HomeMy WebLinkAbout0980 ' 10. BKe~w~x Not Atlords. F~t~ae~c+ ~ Iw~iK I~t ~ Wd~. Fatmsiu,n o[ tbe time for p~aept a modifica-
tion o~ amortlzaHoa oi th~ sumt ~ecun~ bp tttls Mott~a~e ~r~ated b~ Laadet w say suoc~ssor in ~a~rrest oi Bot~ower
~?ali nc~t opersts to rekass, tn an~ aanner. tlie t:abllit~ of tbe vci~iaal Boera~rer ~nd Baro~rer'::ucctswc~ ta lnterest.
Leadet aull nat be t+~qulrad to ccmine+r~e pe~oceedin~pc e~ arcL saooe~o~ vt rof't~e to estead time fce
Qthecwise madil~r an~netisatlon of tb~ su~u :eeured by ihh I+~at~+ bp reaiwn of ~ay demand m~a b the a~eat a
y orisinal sor•
row~ec and 8araw~er': sua~cssots ln lntarest. My forbearance b~ I.ender ln e~c~+cisin~ say ci~ht a e+emed~ ba~nnckr. a
otherwlsa afforaed ir! ~PP,icabk taw~ shall oot bs a waiwc of or preclude the e~ercl'e of ~ny such riQht or remedy.
11. S~c~roes aw~ A~ Hoad~ 7~t a~d S~eat I,1~bi~; G.~s.'I~ee oaveneats ~nd a~reenaeats hereia
oontainod shali bied ~ and the ri~hb ber~nndar shaU ~ntu+e to. the e+e:pecti~e :ucoes:on a~id auig~ of Lendxr aa~ Bor-
rowes~ subject to tbe prav~ioos of pua~raph 16 hereof. At! covenaats aad a~reanents af ~ocrow~er ~dl be joieu and ~
sevenl. Aay Borroaer who co-:l~ns tl~ Mortgage. but doa aot ezecute t~e Note. (a) ls oo-:igning this Mortgag~e onfy to
mortgage~ grant and con~re~ that Bamwer': inteerst ia the Propect~r to L.endcr under tbe terrns of this Matgage, (b) is
not perwnally lisble an tbe Note oc nnder th~ Mortgs~a~ tnd (c) a~rras tbat I.ender aad any other Borrvwer ber~under
may a~ca to ertand. tnodify, forbe~r. or m~tke any otha ucommodations w~ith regud to the terras of thu Mortgage or
the Note without that Bocrower's euns~nt and ~vithout celeuiag tbst Bcrrow~st ot modifying this Mortgage as to thst
Barroarer's interest in the Property.
ls. N~tlos. Esapt fcr any notice tequ~red under spgl~cable law to be givea in~snother cnaaner~ (a) any ao3ia to
Bocmwar provided for in this Mat~sge sh~ll be given by delivering it or by mailing s~:h aotia t~~ certified msii
uldressed to Borrower at the Property AdQras or at :uch otha sddress ~ Borrow~er may designate by noNee to Leader
as provided herein. and (b) any notice to Lender shail be given by cedified mail to I.e,nder's addctiss stated herein or to
such other address u Lenda may designate by notice to Bortawer as proyided heresn. Any notice prorided for in thu
Mortgage shall be deemed to have baa given to Borrawer or I-ender when given ia the manner designated herein.
Y3. Goreralus Lw; SenrabWt~. Tha stste aad local laws applicable to this Mortgage shall be the taws of the
jurisdiction in which the Property u losated. The fotegoing senteace shall not 1'unit tba applicability of Federat law to
this Mar:gage. ln the event thst any proviaion or clsusa of this Moitgage or the Note con~icts with applicable law. such
conQict shall not sffect othar provisioas of this Mortgage or the Note w6ich cart be given effert without the soaaicting
provision~ and to thls end the provisions of thk Mortgage aad the Note ace declued to be s~werable. As used herein.
"costs"~ "expens~s" and "attorneys' fas" iaclude aU sums to tbe ertent not pmbibited by applicable law or limited
herei~. -
14. Borro~et'~ Copy. Boreower shatl be fitrnished a conformed copy of the Note and of this Mortgsgt at the ~
. time of ezecuNon or after ~ecordation here6f.
1S. Re6abllftstbo Loan Agreement, Bort~wer shall fulfill all of Botr~wer's obligations under any homr rehabilita-
tioa. impmvement, repair. or ~ther loan agrcemeat which Bormw~r entets into with Ixndet. Lender. at Lender's option~
may rec~uire Borrower to exxute and deliver to Lender~ in a form acceptable to Lender. an assignment of any zights.
claims or defenses which Boctower ma?y have against parties who supply labor. materials or services in rnnnection with
impmvemen.s made to the Property. -
16. T~aasfu of t6e Pcopart~. If Bor, ower ulls or tr~n:fers ali or any part of the Propetty or an interest therein. ex•
cludiag ~a) the creation of s litn or encumbrance subordinate to this Mortgage, (b) a transfer by devise, dacent, or by
operatioa of law upon thc death af s joiat tenant, or (c) the grant of any ls,asehold int~nst of three years or Icss not con-
taining an option to purchase, Rortower shall cauu ts bc submitted inform~tioa required by Lender to evaluate the
transferex ss if a new loan were being made to the traasferee. Borrowsr will ~ontinue to be obligated under the Note aad
this Mortgage unlesi Lender releasss Borrower in writing.
If Lender, on ihe buis of any infora~ation obtained regar~ing the traasferee. reasonsbly determina that 7.ender's
sccurity may be impaired~ or that there is an unacceptable likelihood of a breach of any covenant or agreement in this
Mortgage~ or if 2he required information is not submitted, Lender may declare a!! of the sums secured by this M.ortgage
to be immediatcly ~lue aad payable. If Lender e:ercises such opii~n to acceterate. Lendec shatt maii Borrower notice of
acceleradon in accordana with paragraph 12 hereof. Sach aotice shait peovide a period of aot las thari 30 days from the
datc thE notice is maitaf or delivered within whi::h Barrowtr ma~ gay the sums declared due. If Borrower fails to pay
such sums prior to the eapiration of such period. Lender may~ withQUt further notice or demand oa Borrower, invoke
any retnedia pecmitted by paragraph 17 haeof. -
NoN-UNtFORM COV~~t~'t's. Borrower and Lender futther covenant and agrec as follows: -
17. Acrd~ration; Remtdia. Ezeept n prodd~d In paraaraph 16 hecsof, apon Borro+rer's breacb of sn' cor~aot
or a~ramsnt oE Borrower in thY Mort;a~s, :aclndin~ tbe co~ta~nta to pa~ w6ea doe an~ tams ~ecarcd lby t6b Mort-
~e, Lender prbr to aooderstbn ~6~p ~he nodc~e to Borro~rer a prortded W para~rsp6 12 beeeot specifjin~: (l) tLe
brac6; (Z) tbe ution nqaired to can ~nch brsac6; (3) ~ date, not tas tl~aa 10 days from th~ dat! the nodoe h matkd to
Bocrowa, b~ Mr6tci~ w¢6 breac6 most be cnred; and (4) t6st fittnre to care ~nc6 be+esch on or befoe+e t6e datr ~paciBed fn '
tht notloe ma~, radt ia accdetatlon of the ~ams acared b~ thM Mort~e, forado~are b~ Jadidal pmcecdln~, ind s#le
of tbe Propert~. 1Ue notioe ~hsU iartber lnform Hoe:ower of tLe dght to relnatate after accderati~a and t6e rt~6t to
~art ln ths forecbstue proaedla= tbe aonezLteaca of a defaalt ~r ~o~ ot6u defeeue of Borro~rer to accderation aad
foeedosare. It the ~etiacb la not caa~ed on oe b~oe+~ t6e date apeclHed ia tbie nodce, Lender, at I.euder's opdon, ma~
declsre ~Il of tles soou ~ecared b~ tbr Mort~e to be Imm~diatd~ doe aL~ ~aynble wlthont furt6er dcmaad aad mey
fet~edosa tl~ Mort~e by jodic~l groeadin~. I.ender shaU be sarided to ~~llect ln snch proc~edla~ ill e~peesa of
. for~cbaare, [nclndln~, bat not Umited to, reasonable ~ttorne~s' fea, a~urt cosd, snd coab of docamentarp ertdeace,
~bstrscts aad tit~ reparts.
. ls. Botro~'s Rlght to Re{nstate. Notwithstanding Lender's at-reteration of the sums secured by this Mortgage
due to Botrower's bteach,~ Borrowe£ shall hare the right to have any proceedinRs begun b;+ Lender to enforce this Mott-
gage discoatiaue~ at say time ~rior to entry o~ a judgment enfoecing this Mortgage if: (a) Borrower pays Lender all sums
which would !x then due under this Morigage and the Note had no accelerQtion occurnd; (b) Borrower cura aU
bnechts of any other covenaats or agjre~ments of Borrower coatained in this Mortgage; (c) Borrower pays all reasonable
ezpenses incucred by Lender in er.forcing the covenants and agrtemen+ts ot Borrower contained in this Mortgage. and in
enforcin~ Lender's nmedies as providad ir~ paragraph 17 hereof. including, but noi limited to, reasonabie sttorneys' fces
_ ~ caurt costs; and (d) Borrower takes such aciion as Lt~der may reasonably require t~ assaee that the iian of tris
• Moctgage. Lender's intarat it~ the Property and $ortower's obligatiun to pay the sums secu~ed by this Mortgage shaJ!
continue uninapsired. Upon such paymen~ asd cun by Borrawcr. this Mortgage ar.d the obligations serured h.neby
shall remain in full focce and e!~ect as if no acceleration had occurre~.
19. A~st~meat oE F~nab; Appol~tc~t of BecN~u. As additional ucucity hereundsr, Borrow~en c~nby auigns to ~
I.ender tlte reats of the Property, provided that Borrower shall, prior to accelerstion under puagraph 17 hereof a aban-
donmeat of the Pra , htve the ri t to collat and retun such rents as they becom~ c~ue aad paysble.
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