|
f"`"
<br />
<br /> riot extend or postpone the due date of the manthlp iustnlhi;ents referred to in paragraphs 1 and 2 hereof or
<br /> e#tange the amount of such installments:
<br /> I0, Borower Not_Re#aased, I!;xtension of the time for payment or modification of amortization of the earns
<br /> secured by this i4lartr;age granted Try Ixrider to any suecessar in interest. of Borrower -shall not.operate to release;
<br /> in any manner, the Liability of the original" Bnrrbwer and Borrower 5 successors ir: interest. bender shall not be
<br /> required to COm.liCiiac ~;ra•eedu{gs'againsi;"such successor ar refuse to extend time far payment ai otliert~ise modify
<br /> amortization-iii i l,e-sun;; seeured:liy this 3s3rtg~.ge by reason of any demand made by the "original 3orroiver-and
<br /> t3:::ra er'ssu~eeaccrsininterest..
<br /> I L Forltearance bq Lender liFot a Wainer. 'Any farbesthnae by bender in exercising-any right or relnesly
<br /> hereunder,-ar otherwise affariled by applicable-law, shall not be s waiver of ar preclude the fsitercise of any right
<br /> or remedy hereunder: The procurement of insurance or the payment of taxes or other liens or charges by Lender
<br /> shall trUt lie zt uai;er of Lender's-right tb accelerate the maturity of the indebtedness secured by this"Mortgage.
<br /> 1~. ~eusedies Camtfla#ive.. Ali remedies pi•tr;Rded in this Mortgage are distinct snd- cumulative Lo any other
<br /> right ar rertiedy under this 1ortgage or afforded by law or equity, and ntay he exercised concurrentdy*, independ-
<br />
<br />~ eiltly or stu;cesBively.
<br />fl3, Rucceaacsra and Assigzis Sound; Joint trod SevQral Liability; (,`options. The covenants snd agreements
<br />~, herein contained-shall bind, and-the rights hereunder shall-inure to, the respective successors and assigns of-Lender.
<br /> and Borrower, subject to the provisions of paragraph 17 hereof. Al] rorenants and.agreements of Borrower shall-
<br /> be joint end. several. The captions and headings of the paragraphs of this Mortgage are for convenience only and
<br />i°~ are not to he used to interpret or define the provisions het•eof.
<br />~ Id. Notice. Any notice to $arrower prodded for in this 3orggage shall be liven by mailing such notice by
<br />~ certified ruail addressed to Harrower at the Property Address stated below, except for any notice required under
<br /> paragraph 18 hereof to he given fo Borrower in the manner prescribed by applicable law. Any notice provided
<br /> for in this Mortgage-shaft be deeu2ed to have been given to Borrower when given in the manner designated herein.
<br /> I5. tTnifann Mortgage; Governing Law; $everability. This form of mortgage combines uniform covenants
<br /> for national use and non-uniform covenants with limited rariations by jurisdiction to constitute a uniform secu-
<br /> rity instrument.covering real property. This Mortgage shall be governed by the !aw of the jurisdiction in which
<br /> the Property is located. In .the event that any provision or clause of this ~3ortgage or the Note conflicts with
<br /> applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given
<br /> effect without the conflicting prodsian, and, to this end the provisions of the ~lartgage and the N"ote are deciat~ed
<br /> ti. be 38verahie. - ~ -
<br /> IS. Borrower's Copy. Borrower shall be furttis3;ed a conformed copy of this Mortgage at the time of execu-
<br /> tion or liter recordation tsreof.
<br /> 27, Tran:;fer of tho Fragerty; A~timption. If all or any part of the Property or an interest therein is sold
<br /> ar transferred by Borrower without Lender's prior written consent, excluding (a} the creation of a lien or encum-
<br /> brance subordinate to this Mortgage, ib);-the creation of a purchase money securty interest for hausehirid sppl%
<br /> anew, {c} a transfer by devise, descent or ley operation of Isev upon the death of a joint tenant or ({l} the, great of
<br /> nay leasehold interest of three years or less not containing an option: to purchase, Louder may, at Lender's.ogtxon;
<br /> declare all -the sums secured by this- Martggage to be intxnediataly due and-payable. bender snail have waived- - l;
<br />agtian t4 accelerate if,. ~*TTar to the sa#e or transfer; Lender and the person to whom the Property is tti be pfd or
<br /> transferred reach agreement in witting tdlat the etc_ dit of such person is eatisfactorc to Lender an3 thrst the interest I
<br /> payable on the sums secured by this Mortgage h II be a+ suet: ".rate .:s Lender shall request. If Lender has waived ~
<br /> the option to accelerate provided in this paragraph 17 and if $orrower'-, suceessar in interest has execut~I a writ-
<br /> ten assumption agreement accepted in writing by T,ender, Lender shall release Borrower.-tram all obligations under
<br /> this Mortgage and the Note.
<br /> If Lender exercises such option to accelerate, deader shall mail Barraclrer natise of acceleration in aacotdanee
<br /> with paragraph 14 hereof. Such natise shall provide s period of not less-than 3p days-from the date the notice- is ~
<br /> mailed within ivhiah Borrower may pay the sixths declared due. If Borrower fails to pay-such sums prior to the
<br /> expiration of such period, Lender may, without further notice or demand on Borrower, invoke airy remedies per-
<br /> raitted by paragraph i$ hereof. h
<br /> Vox-tlxtsoaat r'°avExaxTS. Box•rower and LEnder Purilrer covenant and agree as follows. a
<br /> l8. Acceleraiian; Remedies. Except as provitteit in paragraph 17 hereof, upon Borrower's breach of an
<br />;
<br /> ,
<br />covenant or agreement of Borrower in this llortgagc, inclading fhe covenants kn pay when due any strnis secured
<br /> by this Mortgage, Lender prior to aeceleratioix sha11 uxaif notice io Borrower as provided in paragraglx 14 Ixe_renf-
<br /> specifying: (I} the breach; (2) the action requiredl to cure sucl} breach, (31 a data, not less tlxan thirty days
<br /> from the date the notice is mailed Lo Borrower, by which such hmach must be rated; anti (4) that failure to cure
<br /> such breach on or before the date specified in the notice may result in acceleration of the sums secured by this
<br /> Mortgage and sate of the Property. if the breach is not cured on or beiorc the date specified in the notice
<br />Lender
<br /> ,
<br />st bender's option may declar all of the sums secured Uy this Mortgage fo be immediately due and; psyslile
<br /> without further demand and may foreclose this lortgage by judicial proceeding. Lender shaft be entitled to culie~et
<br /> in such proceeding alt expenses of I'nmc#asure, inciuclirg, but not limited to, costa of documentary evidence,
<br /> abstraets.andtitTe reaarts.
<br /> 19 Borrowor's•Hfg6! to Reinstate.. ~otwitltstanding Lender's acceleration of the sums seeured_hy -this
<br /> Mortgage, Boi<rtiivrer shall have the right to have any 1}roeeedings i-~guti by lender to enfotce-this ~rloitg~ dis-
<br /> continued at atty-trine prior its"entry of a judgment enforcing this Mortgage if: ia} Borrower papa bender atI
<br /> sums ti3noh would be then due under tbrs tortgage, tfhe dote and notes securing Future ~idvant~sl If ally, had no
<br /> acceleration oeeurnd; thl Borrower cures all 6reacltes of any other covenants or agreements of Borrower _con-
<br /> tairtedintiria t'tq"sartgage; ("c} Batz~ower pays al! reasonable expenses incurred by bander is cnforring ttie covenants y-
<br /> and agreements of Borrower contained in this Mortgage and in enforcing I,endor's remedies as provided is para-
<br /> graph is hereof; ittchfding, but nert limited ta, reasonable attorney's fees; and (di Borrower takes such aetioa as
<br /> Lender may"reasanati;y require to nsstue-that the Hen of this \lartgage, bender's intemst in the Plxiperty and
<br />'
<br /> Borower
<br />a obligation to pay the Brims soured by this. Mortgage =hail continue unimpaired. Upon sash ,psymelit..
<br /> and a:re by Borrower, this 'Mortgage snd't?ie obligations seet=red hereby she!!- remain in full force and-~sfteet as if
<br /> no acceleration had occwml.
<br /> iff. wont od EGlrts: lippoiatmeaf of 8eceiver, Lender is pos~ressient. ~.s additions! seenrity hers-
<br /> under; Borrower hereby assigirs to Lendzr the rent.R of the Propem•. prov;ded that Borraaver slfsill; prior to "ttceelerr
<br /> - alien under paragraph 18 hereof orabsndotiment of the P;nperty, bare the right to coReet and"retain such rents-
<br /> as thEy tsecon:e due and pay-able
<br /> Lip acael<ratiott under paragraph 18 hereof ar abandonment of the Yrope~.~r; Lelxler. in parson,:by agent-
<br /> osbv judicially appointed r~eeeiver shall be entitled to enter upon, take t;o;e~evsioa_of -and manage. the Property.
<br /> sgd to collect the ,curs of .the Pml~rty~ inchxdirR throe, jlast dye. ill reefs ctilleeted by bender or the receiver
<br /> shall be applied &rsi to payment of the cleats of man$gemexxt_ of the Property snd collection of rents, including, but
<br /> not hmxted wx receiver`s fees, premiums an receiver's hoitds and reasonable attorney's fees. and then to the sums
<br /> secured by this Mortgage. bender and the receiver s1FSt1 tie liable to ikecovat only fo.* these rents artual}y received.
<br />
|