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HomeMy WebLinkAbout0998 10. The loan secured hereby msy alao be secured by a Security Agree~ent, Assigrment of Leases, Rsnte and Profits, Hypothe~ation ~qrt~er?t, Rev~lving C~+edit Agreement and/or other seCurity instrunent. Mo~ct~gagee, at its aption, u~+y upon default under the Praais~ory t~bte, this Mortgaqe, the Security Agreement ar any other such eecurity irratruiments ar~d without having been deemed ta have maae an electian oE remedies, avail ftself of any reme~y or remedies pro~vi~ded fn any ar~e ar m~re of said instruments. 11. All parties executing ar guaranteeinq the l~bte shall furnish annuatly, at the request of the llartgagee, financial . - statements in fpna and aertified in a maru~er satfsfact~ory to the !lortgagee. Failure tA supply said statements shall constitute a default hereuryder and entitle Irbrtgagee tro ae~elerate. . 12. Without affecting the liability of Mortgagor or any other person (exc~ept any person expressly released in wrftirg) for P~Y~t of any indebtedness secured hereby ar ~or perfornr an~e of any abligation aontained herein, arx~ without affect- ing the rights of l~brtgagee with respect t~ any security rot expressly released in writing, Martgagee may, at any time _ and fram time to time, either before ar af ter the maturity of said rote, and without r~tiee ar aonsent: a. Release any person liable for payment of all or any part of the indebtedness ar for perfornance af any dr ligativn. " b. Make any agreement extending the time ar otherwise al- tering the tenas of payment of all .or ~y part of the indebtedness, vr moclifying ar waivir~g any obligation, or subordinating, nadifying ar otherwise dealing with the lien ar cfiarge hereof. c. Exercise ar refrain fraa exercising or waive any right Mort9a9ee may have. d. Accept additional ~ec~urity of any kind. e. Release ar otherwise deal with anY Praperty, real ar personal, securing the irxlebtedness, including all or any Part of the prr~perty m~rtgaged hereby. 13. If all ar any part of the property or interest therein is j sold ar transferred by Mortgagor without Mortgagee's prior f written aonsent, e~ccludirg, with respect t~o any laan rn the ~ security of a"l~ome" (as deffned in Rule 83-242 of the Federal Home Loan Bank eoard) occupied or bo be c~ccupiecl by ~ the b~rr~ow~er (exaept with regard t,o a reverse nnrtgage as defined in Rule 83-242 of the Federal Haae Iroan Hank eoard ) (a) the creation of a lien or other enciaobranae subdrdinate - to this unrtgage which does rc~t relate t,~ a transfer o~ rights of occvpancy in the property: pro~vided, that such lien or enc~mbranve is rot created pursuant t,~ a aontract for deed; (b) the cxeation of a purchase-npciey security interest for i~ousehold appliances; (c) a transfer by devise, desoent, ar operation of law on the death af a joint txnant or tenant by the entirety; (d) the grant o~ any leasehold interest Mfiich has a term of three years ar Leas rot aon- taining an option to purchase; (e) a transfer, in ~ich the ~ transferee is a person who v~cupies ar will oecupy the ~ proQerty, which i.s: (1) a transfer to a relative resulting r. fraa ~e death of the Martgagor; ( 2) a transfer where the ~ spouse ar child ( ren ) beoomes an aaner of the proPerty; ~ or (3) a transfer resulting fran a clecree ~ dissolution a~ ~ marriage, legal separation agreement, ar 5r~om an incidental s praperty ~ettlement agreement by which the spouse beoanes an ~ owner of the p~~erty; ar ( f) a transfer into an inter vivo~ . ~ trust in which the borrower is and remafns the ne c ary ~ ~ b~418 ~ ~ lEWfS, VEGOSEH AN~ ROSENBACH, P. A.. ATTORNEr3 AT ~AW K ~~s . _ - v ~ . blt4- • ~ . . , .:C'8 .