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$5- 00540.3 <br />without notice. to declare all sums secured by this Mortgage to be <br />immediately due and payable and may commence foreclosure of this <br />Mortgage by judicial proceedings; and. provided further, that upon <br />such default the Mortgagee. or a receiver appointed by a court. <br />may at its option and without regard to the adequacy of the <br />security. enter upon and take possession of the Property. <br />9. Transfer of Property. If all or any part of the Property <br />is sold or transferred without the express written consent of the <br />Mortgagee. Mortgagee may at its sole option, declare all sums <br />secured by this Mortgage to be immediately due and payable. <br />10. Late Charge. At Mortgagee's option. Mortgagor will pay a <br />"late charge" not exceeding five per centum (5x) of any installment <br />when paid more than fifteen (15) days after the due date thereof <br />to cover the extra expense involved in handling delinquent <br />payments, but such "late charge" shall not be payable out of the <br />proceeds of any sale made to satisfy the indebtedness secured <br />herebv unless such proceeds are sufficient to discharge the <br />entire indebtedness and all proper costs and expenses secured <br />thereby. <br />ii. Miscellaneous Provisions. <br />(a) Any forebearance in exercising any right or <br />remedy shall not be a waiver thereof. <br />(b) All remedies provided herein are distinct and <br />cumulative to any other right afforded by law or <br />equity. and may be exercised concurrentiv, <br />independently or successively. <br />(c) The covenants and agreements contained herein <br />shall bind. and the rights inure to, the <br />respective successors and assigns Df the <br />Mortgagor and the Mortgagee. <br />(d) The headings of the paragraphs of this Mortgage <br />are for convenience only and shall not be used <br />to interpret or define the provisions hereof. <br />12. Release. Upon payment of all sums secured by this <br />Mortgage. Mortgagee shall discharge this Mortgage and shall <br />execute and deliver a satisfactory release therefor. <br />IN WITNESS WHEREOF. Mortgagor has executed this Mortgage on <br />the als7 day of October. 1985. <br />l.� <br />4 <br />