|
,..: ._ � �
<br /> ; _ ,-�,� ,,.,,� .
<br /> , �.
<br /> not extend or postpone the due dnte of thc monthly installments refcrred to in paragraphs 1 ond 2 hereof or
<br /> change the nmount of sucli installments.
<br /> � 30, BorrowerNotReleasecL Extension of the time for payraent or inodificution of amortization of the sums x ;.
<br /> � secured by this ldortgnge granted by Lender to any successor in interest of Borrower shall not .operate to release, �.,
<br /> in any manner, Lhe liability of t:lie original Borro�ver and Borro�cer's succesaors in interest. Lender shall not be '
<br /> required to comaience proceedings bgainst such successor or refusc to extend time for payment or otherw9ae modify k �r�
<br /> amortization of Lhe sums secured by this \Iortguge Ly reason of any ciemand msde Uy the original Borrower and � ��
<br /> 3 3 1 ` ' �:
<br /> Bonower's succeasors in interest: N
<br /> 11. _Forbearance by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy ;
<br /> � � hereunder,' or otherwiae afforded by applicable lan�, sl�al! not be a wniver of or preclude the exercise of uny right �, ; '
<br /> �' or remedy hereunder. The procurement of insurance or the payment of t[uces or other liens or charges by Lender �, i , r;;'
<br /> oc
<br /> 0 shsll not be a waiver of Lender's right to accelerate the maEurity of tl�e indebtedness secured by this Mortgage.
<br /> � �� *'� 12: RemediasCnmula4ive. All remedies provided in tliis \iortgage �re distinet and cumulative to nny other
<br /> � righEor remedy under this 3tortgage m• afTorded by lai�c or equity. a�nd inay b� exercised concurrently, independ-
<br /> ently or successively.
<br /> � 13. Succeasora �d Assigas Houad; Joiat �d Several Liability; CapBons. The eovennnts and agreements "
<br /> ; � � herein contained shall bind , nnd the ri�hts hereunder sliall inurc to. thc respective successors and asaigns of Lender ��
<br /> and Borrower, subject to tl�e protisions of ��ssragnep)1 17 hereof. �111 covenantv ;i,ncf agreeivents of Borro�ver ahaIl � �
<br /> j be joint und several. The captions und lieadings of tlic paragra��hc of this \ Iortgsge are for convenience only and
<br /> � are not to be used to interpret or de6ne Lhe provision. hereof.
<br /> 14. Norice. Any notice to I3orro«�er pro��ided for in tl�i� \lortg:ige :hall bc gi�•en b�• mailing such notice by
<br /> ;:� certified mail addressed to Borrow•cr si the Yroperty Address �tated bclo«• , excet �t for .�ny notice required under `:;
<br /> paragraph 18 hereof to be given to Borro«-er in tlic manner prescribed bp appticable ta« . Any notice provided �„
<br /> ,� for in this �Iortgagc shall he deenicd to have been gi�•en to Borro�+•er wlien given in thc �nanner design$ted herein. ;;
<br /> � 15. IInitozm Mortgage; Govamiag I.aw; Severability. 'I'his Yor�n of morigage combines uniform covenants :� � r
<br /> for national use and non-uniform covennnts �vit}i limited variations by jurisdiction to constitute a uniform secu- �' ;i
<br /> rity instrument covering real property. This \Iortgsgc shall bc governed by the la�v of the jurisdiction in which �
<br /> the Property is locuted. In the event that any provision or clause of this \Iortgage or the Note conflicts with `
<br /> applicable law, such con8ict shalI not affect. otl�er provisions ot thi, \tortgagc or the 1Vote which cun be given t
<br /> � effect without the conflicting provision, and to this end the p3•ovisions of the tifortgage and the Note are deelared
<br /> to be severable. �,
<br /> , � 16. Borrower's Copy. Borrower shall be furnislied a conforn�ed copy of this �4ortga.ge at the time of execu- � 4 ..
<br /> � tion or after recordation hereof. 1
<br /> 17. Tz�sfer of the Pzoperty; Asgumption. If all or any �art of ttie Property or an interest therein is sold ',
<br /> o r t r a n s t e r r e d b y B o r r o w e r �v i t h o u t L e n d e r's p r i o r �v r i t t e n c onsen t, exc lu ding (a) t he creation o f a lien or encum- � ' `�
<br /> � brance subordinate to this \Iortgage, lbl the creation of a purchase money security interest for household appli- �
<br /> '� snces, (c) a transfer by devise, descent or by operation of la��� upon thc death of a joint tenant or (d) the grant of ,
<br /> aay ]eeaehold interest of three years or ]ess not containing an option to purchase, I.ender may. at Lender's option, ;� ,, t, ;
<br /> decisre all the suma secured by this Mortgage to be immediatcl� due and payable. Lender shall have �vaived such x , �. ;:
<br /> option to accelerate if, prior to the sale or trnnsfer, Lender aud the person to whom the Property is to be sold or �,
<br /> transferred reacl� sgreement in �vriiing t6at the credit of such person is satisfactory to Lender and that the interest
<br /> paysble on the sums secured by this vlortgage sliall be at such rate as Lender shall request. If Lender has waived " , '
<br /> the option to accelernte provided in this psragraph 17 and if Borro�ver's �uccessor in interest has executed a writ- + �fi:_
<br /> ten sssumption agreement sccepted in writing by I.ender, Lender shall release Borrower from all obligationa under �
<br /> this Mortgage and the Note.
<br /> If Lender exercises such option to accelerate, Lender shall �nail Borrower notice of accelerotion in accordance +
<br /> witli paragraph 14 hereof. Such notice sliall pro�•ide a period of not Icss than 30 days from thc dste the notice is ;'
<br /> ;� tnailed within which Borrower may pay the sums declared due. If I3orrower fuils to pay such swns prior to the
<br /> expiration of auch period, Lender rnay. ��-ithout further noticc or demand on B'orro«•er, invoke any remedies per-
<br /> mitted by paragraph 18 hereof.
<br /> Nox-Uxtroaat CovFxerTs. Bori•o�ver and Lender fuctlier co��enant und agree as f'o]lo�rs :
<br /> 1B. Aeeeleration; Remedies. liscept us pro�•idect in � �nra�r:iT �li 17 hereof, u�>on I3orron�er's breach of any
<br /> 3 covenant or agreement of Borrow•er in tliis �tort �a�e. including t6c covenunt� to t�ny w•hen due any sums secured
<br /> g by thtE\2ortgage, Lender 2�rior to aceelerntiou ,liull uuiil noticc to Borro�cer as tiro�•ided in parugraph 14 hereof
<br /> 8[�ecstying:' hl� sjhe breach ; (2 ) the action roquircil to cure such hrencl� ; 131 a dntc. not. less thnn thirty days
<br /> from the dat�f;ec=notice is mniled to Borro�ccr, b�• ��� liir6 .uch 6renol � iuust bc cured ; and ( 4 ) that failurc to cure
<br /> " such breach on ny 6efore the date specified in the noticc mssy result in uccelerzitiou of tl�e sum� secured by this
<br /> � � Mortgage snd sale: of the Property. It the breacL is not cured on or before tlie dnte specified in the notice , Lender
<br /> at Lender's optio3 El�ay declnre ali of thc swus secured b�• this \Iortgage to be im�nediatcly dur and pnyablc
<br /> without further deinend nnd may foreclose this liortgngc by judicial procceding. Lender shall be entitled to collect
<br /> in such procee8ing al ! expenses of foreclosurc, inchuliug, but not limited to, costs of documentary evidence,
<br /> abstracts snd tit1B reports.
<br /> " I8. Borioidar� Right to Reinetate. \'otwithstunding I.ender'� ucceleration of the surnc aecured by this
<br /> Mortgage, Borrower ehall have the right to have any proceedings begun by I.ender to enforce this �tortgsge dis-
<br /> continued at any time prior to entry of a judgment enfoXcing this \Iortgage iL• (n1 Borro��er pays Lender all
<br /> suaoa which would be then due under this �Iort�aqc, thc \ote and note� securin� Ft�ture Advance�, if any, had no
<br /> acceleration occurred ; (b) Borrower cures sll breuches of :sny other co�-cnant� or agrcements of Aorrower con-
<br /> tained in this Mortgage ; (c ) Borrower pnys all masonublc c�penses incurrcvi tn• J,en�cr iu en(urcing the covenants
<br /> snd agreemente of Borrower contained in t.hie �fortgage and iu enforcing i.ender'c rcmedies us provided in pars-
<br /> graph 18hereof, including, but notlimited to, rensonuUle nttorney'e fee; ; and Id ) Borrower take_c such action as
<br /> Lender may reasonsbly require to aseure that the lien oi this �Iortgage , Lender's intcrest in the Property and
<br /> Borrower's :obligstion to pay the suma secured b,y thi� \7ortga�e sha31 continue unimpuired . Upon such ps,vment " T
<br /> and cure by Borrower, this.Mortgage end the obligatiw�s secured hereby �ha❑ remain in full force snd effect as if r
<br /> no acceleration had occurred.
<br /> � ; r
<br /> 20. Asaignmsnt of Reats; Appoin4aeat ot Raceiver; Leader ia Possession. As additional security here- J , �;�^'
<br /> und"er Borrower hereb aea � �; .
<br /> , y �ns to Lender the rents of the Property, proi•ided that BorroH•er shall, prior to acceler- >
<br /> ,
<br /> ation under 'parsgraph 18 hereof or abandonment of the Property, havc thc riglit to collect and cetuin such rents �`��'t`',
<br /> as they become due .and paysble. • , ' ,s:
<br /> - IJ on :soceleration under ara �` ` "�,
<br /> P p graph 18 hereof or abandonment of the Yroperty, I.ender, in jierson, b� agent ,; ., ,� ��,,,
<br /> or by judicially appointed 'receiver ahall bc entitled fo enter upon. take �os.�es�ion of �ind mnnage the Prnperty
<br /> end .to colleet the rents of the Pmperty, including. those past due. All rents collected by Lender or the recciver
<br /> shall ba applied Srst to payment of. the costs of management of the Property and coUection of rents, including, but
<br /> - not limited to, receiver's fees; premi�ms on receiver's bondQ and reasonnble attorney's fees. snd then to the sums
<br /> secure<I by thie Mortgage. Lender nad thc receit�er sliall fie liuble lo accuuul unly for those rents xctunlly received . �
<br />�
<br />� . „ _ . . .
<br />� ,
<br />
|