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Home My WebLink About0944 1 ' ' . . I0. Borrower Not Released; Fu..,euwncc By Le drt ~Vot s Walvcr, ~xtension .he timc tor payment or modifira- tion of amoctization of the sums secured by this Mo~g9g~ granted by l.ender ta any successor in it~g~estr~t' Borrower shall nut ope~ate to relesse, in any manner, the liability of the original Borrow•er and Bormwer's successors in inrerest. L.ender shall not be required to commence praceedings against such successor or refuse to extend time for payment or othen+•ise mcxiify amortization of the sums secured by this Mortgage by reason of any demand made by the original Bor- ruw•er and Borrower's success~rs in interest. An~• forbearanre b~• Lender in exercising any rikht or remed} hereunder, ar athen~~ise afforded by applicable law, shall not be a w•aiver of or preclude the exercise af any such right or remedy. 11. Successors and Asslgns Bound; Joini and Ser~r~l Li~biltts; Co-slg~ers. The co~~cRants anc! a~reements herein contained shall bind, and the rights hereunder shali inure to, the respective successors and assigns of l.ender and Bor- rower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrow•er shall be joint and se~~eral. Any Bonow~er who co-signs this Mortgage, but dces not execute the Note, ia) is ca-signing this Mortgage only to ~ a._ ....,a„~ .t,., n{'~1~:~ R~n:-?oaos+ Ih) ic mortgage, grant and convey that [iorrower"s inierr~i in ii~e Frv~~i~ c., . •e_e-• not personally liable on tf~e Note or under this Mortgage, and tc) agrees that t..ender and any other borrow•er hereunder may agree to erctend, modify, forbear, or make any other accommodaiions .+ith regard to the terms ot :his Mortgage or the Note w•ithout that Borrower's consent and ++•ithout releasing that Borrow~er or modifj•ing this Mortgage as to that Borrow•er's interest in the Propert~. 12. Notiee. Except for any notice required under applicable law to be giren in another manner, (a) any notice to Borrow~er provided for in this Mortgage shall be gi~~en by delivering it or by mailing such notice by certified mail addressed to $orrow•er at the Property Address or at such other address as Borrow•er may designate by notice to Lender as pro~~ided herein, and (b) any notice to Lender shall be given by cenified mail to Lender's address stated herein or to such other address as L.ender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borroweror Lender when gi~en in the manner designated herein. 13. Goveratng Law; Sererabtllty. "The state and local !aw•s applicahle to this Mortgage shall be the law•s of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal laK• to this Mortgage. In the event that any provision oc clause of this Mortgage or the Noie conflicts W ith applicable laa~, such conflict shall not affect other pro~isions of this Mortgage or the Note Whinc ~an be given effect w~ithout the conflicting provision, and to this end the ptovisions of this Mortgage and the Note are declared to be severab(e. As used herein, "costs". "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable laa• or limited herein. ~ 14. Borrower's Copy. Borrower shall be furnished a conformed cop}• uf ihe Note and of this Mortgage at the cime of execution or after recordation hereof. 15. Rehabilttation Loan Agreement. Borrow~er shall fulfill all af Borrow•er's obligations under an} home rehabilita- tion, improvement, repair, or other loan agreement a•hich Bortoa•er enten into w~ith Lender. Lender, at Lender's option, may require Borrow•er to execute and deli~•er to Lender, in a iorm acceptable to Lender, an assignment of any rights. claims or defenses which Borrower ma} ha~~e against parties w~ho supply labor, materials or services in connection w~ith improvements made to the Property. 16. Traasfer of the Property. lf Borrow•er selis or transfers ait or any part of the Property or an interest therein, ex- ' cluding (a) the creation of a lien or enc~mbrance subordinate to this Mortgage. (b) a transfer b~• devise, descent, or by ~ ~ operation of law upon the death of a joint tenant, or !c) the grant of any leasehold interest of three }•ears or less not con- ! taining an option tu purchase, Bonow•er shall cause to be submitted information required by Lender to e~•aluate the ! transferee as if a ncw~ loan w•ere being made to the transferee. Borrower Will continue to be obligated un~ler the Note and this Mortgage unless L~ender releases Borro~•er in w•riting. ; If Lender, on the basis of an_y information obtained regarding the transferee, reasonaba determines that Lender's security may~ be impaired, or that there is ar~ unacceptable likelihood of a breach of any covenant or agreement in this MoRgage, or if the required information is not submitted. Lender may declare alI of the sums secured by this Mortgage to be immediately due and payable. If Lender exercises such option to accelerate. l.ender shal! mail Borrow~er notice oi acceleration in accordance w•ith paragraph 12 hereof. Such notiee shall proti~ide a period of not less than 30 da}~s from the date the notice is mailed or delivered within w•hich Sorrow•er may pay the sums declared due. If Borrow~er fails to pay such sums prior to the expiration of such period. Lender may, w~ithout further notice or demand on Borrow~er, im~oke any remedies permitted by paragraph 17 hereof. NON-UNIFORM COVENANTS. Borrow•er and Lender further co~•enant and agree as follows: 17, AccelerAtion; Remedfea. Except ss pro~~ided in paragraph 16 hereof. upon Borrowers breach of an~ covenunt or agreement of Borrower in t6b Mortgage. including the covenants to pay when due any sums secured by~ this Mort- gage~ Lender prior to accelerntion s6alt give notice to Borrower as pro~ided ia paragrsph 12 hereof speci[y-ing: ~l) the breach; (2? the action required to care snch breach; 131 a date. not leas than l0 days from the date the notice is malled to Borrower, by which such breach must be cared; and ~4) that fatlure to cure such breach on or before the dsite specl8ed in the notlce may result In acceleration of the sums secured by thts Mortgage. foreclosure by judfcial proceeding, and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the noneYLctence of a defaalt or any ot6er defense of Borrower to acceleration and foreclosure. I[ the breach is not cured on or before t6e date spec[lied (n the notice, Lender. at Lender's opNon, mav declare all of t6e sums secured bY this Mortgage to be Immedfately dae and payable w-ithout further demand and may~ foreclose thls Mortgage by judlcia! proceeding. Lender shall be enNtled to collect tn such proceeding all ezpenses of foreclosure. including, but not iimited to, reasonable attorne}~s' fees~ court costs, and costs of documentary evldence, abstracts and title reports. 18. Borrower's Rlght to Reinstate. Notw~ithstanding Lender's acceleration of the sums secured by this Martgage due to Borrow~er's breach. Borrower shall have the right to have an}• proceedings begun b~~ Lender to enforce this Mort- Rage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrow~er pays Lender all sums w•hich w•oulci be then due under this Mortgage and the Note had no aeceleration occurred: (b) Borrow•er cures all breaches of an~~ other covenants or agreements of Borrow•er contained in this Mortgage: (cl Bonow~er pa~~s ali reasonabte expenses incurred by Lender in enforcing the covenants and agreements of Borroa•er contained in ihis h1ortgage. and in enforcing l.ender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attornevs' fees and court ccxts: and (d) 8orrow•er takes such action as Lender may reasonably require to assure that the lien of this Mortgage. Lender's interest in the Property and Borrow~er's obligation to pay the sums secured b}• this Mortgage shall continue unimpaired. Upon such pavment and cure by Borrow~er. this Mortgage and the obligations secured hereb~• shall remain in full force and effect as if no acceleration had occurred. 19. Assiqnment of Rents: Appointment of Receiver. As additional securit} hereunder. Bonow•er hereby assiRns to Lender the rents of the Propeny, provided that Borrow~er shall, prior to acceleration under paragraph 1 i here~f or aban- d~nment ~f the Property, have thc right to collect and retain such rents as they become due and payable. ~.i~ ~u~~K ~7 ~~r,f ~~;~~384 FaGE2055 >':-t.tcj.~. , _ _ _ _ . _ , -