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HomeMy WebLinkAbout0520 and assigns of Lender. Any person who joins in the execution and delivery of this Mortgage, but does not execute the Note: (a) is a"Mortgagor"; (b) is executing this Mortgage only to create a valid lien and securiry interest in that persons interest in the Property, (c) is not personalty liable for repayment of the Note or tor the performance of the Borrower's obliga- tions, covenants, and agreements in this Mortgage, and (t~ agrees that Lender and any othe~ person who is a Borrower hereunder may agree to extend, modity, forbear, or make any other accommodations with regard to the terms of the Note ~ or this Mortgage without the Mortgagor's consent and without releasing the Mortgagor or modifying this Mortgage as to ` the Mortgagor's interest in the Property. ? 12. Notice. Except for any notice that is required under applicable law to be given in another manne~: (a) any notice ' to Borrower shall be efiective upon posting and if sent by U. S. certified m~il, return receipt requested, addressed to Bor- rower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, ' and (b) any notice to Lender shall be effe~tive upon posting and if sent by U. S. certified mail, return receipt requested, addressed to Lender at Lender's address stated herein or to such other address as Lender may designate by notice to ~ Borrower as provided herein. Any notice provided for in this Mortgage shafl be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Gov~eming Law; Sev~rability. The state and local laws applicable to this Mor4gage shall be the laws of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to this Mortgage. ~ In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not ; affect other provisions of this Mortgage or the Noie which can be given effect without the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable. 14_ Borrower's Copy. Borrower shall be furnished a photocopy of the Note and this Mortgage at the time of execution or after recordation. 15. Restrictions and Conditions of Sale or Transfer of Property; Assumption. If all or any part of the Property nr anv inlaract thrarpin ic cnlrl nr irancfRrra~1 hv Rnrmwar withnut 1 an~iar'.c nrinr writtan r.nncwnt 1 Rn~1ar mav at l RnriAr's --s - r---- -~-i• - - oation, declare all indebtedness secured by this Mortgage to be accelerated and immediately due and payable. 8orrower acknowledges that the terms of the Note and this Mortgage were bargained for by Lender based upon ~ the unique characteristics of Borrower and the economic conditions in effect at the time the Note and this Mortgage were given, and the terms of the Note and this Mortgage are intended to be for the sole benefit of the named Borrower and for no other person. For these reasons, Lender's right to accelerate the ~epayment of the indebtedness secured by this - Mortgage upon any sate or transfer of the Property or any interest therein is included in this Mortgage as a material induce- ment to Lender's making the loan or loans secured hereby and has been relied upon by Lender in establishing the terms and conditions hereof. Accordingly, the limitations contained in this paragraph shall be strictly construed against Borrower and Borrower's successor in inierest, and in favor of ~ender. If Lender does not consent to a transfer, Lender may deal with Borrower's successor in interest without in any way ~ discharging or reducing Borrower's liability for Borrower's obligations secured hereby, and without waiving Lender's right to accelerate as provided in this paragraph. 16. Acceleration; Remedies. If Borrower fails to pay any indebtedness secured hereby promptly when due (or within ' such grace period as may be provided in the note or notes evidencing the indebtedness), or if Borrower materially breaches ; a~y other covenant herein or otherwise materially defau~ts hereunder, then Lender may declare all indebtedness secured 4 hereby to be accelerated and immediately due and payable, and Lender may foreclose this Mortgage and exercise all ~ other rights and remecies Lender may have as a secured creditor under this Mortgage or otherwise available under ap- plicable law or in equity. Lender's failure to declare an acceleration shall not impair the right to do so in the event of a i continuing or subsequent breach or default. ! 17. Costs and Expenses. Borrower shall pay all Lender's reasonable costs and expenses related to the execution ! and delivery of the Note and this Mortgage, and all advances thereunder, and all extensions, renewals, modifications, and i replacements thereof (including all recording fees, title insurance premiums, documentary stamp taxes, intangible taxes, - ~ surtaxes, and the liice). Borrower shall also pay all expenses, including attorneys' fees, reasonably incurred by Lender with respect to enforcement of Lender's rights and remedies under the Note and this Mortgage and with respect to collection t of the indebtedness secured hereby (including foreclosure or other litigation expenses and also including such casts, ex- ~ p~nses, and attorneys' fees as may be incurred by Lender in administrative proceedings, bankruptcy proceedings, or on , t appeal). Alt such costs and expenses shall bear interest at the rate specified in the Note, and, together with all interest accrued thereon, shall be secured by this Mortgage. Such amounts shall be due and payable upon Lender's demand. ~ 18. Assignment of Rents. As additional security hereunder, Borrower absolutely and undconditionally assigns to ' Lender the rents, issues, and profits of the Property (the "rents"), provided that if Borrower is not in default under this F~Aortgage, Borrower shall have the revocable right to collsct and retain the rents. € If Borrower defaults under the Note or this Mortgage, Lender may terminate Borrower's right to coliect and retain the ` rents by a written notice from Lender to Borrower that Borrower's right to collect and retain the rents is terminated and ~ a demand thal the rents henceforth be paid directly to Lender. Upon receipt of Lender's notice and demand, Borrower : shall notify all tenants to pay the rents to Lender directly. ~ ~ ~ Lender shall be entitiled ta have a receiver appointed by a court to enter upon, take possession of and manage the ~ ~roperty and to collect the rents including those past due. All rents collected by the receiver shall be appfied first to pay- = ment of the costs of management of the P~operty and collection of .?ents, including, b~t not limited to, receiver's tses, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this Mortgage. The receiver shall j be liable to account only for those rents actually received. 19. Future Ativances. This Mortgage shall also secure all future advances made by Lender to Borrower for any pur- ; pose within 20 years after the date of this Mortgage, just as if the advances were made on the date of this Mortgage. The total amount of indebtedness that may be sc~cured by this Mortgage may increase or decrease from time to time, but the total unpaid principal balance secured at any one time by this Mortgage shall not exceed the amount specified on the ; first page of this Mortgage. ~ i 20. No Waiver. No delay by Mortgagee in exercising any option, right, or remedy hereunder or othervvise afforded by law shall waive or preclude the exercise thereof during the continuance of any breach or default hereunder. No waiver by Lender of any provision, breach, or default shall be a waiver of any other provision or a consent to any subsequent breach or default. ; , 21. Default Under Other Notes or Mortgages. ff the Pr~perty or any Fart thereof is now or hereafter encumbered j - by any other mortgage held by Lender, then, at the option of Lender, any defauit hereunder shall also be a default under each and all of such other mortgages, and any default under any of such other mortgages shall also, at Lender's option, be a default hereunder. Any default by Borrower in any term, covenant, or provision of the ground lease, if any, or any other mortgage, security agreement, or other agreement held by any other party that may now or hereafter encumber any portion of the Property, shall, at the op!ion of Lender, also constitute a default hereunder. B0~ r':,G: p 675 ~ - 520 ~ - ~ . > x~ ,.P_~.~~ ~ . ~~:~x` ~f~=~~~~°% .