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HomeMy WebLinkAbout0942 10. Borrower Not Releascd; Forbearnnce B~ Leader Not a Watvrr. Extension of the time for payment or m.~ditica- tion of amortization of the sums secured by this Mortgage gran;ed by Lxnder to any successor in interest ot~ BurroW~er shall not operate to release, in any mannrr, the liability of the original Borrow~er and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for pavment or otherw•ise modify amortizatiun of ttie sums secured by this Mortgage by reason of any demand made by the original Bor- ; row•er and Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or ' othen~•ise afforded by appiicable law, shall not be a wai~~er of or preclude the exercise of any such right or remedy. 11. Successors aad Asaigas Bound; Joint ;ad Several L1abWty; Co-si~ers. The covenants and agreements herein I contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Bor- , rower, subject tu the provisions of paragraph 16 hereof. Atl covenants and agreements of Borrow•er shall be joint and several. Any Bonower who co-signs this Mortgage, but dces.not execute the Note, (a) is co-signing this Mortgage only to mortgage, grant and convey that Borrower's interest in the Property to Lender under the terms of this Mortgage, 1b) is not penonally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Borrow~er 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 releasiag that Borrower or modif}~ing this Mortgage as to that Borrow•er'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 Bonow~er provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to l,ender shall be given by certified r:~ail to Lender's address stated herein or to such other address as Ixnder may designate by notice to Borrower as providecl herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrow•er or Lender when given in the manner designated herein. 13. Governing Law; Severabll~ty. The state and local law•s 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 Federai law• to this Mortgage. In the event that any provision or clause of thi~~ Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect w~ithout 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 ihe elctent not prohibited by applicable law• or limited herein. 14. Borrower'c Copy. Bonower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or afier recordation hereof. I5. Rehabilttatioa Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home rehabilita- tion, improvement, repair, or other loan agreement which Borrower enters into w•ith Lxnder. Lender, at Lender's option, may require Borrow•er to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or defenses w~hich Borto~•er may have against parties who supply labor, materials or services in connection a•ith impro~•ements made to the Property. 16. Transfer of the Property. If B~rrow•er 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 tfiis Mortgage, (5) a transfer by devise, descent, or by operation of law• upon the deatJ~ of a joint tenant, or (c) the grant of any leasehold interest ot~ tf~ree years or less not con- taining an option to purcha~, Borrow•er shall cause to be submitted information required by Lender to evaluate the transferee as if a new~ loan w~ere being made to the transferee. Borrow•er w~ill continue to be obligated under the Note and this Mortgage unless Lender releases Borcower in writing. If Lender, on the basis of any information obtained regarding the transferee, reasonably determines that Lender's security~ may be impairPd, or that there is an unacceptable likelihood of a breach of any covenant ~r agreement in this Mortgage, or if the required information is not submitted. 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 w•ith paragraph 12 hereof. Such notice shall pro~•ide a period of not less than 30 days from the i date the notice is mailed or delivered within w~hich Bonower may pay the sums declared due. If Borrow~er fails to pa}~ such sums prior to the expiration of such period, Lender may. w~ithout further notice or demand on Borrow•er, im~oke E an~• remedies permitted by paragraph 17 hereof. E NoN-UNIFORM COvENANTS_ Borrow~er and Lender further covenant and agree as follow~s: ; l7. Acceleration; Remedles. Ezcept as provided in paragrs?p6 16 hereof, upoa Borrower's breach of any~ co~~enant ~ or agreement of Borrower [n this Mortgage, tnclading the coveosnts to pay when dne nnv sums secured by this Mort- ' gage. Lender prior to acceleration s6a11 gi~e notice to Borrower as provided 1n paragraph 12 hereof specifj~ing: (1) t6e ~ breach; (2) the action required to cure suc6 breach; (3~ a date, oot less than 10 days from t6e date the notice is mailed to ~ Borrower, by which suc6 breach must be cured; and (4) that failure to cnre suc6 breach on or before the date specified in ~ the noticE mAy result [n accelersition of the sums secured by t6is Mortgage, foreclosure b~~ judicial proceeding, and sale ? of the Prooerty. The notice shall further inform Borrower of the right to reinstate after acceleration and the rig6t to ~ ; assert in the foreclosure proceeding the nonexistence of a default or any other defense of Sorrower to acceleration and foreclosure.If the breach is not cured on or before the date specified in the notice. Lender, at Lender's option, may~ ~ dectare all oithe sums secured by this Mortgage to be immedlatei7 due and pa3able wit6out further demand and may~ fi foreclose this Mortgage by judiciai proceeding. Lender shali be entitled to collect in such proceeding all expenses of ~ foreclosure, imluding. but not limited to. reaconable attornevs' fees~ court costs, and costs of documentary evidence. F abstracts and ti,le reports. - 18. Borrow~r's Right to Reinstate. N~ta~ithstanding Lender's acceleration of the sums secured b~~ this Mortgage due to Borraw~er'sbreach. Borrow•er shall ha~~e the right to have any proceedings begun by Lender to enforce this Mort- gage discontinued it am• time prior to entn• of a judgment enforcing this Mortgage if: (a) Borrow•er pa}~s Lender all sums uhich w~ould be tlr.n due under this Niortgage and the Note had no acceleration occ~rred; (b) Borrow•er cures all breaches of an}• othe co~~enants or agreements of Borrow~er contained in this Mortgage; (c) Bocrow•er pa}~s al! reasonable ~ expenses incurred by~_ender in enforcing the co~•enants and agreements of Borrow•er contained in this Mortgage, and in ~ enforcing Lxnder's renedies as provided in paragraph 17 hereof, including. but not limited to. reasonable attorne}~s' tees and court costs: ard (Q Borrow~er takes such action as Lender ma}~ reasonabl}~ require to assure that the lien of this E - Mortgage, [.ender's inteest in the Propert}• and Borrouer's obligation to pa}~ the sums secured b~~ this Mortgage shall t cont:nue unimpaired. Up~n such pa}~ment and cure b~• Borro~er, this Morigage and the obligations secured hereb}• ~ shall remain in full force ar~ effect as if no acceteration had occurred. ~ 19. Assignment of Rens; Appointment of Recei~er. As additional securit}• hereunder, Borrow~er hereb} assigns to ~ Lender the rents of the Proper~•, ~ro~~ided that BorroHer shall, prier to acceleration under paragraph 17 hereof vr aban- ~ donme~t of the Propert~•, na~~e he right tc~ collect and retain such rents as they become due and pa}•able. L e ~ ~~';K 46~ ~ ~~E ~ . R ~ ~ a ~i~g~^ . '~~q:.r".X"~~~` ~r~:3 ~ ~,~r.. ~~;r , a-y~~`rr ~ ~ ~ ~~y~'~'? ' .