Sample Mortgage Form
If such resto r at i on or re p air is not economically feasible or if the sec uri ty of this
Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured
by this Mortgage, with the excess , if any, paid to Borrower. If the Property is abandoned
by Borrower, or if Borrower fails to respond to Lender within 30 days fro m the date
noti ce is mail ed by Len der to Borrower that the insurance carrier of fers to settle a clai m
for insura nce benefits , L e nde r is authorized t o col lect and apply the ins ura nce procee ds at
Lender's o pt ion ei t her t o res t orat i on or repair of the Property or to the sums secure d b y
this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of
proceeds to princi pal shall not extend or postpone the due date of the monthl y
installments referred t o in para graphs 1 and 2 hereof or change the am ount of such
installments. If under paragraph 18 hereof the Property is acquired by Lender, all right,
title and i nterest of Borrower in and to any ins ura nce po licies and in a nd t o the pr oceeds
thereof resulting from damage to the Property prior to the sale or acquisition shall pass to
Lender to the extent of the sums secured by this Mortgage immediately prior to such sale
or ac quis it ion.
6. Preservation and Maintenance of Property: Leaseholds; Condominiums; Planned
Unit Developments. Borrower shall keep the Property in good repair and shall not
commit waste or permit impairment or deterioration of the Property and shall comply
with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on
a unit in a condominium or a pla nn e d uni t de vel opment, B orrower shall perf orm all of
Borrower's o bl igations u nder the declar ation or coven ants creati n g or go verning t he
condom i ni u m or plan ned u nit deve lopme nt, t he b y-law s an d regulations of the
condom i ni um or planned u nit developm ent, and cons ti tuent doc uments. If a
condominium or planned unit development rider is executed by Borrower and recorded
to gether with this Mortgage, the coven ants and agreements of such rider shall be
incorporated into and shall amend and supplement the covenants and agreements of this
Mortgage as if the rider were a part hereof.
7. Protection of Lender's Security. If Borrow er fails to perform the covenants and
agreements contained in this Mortgage, or if any actio n or pro ceeding is c omm e nced
which materially affect s Lender's interest in the Property, including, but not limited to,
eminent d omain, insol vency, code enf orcem ent, or arra ngements or proceedings
involving a bankrupt or decedent, then Lender at Lender's option, upon notice to
Borrower, m a y make suc h appearances, disburse such sum s and ta ke such action as is
necessa ry to protect L en der's interest, including, b ut no t li m it ed t o, disbursement of
reasonable attorney's fees and entry upon the Property to make repairs. If Lender required
mortgage insurance as a condition of making the loan secured by this Mortgage,
Borrower shal l pay the premiums required to main tain such insurance in effect until such
time as the requireme nt for suc h insurance terminates in accordance with Borrower's and
Lender's written agreement or applicable law. Borrower shall pay the amount of all
mortgage in su rance p r em iums in the manne r pro vided under paragraph 2 hereof.
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