HomeMy WebLinkAbout0386lU. BoROwer Not Releued; Forbeuanee By Lender Not a Walver. Fxtension of ihe ~ime for paxment or mcxiilic:~-
tion of amortization ot~ the sums secured b~• this Mortgage granted by Lender to any successor in interc~t .~f Borrawer
tihall nat operate to relcase, in any ma~ner, the liability of the original Borrower and Borrow•er's succcswrs in interest.
Lender shalt ~ot be reyuired to cammence proceedings against such successor or refuse to rxtend time 1'or payment or
otherw•ise modify amurtization of the sums secu~ed by this Mortgage by reason of an~• demand made by the original Bor-
ra~cr and Borrow•er's successors in interest. Any forbearance by Lender in ~xercising any right or remedy hercunder, ar
otherw•i~e aflforded by applicable law•, shal) not be a w~aiver of or preclude the exemise of any such right or remedy.
11. Successors and Assigas Bound; ]o[nt aad Serenl Llability; Co-slgners. "I~he co~•cnants and agreemcRts herein
contained shali bind, and the rights hereunder shall inurc to, the respecti~•e successors aqd assigns of Lender and Bor-
roN•er, subjctit to the provisions of paragraph 16 hereof. All cavenants and agreements of Borrower shall be joint and
several. Any Borrower w•ho co-signs this Mortgage, but dces ~ot execute the Note, (a) is co-signing this Mortgage only ta
mortgagc, grant and convey that Borrov-•er's interest in the Property to Lender undrr the terms of this Mortgage, (b) is
not perso~aliy liable on the Note or under this Mortgage, a~d tc) agrces that Lcnder and an~• other 6orrowen c~reunder
m~~y agree t~ extend, modify, forbear, or make any other accommadatiovs w~ith regard to the terms ot :his Mortgage or
the Note w~ithout that Bocrower's consent and w•ithout releasing that Borco~~er or modifying this Mortgage as to that
~orrow•er's interest in the Property.
12. Notlce. Except for any notice required under applicable law to be given in another manner, 1a) any notice to
Borrow•er pro~•ided' for in this Mortgage shall be given by delivering it or by mailing such notice by certefied mail
addressed to Borrow~er at the Property Address or at such other address as Borrow•er may designate by notice to Lender
as pro~•ided herein, and (bl any notice to Lender shall be given by certitied mail to Lender's address stated herein or to
such other address as lxnder may designate by notice to Borrower as prorided herein. Any notice provided for in this
Mortgage shall be deemed to ~ave been given to Borrower or Lender ~~~hen given in the manner designated herein.
13. Governing l.aw; Se~erablllry. The state and local laws applicable to this Mortgage shall be the !aw•s of the
jurisdiction in which the Pr~perty is located. The foregoing sentence shall not limit the applicability of Federai law to
this Mortgage. In the event that any provision or clause otthis Mortgage or the Nate conflicts with applicable law•, such
conttict shall not af~ect other provisions of this Mortgage or the Note w•hich can be given effeet without the conilicting
provision, and to this end the pro~~isioas csf this Mortgage and the Note are declared to be severable. As used herein,
"costs". "e;penses" and "attorne~s' fees" include all sums to the eatent not prohibited by applicable law or limited
hemin. .
14. Borrower's Capy. Borrower shall be furnished a conformed cop~• of the Note and of this Mortgage at the
time of execution or after recordation hereof.
25. Rehsbilltation Loan Agreement. Borrower shall fulfill all of Borrow•er's obligations under any home rehabilita-
tion, improvement. repair, or other loan agreement w•hich Borrow~er enten into With Lender. l.ender, at Lender's option.
may require Borrow•er to execute and deliaer to l.ender, in a form acceptable to Lender, an assignment of an~• rights.
claims or defenses w•hich Borrower ma~ have against parties w•ho suppl~• labor, materials or services in connection with
improvements made to the Property.
16. Transfer of the Property. lf Borrow•er sells or transfers all or any part of the Property or an interest therein, ex-
cluding la) the creation of a lien or encumbrance subordinate to this Mortgage. lb) a transfer by devise, descent, or b~
operation of law upon the death of a joint tenant, or (c) the grant of any leasehold interest ot three years or less not con-
taining an option to purchase, Borrow•er shaU cause to be submitted information required b~ Lender to e~•aluate the
transferee as if a new• loan w•ere being made to the transferee. Borrow~er w•ill continue to be obligated un~er the Note and
ti-i~ Cvtorigage uuir» Lc:fidr~ ~eiensei 8orrua~cr i~ i+~iiii,-~~.
If Lender, on the basis of an~ information obtained regarding the transferee, reasanabi~ determines that Lender's
security may be impaired. or that there is an unacceptable likelihood of a breach of an~• co~•enant or agreement in this
Mortgage, or if the required information is not submitted. Lender ma}• declare all of the sums srcured b~• this Mortgage
to be immediatel}• due and pa~•able. lf Lender exercises such .~ption to accelerate. Lender shall mail Borrov-~er notice of
acceleration in accordance w~ith paragraph 12 hereof. Such notice shall provide a period of not ress than 30 days from the
date the notice is mailed or delivered w•ithin w~hich Borrow~er may pa}~ the sums declared due. If Borrow~er fails to pa~
such sums prior to the expiration of such period. Lcnder r*~ay. w•ithout further notice nr demand on Borrow•er, im~~ke
any remedies permitted b~ paragraph 1? hereof.
NON-l?NIFORM COVEtvAtvTS. Borrow•er and l.ender furtherco~•enant and agree as follows:
17. Acceleration; Remedies. E:cept as providcd ln psragraph 16 hereof~ upon Borrower's breach of any co~~enant
or agreement of Borrower in this Mortgage, including the coienants to pay when due any sams secured by thk ?~iort-
gage, Lender prior to ~cceleration shall give notice to Borrower as pro~ided fn paragraph .12 hcreof spectfjing: (11 the
brearl~; (2) the actlon requlred to cnre such breach;131 a date. not less than l0 dars from the date the notice is malled to
8orrower. ~y wi~icn sucn breac6 must be cured; snd 1dj ihai isiiure io cure such breach on or uefore the ciate spec'l~ied in
the notice ma~ result !n acceleration of the sums secnred by thic Mortgage. (oreclosure b3 Judicial proceeding, and sxle
of the Property. The notice sha11 further inform Borrower of the right to reinstate after acceleration and the right to
assert in the foreclosure proceeding the nonc:istence of a default or anY other defense of Borrower to acceleration and
foreclusure. If tl~e brescb is not cured on or before the date specified in t6e nodce. [,ender. st Lender's option, ma~
declare aU of the sums secured by thts Mortgage to be immcdlately due and payable without furiher demand and ma~
foreclose thjs 11'Iortgage by JudtciaE proceeding. Lender shall be entitled to collect in such procee~ing al) e:penses af
foreclosure. including, but not limlted to~ reaBOnable attorneys' fees. coort costs, and costs of documentary evidence.
abstracts and titk reports. „
18. Borrower's Rtght to Reinstate. Notw~ithstanding Lender's acceleration of the sums secured by this Mortgage
due to BorraWer's breach. Borrower shall have the right to have any proceedings begun b}~ Lcnder to enforce this Mort-
Kage discantinued at any time prior to entr}• of a judgment enforcing Ihis Mortgage if: !a) Borrow~er pays Lender ali sums
which w~ould be then due under this Mortgage and the Note had no acceleration occurred: lbl Borrow~er :ures all
breaches oC any other covenants or agreements of Borrow~er contained in this Mortgage; Ict Borrow•er pa~•s all reasonable
expenses incurred b}• Lender in enforcing the covenants and agreements of Borrow•er contained in this Mortgage, and in
enfarcing [.ender's remedies as pro~•ided in paragraph 17 hereof, including, but not limited to. reasonable attorne}~s' fees
arsd court ccxts; and fd) Borrower takes such action as Lender may reasonably require to assure that the lien of this
Mortgage. L.endcr's interest in the Property and Borrov-~er's obligatio~ to pay the sums secured b}• this MortgaRe shail
continue unimpaired. Upon cuch pa}~ment and rure by Borrow-er. this Mortgage and the obligations secured herch~•
shall remain in`full force and effect as it no acceleration had occurred.
19. Assignment of Rents; Appointment of Recei~•er. As additional security hereunder. Borroa•er hereh~• a~si~ns t~
l.ender t he rents of the Property. provided that BorroW~er shatl, prior to acceleration under paragraph 1? hereof or aban-
donment of the Property, ha.•e the right to collect and retain such rents as the}• beeome due and pa~~able.
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