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Home My WebLink About0996 end together wilh such intetest shall be secured by the 4en ot this Maigege. In the event of bss, Mortge9or shar give prompt notice to the insurance carrier and Mortgayee. MortS,~eflee m~y make prooi of bss H not msde prompUy by Mort~~or, Unless Morigegee ~nd Mort9syor otherwise a~ree n writ+nfl, insurance proceeda ahal be appYed to restoration or repair ot the Property damaged. provided such restoratbn or repair is ec~r~orr~icaYy fessble and the security of thfa Mortpaqe is not thereby impaired. N such restorsUo~ a rep~ir is not eoa?om~arY teasible a 4! the security oi thfs Matps~e wouki be impaired, the hsurance proceeds shaN be eppied to the auma secured by thls Mort9spe, with the excesa, i( ~ny, pald to Mortgsqor. If the PropeRy b al~endoned by Mortgsgor or if Mort9a9or h~a to respond to Mat~sQae within 30 dsys kom the dsie notlce is mailed by Mort~yee to Mortga9or that the hsuranca canier oflera to settle ~ daim ta hauance benef+ta, Matflagee fa authatred to coNect and apply the insurance proceeda st Matge~'s option either to restoretion or ropair of the Property or to the sums secured by this Mott~afle. Unless Mortgagee snd Matgaga otherwise agree in writing, eny sucA epp6cat'wn of proceeds to prinapal sheM ~ot e~end or postpone the due date ol the monthty insta~nents referred to in paragrsph I hereof or change the amount o1 such hstaAments. It under paragraph 18 hereot the Property fs acqufred by Mortgegee, aN right, tiUe and 'mterest ot Matgagor in and to any insurance Fokaes and in and to the proceeds thereot ~esuMiny hom damage to the Property prior to the sale or acquisition shar pass to Matgagee to the extent of the sums secured by this Mortgage hxnediately p~ior to such sale or acquisltion. 6. 1 1 UNfT DEVEt~46'I~t~ Mortgagor ahar keep e ropa'r and ahaN not oomnit waste or t or dete~ioration of the Property. indudiny but not imltsd to alteradon or demoTition of the subjed preMaea. and ahaM cariply wwith the provisions of any leese 1f this Mortgage ia on a lesaehold. Furthemwre, abandonment ot the propedy by the subjeci MoRysgor sheN constitute ~ detault under the Note and Mat~s~e. It thia Mortpage encumbers a unit in a oondort~r?ium or a plan~ed unit developrnent, Mortgsgcx shaM pertam ar of Matgagor'a obigations under the dedarati~on or covenants aeattny or govemY~g the candominium pMinned unit devefoprtient, the by-laws and reguletions of the cortdorrrreium or plenned u~it developrnent, and co~stituent doaiments. H a oondorrrnlum or planned unR developrnent rider is executed by Mortgagor and recorded together with this Mortgage, the cavensnts and ageements ot such rider sfiaN be incorporated into and shar emend and supplernent the covenants and agreements oi this Mortgage es H the rider were a part hereoi. 7. pRpTEGT1QN pF MORT(3A~"S SEqJRfiY: H Mortgagor ta~ls to pertorm 1he covenants and ag~eements contained in this Mortgage, or H eu~y action or proceedng is conxnenced which materia~y af(ects Mortgagee's interest in the property. indudng but not 1'irrrted to eminent domain. nsohre~cy, code enforcement, or arrangements or proceedinys involving a banlwpt or decedent, then Mortgagee, at Mortgayee'a opdo~, upon notlce to Mortgagor mey make such appearanc~s. d~sburae such sums end take such action aa is necessary to proted Mortgagee'a iniereat, induding, but not ~rnited to, disburaement ot reasonable attomey'a fees and entry upon the Propery to make ~epsira. li Mortga~ee required mortyaye hauranoe as a conditbn o( making the ban secured by this Mortgage. Mortgagor shal pay the premums requiced to mainta~n auch insurenae in etfeat unt~ such time as the requfrExnent for such ins~rance tertmates h eccordence with Mortgagor's end Mortgegee'a written agreement os appiicable law. Mortgagor shaM pay 1he amount of af mortgage insursnce premiums in the manner provided under peragraph 2 hereot. My artwunts disbursed by Mortgagee pursuant to this paregraph 7, with interest thereon, ahaN beca~ne edditioreal indebtedness ot Mortgagor secured by this Matgege. Unless Mortgaqor and Mortaagee agree to other terms of p~~i. such amounts shaN be payable upon notice (rom Mortgagee to Mortgagor requesting peyme:nt thereof, and shal bear interest from the date ot d~sbursement at the cate payable hom time to tim$ on outstandnng prinapal under ihe Note unless payrr~t of interesi at such rete would be contrary to appricable lew, h which event such amounts shaM bear interest at the highest rate perrnissible under appliceble law. Nothing contained in this paragraph 7 shaN require Mortgagee to incur any expense or take any action hereunder. 8. IT~ISPECTION: Mortgagee may make or cause to be marle reesonable enUies upon and inspections of the Property, provided thst Mortgagae shaN gi+re Mortgagor notice prior to any such inspection specitying reasonable cause 'i therefore related to Mortgegee's interest in the Property. t 9. COf~lY1NAT10N: The proceeds of any award o~ daim fa damages, drect or co~sequent+al, h ' connection wiih any condermation or other taking oi the Property, or part thereof, or for conveyance in fi~u of condermation, ere ~ hereby assigned and shsll be paid to Mortgagee. ~ In the erent of a total taking of the Property, tha proceeds shal be appNed to the sums secured by thts ~ Moctgage, with the e~ccgss, iE any. paid to Mortc}agor. {n the eveM oi a partial taldng of the Property, un{es.s Mort~agor and F Mortgagee otherwise agree h writing, there shaM be app~ied to the sums secured by this Matgaye auch proportlon ot the praceeds ~ as is equal to that proportion which the amount of the suma secured by this Mortgaye im?edetey prior to the date oi teu3ng bears ~ to the tair market vaiue ot the Property 'rmiediately prior to the date ot taking, wrth the balance ot the proceeds paid to Mortyagor. iF the Property is abandoned by Mortgagor, or i(. after notice by Mortgegee to Mortgegor that the concfermor oiters to make an award or setUe a daim tot damages. Mortgaga tails ta respond to lender within 30 days ailer the dr~te such ? notice is mailed. Mortgagee is authorized to coiect and appfy the proceeds, at Mortgagee's option , dther to restoration a repair ~ of the Property or to the sums securad by this Mo?tgage. ~ Unless Mortgagee and Mortgagor otherwise agree in writing, any such appacetion of proceeds to prinapal shaN not extend or postpone 1he due date of the monthiy instaqrnents referred ta in paregraph I hereot or change the amount o( such ; installments. t ~ 10. MORTtiAC30R NOT RELEAS~ Exiension of ihe time for peymeM or modificarion of amortization of the sums secured by this Mortgage granied by Mortgagea to any successot in interest ot Mortgagor sha!! not operate to release, ; ~ any manner, the 1'iat~i~ty ot the original Mortgegor and Mortgegor'a successors in interes~ Mortgagee shal not be required to ~ corrxnence procecdings against such auccessor a refuse to extend time ior payment or otherwi.se Rwddy amorttzatiai of the aums ~ secured by this Mortgage by reason ot any demand made by the original Mortgeqo~ and Mortgagor's succeasora ir~ interest. ~ 11. T~J~: FaRBEa1RM1CE BY IE~DER NOT A WAIVER: Tirne is of the essence ot this Mortgage. ~ However, any forbearance by Mortgagee in exerasing any right or re~rrsedy hereunder, or otherwise aflarded by appNcable law, shaU ~ not be a waiver of or prec~de the exerdse of any such right or remedy. The prowrement of nsursnce or the payrnent of taxes or other Gens or charges by rrwrtgsgee shaN nat be s waiva~ of MortgagPe's rigM to acceierate the meturity of the undebtedness , secured by this Mortgage. 12. RE~S CUMULATNE: N! remedies provided in this f~{wtgage are distinct end curtwlative to any other right or remedy under this Mortgage or aftorded by !ew or equity, end may be exerased concurrently, hdeQe~dently or successiveiy. 13. aJC~S MA /ISSICit~iS BOUPD- JOINf MD SEVEfiAI LJAfNl1TY' C(3SKiMORS: The covenants and agreert?ents herein contained shal bind, and the rphts hereunder ahall nure to, the respective auccessora and assigns ot Mortgagee and Mortgagor, subject to the provlsioctia oi paregreph 17 heraol. AN cavenants and ayreementa of the Mortgagor shal be joint and several. The ceptions and hea~nga of the paragra~ha of thia Mortqage are for oonvanlence ony and are not to be used 1o interpret or defne the provisions hereof. My Mortgagcx who co-ai9na thia Mortpa9e but does nat ezecute the note is only mortgaging, gran6ng end conveying that Mortgagcx's interest in the proQerty aubjed hereto; and tfie execution oi this Mortgege, unless otherwise agreed to by such Mortgagor, and shaN not render that Mortgegor persor~aNy obligeted lo pey ~ ~ ~ s• 2 evcK ~75 ~~acE 9~ ~:~~~a-