|
_ . . _ r- _ �.., ,
<br /> . . �} � �
<br /> I not extend or postpone the due dnte of thc monthly instnqments referred to in paragraphs I and 2 hereof or
<br /> � change tfie amount of suclr installmentsr , :;
<br /> � 10. Bonower Not Released. ` �xtension of the time for pa,yment or modification of amortization of the aume „ ., � '.
<br /> secured by this _Vlortgage granted by Lender' to nny succecsor in interest of Borrower shall not .operate to release, ' � :
<br /> in 3ny .msnner, the liability of tl�e original Borrower nnd Borro�ver's successors in interest. Lender shall not be ` • r " '-
<br /> required'to commeace Proceedingssgainst suclr suecessor or refusc to e7ctend time for payment or otherwise modify rt � �,;�'
<br /> amortisation of the suins secured Uy this Jlortgage by reason of any demand inade hy the original Borrower and � ; 3 � '
<br /> Borrower's successora in inEerest. : 1:; { ;.
<br /> 1L Porbearaace by Lendez Not a Waiver. Any forbesrance by Lender in exercising any right or remedy � �
<br /> ' � O hereunder, orothenvise afforded by applicable lAw, ehull not be a waiver of or preclude the exercise of any right � `> : �r1�:
<br /> , � �� or remedy hereunder. The �rocurement of insurance or the payment of taxes or otlier liens or charges by Lender , ' ' {
<br /> ;� � shall not be a wuiver of Lender's right to accelerste the maturity of the indebtedness securezi Uy this Mortgage. � ; ;
<br /> � 12. Remedias Cumulative. All remedies provided in tiiis \4ortgage ure distinct and cumulative to any other ;
<br /> right or'remedy undei this �Iortgage or afforded hy Ia��• or equiGy, and may bc exercised concurrentiy, independ- � �
<br /> � ently or succea9ively. 9
<br /> O 13. Suceessors �d Xssigas Bound: Joint �ad Several Liability: Captions. The covenants and agreements `, r ',.�
<br /> � herein contained shall' bind, and the rigl�ts hereunder hhal! inure to, thc respectivc successors and assigns of Lender `
<br /> � snd Borrower, subject to the provisions of psrngrn�l� 17 hereof. A!1 covenanLs nncl agreemenLs of Sorrower shsll , ,
<br /> � be joint and aeveral. The cuptions and henclingc of tl�e �inrsgra�il�s of this \fortgage are for oonvenience only and , ,.
<br /> are not to be used to interpret or define thc provisions hereof. "
<br /> ' � 14. Notice. Any notice to Borro�ver procided for in tliis \lortgage sLall he gi��en by inailing cuch notiee by �,�. , �
<br /> certified inail addressed to Borro�ver at the Property _lddress sU+ ted belo�v, c:xcept tor any notice required under ' " , .
<br /> parr�.grxph 1$ here.of to be given to Borro�cer in the manner prescribed by xpplicable law. ?iny notice provided ` -� "
<br /> � for in this �Iortgage shall be de¢med to have been given to Borrow�er «•hen given in the manner designated herein. � ' � 4� �� ���
<br /> 15. Uaiform Mortgage; Govemiag Law; Severability. This form of inortgage combiries uniform covenants ;, ' ' �
<br /> � f o r n a t i o n a l u s e a n d n o n-u n i f o r m c o v e n a n t s w i t L l i m i t e d �•a r i a t i o n s U y j u r i s d i c t i o n t o c o n s t i t u t e a u n i f o r m s e c u- ;-, , ', a�g
<br /> `� rity instrument covering real property. This \Sortgage shall bc governed by the lanr of thc jurisdiction in which ;
<br /> the Property is locsted. In the event that any p:ovision Ol' CIIIliSt of this �4ortgage or the Note conflicts with �; ��
<br /> agplicable Iaw, such conflict shall not sffect otlies provisions of this �iortgage or tlie Note which cnn be given �' � `
<br /> e$ect without the conflicting provision, and to this end the provisions of the �fortgage und the Note are declared '"n;.
<br /> to be severabie. , � � �„�. g'
<br /> i6. Hoaower's Copy. Borrower shall be furnished a conformed copy of this Mortgage at the time of execu- � � � ��
<br /> tion or sfter recordation hereof. ` `�"'
<br /> <t 5f �{ 3
<br /> 17. Tr�s(er of the Property: Assumptioa. If all or sny part of the Property or an interest therein is sold '' '� ���
<br /> or transferred by Borrower without Lender's prior written consent, excludin� (a) the crestion of o lien or encum- ,� � , � �4�z ;
<br /> brance subordinate to this Mortgage, (b) the creution of a purchase money security interest for househoId appli- �_ �, �.;�
<br /> ances, (cj s transfer by devise, descent or by operation of Ia��• upon the death of u jaint tenant or (d) the, grant of t s � �
<br /> any leasehold interest of three years or less not contnining an option to purchase, Lender may, ut Lender's option, � + '� �,� "'
<br /> declsre all the sums seeured by this Mortgage to be im�nediately due and payable. Lender sl�all have waived such � ` `t a��
<br /> option to accelerste if, prior to the sale or transfer, Lender and the person to �vhom the Property is to be soid or � 5.,�`„'%:
<br /> transferred reacli agreement in «�riting t6at the credit of sucli person is satisfactory to Lender xnd that the interest `- �.� „��
<br /> payable on the sums secured by this Mortgage shall be at sucl� rate as Lender shall request. If Lender has waived i ,c�'�
<br /> the option to accelerate provided in this paragrapl� 17 and if Borrower s successor in interest has executed a writ- = a,�_�'
<br /> ten aseumption agreement accepted in �vriting by I.ender, Lender shall release Borrower from all obtigations under - . • � .�ti
<br /> t}ris Mortgage and the Note. ' ' � �t�
<br /> If Lender exercises such option to accelerate, Lender shnll :nail Borrower notice of acceleration in accordance ; �';�
<br /> �vith paragraph 14 hereof. Such notice sliall provide a period of not less tl�an 30 days from the date the notice is F Fa,:` "
<br /> mailed within which Borrower msy pay the sumc declared dua If Borrawer fails to pay such sums prior to the ,.,;
<br /> �' expiration of such period, Lender may , �vithout further notice or demand on Borrower, invoke any remedies per- ".
<br /> . �! mittedby parsgraph 1S hereoL g '3
<br /> � (
<br /> NON-UNIFORM COVENAA'TS. BOl'PO\VCI' aI1C1 LC2]C�Cl' fUl'tI1C1' COV(971&Ilt and agree as follows :
<br /> 18. Acceleratioa; Remedies. Except us pro�•ided in � �aragr:t��li 17 hereof, upon Borrower's hrench of any ' 1
<br /> '.� covenant or agreement of Borrow•er in this �Iortgagc, including tl�c covenants to pay «•hen due an}• sums secured
<br /> by this \lortgage, Lender prior to accelerntion ahail u�uil noticc to Borro«•cr as ��ro��ided in paragrapli 14 liereof `
<br /> specifying : ( 1 ) the breach ; (2) the action required to cure �uch breach ; 13 ) a datc, not less tlian thirty days ��
<br /> ' '�' from the datc the notice is rosiled to i3orro��•er, by ���hicl� surh brencL must Uc cured ; and !4 ) that failure to cure
<br /> �' such breach on or before tl�e date specified in the noticc may result in acceleration of thc sums secured by this ''
<br /> .�' • Mortgage and sale of the Property. If the breaci� is not cured on or before tlie date specified in the notice, Lender
<br /> "� at Lender's option may declare all of the swns secured by tliis �4ortgagc to be immediutely due and payable
<br /> E; without further demand und may foreclose tl�is :blortgage Uy j udicial proceeding. Lender shall be entitleci to collect
<br /> ;; in such proceeding nll expenses of foreclosurc, including, but not liroited to, costs of documentary evidenee,
<br /> " +. abstracts and title reports.
<br /> y; 19. Borrowas's Right to Reinstate. \'ot«•itLstanding Lender'� uceeleration of the aums secured by this �
<br /> � Mortgage, Borrower ahali have the right to have any proceedings begun by Lendcr �o enforcc this Mortgage dis- �
<br /> continued at any time prior to entry of s judgment enforcing this �3ortgage if : ( n ) Borrower pays Lender all =
<br /> ;�; sums which would be then due under this \Lortgsge, the Note nnd notes securing Future Advances, if any, had no �
<br /> �� acceleration occurred ; (b ) Borrower curee all breaches of any oEher co�•enants or ngrcements of Borrower con-
<br /> tained in this Mortgage ; (c) Bonower pay� sll reusonablc es��ense< incurrecl b}• i.ender in enforcing the co�•enants
<br /> and sgreements of Borrower contsined in this ��iortga�e and in enforcing T.ender'. remediea as provided in para-
<br /> �� graph 18 hereof, including, ' but not limited to, ressonable uttorney'� fee� : nnd ( dl Borrower takes such action as
<br /> -.>> Lender may resaonably require to assure that the lien of this \Iortgagc, Lender'� intcrest in the Property nnd
<br /> '� Borrower's obligatSon to pay the sums secured by this �iortga�c shall continuc unimpaired. Upon such payment -, r,,,µ: , ;
<br /> �: and cure :by Borrower, this Mortgsge and the obligations secured liereby shnll remain in full force and effect as if ^
<br /> ; r
<br /> ; no aeceleration had occurred. ' " :
<br /> .: � . : M1�.. iJ f
<br /> ' + 20 ' lShstgaui�nt 'of R�ats; Appoiatment of 8eceiver; Leader ia Possessioa. As additional security here-
<br /> ; ynder� Boriowerheieby aseigns 'to Lender the rents of the PropeMy, provSded that Borrower shsll , prior to scceler- ' `
<br /> aluon under paragraph 18 hereof or a6andonment of the Property, have the right to collect and retain such rents ��; $�
<br /> a"s they become flue and payabl� ���
<br /> ; + Upoa aoceleration under parsgraph 18 hereof or sbandonment of the Yroperty. Lender. in person; by agent `k��� ' " ��`
<br /> * �" =�udieiatil s ointed' receider sha2b be entitled_to 'enter u on, take ' �`""'`-` - ` ' '
<br /> ,,, or by ' y pp p possess�on of and uisnaRe the Property
<br /> 5. and.to_cqlleet the;rente of. the Prnperty, inciuding:; those past due. All rents . collected hy Lender or t.he receiver
<br /> �'� ahall be spplied first to payment ofthe coats of management of ti�e Property and collection of rents, including, but
<br /> _r not limited to, receiver's feea, premiums on receiyer's boncls and reasonable attorney's feee, and then to the sums
<br /> ; secured by this Mortguge: Lender nnd thc reccit�cr aliall he Iiable to account bnl}• for those rents uctually recei�•ed . �
<br /> . ,.
<br /> ;,ir �
<br />
|