The URL can be used to link to this page

Home My WebLink About0915 I . . 10. HorroH~er ~Vot Rr.irased; ~orbeArRnce B~ l.cn~itr Not A Wa~~~et. l:atension uf thc tifi! for paymcnt or m~?diii4a- tion al~ ,tmorti~atic~n uf the sums secur~d N~• this Mari~;age granle~i hy I.ender tu an~~ successor in interrst oi' Bar~oH•er shnll not ~~pcratc to relrasr, in any manner, thc liability oi' thc original Borro~~•cr and f3orro~~•cr's surccssots in intcrest. Len;ter shall not be requircd to comnt~nce proccedings against such suceessur or refus° to extrnd time tor payment ur uthen~•ise mcxlii'~~ amorti-r.~tion oi~thc sumt srcurcd by this Martbage Uy reason of an~~ demand mlde by the original Ror• ~ ro~~~~r an~ t',,~rro+vcr's succcssors in intcresl. An~~ li~rtk~arancc bp Lcnder in cxcrcising an~~ ribht ~~r rcmcci~• h~rcundcr, or c?then~•ise aitorcled b~~ applicable.laH~, shall nat Ue a~~•ai~~er of or preclude the exercisc ot'any such right or remed}•. ~ 11. Successors And Assigns ~ound; Jotnt and Se~cra! Ltabillty; Co•sigr~erF. ".''he co~~enants and agrerments hcrcin ~ cantained shall bind, and the rights hereunder shall inure ta, the respective successoCs~and assig~s of Lender and Bor- m~~•cr, subject tz~ the pm~~isions af paragr.iph 16 hereoC All co~~enants and agreements af BorroH~er shall be joint and ~ se~•eral. An~~ BorroH•er ~~•ho co-signs this Mortgage, but das not exeeute the Nate, la) is co-signing Ihis Mc~rt~age only ta ~ mortgage, grant and com•ey that BorroH•er's inierest in the Prapt:rty~ to l.ender under the terms of this Mortgage, (b) is noi persunally liable on the Note or under this M~rtgage, and (c) agreci that [.ender and any other Borrrnser hereunder may agree to estend, mociity, forbear, ur make an~~ other acconimodations H•ith regard to the terms of this Mortgage or the Note ~vithout that Borro~~•er's conscnt a~et ~+~ithaut releasing that L3urroH•cr or modifj•ing this Mortgagc as to that Borro~~•er's interest in the PmEx;rt~•. ~ 12. Notice. Ezcept Cor an~• natice cequ'sred under applicable law~ tc, be given in another manner, (a) any notice to Borro++•er provided for in this Mortgage shali bc gi~•en b~~ deli~•ering it or by mailing such notice by certified mail - addresseci t~z Borro~~•er at the Property Address or at such other address as BorroH•er may designate ~y notice to Lender ~s provided herein, and (b) any notice to Lender shall be gi~~en b}• certified mail to Lender's ;?ddress stated herein or to sucf~ other address as Lender may designate b~ notice to Borro~~er as provided herein. Any notice pro~~ided for in this Mortbage shall be dcemed to ha~~c been given to BorroH•er or Lender w~hen given ~n thc manner designated herei~. - 13. Gorerning Law; Se~~erabillty. The state and local iaw•s applicablc co this Mortgagc shall be the law•s of thc _ j~risdiction in H•hich the Property is located. "fhe f'oregoing sentence shall riot limit the a~plicability of Federal la«• to ~ this Mortgage. tr~ the e~•ent that any pro~•isian or clause of this Mortgage or the Note conflicts w•ith appticablc law, such contlict shall not affect other pro~isions of this Mortgage or the Note ~~•hich can be gi~•en eftect H~itrout the contlicting pro~~ision, and to this end the pro~•isions of this Mortgage and the Note arc declared to be se~•erable. As used herein, - "costs". "expenses" and "attorneys' fees" include aQ sums to the extent not prohibited by applicable la~~• or limited hercin. ~ 14. SorroMer's Cop~•. BorroH•er shall be furnished a conforn~ed cop~• oi' :he Note and of this Mortgage at the time of execution or after recordation hereof. ~ ' I5. Rehabilitation Loan Agreernenf. Borro~ser shall fulfill alt of BorroH•er's obligations undcr any home rehabilita- ~ tion, impm~•ement, repair, or other loan agreement ~~•hich Borro~cer enters into H•ith Lender. Lender, at Lender's option, may require Bo~ra~+•er to execute and deliver to Lender, ir~ a ti~rm acceptable to Lender, an assignment of an}~ rights. claims or defenses ~~•hi~h Borrow•er ma~~ ha~~e against parties ~~•ho suppl~• labor, matcrials or serrices in connection w•ith i~npro~•ements made ro the Property. 16. Transfer of the Propert~. If Borrow•cr sells or trae~ ~:rs all or any part of the Propert~• or an interest the~ein, ex- . ~ clud~ng (a) the creatian of a lien or encumbrance subordinate to th:s Mortgage, (b) a transfer by de~•ise, descent, or b~~ ~ operation ot~la~ti• upon the death of a joint tenant, or (c) the grant of any IeasAhold interest of thr~e ~•ears or less not con- ~ ~ taining an option ta purchase, Borrou•er shall cause to be submitted information required by Lender to eezluate the ~ transferee as if a neK• toan ~~•ere being madc to the transferee. Borrow~er w•ill continue 1o be obligated under the Note and ~ . ~ th'ss Mortgage unless Lender releases Borrow-er in ~~~riting. . If Lender, on the basis of any information obtained regarding the transfcree, reasonabi~• determines that Lender's securit~~ ma~• be impaired, or that there is an unacceptable likelihood of a breach of an}~ co~~enant or agreement in this - Mortgag~, or if ~nn required information is not subn~itted. Lender ma~ declar~ all of the sums secured b}• this Mortgage ~ to be immediaiely due and pa}~able. If Lender exereises such option to aceelerate, I.ender shall mail Borro~cer notice of ~ - acceleration in accordance w~ith paragraph 12 hereof. Such notice shall pro~~ide a period of not less than 30 da}'s from the date the notice is mailed or deli~•ered ~thin ti~~hich Borrc~w•er ma~• pay the sun~s declared due. If Borrow~er fails to pa}• such sums prior to the expiration ef such period. Lender ma~•, H~ithout further notice or demand on Borrow•er, im•oke an~ remedies permitted by paragraph 17 hereof. NoN-UN1FORM CovE*rA1v7's. Borrow~er and L.ender further co~-enant and agree as follow~s: 17. Acceieration; Reinedles. Exce~st as prorlded in psragrn~h l6 htreof, upon Borrower's breach of ans co~~Qnant ~ or agreement of Borrower in th~s Mortgage, including the corenants to pa}• Mhen due an~~ sums secured by~ this Mort- ~ gage, I.Fn~er prior to acceleration shall give notice to Borrower as pro~Ided in paragraph t2 hereof specifying: (1) the_ ~ breath; (2) the acticn required to cure such breach; (3) a date, not.tess ti~an 10 da~~s from the d8te the notice is mailed to Bonower, by whirh such breach must be cured; and (4) that failure fo c~re such beeach on or before the date specif~ed in ~ the notice ma~~ result fn accelers~tion of the swt?s secured b~ this Moetgage~ fomctosure b~ j~~~icial proceeding, and sale . of the Propert3. The natice shall further inform Borrower of tt~e right to reinslate after acceleration and the right to ~ ~t in the foreclosure proceeding the noneaistence of a defauft or any other defense of Borrower to acceleration an~ ~ forerlosure. If the breach is not cur~d on or before the date speriEied in the notice, Lender, at Lender's option, may~ g declare all of the sums secured bJ~ tht~ Mortgage to be tmmedlately dae and pa~able aithout [urther demand and mar~ foreclose this Mortgage by judicial proceeding. Lender shall be entitled to co!{ect i;~ such proceedin~ all expenses of foreclosure, including, but not limited to, reas~nable attorneys' fees, court costs, and costs of documentar~ e~~idenre, abstracts and title reports. . _ l$. Borrower's Right to Reinstate: NotK•ithstanding l.ender's acceleration of the sums secured by thi~ h1ortgage _ ~ due to Sorrow-er's breach. Borrow~er shall ha~~e the right to ha~-e an~ pnxeedings begun b}• l.ender to enforce this A~l~rt- gage discontinued at any time prior to entry of a jedgment enforcing this Mortgage if: (a) Borrow~er pa}-s Lender all sums ~~~hich w~ould be then due uncler this Mortgage and the Note had no acceleration occu~rcd; (b) Bor:oH•er cures all ~ breaches of an}• oiher co~~enants or agreements of Borrow•er containeu in this tilnrtgage; (c: Borrow•er pays ali reasonable - ~ expenses incurred by Lender in enforeing the covenants and agreements of Borr~w~er cuntained in this Mortgage, and in enforcing Lender's ren~edies as pro~•ided in paragraph 17 hereof, including, but not limite~ to. reaso~able attorneys' fees and court costs; and (d) Borrow~er takes such action as Lender ma} reasunablp reyuire to assure that the licn of this - Mortgage, Lender's interest in the Property and Borrow•er's obligation :o pa~• the sums secured b~~ this Mortgagc shall continue unimpaired. Upon such pa~~ment and cure by Borro~ser, this Mortgage and the obiigations secured hereby shall remain in I'ull force and eftect as if no acceleration had occurred. 19. Auignnient of Rents; Appc?intmeni of Recei~~er. As additionai ~rcuri[y iiireuncicr. Sorrower~hereb}• assigm t~~ - Lender the rents of the Propert}•. pro~•ided that Borrow~cr shall, prior to acceleration under p~ragraph 17 hereol'or aban- ' donment.of the Property, ha~~e thc right ro collt•_t and retain such rents as the~ become duc and payabfe. ~ - ~ aoox ~85 Pac~ 915 . . _ _ _