|
� - �
<br /> not extend or postpone the due drstc of thc inonthly instnllmentc referred to in pnragraphs 1 and 2 hereof or
<br /> chsnge the amount oF such installments.
<br /> 10. Bonower Not Released. ' �xtension of the time for payment or modification of amortizstion of the suma
<br /> ; aecured by thi-o �iortgage grantei! Ly I,ender to :�ny ,uccessor in inieres 't oi Borrower shail not .operate to relesse,
<br /> p in any manner, the liability of the oeiginnl Borro�ver und 13orro�vcr's successors in interest. Lender ehall not be
<br /> ' requieed to commence �roceedings against sucic successor or refuse to extend time for payment or otherwise modify
<br /> � amortization of the sums secured by this \iortgu�e by reason of uny demand made by the original Borrower and
<br /> Borrower's auccessors in interest.
<br /> tl� ' 11. Forbear�ee by Lender Not a Waivar. �1ny forbenrance by Lender in exercising any right or remedy
<br /> i � hereunder, or otherwise afforded by applicable la�v, shall not be a waiver of or preclude the exercise of any right
<br /> � � or remedy hereunder. The procurement of insurance or the payment of taxes or other liens or charges by Lender
<br /> a � shaFl not be a waivei of Lender's right to uccelerate the maturity of the indebtedness secured by this blortgage.
<br /> i � 12 Remedies Cumulative. All remedies provided in this \fortgage are distinct and cumulative to any other
<br /> ' a � right or remedy under this \Iortgage or afforde�i by lu��• or equicy. snd inay be exercised concurrently, independ-
<br /> i ently orsuccesaively_
<br /> � ' 13. Suceeesors �d Xssigas Bouad; Joint �td Several Liability; Captions. The covennnts nnd agreements
<br /> ^; O^D herein contained shall bind , and the rights Lereunder shall inure to, the respective successors and assigns of Lender
<br /> � � and Borrower, subject to the provisions of parsgrnph ] 7 hereof. Ail covenants and .tgrtements of Borrower shall
<br /> ; � be joint and seversL The captions and i�eadings of tiie �iaragrn��hs of this \ fortgaqe are for com�enience only and
<br /> are not Lo be used to intetpret or define tl�e provisions liee•eof.
<br /> , � 14. Notice. Any notice to Borro�ver pro��ided for in thin \tortgnge .hall be gi�•en by mailing such notice by
<br /> certified mail addressed to Borro�ver at thc Yropertr• Addres� stated belou• , excer4 ior uny notice required under '
<br /> ; I psragraph 18 hereof to be given to Borroµ�er in thc manner tirescribed bp applicahle luw. Any notice provideci
<br /> � for in this �Sortgagc shall be deerned to lis�•c becn given to Borron•cr «•hen gi�•en in the manncr designated herein.
<br /> ' 15. Uaitorm Mortgage; Governiag Law; Severability. This forni of inortgsge combines uniform covenants
<br /> �
<br /> - for national use and non-uniform covenants witli limited ��ariations b�• jurisdiction to constitute a uniform secu-
<br /> irity instrument covering real property. This \fortga�e shall he governed by the law of the jurisdiction in whieh
<br /> � the Property is located. In the event that any proeision or clause of this A4ortguge or the Note conflicts with
<br /> j applicable Iaw, such conflict shall not affect. other pro�•isions of this \lortgage or the Note which con be given
<br /> � effect without the conflicting provision , and to this end the provisionc of the \-Iortgage and the Note are declared
<br /> :: f to be aeverable.
<br /> � i6. Borrower's Copy. Borro�ver shall be furnisl�ed a conformed copy of this \4ortgage at the time of execu-
<br /> � tion or after recordation hereof. � � '
<br /> 17. Transfer of the Property; Assumptiom If nll or any r>art of the Property or an interest therein is sold �
<br /> j or trsnsferred by Borrower �vithout Lender's prior written consent, excluding (a ) the creation of a lien or encum-
<br /> i brance subordinate to this �Iort a e, ( b) thc creation of a �urchace mone securit interest for t�ousehold a li- �
<br /> g � I Y Y PP � a"
<br /> snces, (c) a transfer by devise, descent or by operation o[ la �r upon the death of n joint tenant or (d) the. grant of T ' x `� ,
<br /> ,� ;
<br /> any leasehold interest of three years or less not containing an option to purchuse, I.ender may, at I.ender's option,
<br /> { declsre all the sums secuted by this vlortgage to be immediutely due and pxyable. Lender shall have �vaived such '
<br /> i option to accelerate if, prior to tl�e sale or transfer, Lender and tiic person to �vhom tlie Property is to be sold or ° '�
<br /> � transfened reacli agreement in writing that the credit of sucl� person is satistactory to Lender and that the intereat r
<br /> payable on the sums secured by this �fortgage sl�all be at sucL rate as Lender shall request. If Lender has waived
<br /> the option to accelerate provided in this paragrapli 17 and if Borro�ver's successor in interest has executed a writ- 3,
<br /> � ten asaumption agreement accepted in writing by I.ender, Lender shall release Borrower from ull obligations under
<br /> � this Mortgage snd the Note_
<br /> � If Lender exercises sucl� option to accelerate, Lender shall nnail Borrower notice of acceleration in accordance s >
<br /> i �vith parsgrsph 14 hereof. Such noticc sh�ll pro�•ide a period of not le�s tlian 30 days from the date Lhe notice is � -
<br /> � mailed within which Borrower may pny the sums declured duc. If Borrower fails to pay such swns prior to the
<br /> " ; expirstion oF such period , Lender tnay, «ithout. further notice or de�nand on Borrower, invoke any remedies per-
<br /> ' � . mitted by paragraph 18 hereof.
<br /> a
<br /> �
<br /> � .1�ox-Uxraonat CovExwxzs. Borro�ver and Lender furtiier covenant and agree as follo��•s :
<br /> � 1B. Aceeleration; Remedies. Except us pi•o�•ided in ��ftiragra��h 17 hereof, upon Borrower's hreach of an}�
<br /> coveaant or agreement of Borrow•er in this �Im•tgn�c, inciuding tlic covenants to I�ny w•hen due nny sums secured
<br /> � by this \tortgage, Len�ler ��rior to accelemtion shnll mail notice to Bwro�ver as � �rovideci in paragrnph 14 l�ereof
<br /> specifying: ( 1 ) the brescl� ; (2) tl�e nction rcryvired to cwr soch breach ; 131 a dntc, not less thnn thirty days
<br /> ; from the date the noticc is mailed to I3orroti��cr, h�• ��•hich �ue6 hrr.ul� nrust bc cured ; and (4 ) that fnilure to cure
<br /> such breach on or before tl�e date specified in tl�e noticc ruay result in ucceleration of the sums secured by this
<br /> Mortgege and sale of the Property. If the breach is not cured on or beforc the date specificd in the notice, Lender
<br /> i, at Lender's option may declare alt of the sums secured by this �4ortgage to be iin�nediutely due nnd payable
<br /> without further demand and may foreclose this Jlortgnge b}• judicinl proceeding. Lender shall be entitled to collect
<br /> : : in such proceeding all expenses of foreelosure , including, but not limited to, cast;� of docuuientacy evidence,
<br /> � ' abstrsets and title reports.
<br /> #{ 18. Borrowor a Hight to Reinstate. ATotwitLstanding Lender'e ucceleration ot the sums secured by this
<br /> ; Mortgage, Borcuwer s}isll have the right to ha��e any proceedings begun by Lendcr to enfarcc this btortgage dis-
<br /> , � contiaued at any time ptior to entry of a judgment enfoTcing this \iortgage if : �ul Borro«-er pays Lender all
<br /> sume which would be then due under this \lortgagc, thc 1Vote nnd notes seciiring Futurc Ad�•ances, if any> had no
<br /> ' � , accelerstioa occurred ; (b) Borrower cur�c all brenches of any other covenants or a�reements of Borrower con-
<br /> : � tsined in this MorEgage; (c) Borrower psys all reasonablc expensea incurrecl by i,ender in cnforcing the covenants
<br /> ,.� and agreements of Borrower contained in thie Viort�a�e nnd in eniorcing 7.endcr's re�nedics us provided in pam-
<br /> graph 18 hereof, including, but not limited to, masonnble attorne�•'. fee; : and � d ) Borrower tnkes such action sss
<br /> Lender maq reasonsbly require to assure that thc lien of thie \fortgage. Lender's intcrest in the Property and
<br /> Borrower's obligation to pay the sums secvred by thi� ��Iortgnge shafl continue unimpaired. Upon such payment
<br /> '� . � and cnre by Borrower, this Mortgage and tl�e obligntions secured hereby �hall remain in full force and effect as if
<br /> .., ,--.
<br /> ^� - no secelerstion hsd occurred_
<br /> l�' 2Q• 'Aasi9naieat of. R�ata; Appointrnent of Reeeiver, Leadsr in Posseasioa As additionul security here- f �
<br /> .�� under, Borrower Beieby assigns to Lender the rents of the Property. pro�•ided that Borro«•er shalt , prior to acceler- k ;
<br /> " ation vnder paragrsph 18 hereof`or abandonment of the Property, have the right to collect and retain auch rents ;�i. ::5
<br /> r��; a8 they become due sMl paystile. ' _
<br /> IIpon' soceleration under paragraph 18 hereof or 'abandonment of the Yroperty, Lender, in person, by agent �'4� �
<br /> � or by jpdicislly appoiated'receiver sfisll be entitleci fo enter u on, take � p ^'" "* `�
<br /> �,� _ p possession of and �nana e the Pro erty . 4 > , «�
<br /> �.xi and to collect the reats of the -Property, including thoae 'past due. All rents collected by Lender or the receiver "� "" � '
<br /> ;:`� " ' ' shall be 'spptied.$rst to papment of the costs of lnsnagement of the Property and collection of mnt� , inrluding, hvt
<br /> . ? not limited to, receiver's fees, premissms on mceiver's bonds and reasonable attorney's feee, and then to the sums
<br /> ,� � aeeuzed by ttiie Mortgage: Lender and the receiver shall be tiable to account only far those rents sctunlly rcceived .
<br /> � �•-. . _ _ ... ._. �_ i ,
<br />
|