HomeMy WebLinkAbout0994 10. Borrower Not Releued; Forb~as~?nce By I.~ndtr Not ~ W~lvtr. Estin~ion o! the tim~ for p~yment or
modlficatio~ of amorti=~tion of tht ~um~ s~cu»d Dy tht~ Morts~~t ~t~d by I.~4dec t~o~ ~hy ~ucc~~wr in iat~n~t of
. Borm~er ~hall not oper~ts to rolsa~e, in aay m~nn~t, the lubtlity of tAe ori
jin~1 Borro~~~ ~ri~ Borro~tr'~ ~ucc~~~ora in
~ int~er~~~ I.tnd~r ~hall not M»quired w comm~ncf procf~dtas~ t~aisut such succ~swr or r~fuse to ~:tand ttme tor ~
paya~ent or at~~nvi~e modUy amorti:ation oi th~ tumi ~scur~d by tht~ Mor~~~~ by rrawn oi any d~mand m~d~ by the ~
ori~itul Borrower and BorroMer's wcct~son in int~n~t My forb~~rnnce by I.snd~r tn ~:~rci~iu~ any ri~ht br r~m~dy <
berounder~ or other~ri~c aiforded by ~pp4c~bl~ 1~M, ~hall not b~ ~ w~iv~r of or preclude t~s ~:~rcia~ of any such ri~ht or
remedy.
ll. 8uccesw» and As~i~• Bouad; Joiat ~d Sewral I.i~bility; Co-al~aers.'I'hs covenanta at~d ~stee-
menta h~roin conuined ~luU bind, ~nd the ti~hta hereunder ~hal! inure to, ths re~pective ~ucce~~on and ~~at~n~ of `
Lender and BorroMer, ~ubject to t?ie pmviaion~ ot pu~jr~Dh 18 h~»of. All cov~nanb and a~emen4 ot Botrower ~
ahall be joint u?d ~event My BorroMer ~rho co-dpu thi~ Mor~a~e~ but dws not f:~cute the Note. i~ co-~i~nine ~
thi~ Mort~~~e only w mort~a~e, ~rant u?d convey that BorroKer'~ int~r+~~t in the Property W Ltnder undsr the t+rw~ oi
tbis Mort;a~e, (b) i~ not penonally li~ble on the Not~ or wnd~r tlil~ Mort~~`e~ and (c) a~ree~ that I,ender and any other
Borrower hereunder m~y a~ret to e:tend, modiYy. lorbeu~ ormaks any other ~ccommod~tions ~vith re~~rd W tht t~rm~
of ehu Mort;~~e or tbe Note aithout that Borrower'~ con~ent and aithout r~le~~in~ that BorroMer or modifyin` thi•
Mortga~e as to that Borrower ~ intete~t in the Property.
12. Notice. Escept tor any notice required under ~pplic~~le I~w to be ~iven in ~nother m~nner, any notice to
Borro~er provided for in thi~ Morte~~c shall be pven by deGverin~ it or by mailint euch notics by ce~ed mail :
addreued to Borro~er at the Property A~dre~s or ~t ~uch other ~ddre~~ u Borro~er m~y de~itnate by notice co
Lender a~ provided henin. and (b) any notire to Lender ~hnll be ~iven by csrtiRed mail to Lender's addrea~ ~t~ted #
heroin or to such othrraddres~ aa I.ender may desiRn~te by noticc to Borrowsr u provided herein. Mynotice provided
!or in this Mort~age ~hsll be dcemed to h~ve been ~iven to Borro~ver or Lender ~vhen ~ivan in the manner de~ijnated
herein
13. Goveraiar I.~w; Severabtlity. The ~ute and tocel ta~+~ applic~ble to ihit Mor~a~e ahall be tbe l~+vs oi the
jurisdiction in which the Property is loc~ted. The fore~oin~ aentence ah~U not limit the ~pplic~bility oi Fedcrv law to
thi~ Mort;age. In the event th~t any provision or cl~use of thitMork~~e ot tbs Note coniticta w~itb applicable law, ~uch
conflict ahill not affect other provi~ions of thi~ Mort;a`e or tl~e Note Mhich c~n be ~ivsn effect writhout the coniUctinQ
pmvi~ion, and w thi~ end the provi~ions oi thi~ Mo~ate wd tbe Note are declued to bs sevenble. A~ u~ed berrin,
.
•"costs"~ "espen~es' and "~ttorney~' lee~" include ~11 ~um~ to the ertent not pmhibited by applicable la~v or limited
herein.
14. Borrower'r Copy. Borroaer shall bs furniihed a conformed copy of the Note ~nd of this Mortea~e at the time
of e:ecuaon or after nrord~tion hereof. '
lb. RsbabilitaUoA Loan A~reement Borro~rer ~hall fulfiU all of Borro~ei ~ obli~stions under any home ~
nl~ebilitati~n, impmvement, rrpa'v, or other lo~n a~reement phich Borrower enten inW ~vith Lender. I.ender, at ~
I.ender's option. may nquire Borro~er to e:ecute and deGver to Lender, in ~ form accepuble to 1.~nder, ~n =
a~signmen: of any riehta, clsims or defensea phich BorroMer may bave a`ainit puties Mho supply l~bor. materiv~ or ~
•ervices in conntction ait?t improvcmenta m~de W tbe Pmperty.
18. Traa~ter o! tbe Psoperty. Ii Borrower sells or tnn~fers all or ~r?y part of the Property or an intereat tberein,
e:cludin~ (a) the cnstion of ~ lien or encumbrance subordinate to this Mort~a~e, (b) a trat~~fer by devise, detcen~ ot by
operation o! l~w upon the dath of ~ joint tenaant, or (c) the arant of any leasthoJd intere~t of thne yeut or les~ rwt
con4ining en option w purcbase, BorroWer shalt c~use to be aubmitted iniormstion requirsd by Lender to evalu~te the
tranaferee ~e if s new toan Mere bsin~ made to the tran~feree. Borrower w~iB continue to bs obli~sud under the Note and
thia Mort;~ge unless Lender releasea Borrawer in aritin~.
ItLender. on the befie of any inform~tion obtained re`uding the tr~nderee. reaaotubly determine~ that LeAder'~
security msy be impsired, or that there i~ an unaccsptable likelihood of e bre~ch of any covEnant or aareement in this
Mort;aQe, or if the requ'ved informstion is not aubmitted, Lender may dect~ae all of the tums secwed by this Mort~age
to be immedietely due and payable. Ii Lender ezerciae~ ~uch option to ~ccelerate. Lender ihall miil Borroaer notice of
~cceleration in aecordsnce ~vith para~raph 12 hereof. Such notice ih~ll pmvide a period of not le~e tban 30 days irom
the date the notice ia mailed or delivered within ~rhich BorroMer msy pay the suma decLred due. If BorroMer fail~ to
pay such ~ums prior to the e:piration oi such period, Lender m~y, ~vithout fuether notice or demand on BorroMer,
invoke any rtmedie~ permittsd by paraQtaph 17 bereo!
No~-UrnFORM CoveN~rrrs. Borroxer and I.~nder further covenu~t and a~ree e~s [o11oNS:
1?. Acceleration; Kemedies. Ezcept u provtded t~ para~rapb 18 6ereo~ upon Bozrower~ breach of
aay coveaant or a;t+eewent otBorrowar ia thi~ Mort~a~e, includin~ the covenaats b pay wben due any
sums kcured by thls Mostsase, Lender prlor to sccelerRtton sball =ive notice te Borrvwer u provided in
pua~raph 12 bereoi specilytni: (1) the breacb: (2) the action required !o cun suc6 breach; (9) ~ date, not
le~~ t6an 10 days h~om t6e date aad natlce b ma!!ed to Borrower. by whtc6 suc6 breaoh must be cured; and
(4) that trilure to cnre snc~ br~acb oa or before the date ~pec Wed fa tbe eodce ffiay rasult ia acceleratloa oi
tbe ~ums secared by thir Mort~~e, torectorure by~ndicial preceedin~ and sala oitlie Property. T6e notlce
sball llirtber lntorm Borrower af t6e ri~bt to reln~tate ahes ~cceleratlon aad tDe ri~ht to usert in the
' tonclo~ure proceedla~ tht nonesLtence o! ~ detault or ~ay otber detense of Borro~ver to accetention ~ad
~ foreciosuse. It tbe breaeh i~ not enred on os betora the daLe speciRed ia the nodca Lender~ at I.eoder'•
option, m~y declare ~11 ott6e ~umr ~eaured by this Mort~ase to be lmmediately due aod payable witbout 3
, t~rther demand aad enay torecloae this Mort~ata by judlciat proceedlas. Lender ~hall be eatltled to coUect !
in suc6 proeeadtn~ alI e:pease~ ot toreclo~urr, fncladins, but not limlted to, reawnable attorney~' iees, '
~ court costs~ and co~t atdocumtntary evidence. abitracb and title nports.
.:18. Botrow+er's Ri~bt to RefAStste. NotMitfist~ndin~ LcAde:'s ~cceleration of the ~uma secured by this
Mortgage due w Borrowei a breach, Borrower sha11 h~ve the ri~ht to h~ve any proceedings beeun by Lender to enforce
" this Mortgege di~continutd at any time prior to entry of a judament enforcing tAis Mortgege it: Borro~vrr pays
Lender all sums whirh w~vuld be thsn dut underthis Mort;a~e ~nd the Note !ud no accrlsration occurnd; (b) Borro~er
eures ~ll breeches of ~sy othet covenant~ ot a~reemenb of Borto~ver contained irs this Mort.~age; (c) Borrower p~y~ all
reaaonablc ezpenscs ir~curred by Lender ia enfarciio~ the covenenta and ~retmenta of Borrower contained in thi•
Mortgage, and in enfarcin~ Lendei s remedisr as provided in pu~~»ph 1T hereof, includinQ, but not limited to.
rcatonable attorneys feea ~nd court co~ts; and (d) Bonower takes auch ection ss L.ender mey resaonsbly require to
a~sure thut thc lien oi thi: Mort~age, Lender's intere~t in the Property ar~d Bonoaer ~ obligation to pay the sums
~ecured by this Mort~o~e shaU continue unianpaired. Upon ~uch psyment ~nd cure by Borro+vsr~ thi~ Mort{~~e and the ~
obliestion~ secured henby ~h~ll nmain itt full torce ~d eflect ai if no ~cceleration !ud occured.
~ 19. Assi~nment ot Rents; AppointmeAt of Receiver. M•dditional security hereunder, Borro~?er bereby
~ssi~nt ta Lender the ren4 of the Ptoperty. provided thst Hon~o~rtr ~31, prar to acc~lerarion undu ~rspb lT
. hereof or abendonmsnt of the Pmgerty, h~ve the riiht to collect and retain such rents as thcy become due and
p~ysble.
0 R C~70 PbGE 9Q4 P~ge three of four
80QK V V
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