HomeMy WebLinkAbout0967 10. Borro~ver Not Rele~~cd; Forbeus,nce By Leader Not a R?aivcr. E:ten~ion of the time for psymcnt or
modific~tion of amortiz~tion of the ~um~ ~ecured by thi~ Mor~~~e ~rantcd by Lender to ~ny ~ucce~~or in intere~t of
Borro~cr ~hall not opente to rele~~e, in any msnner, the li~bilityof the ori~inal BorroMer ~nd Borrower ~~ucce~~or~ in
intere~4 Lender ~hsll not be requ'ved to commence proceedin~~ ~~ain~t ~uch ~ucceuor or rofu~e to e:tsnd time for
p~yment or othen?i~e mod'Jy amortization of the ~um~ ~ecured by thi~ Mort~a~e by teuoa otany demand m~de by the
orieinal Borro.ver and Borro.ver ~ succe~eon in intsre~~ My torbe~rsnce by Lender in e:erci~int any ri~ht or remedy
hereunder, or otherwi~e afforded by applic~ble laa, ~hall not be ~ w~uver otor preclude the e:ercue of any ~uch rieht or
remedy.
11. Succe~~o» ~nd A~~i~n~ Bound; Joint and Several I.labllity; Co-~l~ners. The covenanb and ~eree-
ments herein contained ~heU bind, and the ri~hta heteundcr ~hall inure to, the re~pective ~uccc~eor~ and ~~~igne oi
Lender and Borrower, ~ubject w the provisione of par~eraph 16 hereof. All covenant~ and a6reementa of Borro.ver
shall br joint and eeverel My Borrower who co-eiene tltie Mort;sQe, but does not e:ecute the Note, i~ co-~i~ning
tAia Mortgsge only to mort;age, grnnt and convey thst Borrowe~ ~ intere~t in the Property to l.ender under the ttrm~ of
this Mortgege, (b) ie not pereonaliy liable on the Nots or undar thie Mort{sge, ~nd (c) ~gree~ that Lender and any other
Borrower hereunder may ~gree W e:und, modify, forbear, or make any other accommod~tions w~ith regard to the terms
of thia MortQege or the Note without that Borrower ~ coneent snd aithout relea~ing thst Borrower or modifyinQ thie
Mortgage es to thet Borrower'e intere~t in the Property.
12. Notiee. E:cept tor any notice required under applicable law to be given in ~nother menner, (s) Rr?y notice to
Borrower provided for in this Mortgage ~1~n11 be ~iven by delivering it or by mailin~ ~uch notice by certified mail
addreaeed to Borrower at the Property Addreee or ~t ~uch other addreee ae Borrower mey de~ignste by notice w
Lender ae provided herein, nnd (b) any notice to Lender ~hall be Qiven by certihed mail to Lendei s~ddre~e ~tated
herein or to such other eddrea6 ss L.ender may deeignete bynotice to Borrower as pmvided herein My notice provided
for in thie Morigage ehell be deemed to heve been Qiven to Borrower or Lender when given in the mnnner deeigneted
herein
13. GoverninQ I.a~v; SeveraDility. The ~tate and local lews applic~ble w this Mortgege ehnll be the l~we of the
juriadiction in which the Property is loceted. The foregoing aentence sheU not limit the applicebiGty of Federal lew to
this Mortgage. in the event that any provi~ion or cl~uee of thieMortgege or the Nott rnnfiicta with appliceble lew, euch
conflict e1:~ll not affect other pmvieiona of this Mortgege or the Note avhich cen be givcn effect without the conilicting
pro~ieion, and to thie end the provisions of thie Mort;age end the Note are declared W be ~eversble. Ai ueed herein,
"coets". "e:penaee" and "attorneys' feee" include all ~ums to the esttnt not prohibited by epplicsble law or timited
herein.
24. Aorrower's Copy. Borrov~e: ahaU be furniahed a con}ormed copy of the Note and of tAis Mortgage et the time
of e:ecution or after recordetion hereof.
1L. ~tehabilitation Loan A~reemeaG Borrower ehe11 fult?ll atl of Borrower a obligetione under any home
rehebi2itetion, improvement, repnir, or other loen agreement ~vhich Borrower enters into with Lender. Lender, at
I.ender'e option, mey require Borrower to e:ecute and deliver to Lender, in a form acceptable to Lender, en
essignment of nny rights, cleims or defenees ahich Borrower may have egainet partie` who ~upply labor, materiale or
eervices in connection with improvements mede to the Property.
16. 'I~4n~ter of the Property. If Borrower eelle or tranefera all or any pnrt of the Property or an intereat therein.
e:cluding (a) the creation of a lien or encumbrance ~ubordinete to this Mortgege, (b) a traneter by deviee, deecent, or by
operation ot Inw upon the death of e joint tennnt, or (c) the grant of ~ny leaeehold intereet of three year6 or leas not
containing an option to purchaae. Borrower ehell cauae w be aubmitted iniormstion required by Lender to evaluate the
trensferee as if e new loen aere being mede to the trsnaferee. Borrower will continue to be obligeted under the Note and
this Mortgage unleas Lender releaeea Borrower in writing_
1f Lender, on the beeis of any information obtained regarding the traneferee, reaaonably determines thet Lender's
aecurity may be impaired, or thst there ie an uneccepteble li]celihood of e breach of any covensnt or agreement in this
I Mortgege, or if the requ'ved informetion is not eubmitted, I.ender may declare all bf the eums aecured by this Mortgege
to be immediately due and payable. If Lender e:ercises auch option to ~ccelerate, Lender ehell mnil Borrower notice of S
acceleration in eccordance with paregreph 12 hereof. Such notice shell provide s period ot not leae thnn 30 daya from
the date the notice is mniled or deiivered within which Borrower msy pay the sums declared due. U Borrower faile to
pey auch sums prior to the e:piretion of auch periad, I.ender may, without further nodce or demnnd on Borrower, I
invoke any remediea permitted by paregraph 17 hereof.
No~-L'~nFORM Co~ enM~rs. Borrower and I.ender further covennnt snd agree as follo~+e:
17. Acceleretion; Remedies. Ezcept u provided in para~raph 18 hereo~ upon Borrowe~'~ breach ot
any covenant or agreement ot Borrower in this Mort~a~e. includinQ the covena~t~ to psy When due any
•ums ~ecured by this Mortgage. Lender prior to acceleratlon shal! ~ive not~ce to Borrower as provided in
paraeraph 12 6ereof ~pecifying: (1) the breac~ (2) tbe action nquind !o cure ~ucb breach; (9) a date~ not
le~s t6an 10 days hom tLe date and notice 1~ malled to Borro~ver~ by ~vhich such breacb must be cured; and
(4) t~at fdlure to cure sucb breach on or betore the date ~peciRed in tbe notice may result in acceleration of
ibe ~um~ ~ecured by thls Mort~age. foreclosure by judicl~l proceedln~, and s~1e ottbe Property. The notice
sball further inform Borrower of the e3Qbt to reinstate atter acceleratlon and tbe ri~bt to assert in the
foreclosure proceedin~ the aonezi~tence ota de[sult or any ot6er defea~e ot8orrower to accelention and
foreclo~ure. It the breacb i~ not cured on or batore t6e date specitfed in t6e notice~ I.ender~ at Lender'~
option, mny declare all ot tbe ~um~ ~ecured by t6i~ Mort~s~e to be [mmedi~ttly due and payable without
turther demand and may foreclose thi~ Mortrsge by Judlclal proceedin~. Lender ~ball be entltled to collect
in ~uch proceedfng all e:penses ot toreclosun, including, but not limited to~ reasonoble attoraey~' feew
court costs, and cost o! documentary evidence, abstracti and title report~.
.18. Borrower'~ Right to Reinstate. Notwithstendin6 Lendei s scceleration of the eums decured by this
Mortgage due to Borrower's breach, Borrower 6ha11 have the right to heve any proceedings begun by Lender to enforce
this Mortgege discontinued et any time prior to entry of a judgment enforcing thie Mortgege if: (e) Borrower peys
L.ender all sums which w~ou)d be then dut under this Mortgege end the Note had no acceleration occurred: (b) Borrower
cures all breeches of any otfier covenanu or agreementa olBorrowtr contained in this Mortgage; (c) Borroatr pay6 all
reesoneble e:penses incurred by Lendrr in tnforcing the covenents and agrcements of Borroa~er conteined in this
Mortgege, nnd in enforcing Lender's remediea as provided in paregreph hereof, including, but not limited to.
reasoneble attorneys' tees end court costs: and (d) Borroaer tekea such ection ss Lender mey reasonebly requ've to
aesure that the Gen of this Mortgage, Lender's intere6t in the Property and Borroaer'e obligetion to pay the eums
eecured by this:~tortgage shall continue unimpaired. Upon euch peyment snd cure by Borrower, this Mortgsge snd the
obligetions eecured hereby ehnll remein in full force and effect as J no acceleration hed occured.
19. A~eignment of Rent~; Appointment ot Receiver. Ae sdditional aecurity hereunder, Borrower hereby
~asigne to Lender the renta of the Property, providetl tbet Bort~wver ~hall, prior to ~cceler~tion undu pua~raph 17
hereof or abandonrnent of the Property, heve the riaht to collect and ntain ~uch renta ae they become due snd
peyable.
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