The URL can be used to link to this page

Home My WebLink About0980 Unless lender r?d Borrorer otnerwise aqree in rriti~q, eny such ~pplication of proceed~ to princip~l M?~11 not extend or postpa~e ths due d~te of the wnthlr inet~ll~ents rsferred to in p~r~qraph 1 hsrsof or cMnge ths aiwnt ot such install~snts. If the Propsrty is ~uired by Lendsr, all ri~t, title and intereat of Borrorsc in an~ to ~nr lneu['~nM policies and in ~nd to ths proceeds thsraof rssultinq ro~ dwq e to tAe Property prior to the eals oe acquisition ah~ll paes to ler?dsr to the sxient o~ the su~s aecured by this Mortg~ge ia~edi~tely prioc to euch sale ~r ecquisition. S. BorroNer ahell keep i~~a Property in good repair ~nd ahall not c~it rreate or pec~it i~painent or dstarior~- tion of the Property and ahall co~ply rith the provisiona of any lease if tAis Mortgege is on a leasehold. lf tAis Mortqags is on a unit in a condo~iniu~ or s planned unit dsvelop~ent, 8orrower sh~ll perfor~ all of Bor~o++er`s aDliga- tio~a u~der tAs declaratio~ or covenants creatin~ or governing the condo~iniu• or plannsd u~it develop~ent~ ths by-l~rs and reguletio~s of the co~?do~iniu~ or planned unit develop~ent, end conatituent docu~enta. If a condwiniu¦ or planned unit dsvelop~ent rider ia executed by Borrower and recorded together Mith thie Mortgege~ t~e cove~enta and agree~ente of euch rider aholl be incorporated into and ahall a~end and auppl Ment the cavenante and egree~ents of thia Mortgege ae if the rider uere a part hereof, 6. If Borrower fsile to perfor~ the oovenanta end agree~ents co~teined in this Mortgage. or if any action or procesding ie core~ced which ~aterially affecte Lender'e intereat in the Propertr. includi~q~ but not li~ited to, esinent dossin, ineolv~?cy, code enforce~ent~ or arrange~e~ta oi ~,roceedings involving a bankrupt or decedent~ then lender at Lender's option, ~ay ~eke auch appearencea, disburae auch au~e end teke auch actio~ as is necessary ta protect Lender'e i~terest. If Lender required wortgege ineurence as a condition of ~eking the loan aecured by this Mortgage, Borrower ehell pey the presiu~a required to ~aintain euch ineurence in effact until such ti~e as the require~ent for such ineurance ter~inatee in eccordance rith Boerower'a and Lender's ~rritten egreeient or epplicable law. Any a~ounta disbursed by Le~der pureuant to this peragraph 6~ with intereat ihereon, ~all beco~e additional indebted~esa of BorroKar secured by thia Mortgege. Unlesa Borrorer end Lender agree to other ter~e of pay~ent, such emounts ehall be payable upon notice fro~ Lender to Borrower requeating pay~ent thereof~ end ehell bear fntereat fra~ the date of disburse~ent at the rate peyable fro~ tise to ti~e an wtetanding principel under the Note unless pay~ent of intereat et such rate would be contrary to applicable law, in which event euch asaunts ahell bear intereet et the nigheat rate per~isaible urxfer eppliceble laM. Nothing contained in thia paregraph 6 shell require le~der to incur any expense or teke any ection hereunder. 7, lender ~ay weke or ceuse to be raede reasonable e~triea upon end inspections of the Property, provided that tender ahall give Borrorrer ~otice prior to ~y such inepection specifying reasonable cause tharefor related to Lender'e interest in the Property. 8. The procaeds of any award or clai~ for dasages, direct or consequential~ in connection xith eny condevnation or other taking of the Property, or pert thereof, or far conveyence in lieu of condeienatio~, are hereby assigned end shall be peid to lender. In the event of e total teking of the Property~ the proceeds shell be applied to the su~s secured by thia ; kortgage, with the excesa. if eny, paid to Borrower. In the event of a partial taking of the Property unless Borrower and Lender otherwise agree in writing there ahall be applied to the su0s secured by this Mortgage auch proportian of the proceeds as is equal to that proportion which the aAOUnt of the suss secured by this Mortgege iawediately prior to the date of teking bears to the fair ~erket value of the Property iw~ediately prior to the dete of taking. with the belance of the proceads peid to Borrower. If the Property is ebendoned by Borrower, or if, after notice by Lender to Borrower thet the conde~nor offers to iaake an award or settle e clai¦ for desages, 8orrower fails to respond to Lender ?+ithin 30 days after the date auch notice is ~eiled, Lender ia ~thorized to rnllect and epply the proceeds, et Lender's optio~, either to reatoretion or repair of the Property or to the suss secured by this Mortgage. Unleas Lender and Borrower otherMise agree in writing eny such applicetion of proceeda to principel shall not extend or poatpone the due dete of the awnthly install~nts referred to in peragraph 1 hereof or change the e~ount of such inetellsents. 9. Extension of the ti~e for paysent or wodiFication of esortization of the suais secured by this Mortgage grented I~ by Lender to eny successar in intereat of Borrower ehall not operate to release, in eny senner, the liability of the ~ original Borrower end Borro?+er's aucccessors in interest. Lender shall not be required to comsence proceedings againat ~ such euccessor or refuse to extend ti~e for peysent or otherMise sodify aAOrtization of the suws secured by this Mort- ' gege by reason of any de~and iaade by the original Borrorer and BorroMer's successors in interest. E 10. My forbearance by Lender in exercising any right or rewedy hereunder~ or otherMiae afforded by eppliceGle ~ la++, shail not be a?raiver of or preclude the exercise of eny such right or reaiedy. The procure~ent of insurance or the oayment of texes or other liena or charges by Lender ahall not be a waiver of Lender'e right to accelerate the Aaturity ~ of` the indebtedness secured by this Mortgege. ~ 11. All remediea provided in thia Mortgage are diatinct and cuwlative to any other right or rewedy under this ~ M~ctgege or afforded by laa or equity, end ~ay be exercised concurre~tly, independently or eucceasively. ~ 12. The covenants and agreeoents herein contained ahall bind, end the rights heeeunder ahali inure to, the ~ ~espective succeasors end assigna of lender and Borrower. All covenants end egreesents of Borrorer shall be joint end ~ severel. The captiona end headinga of the peragrephs of this Mortgage ace for convenience only end are not to be used to interpret or define the pravisions hereof. ~ ~ ~ 13. Except For any notice required under applicable law to be given in enother nianner, (e) eny notice to Borrower z p:~vided for in this Mortgege ahall be given by ~eiling auch notice by cectified ~ail addressed to Borrorer at the Prop- ~ erty Addresa or at such other address as Borroxer ~ay designate by notice to Lender as provided herein, end (b) eny ~ notice to Lender ehell be given by certified oeil, return receipt requeated, to Lender's addreas atated herei~ or to such other address as lender ~ay deaignete by nctice to BorroMer es provided herein. Any notice provided for in this ~ kortgege shall be dee~ed to have been given to BorroMer or Le~der Mhen given in the ~anner designeted herei~. - 14. Borrower's breach of eny covenent or egreeaent in this Mortgage, including the covenants to pay when due any sunRS secured by this Mortgage, ~ay result in ecceleration of the suvs seeured by this Mortgage, foreclosure by judicial ~h proceeding, and sele of the Property. If e default occurs~ Lender, at Le~der'e option, ~ay declare all of the eu~s ` secured by this Mortgaqe to be i~wediately due and peyable Mithout further de~and end wey forecloae this Mortgage by ` judicial proceeding. Lender ahall be entitled to collect in euch proceeding all expenaea of foreclosure, including, but ~ not li~ited to, reaaoneble attorneys' feea, court costa, and coats of docuaentary evidence, abetracta end title reporta. ~ ~ -2- • i ' (,r Z1.~ ~~(iF V 1 ~ ~~t;r 5 r ~ ~ ~ ~ M~ '~\~it~? - - ~ _ m=~ ~ ~~:_t