Loading...
HomeMy WebLinkAbout0916 10, gncteuors a~ ~sst~as Bonad; Jolst ~d Serenl Lia~!!!~; Co-s~aer~. ":'he covenants and agrcements contained in~ thi~ Mortgage sball ~ind, and the ri~hta under this Matga~t shall inwe .o. the respective snccessors and assigns o! Lender and Borrower, subject to the provisions of Puagraph 1S of this MortgaQe. All pcoraiscs and agreerntnts of Borrower shail be jaint an~+ several. Any Borrower who co-signs this Murtgage. but doa noc sign the Agretr.?ent. (a) is co-sig,iing this Mortga~e, only to mortgage~ grant and convey that Borrow~r's interest in th, Property to Lender under the terms of this Mortga~e or to waive any marital rights in the Proptrty; (b) is not personully liabte on the Agrezment or u~aer this Mortgage; and (c) aarces that Lender and other Bonower hereunder may agree to extend. modify, forbear. or make any other accamm~dations with regard to the terms of this Mortgage or the Agramcnt without that Bonower's consent and rvithout releasing that Borrower or modifyine this Mortgage ss to that Borrower's intaest in the Property. 11. Nodce. Exapt for any notice required under applicabk law to be given ;n another manner, (a) notice to Borrower provid- od for in this Mortgage shall be givcn by delivering it or by mailing it by CertiCed I~iail addrased to Borrower at the Property Address or at any ather address as Borrc,wer may daignate by notice to I,~ndtr as pr~vided in this Mortgage. and (b) any notice to Lender shall bt given by Certified Mail. return receipt requ~sted. to Lender's addreu statad in this I~iortgage or to any other address as L~ndsr may d~ignate by notic~ to Borrower as providtd in this Mortgage. Any nodcr ~ovided for in this Mcrtgage shall be deemcd to have been given to Bonower or Lender when givrn in the mannar spocified in this Mortgage. 12, Governia~ I.aw; Sevenbility. The state and local laws appGcabk to this Mortgage shall be the laws of the jurisciiction ia which the Property is located. The forcgoing untence shall not limit the applirability of Federal law to this Mortgage. In the event that any provision or clause of thes Mortgage or the Agreement cenflict with appGcabk law, such oonflict « --n~--=-- shall not ai[eet other provisions oi titis iviorcgage or ine Agteemene wnicn cxn oe givr[i eucc:i ~viii~vu~ u~c wu,ucu,~ Nrv- vision and, ta this en~, the provisions o~ this Mortgage and the Ag~eement are declared to be severabte. As used 'u~ this Mortgage, "costs", "expenses" and "Attorney's fees" inctude all sur~s to tht eactent not prohibited by applicable law or limited in this Mortgage. 13. Borrowsr's Copy. Bonower shall be furnished a conformed copy af the Agrcement and :his Mortgage at the time of ex- ecution or after recordation hereof. 14. RebabilitaUo~ Loaa A~rcaaent. Borrower shall fulFtt all of Borrower's obligations under any home rehabilitation~ im- provement. repair, qr other loan 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 oonnection v~ith improvements made to Property. 1S. Traasfer of ihe Property; Assemptioa. If all or any part of the Property or an interest therein is sotd or transfencd by Borrower without Lenda's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Security Instrument which does not relate to a transfer of rights of oecupar?cy in the property; (b) tht creation of a pur- chase money security interest for househotd app~iances; (c) a transfer by devise. dacent or by operation of law upon the death of a joint tenant or tenant by the entir~ty; (d) the grant of any leasehold interest of three years or Eess not containing an Qption to purchase; (e) a transfec, in which the transferee is a person who occupies or wiq occupy the property, which is: (A) a vansfer to a relative resuhing from Borrower's drath; (H) a vansfer whae Borrower's spouss or chi;d(ren~ bocomes an owner of the property; or (C) a transfer resulting from a decree of dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement by which Borrawer's spouse becomes an owner of the property; or a transfer into an inter vivos trust in~which Borrower is and remains the bene~ciary and occupant of ~e property, unless, as a condition precedent to such uans~er. Bonower refuses to provide Lender with reasonable means acceptable to it by which it will be assured of timely notice of any subsequent transfer of the bene~cial interest or change in occupan- f cy. I.ender may, at Lender's option, declare all the sums secured by this Security Instrument to be immediate[y due and ; payable. r !f Lender exercises such option to ar.celerate, Lender shall mail Bonower notice of acceleration in a~ordance with paragraph 11 hercof. Such notice shall provide a period of not las than 30 days from the date the notice is mailed within which Borrower may pay the sums deciared due. If Borrower fails to pay such sums prior tc+ the expiration of such period, Lende* may, without further notice or demand on Borrower, invoke any remec3~~ permitted by paragraph 1~ hereof. Lender may consent to a sale or transfer if: {1) Boi-rower causes to be submitted to Lender information required by Lendtr to evaluate the transf~eree as if a new loan were being made to the transferee; (2) Lender reasonably determines that L.ender's security will not be impaired and that the risk of a breach of any covenant or agreement in this Security Instrument i~ acceptable; (3) interest will be payable on the sums secured by this Security Instrument at a rate acceptable to ircnder; (4) changes in the terms of the Agreement and Note and this Mcrtgage required by Lender are made. including, for exam- ple~ pcriodic adjustm~nt in the interest rate~ a different final payment date for the loan, and addition of unpsid intertst to prinripal; and (S) the trar.sferee signs an assumption agreement that is aoceptable to Lender and that obligates the transferce to keep all the promises and agreements made in the Agraement and Note and in this Mortgago, if required by Lender. To the extent prrmitted by appGcable law, Lender also may charge a reasonable fee as a condition to Lender's consent ~ to any sale or transfer. ' i Bonower will continue to be obGgated under the Agreement and Note and chis M~rtgage unless Lender releases Borrower ; in writing. . _ 16. Aa.ti;ament oi Rents; Appointmsnt oi Receiver. As additional security hereunder, Bonov?~er hereby assigns to Lender Q,o the reiits of the Property, provided that Borrower shall, prior to acceleratior. Lnder psragraph 17 hereof or abandonment ~ ~n of the Property, have the right to collect ar~d retain such rents as they become due and ~ayable. ~ ~ ~ Upon acceleration under paragraph 17 hereof or after abandonment of the Property, Lender, shatl be e~titied to have ~ a receivcr aQpointed by a court to enter upon, cake possession of and manage the Property and to collect the rents of i the Property uecluding those past due. All rent~ collected ~y the recriver sha:l be applied first to payment of the costs ~ of management of the Property and collection of ~ents. including, but not limitod to, receivar's fees~ premiums on receiver's ~ bonds and reasonable attorr.ey's fees. and then tc+ che sun;s securcd by this Mortgage. 'The rec~iver shall be liable to ac- ~ couat aaly for those rrnts actually receivai. - ~7. Accdeiratio+t;+Remedies. Fsxeept as Provjded in Paragraph 1 S hereof, u~ on Bonower's breach of any covenant or agree- ment n~$~iaw?~ i~ ihis Mor:ga8e. includir.g the covenants to pay wh:n ~!~ie any sums secured by th:s Mortgage, L.ender prior to a,~oderaiion shall give notic~ to~[~~ver as provided in paragreph :1 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3)"~ ~ate, not less than IO duys ~rom th= date the notice is mailed to Bonower, hy which such breach must be cured; and (4) that faiiure to cure such breach on or before the date speciiied in the notice ezsoedaaaze. p or ~own~ _ - _ . ~ - .