ Mortta~e b7 j~dicisi ProcKaiaL. i,e~der shvt be entftkd ta a~ket t¦ sncb proceedia~ aM e:pcasa ot /orecbsare, incladia=, but eot Wwitd t0. reasosable atto~uer's ters, aed costs o[ docnmtotary evideoce, ab~dracb and Wk eepoeb. 19. Borrowers Ri~ht to Reimtste. Notwithstanding 1.ender s acceleration of the sums secured by this Mortgage. Borrowtr shall have the right to have any proceedings begun by tender to enforce this Mortgage discontinued at any time I1Q~(.~'~ n~r~~ °-.~~tJ .;,.v . ~ _ : . . , ~ ~ x., . - . ~...~r ~ .