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Home My WebLink About0928 _ . _ . _ _ _ _ _ _ r , 2. Tax~s, Aas~ssm~nU, and Char~~s. Mortgagor shall pay c~r cavse to be paid ait taxes, asses3msnts and ~t1ie~ charges, fines and impositions attribuiable to the P~operry which m~y attain priority over this Mortgage. and toasehold payments ar g~ound ~ents, fi any. 3. AppllcaNon ot Paym~nts. Unless applicable law provides othervvise, Lender will tirst apply payments received, whether or not delinquent~ In the following order: (1) to any applicable c~edit insurance premfum, (2j to any applicabte i late charges, (3) to any applicable prepayment penalties, (4) to any interest that has accrued, and finaily (5) to the ~ unpaid balance of principat. ; 4. P~io~ Monya~os and QNds ot T~u~l; Char~ss; Ll~ns. Mortgagor shalt pe~form all of Mortgaflor's obligations } un~er any mortgage, deed oi tiust or other secu~ity agreement with a lien which has priority over this Mong~qe, ~ including Mongago~'s covenants to make payments whe~ du~. . ~ S. Haze~d In~u~anc~. Mortgagor shalt keep the improvements now existing or hereafter erected on the Property ' insured against loss by fire, hazards included within ths term "sxtended coverage", and such other hazards as Lende~ ~ may require and in such amounts and tor such periotis as Lender may re~uire. The insurance carrier providing the inaurance shall be chosen by Mortgag~or subject to app~ovai by Lender; ~ provided, that such approvai shall not be unreasonably withheld. All insurance poticies and ~enewals thareof shaH be in a torm acceptable to Lender and shall tnctude a standard mortgagee clausa in iavo~ oi and in a torm acceptable to Lender. Lender shall have ;he right to hold the pollcles and ~enewals thereoi, subject to the te~ms of any mortgage, 's deed of trust or other secur~.y agreement with a lien which has priority over this Mortgage. In the event of loss, Mortgagor shail give prompt notice to the insurance ce~~ier and Lender, Lender may make proof s of loss if not made promptly by Mortgagor. ' If the Property is abandoned by Mongagor, or ii Mortgagor fails to respond to Lender wlth~n 30 days lrom the date ~ notice is mailed by Lender to Mortgagor that the insurance car?ier offers to settie a claim for insurance benefits, Lender ~ is authorized to collect and L~pply the insurance }~roceeds at Len~er's option either to restoration or repair of the ~ Property or to the sums secured by this Mortgage. 6. P~eservation and Maintenanae of Prope~ty; L~aseheids; Condominlums; Planned ~lnit Devslopment~. ' Mortgagor shall keep the P~operty in good repair and shall not commit waste or permit demolition, impairmen~ or ~ deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this ~ Morigage is on a unit in a condominium or a planned unit devetopment, Mortgagor shall pe~form afi of Mo~tgagor's ? obiigations under the declaration and covenants creating and governing the condominium or planned unit } development, the by-laws and regulations of the condominium or planned unit development~ and constituent ~ documents. ' f 7. Protectlon of Lsnde~'s Security. If Mortgagor fails to perform the covenents and agreements contained in this ~ Mortgage, or if any action or proceeding is commenced which materially afiects Lender's interest in the Property. then ~ Lender, at Lender's option. upon notice to Mortgagor. may make such appearances, disburse such sums, including reasonable attorneys' iees, and take such action as is necessary to protect Lender's interest If Lender requireci mortgage insurance as a condition of making the loan secured by this Mortgage, Mongagor shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance t~rminates in accordance wi!h Mortgagor's and ~ender's written agreement or appticabte taw. Any amounts disbursed by Lender pursuant to this Paragraph 7. with interest thereon, at the Note rate, shall become additional indebtedness of Mortgagor secured by this Mortgage. Unless Mortgago~ and Lender agree to other terms of ~ payment, such amounts shall be payable upon notice from Lender to Mortgagor requesting payment thereof. Nothing ~ contained in this Paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. inspection. lender may make or cause to be made reasonable entries upon and inspections of ihe Property, ~ provided that Lender shall give Mortgagor notice prior to any such inspection specifying reasonable cause therefor retated to lender's interest in the Properry. ~ 9. Condemnailon. 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 in lieu of condemnation, are hereby assigned and shall be paid to Lender, sub;ect to the terms of a;~y mortgage, deed oi trust or other securiry , agreement with a lien which has priority over this Mortgage. ~ 10. MoKgagor Not Releaisd; Forbearanca By Lender Not a Walver. Extension of the time for payment or ' modificafion of amortization of the sums secured by this Mortgage granted by Lender to a~y successor in interest of ~ Mortgagor shall not operate to release, in any manner. the liabiliry of the originat Mortgagor and Mortgagor's t successors ir~ interest Lender shatl not be required to commence proceedings against such successor or refuse to i extend time for payment or otherwise modiry amortization of the sums secured by this Mortgage by reason of any demand made by the original Mo~tgagor and Mortgagor's succ~ssors in interest Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law. shall not be a waiver of or preclude the exe~cise of ar~y such right or remedy. " it. Succe~s~rs and Assigns Baund; Jotnt and Several Llabilriy; Co•sfgners. The covenants anci agreements herein conia+ned shall bind, and the rights hereunder shall inure :o, the respective successors and assigns of Lender and Mortgagor, subject to the provisions of Paragraph 16 hereof. All covenants and agreements of Mortgagor shall be joint and several. Any Mortgagor who co-signs this Mortgage, but does not execute the Note, (a) is cv-signing this Mortgage only to mortgage, grant and convey that Mortgagor'~ interest in the Property to Lender under the terms of this Mortgage, (b) is not personally liable on the Note or under this Monga~e, and (c) agrees that Lender and any other Mortgagor hereunder may agree to extend, madify, forbear, or make any other accommodations with regard to the ~ terms of this Mortgage or the Note without that Mortgagor's consent and without releasing that Mortgagor or modifying this Mortga~e as ta that Mortgagor's interest in the Property. 12. Notice. ExceFt for any notice required under applicable law to be given in another manr.er, (a) any notice to Morigagor provided fcr in this Mortgage shall be given by delivering it or by mailing suci~ notice by regular mail f addressed to Mortgagor at Mortgagor's address stated herein or at such other address as Mortgagor ma~r designate by notice to Lender as provided herein, and (b) any notice to Lender shail be given by certified mail to Lender's address stated herein or to such other address as Lender may designate by notice to Mortgagor as provided herein. Any notice provided for in this Mortgage shall be deemed io have been given to Mortgagor or Lender when given in the manner ~ designated herein. 13. Governing L.aw; Severabflliy. The state and local laws applicable to this Mortgage shall be the taws of the jurisdiction in which ihe Property is located, ~xcept that if the Note specifies the law of a different jurisdiction as ~ goverr~ir.g, such iaw shalt be the applicable law governing the interest rate, fees, charges, and other terms of the credit ! transaction secured hereby. The foregoing sentence shall not limit the applicability oi Federal 1~~1:o this Mortgage. In I the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conft~ct shalt not ~ affect other provisions of this Mortgage or the Note which can be given effect withoui the confficting provision, and to € this end the provisions of this Mortgage and the Note are declared to be sevsrabls. As used herein, "costs", i "expenses", and "attorneys' fQes" include a!! sums ta the extent not prohibited by applicable law or limited herein. ~ 14. MartQaQor's Copy. Mortgagor shall be furnished with and acknowledges receipt of a coniormed copy of the E Note and o~ this Mortgage at the time of execution or ~fter recordation hereof. ! 1 S. Rehsbil~tat~on LoEn Ayreernent. Mortgagor shall tulfill all of Mortgagor's obligaticns underany home rehabilita- ' tion, improvement, repai?, or other ioan agreement which Mortgagor enters inio with Lender. Lender, at Lende~'s ~ option, may require Mortgagor to execute and deliver to Lender, in a form acceptable to Lender. an assignment of r~ny = righis, claims or defenses which Mortgagor may have against parties who supply labor, materials or servicas in ~ connection with improvements made to the Property. ~ ~ ~~524 ~6E0923 ~ ~ . , . _ ' _ . . _ . . . . - -