|
__ . . . ... � , _ ' �
<br /> i . °.�y ^'� • .
<br /> � not eutend or postpone the due date: of tIie �nontkily instnllinentc refcrred to in parugraphs i and 2 hereof or �'
<br /> chsnge the amount of such installments. , ;''
<br /> � � - 10. : Borrower NoYRaleased. :�xtension oF the tiine for payment or inodifrcation oE umortizntion of the sums i:, � > , , �=i
<br /> ; � seeured Fiy this Mortgage,:granted by Lender to any succsssor in interest of Borrower shall not .operate to release, 1 , nx r , „ ,
<br /> ia anp tiianner, the liability .of the�. original, Borro�ver und Bon•o�vcr's successors .in interest. Lender shall not be �w` � ; ' �u�
<br /> required to eommence prnceedinga againaE suciz successor or refuse to. extend time for payment or, otherwiae modify �`� � r ' ` �
<br /> ? � amortisation 'of`tHe 'sums secured by t1�is �Sortgage by reason ot any demand msde by the original Borrower and, �£ ' e y ^ . �, � ��.
<br /> � Borrower's succeesors in interest: ,: � • ;, c �: ; ,.
<br /> �` � - ': 11. £ozbeak�ace by, Leades l�iot a Waiver. , .Any, forbearnnce by Lender ,in exercising nny right or 'remedy `r� ,.` ", '
<br /> �% heseunder, or otherwise afforded by applicable la�v, slisll not be a wai-rer of ,or preclude the exercise of .any right fY ` � ;; , � ,��r'
<br /> - � br• remedy bereunder. Ti�e procurement of insurance or the payment of taxes or other liens or charges by Lender �y «
<br /> �� ' � shall not be a wuiver of Lender's right to accelerate the mnturity of the ' indebtedness secured by this Mortgage. �"' � ;. ;
<br /> " 1Z Remedies Cumsslative. AII remedies provided in this \4ortguge sre diatinct and cumulative Lo any other �; . , , ' r, ` � �
<br /> � rigl�EAr'remedy under this tlortgage or nfforded by ls�c orequi�y, and mny be exercised concunently, independ- , '' r ' " ' � '
<br /> � ^ ently or auccessively. '�
<br /> 13. Suecesso:s �d Assigns Bouad: Joia! �d Sevezal Liability: Captioas. The covennnts and sgreements � '` ` '
<br /> herein contained shsll bind, and the rights hereunder shall inure to, thc res�ective successors and assigns of Lender " t
<br /> and,Borrower, subject to the provisions of paragrapli 17 hereof. All covenants and agreements of Borrower ahall ' '' "' i
<br /> � ' - „�
<br /> be joint and severaL The captions and hcadings of tl�e parngr:�phs oF tl�is llortgage are for convenience only antl , r � _>
<br /> are not to be used to interpret or define the provisions liereof. < ; z
<br /> � 14. Notiee. Any notice ta Borro�ver proc-ided for in tl�is \lortgagc shall Fm gi�•en Uy mailing such notice by t
<br /> certified mail sddressed to Borrower :it thc Property Addres� ,tuted beloH•, except fm• anp not•ice required under �` °�
<br /> # paragraph 18 hereof to be given to Borron•er in the �nanner prescribed b}� applicnblc law. :1ny notice provided ��'
<br /> � for in this �Iortgage shall bc dee�ned to ha�•c been gi��en to Borrow-er �ehen given in the manner designated herein. r � y.,
<br /> 155 Uniform Mortgage; Goveming Law; Severability. 'I'his forni of mort�age combines uniform covenants
<br /> for nstional use ond non-uniform covenants �vitii limitecl variations bv jurisdiction to constitute a uniform secu- z,. , � i 3 '
<br /> r� rity. instrument covering rea( property. This �Iortgage shall be go�•erned by the Iaw of the jurisdiction in which i<+' ' ' "'
<br /> �> � � �
<br /> the Property is loeated. In the event that uny ��rovision or clausc of this \4ortgnge or the Note conflicts with Ei arc ��.
<br /> ' applicable law, such conflict shnll not uffect otl�er provisions of tiiis \lortga�e or the Note which csn be given �S '� ;
<br /> "" > effect without the conflicting provision, and to thic end the provisions ot the �iortgnge and the Note are declared r; , ' r�s;
<br /> to be severable. � - � � ` , `�"� .
<br /> 16. Boaower's Copy. Borro�ver shaJl be furnislied a conformed copy of this �tortgage at the time of execu- , �Y�'
<br /> ,,� tion or after recordation liereof. � , '� ` � ?,
<br /> , 17. Trm�sfer of the Property: Asgumption. If all or any part of the Property or an interest therein is sold � ' ; n �`'x'
<br /> -` or traneferred by Borrower without Lender's prior �r•ritten consent . excluding (a) the creation of a lien or eneum- ? " n��',
<br /> ` brance subordinate to this Mortgsge, ( b) the creation of a purchasc money security interest for household appli- � , : �r ��� ,
<br /> ances, (c) a transfer by devise, descent or by operation of la�e upon the deatl� of a joint tenant or (d) the_ grant of �
<br /> any leasehold interest of three years or less not containing an option to purchase, Lender msy, at Lender's option, � ` ��K�-�
<br /> ' declare all the sums secured by this 12ortgage to Ue i�ninediutely duc and payable. Lender shall have waived such �` " ' "� {�� "x'
<br /> � � .'*''7����
<br /> option to accelerate if, prior to tl�e sule or trunsfer, Lender and the �ierson to whom the Property is to be sold or � ,rF la �
<br /> tranaferred reach agreement in �vriting that tlie credit oi sucli person is satisfactory to Lender and that the intereat � ,,., �,{
<br /> payable on the sums secured by this tilortgage shall be at sucL rute us I.ender shal! request_ If I,ender has waived " �;4 - "�"�
<br /> the o tion to accelerate rovi3ed in this ara ra li 17 and if Borrower's successor in interest l�as executed n writ- � "�G�" �`�
<br /> P P , P 6 A '' r ',' ��
<br /> ten assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligstions under ` , � a �=
<br /> this Mortgage and the Note. �, � �r �' q
<br /> If, Lender exercises sucl� option to accelerate, Lender shull �nsail Borrower notice of acceleration in accordance � ` �� ��
<br /> �vith paragraph 14 hereof. Such noticc sl�all pro�•ide a perial of not less than 30 days from the date the notice is ` y>":
<br /> mailed within which Bonower may pny the sutns declsred due. If Borrowcr fails to pay such sums prior to the � " ' 7
<br /> expiration of such period, Lender may, withotit furtl�er notice or demand on B'orrower, invoke any remedies per- � . ' ' � ;,�
<br /> mitted bq paragraph 18 hereof. ;.
<br /> z .
<br /> 'VON-LFYIFORM COVENAICTS. BOl'1'OWQl' fl71C� LCIl(�C'1' t�Ul'tIl@T C040IIIIIIL and agree as follows : � � ' r �1�
<br /> 18. Aeeeleration3 Remedies. �scept as procided in �uiragrapl � 17 I�creof, upon Borro�ver's breuch of any
<br /> covenant' or agreement of Borrower in tliis 1lortgagc, including the covenants to pay «�hen duc any sums recureci a �
<br /> ` by ihis Dlortgsge, Lender �uior to acccleration shull naa�il notice to I3orro�rcr as prorided in paragrapl� 14 l�ereof � ' ;t
<br /> ' specifying: ( 1 ) the breach ; ( 2) the netion rec(uirecl to cLu•c such breach ; l31 a dnte, not less than thirtV days � :
<br /> from the date the noticr is mailed ' to 13orro�cer. by �chich �uch brcacli must be cttred ; and ( 4 ) thut failure to cure i ,
<br /> such breach on or before tl�e date specified in the notice muy result in acccleration of tLc sum� secured by this
<br /> :4lortgage and sale of the Property. If the breacli is not cured on or beforc the d�te specified in tl�e notice, Lender ,
<br /> at Lender's option may declare nll of the sums secured by this \lortgagc to be immediatcly due and payable
<br /> without further demand and may foreclosc tl�is �lortgnge bp judicial proceeding. Lender shall be entitleci to collect
<br /> in such procceding all expenses of foreclosurc, including, but not limited to, costs of docmnentary evidence,
<br /> z abstracta andtitle reports.
<br /> �' ' 19. Borsowois Hight to Reinstate. Notwithatanding Lender's ucceleration of the sums secured by this ^,'
<br /> � ilrlortgsge; Borrower sfisll';have the right to ha�•e any proceedings begun by Lender to enforcc this `lortgage dis- ,:
<br /> coatinued at any time prior to entry of a ju<igment enfo�cing this \iortgage iL- (a ) Borrower pays Lender all ;..f
<br /> � . , sums:which would be then due under this \Iortgagc, tLc Note and notes securing Futurc Ad�•ances, if any, had no , r
<br /> 9ceelerntion ooaurred ; (b) Bormwer cures all brenches of any other cocennnts or a�reements of Borrower con-
<br /> fainedin thie Mortgage; {c) Borrowerpays all reasonnblc espenses incurred by I.ender in enforcing the covenants ;
<br /> ' and agreeinents ofBorrower contaitted in this �[ortgage and in enforcing I,cndcr's remedies as ��ro�•ided in para- �
<br /> ' graph 18 `hereof, including, but not limited to, reasonnble attornep'� fee� : nnd (d ) 13orrower takes such action us
<br /> � ,,L�ender 'msy ressonablp require to assure that the lien . of this JIortgsge, Lender's interest in the Property and , >
<br /> B'oriower's obligation to pay the sums secured b this ��Iort a c shnll continuc unim aired. U on such i "4^ • "�+
<br /> Y B S P P Payment ` ';
<br /> "s'nd'cure by Borrower, tlus Mortgage and th'e obligations recured hereby shall remain in full force nnd effect as if a-c�'
<br /> no acoelerAtioa had occurred. ; . " ' „.��:3
<br /> ` 20 Assx�m�nt oE �R�ats Appolntmeat of Receivar. Lendar ia Possession. As additional security here- - �
<br /> under, Boriowez�hei•eByaseigas to I:ender the rents of the Property. provideci thnt Borrower shall , prior to acceler- ,, ' ��
<br /> ntiibn unde� paragtaph � 8�hereof or sbendonment of the Property, hnve -the right to cotlect snd retain auch rents , �,�'
<br /> a� �ey,begome3ue�and payable.� � ' . a . .�. ` :. ` � � � � � � � � � � � � ��,
<br /> ' Upon:;�eceterataon under rarsgragH 1$-hereof or..abandonment of the Ytoperty, 7.ender, in person , by agent �*''�0
<br /> . � o 'r�byGjy�ie�slTy pp eiver shall be en�itled to ecrter upon, tske possession of and manaRe the Property 6 ,�,�° ��
<br /> a o�nted rec
<br /> . � and' to;colleat,the :rents of,;the Pro _. ,
<br /> perty, including those pusf due. ':U2 rents collected h� I.ender or the receiver
<br /> shatl be;appiied Srspto pay,meaL of,the coets oi management of the Property and collection of rents, including, but
<br /> �� not lim�ted to, receiver's fees, premiums on ,mceiver's honds and reasonable xttorney's feea, and then to thc sums
<br /> , � secured by'this 1VIorEgsge., Lender and the receiverahall be liable to account oniy for those mn�s actually rcceived .
<br /> �. . �
<br />
|