HomeMy WebLinkAbout0989 • 10. Dorrower Not Released: Forb~araace 8y Iwader Not ~ W~1v~r. E:t~~~ian of the tim~ tor payment or
modific~t3on of amortiation af t,bs ~um~ Ncursd by ehis Mort~~~~ pyr?Led by I.~nd~r to any ~ucc~~~or ta itit~rt~t ot
BorroMer ~hall not o~nte W rele~~e, tn ~qy m~r?n~r, the lubUltyof th+ ori~inv BorroM~r ~nd Horrower'~ ~ucc~a~on in
inters~t Ltnd~r ~hall not be rsquirtd to commenc~ procttdL~~ a~atn~t wch ~ucct~wr or refu~c w~:t~nd time ior
paymsnt or oth~t~ri~e modUy amortis~tion ot th~ ~um~ kcuerd by tht~ Mortsa~~ by nason oiany d+ia~nd m~d~ by the
} ori~inal Borro~er and BorroM~r'~ ~ucce~~on in lnten~~ My torb~wnce by I,~nd~r in es~r~iria~ any ri~ht or »m~dy
' henunder, or othenvi~e afforded by appltcabl~ laM, ~ball not M~ wJv+r otor pnclude tb~ ~s~re4~ of any ~uch d~ht or
remedy. . • , . ~ ,
li. 8ucea~wn ~ad A~~i~n~ Bouad; doiot.aad Several I.labtllty; Co-~irn~rs. T!» cov~nank add uree-
ment~ her~in contained ~haU bind, and the riihb her~uadtr ~hhall inure to~ tbe r~~pactive suca~so» and aai~ru of
Lend~r and Borroper, ~ubject w the provisions of pan~r+ph 18 A~nof. A11 cov~nanta snd a~resme~a of Borrower
shall be joint and ~evenl My BorroMSr ~rlw co-ai~n~ thia MorKKt~ but dos~ Aot ~s~cute th~ Note. u co-~isnin`
this Mortq~ee only to mort~a~e, ~rant and conv~ythat BorroMer'~ int~rt~t iA tht Prop~rtyto Iwader undecthe t~rm~ of
thi~ Mort;a`e, (b) i~ not penonally Il~ble on t~Ae Note or uadtr t2~t~ Mor~~=e, and (c) ~~»e~ thrt Leader and any other
Borro~er hereundtr m~y a~ree w e:tand~ modity, lorb~ar, or malce any other ~ccommod~tions ~rith re~ard to the t~rmt ~
o! thu Morti~~e or the Nots ~vtthout th~t Botrower'~ con~~nt and aithout n1e~~In~ that Borro~rsr or modifyin~ thi~
Mort;e~e a~ to that BorroMer'e intere~t in tbe Property.
12. 'Notice. E:cept tor ~ny notice raquved under ~ppUc~ble laa to be pven tn another maru~er. any notice to
Borro~er pmvided for in this Mort~a~e sh~ll be pven by deliverin~ it or by mailtn~ ~uc6 twtice by cartif ed mail
addrea~ed to BorroMer ~t the Property Addre~~ or ~t ~uch other ~ddrs~~ u Born,Mer may de~i~ute by notire to
Lender a~ provided herein. and (b) aay notice W Iwnder ~hall be ~iven by certlH~d matl to Ltnder'~ addreta ~tated
herein or to euch otheraddre~~ as Lenderm~y de~i~n~te bynotIcs to Borro~aru provided henin. Anynotice provided
tor ia thia Mort~age shaU be deemed ta h~ve bsen ~iven W BorroMer or Lender M6ea ~iven in the m~euur de~i~ruted
herein.
13. Goveratn~ I.aw; SevsrabUity. Tbe st~te and IocallaMS ~pplicible to thi~ Mort~~~e ~haU be tbe law+a of the
juriadiction in which the Propecty i:loc~ted. The fore`oln~ eentcnce ~h~U not limit the ~pplic~bility oi Federal la~ to
thi~ Mortiege. Ia the svent that ~ny provi~ian or el~use oi thi~Morqa~e or tbe Note conilicb wdth ~ppUc~ble law. such
conitict ~hall not ~itect other provi~iona of thi~ Mort;a~e or the Note Mhich can be pven eftect ~vithout tha confUctin~
pmvi~ion, Rnd w thii end the provi~ioru oi thi~ Morya~e aAd th~ Note ve declared to De uvtnble. M uted harein,
"co~ts". "espen~ei' and "~ttornsyi' fee~" include ~11 ~uma to the estsnt not prohibited by ~pplicable laM or limited
btrein.
14. Borro~ver'~ Copy. Bonower ~hall be furnished a conformed copy of ttu Note and of this Mort~~~e ~t the time
of eserution or Jter record~don hereof. ~
16. IteD~bilitatlon Loaa A~ree~ent Borrower shall fulfill all oi Horro~ver'~ obli~~tion~ under any bome
reh~bilitaaon, improvement, repair~ or other losn a~reement ~+hich BorroMer enters into ~vith Lendcr. I.endsr. ~t
Lender a option, may requirs BorroMer to esecute ~nd deliver to I.~nder, in a torm ~cceptsble to Iwnder. an
a~signment of any riQhts. claira~ or defen~ea ~vhich Borrower m~y h~ve a`wut parties Mho supply l~bor. m~terials or -
~ervices in conneetion w~ith impmvementa m~de to the Property.
16. 'tyran~ter of the Property. Ii Borro~rer seUs or wnrfen ~11 or ~ny p~rt of the Property or an intere~t therein.
e:cluding (a) the creation ot~ lien or encumbrwce ~ubordinats tothi~ Mort{a~e, (b) ~ tran~fer by devi~e, descen~ or by
operation of law upon the dtath of a joint tenant, or (c) the ~tant oi any leuehold intereae of thne yeua or leu not
containin~ an option to purchase. Borro~rer ~h~ll c~use to be ~ubmitted inform~tion required by Leader to ev~lu~te the r
traneferee aa if a new loan ~ero being made to the tnniferee. Borrower will contir?ue to be obli~sted under the Note and
this Mort~age unless Lender nlea~~s Borroper u? ~vritina.
If L.ender~ on the b~~i~ of any information obtained re~ardin~ the tranderee~ reasonably determines that Leader'a
security m~y be impaired, or that there i~ an unacceptable likelihood of a breach of any covenant or aereement In thia
i Mort~aae, or Jthe requ'ved informstion is not ~ubmitted. I.snderm~y declare all of the ~um~ ~ecurcd by thi~ Mor~a~e
to be immedistely due and payable. if I.ender e:ercues ~ucb option to accelente. Lendar ahsU mail Borropernotice of
acceleration in accordance aith pareQraph 12 hereoL Such aotice thall provide ~ period of not lees th~n 30 days irom
the date the notice is mailed or delivered wnthin Mhich Borroper m~y p~y the sums decluad due. U Borroper faib to .
psy iuch ~ums prior to the espirstion of such period, Lender may. ~vithout fur~her notice or dem~d on Borevw~er.
invoke any remedies permitted by paraataph 1? hereof.
NoN•Ut~nsoa?~ Cov~N~rrrs. Borro~er and Leader further oovenant and ~rse u toUoMa:
17. Acceleration; Remedles. E:cept u provided in puatr~pD 16 Deno~ upon Borrowet'~ breach oi
any covenant or arreem~nt of Borrower fn thi~ Mort~ate~ iacludia~ the covenaats to pay when due aay
~ums secured by thls Most~a~e. Lender prior to accelentlon ~hdl ~ive nodce to Borro~ver u provided in 1
para~raph 22 bereot specit~+in~: (1) the breach; (2) tbe ~ction requirsd to cure snc~ breach; (9) ~ d~t~ not
le~s tsan 10 day~ lrom tbe date and notke L malied to Borrowes. by whicb such br~,acL mu~t be cured; and
(4) that failun to cnre wc6 breacb oa er beton the date spscised !n tl~e oodce may result ta ~cceleradon of
tbe sums secnsed by t~~ Mortsa=a ~oteclosure byiudictsl pracesdin~. ~nd sa2e of t~e Property. Tbe notlce
~ball [tirtber inforao Borrower ot tbe rt~ht to rein~tate atter accaleratton and the ri=ht to usert In the
fonclosure proceedin~ tbe aonezi~tence ot a detault or aoy otber defense af Borrower to accelention aed
toreclosure. U the breach b not cured oa or before tbe date ~pecttled in tbe notiaa Lander~ at LeAder'•
option. may declare all of t6e sum~ ~ecured by this Mort~a~e to be immediately due and payable without
!tu ther demaad aad may foreclose thi~ Mort~a~e by~udicial proceedtn~. Lender sb~U be ent[tlsd W collect
in ~ucb proceedin~ a11 ezpenses ot tonclosure. ineludin~, but not ilmfted to, reasonable attorneys' tees.
~ court cost~, and co~t otdocumentary evidenc~, ah~traca and dtle report~.
...18. Borrowrer'~ Ai~bt to Relrstate. Notw+ithstendin~ Lender'~ ~ccaleration of thc sum~ secured by thia
Mortgage due to Borrower's breach. BorroMer ~hall have the ri~ht to h~ve any proeeedin~s he~un by Lender to enforce
this Mortgage discontinued et any time prior to entry of ~ jud~ment entorcing this Mort~age if: Borro~ver paye
I.ender all sums ~hich w~vuld be thea due nnder this Mortg~~e and the Note had no ~cceleration occurred; (b) Borrow~er
curec ~U breschcs otaay other covena:sts or a~reements of Borro~er contained in this Mort~a~e; (c) BorroMer pay~ all
reaaonable e:pcnse~ incurred by Lender ia eniorcin~ the covenanb and a~reements ot Borroaer contained in this
Mort;age, ~nd in enforcin; Lender s rcmedier u provided in pu~~npfi 19 bcreof. includin~, but not limited to~
rea~onable attorneys' feca and court co~ts; ar~d (d) Borrower akes ~uch ~ction aa I.ender mey re~~onsbly nquire to .
•~sure that the lien of this Mort.~e~e. Lender s intsreat in the Property ~nd Borro~rer ~ obli`~tion to psy the ~um~
~ecured by thia Mort~e~e shaU continue unimpaired Upon auch p~yment and cure by Borro~er, thit Mort;a~e wd the
obU~ation: aecured hereby shall neoain ir~ tull lorce and sftect a~ U no ~cccleratioa bad accured
19. A!/I~IfDlCfll Of RlALf~ Appointmeat oi Receiver. M•dditional security hEreunder. Borrorvcr hereby
•ssi~n~ to Lender the rents oi the Property. provid~d t~t Boirower st~all. Prior =o acctleration ureda para~nPh 17
hereof or abandonment of the Property, have ths ri~ht to coUect and ntain ~uch tents they become due and ~
payable.
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