|
<br />ISB--l0375E
<br />
<br />If the Property is abandoned by Borrower, or if Borrower fails to respond
<br />to Lender within 30 days from the date notice is mailed by Lender to Borrower
<br />that the insurance carrier offers to settle a claim for insurance benefits,
<br />Lender is authorized to collect and apply the insurance proceeds at Lender's
<br />option eithar to restoration or repair of the Property or to the sums secured
<br />by this Mortgage.
<br />
<br />6, Preservation and Maintenance of Pronerty: Leaseholds: Condominiums:
<br />Planned Unit Develooments. Borrower shall keep the Property in good repair
<br />and shall not commit waste or permit impairment or deterioration of tbe
<br />Property and sball comply witb tbe provisions of any lease if this Mortgage is
<br />on a leasebold, and if Borrower acquires fee title to tbe Property, the
<br />leasehold and the fee title sball not merge unless Lender agrees to tbe merger
<br />in writing. If this Mortgage is on a unit in a condominium or a planned unit
<br />development, Borrower shall perform all of Borrower's obligations under tbe
<br />declaration or covenants creating or governing tbe condominium or planned unit
<br />development, the by-laws and regulations of the condominium or planned unit
<br />development, and constituent documents.
<br />
<br />7. Protection of Lender's Security, If Borrower fails to perform tbe
<br />covenants and agreements contained in tbis Mortgage, or if any action or
<br />proceeding is commenced wbicb materially affects Lender's interest in tbe
<br />Property, then Lender, at Lender's option, upon notice to Borrower, may make
<br />sucb appearances, disburse such sums, including reasonable attorneys' fees,
<br />and take such action as is necessary to protect Lender's interest. If Lender
<br />required aortgage insurance as a condition of making the loan secured by tbis
<br />Kortgage, Borrower sball pay tbe premiums required to maintain sucb insurance
<br />in effect until such time as tbe requirement for such insurance terminates in
<br />accordance with Borrower's and Lender's written agreement or applicable law.
<br />
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with
<br />interest thereon, at the Note rate prior to default, shall become additional
<br />indebtedness of Borrower secured by this Kortgage. Unless Borrower and Lender
<br />agree to otber te~ of payment, such amounts sball be payable upon notice
<br />frOll Lender to Borrower requesting paYJMnt tbereof, Nothing contained in this
<br />paragraph 7 shall require Lender to incur any expense or take any action
<br />hereunder.
<br />
<br />8. In.paction. Lander or it. agBnts or repre.entatives may make or
<br />cause to be ..de rea.onable entries upon and inspections of the Property,
<br />provided that Lander shall give Borrower notice prior to any such inspection
<br />specifying rea.onable cause therefor related to Lender's security interest in
<br />the Property.
<br />
<br />9, Condemnation. The proceeds of any award or claim for damages, direct
<br />or cons.quential, in connection with any condemnation or other taking of the
<br />Property, or part thereof, or for conveyance in lieu of condemnation, are
<br />hereby ..sisned and ahall be paid to Lender. subject to the teras of any
<br />mortgage, deed of trust or other security agreement with a lien which has
<br />priority over this Kortgage.
<br />
<br />10. Borrower Not Rel.a.ed: Forbearance Bv Lender Not a Waiver. Extension
<br />of the time for payment or modification of amortization of tbe .ums secured by
<br />this Kortgage granted by Lender to any successor in interest of Borrower shall
<br />not operate to release, in any manner, the liability of the original Borrower
<br />or Borrower'. succe..ors in interest. Lender shall not be required to
<br />co...nce proceedings against such successor or refuse to extend time for
<br />payment or otherwise modify amortization of the sums secured by this Kortgage
<br />by rea80n of any demand made by the original Borrower or Borrower's successors
<br />in interest, Any forbearance by Lender in exercising any right or remedy
<br />hereunder, or otherwise afforded by applicable law, shall not be a waiver of
<br />or preclude the exerciee of any such right or remedy.
<br />
<br />11, Successors and AssLlna Bound: Joint and Several LiabilitY:
<br />Co-slanars, The covenants and egreements herein contained shall bind, and the
<br />riahta hereunder .hall inure to, the re.pective successors and assigns of
<br />Lender and Borrower, 8ubject to the provisions of paragrsph 16 hereof. All
<br />covenant. and alree.-nts of Borrower shall be joint and several, Any Borrower
<br />who co-s1l,;08 thb Mortgage, but does not execute the Note, (a) 11 co-signing
<br />this Kortgage only to mortgage, Brant and convey that Borrower'. interest in
<br />the Property to Lender under the t~rm. of this Hortgage, (b) 1. not personallY
<br />liabh on the Note or under thh Hortgage, and (c) agrees that lAlnder and any.
<br />other Borrower hereunder ..ay atree to extend, 1II0dify, forbear, or make Any
<br />other acc,*-Ddationa wlth regard to the ter1lls of this Hortgage or the Not",
<br />without that Borrower's consent And without releasing thllt Borrower or
<br />IaOdlfyint thlll KortAASll 811 to that 6orrololllr'!I Interest In tho Property
<br />
|