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HomeMy WebLinkAbout0924 • ~ . ~ i ~ S ..r , .3. ' ~ any condemnation or other taking of the Property~ or part thereof, or for conveyance in lieu of condemnation~ are hereby assigned and shall be paid to Lcnder~ subject to the terms of any mortgage, deed of trust or other security agreeme~t with a lien which has priority over this Mortgage. 10. Bonower Not Released By Le~der Not a W~ive~. Extension of the time for payment or modi~cation of amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower and all other. parties who are or hereafter become secondarily liable shall not operate to release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be requj~ed~ip ~oPmai~nce proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of tAe ~~lms secuted by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by appl6cable law, shall not be a waive~• of or preclude the exercise of any such right or remedy. - 21. Successors ~nd Assigns Bound; Joint and Several Lis~billty; Co-signers. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to ihe provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several. Anp Borrower who co-signs this Mortgage, but dces not execute the Note. (a) is co-signing this Mortgage only to mortgagc, grart and convey that Borrower's interest in the Property to Lender under the terms of this Mortgage. (b) is not nersonally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this Mortgage or the Note without that Borrower's consent and without releasing that Borrower or modifying this Mortgage as to that Borrower's interest in the Property. 12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Bonower provided for in this Mortgage shall be givea by de6vering it or by maiGng such aotice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as pravided herein, and (b) any notice to Lender shall be given by certified mail to 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 shalt be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Governing Law; Severability. The state and local laws applicable to this Mortgage 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 applicabte law. such contlict shall not affect other provisions of this Mortgage or the Note 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. As used herein, "costs", "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage, if requested, at the time of execution or after recordation hereof. 15. Re6abilitatioa Loan Agreemeat. Borrower shall fulfill all of Borrower's obligations under any home rehabilitation, improvement, reRair, or other toan agreement which Borrower enters into with Lender. Lender, at Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with improvements made to the Property. l6. Transfer of the Property. If Borrower sells or transfers all or any part of the Property or an interest therein, I! excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) a transfer by devise, descent, or by ; operation of law upon the death of a joint tenant, (c) the grant of any leasehold interest of three years or less not ~ containing an option to purchase, (d) the creation of a purchase money security interest for household appliances, (e) a transfer to a relative resulting from death of a Borrower, a transfer where the spouse or children of the Borrower ~ become an owner of the property, (g) a transfer resulting from a decree of dissolution of marriage, legal separation ~ agreement, or from an incidental propeTty settlement agreement, by which the spouse of the Borrower becomes an owner of the property, (h) a transfer into an inter vivos trust in which the Borrower is and remains a benefciary and which does ~ not relate to a transfer of rights of occupancy in the property. or (i) any other transfer or disposition described in € regulations prescribed by the Federal Home Loan Bank Board. Borrower shall cause to be submitted information ~ required by Lender to evaluate the transferee as if a new loan were being made to the transferee. Borrower will continue to be obligated under the Note and this Mortgage unless Lender releases Borrower in writing. If Lender does not agree to the sale or transfer, Lender may declare all of the sums secured by this Mortgage to be immediately due and payable. If Lender exercises such option to, accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 12 hereof. Such notice shali provide a period of not less than 30 days from the ~ date [he notice is mailed or delivered within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior .to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke ~ any remedies permitted by paragraph 17 hereof. ~ NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as foilows: ~ 17. AccelerAtion; Remedies. Except as provided in pAragraph 16 hereof, or otherwise required by law, upoa ~ Bonower's breach of nny covennnt or agreement of Borrower in this Mortgage, including the covenants to pay when due Any sums secured by this Mortgage, Lender prior to acceleration shali give notice to Borrower s~s provided in paragrnph 12 hereof specifying: (1) the breach; (2) the action required to cure suc6 breach; (3) A dAte, aot less t6an 10 days trom ihe ~ date the notice is mailed to Borrower, by which such breach must be cured; xnd (4) that failurc to curc such breach oa or before t6e d~te specified in the notice mny result in acceleration of the sums secured by this Mortgage, foreclosure by e judicinl proceeding, and the ssde of the Property. The notict shall furtder inform Borrower of the rigbt to reiostste ~fter £ acceleration And t6e rig6t lo assert in the foreclosure procceding the nonexisteace of a default or any otber detense of ; Borrower to acceleratiun pnd foreclosure. If the breach is not cured on or before tde dAte specified in the ootice, Lender, ~ at L.eoder's option, may deciare all ot the suros secured by this Mortgage to be immediately due and payable witbout ~ further demAnd and mxy toreclose this MortgAge by judicial proceeding. I.ender sdall be entitled to collect in sach ~ proceeding all expenses of foreclosure, including, but not limited to, reasonable attorneys' fees, court costs, xnd costs of ~ documeat~ry evidence, s~bstracts and titls reports. 18. Borrower's Right to ReinstAte. Notwithstanding Lender's acceleration of the sums secured by this Mortgage due ~ to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage ~ discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred;~,~l~ ~orrower cures all a ~01Rt~~ PAGE i7i' " ~ ~ ~ _ ~ ._y,ti s - ~ yw~ . ~ - ' _ . - _ - -