HomeMy WebLinkAbout0951 10. Boctower Not Released: Fotbearance By Lender No~ a Walver. Extension of the time tor payment or
modi~ication of amortization ot ~he sums secur¢d by this Mortgage granted by Lende~ to any successor in inte~est of
Bonower shall not operate to release, in any manner, the liability of the original Borrowe~ and Borrower's successors
in interest. Lender shal! not be required to commence proceedings against such successor or ~efuse to extend time (or
payment or othetwise modify amortization of the sums secured by this Mortgage by reason of any demand made by
the original Sorrowe~ and Borrower s successon in interest. Any forbearance by Lende~ in exercising any right or
remedy h¢reunder, or otherwise afforded by applicabie (aw, shall not be a waiver of o* preclude the exercise of any
such right or remedy.
11. Suecessors and Assigas Bound; Jolnt aad Several l.iability: Casigners. The covenants and agree-
ments herein contained shall bind, and the rights hereunder shall inure to, the resp¢ctive successors and assigns of
Lender and Bocrowe~, subject to th¢ provisions of paragroph 16 hereof. All covenants and agreements of Borrower
shall be joint and several Any Bo:tower who casigns this Mortgage, but does not ex¢cute the Note. (a) is co•signing
this Mortgage only to mo~tgag¢, grant and canvey that Borrower s interest in the Property to Lender under the terms of
this Mortgaqe, (b) is not personaily liable on the Note or under this Mortgage, and (c) agrees that Lender and any other
Borrower hereunder may agree to extend, modify, Eorbear, or make any other accommodations with regard to the
terms of this Mortgage or the Note without that Bonower s consent and without releasing that Borrower or moditying
this Mortgage as to that Borrower s inter¢st in the Property.
12. Notlce. Except for any norice required unde~ applicable taw to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shalt be given by deltvering it or by maifing such notice :.~~ified mail '
addr~ssed to Boirower at the Property Address or at such other address as Bonrower may design~ te by notice to Len• -
deras provided herein, and (b) any notice to Lend¢rshall be given by certified mail to Lender s address stated he~ein or ~
to such other address as Lender may d¢signate by notice to Borrower as provid¢d herein. Any notice provided for in
this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designat¢d
herein.
13. Governing Law; Severabillty. The state and tocai laws applicable to this Mortgage shall be tt~ laws of the
jurisdiction in which the Property is iocated. The foregoing sentence shall not limit the applicabiliry of Federal law to :
this Mortgage. in the event that any provis~on or clause of thls Mortgage or the Note conflicts with appticable law, such _
conflict shall not affect other provisions of th~s Mortgage or the Note which can be given eHect without the conflicting
provision, and to this end the provistons of this Mortgage and the Note are declared to be severabt¢. As used herein,
"costs", "e~cpenses' and "attomeys' fees' includ¢ aq sums to the ext¢nt not prohibited by appltc,~ble laty or lirnited
herein. -
14. Boaower's Copy. Borrower shali be furnished a conformed copy of the Note and of this Mortgage at th~
time of execution or after recordation hereof. 3'
I5. Rehabtlitatlon Loan Agseement Borrower shall fulfiil all oi Borrower s ob!igations under any home
rehabilitation, improvement, repair, orotherloan agreement which Bortower enters into with Lender. Lender, at Len•
der s option, rnay require Borrow¢: to ex¢cute and deliv¢r to Lender, in a form acc¢ptable to Lender, an assignment of
any rights, claims or defenses which Borrower may have against parties who supply tabor, materials or sen:ices in con•
nection with improvements made to th¢ Property.
16. Transfer of the Rtoperty. lf Borrower sells or transfers a!1 or any part of the Property or an interest therein,
excluding (a) the creation of a liert orencumbrance subordinate to this Mortgage, (b) a transfer by devise, descent, or by '
operation of !aw upon the death of a joint tenant, or (c) the grant of any leasehold interest of three years or less not con-
taining an option to purchase. Borrower shall cause to be submitted information required by Lender to evaluate the _
transf¢r¢e as if a new loan w¢re being made to the transfere¢. Borrower wilt continue to be obiigated under the Note ;
and this Mortgage unles~ Lender releases Bo~rrower in wriring.
If Lender, on the basis of any information obtained regarding the transferee, reasonably determines that Lender s ~
security may be impair¢d, or that there is an unacceptable likeljhood of a breach of any covenant or agreement in this ~
Mortgag¢, or if the required information is not submitt¢d, Lender may declare all af the sums secured by this Mortgage ~
to be immediately du¢ and payable. lf Lender exercises such option to accelerat¢, Lender shall mail Borrower notice of f
acceleration in accordance with paragraph 12 her¢of. Such notice shall provide a p¢riod of not tess than 30 days from
the date the notice is mailed or delivered within which Bonower may pay the sums declared due. !f Borrower fails to
pay such sums prior to the expiration of such pe~iod, ~end¢r may, without further notice or demand on Bonower. '
invoke any rem¢dies pertnitted by paragraph 17 hereof.
NoN•UH~FO~ut Cov~xarrrs. Borrower and Lender further covenant and agree as follows:
17. Acceleratloa; Remedies. Except as provtded in paragraph 1 G hereo~ upon Borrower's breach of
any covenant oe agreement of Barrower in this Mortgage. iactud~ng tl~e covenants to pay when due any
: suins secured by this Mortgage. Lender pdorto acceleratlon shall gtve notlce to Borrower as provided in
f paragraph 12 hereof specltyin~ (1) the breach; (Z) the ~ctlon requlred to cure suc6 breach: (3) a date, not
€ less than 10 days kom the date and notlce is ~nailed to Borrower. by which such breach must be cured;
~ and (4) that faUure to cure sach breacb an or before the dste speciH¢d in the notlce may result in
{ aceeleratlon of ttre sums secured by this Mortgage, foreclosure by judicial proceeding. and sale of the
~ Pra~esty. The notlce shall further infona Borsower of Lhe right to reinstate ah¢r acceleratlon and the
right ta as~ert ln the foreclasure proce~dtng the nobexistence of a default or any other defense of
Bonower to acceleradon and forectosure. lf the breach !s nat cs~red on or before the date speciHed ln the
notlce, Lender. at L.ende~s optlon. u~ay declare alI of the sums secured by thls Mortgage to b¢ lmmedi-
~ ately due and payable without further demand and uiay forec2ose tbi~ Mottgage by jud~cial proceeding.
~ Lende~ shall be enttded to co!lect tn such proceeding aU expenses of foreclosure, including, but not
limited to, :easonable attorneys' fees, court casts. of documentary evidence. abstracts and title
reports.
18. Bortowei s Right to Reinstate. Notwithstanding Lender s aceeleration of the sums secured by this
Mortgage due to Bonowei s breach, Bonower shali have the right to have any proceedings begun by Lender to .
enforce this Mortg~ge discontinued at any time prior to entry of a judgment enforcing this Mortgage if: ~a) Borrawer
; pays Lender all sums which would b¢ then due under this Mortgag¢ and the Note had no acceleration occurred: (b)
~ Borrow¢r cures al) breaches of any other covenants or agreements of Borrower contained in this Mo~tgage: (c)
Borrower pays a!1 reasonable expenses incucred by Lender in enforcing the covenants and agreements of Borrower
contained in this Mortgage, and in enforcing Lend¢r's remedies as provided in paragraph 17 hereof, including, but not
limited to, reasonable attomeys fess and court costs, and (d) Borrower takes such action as Lender may reasonably
require to assure that the lien of this Mortgage, Lende~'s interest in the Property and Borrowei s obligation to pay the
sums s~cured by this Mortga e shail continue unimpaired. Upon such payment and cure by Borrower, this Mortgage
and the obligations secured~ereby shall remain in fu1! force and effect as if no acceleration had occured.
19. Asaignment of Renb; Agpointaaent of Recefver. As additional securiry hereunder, Borrower hereby
assigns to Lender the rents of th¢ Property, provided that Borrower shali, prior to acceleration under paragraph 17
: h¢reof or abandonment of the Properry, t~Qtt~~~t tp~~p{l~~ ~n~retain such rents as th¢y become due a~d
` payable. ~ r' ilt t,1
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