HomeMy WebLinkAbout008910. Bocmwe~ Not Rekased= Forbeuance 8y I.eade~ No1 ~ Walrer. ~xt~osion af the time for psymcnt or modifica-
tion of amortizatiun of the sums secured by this Mongage g~anted by l.ender to any successo~ in interc~~ .-f Borrower
shall nat operate to release, in any manner, the liability of the original Borroa~er and Barrower'~ successors in inte~est.
Lende~ shall nat be ~equired to commence proceedings against such successor or retuse to exte~d time for payment or
otherw•ise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Bor-
ruwer and Borrower's successors in interest. Any forbearance by Lender in exercising any right ar remedy hereunder, or
othenvise aft'orded by applicable law, shall not be a w•aive~ of or preclude the exercise of any such right or remedy.
11. Succeasors and Assl~~ Bound; Joint and Se~eral LlabWty; CasiQaen. 71~e cc~venants at~d agrerments herein
rnntai~ed shall bind, and the rights hereunder shall i~ure to, the respective succcsson and assigns of I.ender and Bor-
row~er, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and
several. Any Bo~owe~ who co-signs this Mortgage, but daes not execute the Note, fa) is co-signing this Mortgage only to
mortgage, grant and conve~ that Borrow~er's interest in the Propeny to Lender unde~ the terms of this Mongage, lb) is -
not personally liable on the Note oc under this Mortgage, and lc) agrees that i.ender and any other 6orrower hereunder
may agree to extend, modify, forbear, or make any other accommodations with regard to the terms oi ihis Mortgage or
the Note w~ithout that Borrower's consent and without releasing that Borrower or modifying this Mortgage as to that
Borcower's interest in the Property. -
12. Notlce. Except for any notice rcquired under applicable law to be given in another manner, (a) any notice to
Borrow•er provided for in this Mortgage shall be given by delir•ering it or by mailing such notice by certified mail
addressed to Borrow~er at the Property Address or at such other addrrss as Bormwer may designate by notice to Lender
as provided herein, and (b) any notice to Lender shall be given by certi~rd mait to Lender's address stated herein or to
such other address as Lender may designate by notice to Borrower as provided lierein. Any notice provided for in this
Mortgage shall be deemed ta have been given to Borrower or Lender when gi~•cn in the manner designated herein.
13. Go~erniag Law; Se~erabillty. 'll~e state and local laws applicable to this Mortgage shall be the laws of the
jurisdiction in which the Property is located. The foregoing sentence shaU not limit the applicability of Federal law to
this Mortgage. In the event that any provision or clause of this Mortgage or the Note contlicts with applicable law, such
conflict shall not aRect other provisions of this Mortgage or the Note which can be given effect v-ithout the conflicting
pmvision, and to this end the provisions of this Mortgage and the Note are declared to be severable. As used herein.
"costs", "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited
herein.
li. Borrower's Copy. Borrov-er shall be furnished a conformed copy of the Note and of this Mortgage at the
time of execution or after recordation hereof.
1S. RehabWtatbn Loaa A~Ceement. Borrow•er shall fulfill all of Borrower's obiigations under any home rehabilita-
tion, impmvement, repair, or other loan agreement which Bonower enters into w•ith Lender. Lender, at l.cnder's option,
may cequire Borrower to execute and deliver ta Lender, in a form acceptable to Lender, an assignment of any rights.
claims or defenses which Borrower may have against parties v-ho supply labor, materials or services in connection with
improvements made to the Pcoperty.
16. Traasfer of t6e Property. If Borrower sells or transfers all or any part of the Property or an interest therein, ex-
cluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, lb) a transfer by devise, descent, or by
operation of Iaw upon the death of a joint tenant. or (c) the grant of any leasehold interest ot' three yean or less not con-
taining an option to punhase, Borcower shall cause to be submitted information required by l.ender to evaluate the
transferee as if a new loan were being made to the transferee. Borrov-er will continue to be obligated unc!er the Note and
this Mortgage unless Lender releases Sorrow~er in writing. ~
If [,ender, on the basis of any information obtained regarding the transferee, reasonably determines that Lender's
security may be impaired. or that there is an unacceptable likelihood of a breach of an~ covenant or agreement in this
Mortgage. or if the tequired information is not submitted. L.ender may declare all of the sums secured by this Mortgage
to be immediately due and payable. If Lender exercises such option to acceierate. Ixnder shall mail Borrower notice oi
acceleration in accordance w~ith paragraph 12 hereof. Such notice shall provide a period of not less than 30 days from the
date the notice is mailed or delivered within which Borrow•er may pa~ the sums declared due. If Borrov-er fails to pay
such sums prior to the expiration of such period. I.ender may, without further notice or demand on Borrow•er, im•oke
any remedies permitted by paragraph 17 hereof.
NON-UNIFORM COVENANTS. Borrov-er and Lender turther covenant and agree as follo~-s:
l7. Acceleratioo; Remedies. Escept u pro~ided In puagraph 16 hereof, npon Borrower's breacl~ of any rnrenant
or agreement of BorroMrer In this Mort~a~e, Including the co~enaa4 to pay w6en due aoy sams secnred by this Mort-
gage, Lender prlor to ~cceleratba ~6a11 gire notke to Borrower a~ prorided Ia panignph 12 hereof speclfjing: (11 the
breach; (2) t6e action reqnlred to care snc6 breach; (3- a dste. not lea tbae 10 days from the date the aotlce is mailed to
Borrower. b~ w6ic6 snc6 breu6 must be cared; and (4) that fallure to care snch breach on or be[ore tbe date spect~ed tn
the aotice may resnlt In accelentbn o[ t6e aams secared by this Mortga~e, foreclosare by judicial proceeding. aad sale
of t6e Property. The nodce shall fartber inform Borrower of t6e dght to rei~tate after ucelentbn and t6e r1~6t to
assert in the foreclosure proceedtng the none:bteace of a default or anr ot6er defense of Borrower to sccekntion and
forsrlosure. If tbe breac6 is not cared oa or before tbe date specftied in the aoUce. Lender, at Lender's opNon, may
deciare all of the smns secnred by t64 Mortgage to be immedlately doe and payable witbont fnrther demand and in~y
foreclose thts Mortgage by Jadlcfal proceeding. Lender shall be entitled to coUect tn sac6 proceeding all e:penses of
foreclosure, inclading, bnt not Ifmlted to, reawnable ~ttorneys' (ees. coart costs. and costs of documentary erldence,
abstracb and titk rcports.
18. Borrower's Rigbt to Rdn:tate. Notv-ithstanding L,ender's acceleration of the sums secured by this Mortgage
due to Borrow•er's breach. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mort-
gage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (al Borrower pays Lxnder all sums
w•hich would be then due under this Mortgage and the Note had no acceleration occurred: Ib) Borrou~er cures all
breaches oF an? other covenants or agreements of Borrower contained in this Mortgage: lc) Borrower pays al! reasonable
expenses incurred by Lender in enforcing thr covenants and agreements of Borrow~er contained in this Mortgage, and in
enforcing I.ender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees
and court costs; and (d) Borrower takes such action as l.~nder may reasonably require to assure that the licn oF this
Mortgage. Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall
continue animpaired. Upon such payment and cure by Borrow•er. this Mortgage and the obligations secured hereby
shall remain in full force and effec- as if no acceleration had occurred.
19. Asslgnmeet of Ren4; Ap~ointmeat ot Recei~er. As additiona) security hereunder, Borrower herehv assigns to
Lender the rents of the Property, provided that Borrow•er shall, prior to acceleration under paragraph 17 hereof or aban-
donment of the Property, have the right to collect and retain such rents as they become due and payable.
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