|
' ~, i ~ A... "~
<br />F
<br />not ~ertt.ep{i or pwstpone't7ie dare date up the inpntltly tntaliiments re)'er-ed t[a in lvau•agraphs I and 2 hereof or
<br />change the amount of such inetalltne^+ts.
<br />Itl» ;Biaatawer Not Releaadd. Ext~nsioin of the time f;or lraymerrt or modification of amortization of lire rxtms
<br />t'iv', i errs anv suceei=sfi'r in intert~t of Borrawwer shat. noti t rel
<br />secured bj~; this ?~tlortgsge graiiked Le rd operate o ease,
<br />" ' in an 'manner the-liab'ilit • o'f the original' Borrower and Borrower's successors #'n interest. Tender shall not be
<br />Y 5
<br />required is tmmmenee proceedings against such sureessor or refuse to extend time for payment or otherwise modify
<br />amortization of the sums secured by this Mortgage I}y reason of anv demand made by the original Borrower and
<br />Borrower's successors in interest.
<br />il. Ferbearassse by Lender Not a Waiver. Any forfiearanee by Lender ir. exercising anq right or remedy
<br />hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any right
<br />of remedy hereunder. The procuremeni of insurance or the payment of taxes or other liens or charges by Lender
<br />Q shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this 14fort~age.
<br />12. Remedies Cnmulaiive. All remedies provided in this Mortgage are distinct and cumulative to any other
<br />t"~ titght or remedy under this Mortgage or afforded by law or equity. and may be exereified concurrently, independ-
<br />1t catty or successively.
<br />~ 13. Successors and Assigns Bound; Ioint and Several Liability; Cagtiona. The covenants and agreements
<br />~ herein contained shall bind, and the rights hereunder shalt inure to, the respective successors and assigns of Lender
<br />> and Borrower, subject to the provisions of paragraph i7 hereof. All covenants and agreements of Borrower shall
<br />_ ~ be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and
<br />_ ^ E are not to be used to interpret or define the provisions hereof.
<br />I4. Notice. Any notice to Borrower provided for in this Mortgage shall be given by mailing such nonce by
<br />certified mail addressed to Borrower at the Property Address stated below, except for any notice required under
<br />_ paragraph 1$ hereof to be given to Borrower in the manner prescribed by applicable tativ. any notice provided
<br />i for_in this Mortgage shall be deemed to have been given to Borrower when gi+-en in the manner designated herein.
<br />I5. Uniform Mortgage; Governing Law; Severability. This fora of mortgage combines uniform covenants
<br />for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform secu-
<br />.f rity instrument covering real property. This Mortgage shall be governed by the law 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 wi:<:
<br />applicable law, such conflict shall not affect other provisions of this Mortgage or the Nate which can be giv,..:
<br />effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared
<br />to be severable.
<br />16. Smsower'aCopy. Bortowershall be furnished a conformed copy of this'llortgage at the time of ~teau-
<br />lion or after recordation hereof.
<br />I7. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold
<br />or transferred by Borrower without Lender's prior written consent, excluding (a} the creation of a lien or eneum-
<br />brance subordinate to this ;\lortgage, (b) the creation of a purchase money security- interest for household appli-
<br />s antes, (e} a transfer by devise, descent or by operation of lan• upon the death of a joint tenant or (d) the, grant of
<br />any leasehold interest of three years or less not containing an option to purchase, Lender may, at Leader's option,
<br />', declare all the stuns secured by this Mortgage to be immediately due and payable. Lender shall have waived such
<br />option to accelerate if, prior to the sale or trarsfer, Lender and the person to whom the Property is to be sold or
<br />{ transferred reach agreement in writing-that the credit of such person is satisfactory to Lender and that the interest
<br />( payable-on the sums secured by This Mortgage shall be at such rate as lender shall request. If Lender has waived
<br />j the option to accelerate provided in this paragraph 17 and if Borrower's successor in interest has executed a w rit-
<br />ten assumption agreement accepted in writing by 7.ender, Lender shall release Borrower from all obligations under
<br />' this Mortgage and the Nate.
<br />If Lender exercises such option to accelerate, Lender shall trail Bw•rower notice of acceleration in accordance.
<br />with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is
<br />mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the
<br />axpirationof such-period, Lender may, without furiher notice or demand on Borrower, invoke any remedies per-
<br />milted by paragraph 1$ hereof.
<br />Ivox-UxtFpat+t C%ovsxAx•rs. Borrower and Lender further covenant and agree as follows:
<br />I$._Aee4leratior~ Remedies,_ Excelrt fts prot-iclett in_ paragraph 17-hereof, upon Borron•er's preach of _anv
<br />covenant or agreement of Borrower in this Alot•tgagc, including rise covenants to pay when dtte any sums secured
<br />by this Mortgage, Lender lrrior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof
<br />specifying; (11 the breach; (21 the action required to cut•c such breach; i3) a da#c, not less than thin}• days
<br />from the date the notice is mailed to Borrower, by which sut•ia breach must be cured; anti i4) that failm•c to cure
<br />such breach on or before the date specified in the notice tray result in acceleration of rite sums secured by this
<br />Mortgage and sale of the Property. If the breach is not cured on or before the date specified in the notice, Lender
<br />at Lender's option may declare all of the sums secw•ed 6y this Mortgage to be immediately due and payable-
<br />- without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall he entitled to col}cot
<br />in such proceeding all expanses of foreclosure, including, but not Ihuited to, costs of documentary evidence,
<br />! abstracts and-title reports.
<br />z + I8. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this
<br />Mortgage, Borrower shall have the light to have any proceedings begun by Lender io enforce this Mortgage dis-
<br />eontinued at any time-prior to entry of a judgment. enforcing thislIortgage if: lal Borrower pays Lender all
<br />aurae which world be tihen'due under this Mortgage, the :Vote and notes securing Future Advances, if any, had no
<br />acceleration occurred; (b) .Borrower oures all breaches of any other covenants or agmements of Borrower con-
<br />tamed irrthis Mortgage; (e) Borrower-pays ail-reasonable expenses iucurrect_hy Tender in enforcing the covenant
<br />artd agreements=of Bartavrer contained in this \•Iortgage and in enforcing I,ender'~: re=nedies as provided in para-
<br />gcsph:l$ 6ererDf,incltiding, but not invited to, reasonable attoiey's fee,; -and td) Borrower takes such action as
<br />Iieutfar may, reaeauabty r~uire to assure t-ltst-the lien of this Vlortgagc, Lender's in#erest in the Property and
<br />k'orrawer's abIigatian to pay: the stuns secured by ttri:tiiortgage shall continue unimpaired. I?pon such pa}anent
<br />and curs by Harrower, this Mortgage and the obligations secured hereh~~ shall remain in-full force and effect as if
<br />noactceleratioii-had occurred.
<br />21i. 'Aa~gnarurt of Reate; Appagrtmant of Receiver. Lender in Possession. As additional security here-
<br />under, 73orrower'hereby assigns to Lender the rents of the Property'. provided that Borrower shall, prior to aeceler-
<br />ation tinder paragraph 1$ Hereof or"abandonment of the Property, have the right to collect and retain such rents
<br />'" asahey bet;ome due and payable. _
<br />Upon acceleration under paragraph 1$ hertiw€ or ahsridonment of the"Property, Lender, in person, by agent
<br />nr by judicially appointed receiver shall he entitled to 'enter upon,- take possession of-and manage the Property
<br />t and to cnlloct=the rents of the Property, meluditig Ehose pasf due. AIC rents- collected by Lender or the receiver
<br />shall be applle$ nrbi t4s payment of t,i1e casts of ttfanagemen6 of the Property and collection of rents, including, brtt
<br />~; not limited ta, receiver's fees, premrttins on receiver's-bond.-and reasonable attorney's fees. and then to the sums
<br />~ secured by this Mortgage. I;ender and the receiver shalt he liable to account only for those rents acht:illy revery. d.
<br />1
<br />
|