HomeMy WebLinkAbout0968 10• Horrorvrr Not Rele~i~d, !'ot~raranct ~y Ltndtr Not • W~lver. t:iten~~an o( the t?ine for p~ymtnt or
moditicaUon of amoruuUon of the •um~ ~ecured by this Mort;~~e ~rented by l.ender to ?ny ~ucce~wr ~n ?nten~t o(
&.rrv~er ~hall not opente to rele~ae, in any manner, the I~~bil~ty o( the or?~~nel f3orrower ~nd Borro.ver'~ wcceawn in
intere~L Lender ~h~ll not be reQuired to comme~ce proreedin~a ~~~inst such ~uccs~sor or refu~e tc, ~it:nd t~me for
paymen? or othenvi~e modJy amorU:etion of tJ?e ~um~ ~ecured by Nu Mort~age ~y reawn ot tny demand mide by thr
onnnal Borro~er ~nd Borro.ver'~ ~urces~on ~n intereat My lorbearance by l,ender in eaerciun j any nrht or remedy
hereunder, or ot}urwiie atforded by ~ppliceble la~, ~ha11 not be ~ auver of or preclude the esercise of any ~uch n~ht or
nmedy.
11. Succe~sor~ wd Asri~n~ Bound; Jotat and Several 1.IabUit~, Co~l~uer~. The covenant~ and ~rrec
menta here~n cont~in~d ~hail bind, and the n~hta hereunder ~hall inun to, the re~pective succe~~on and a~si~ru of
I.ender and Borrowrr, ~ub~ect to the pro~vions of par~eraph 16 hercof All covenants and a~reementa of Borro~ver
~Aal: bs ~oint and several M~~ Borrower wrho co-~i~n~ thii Mort;a~r, but doe~ not esctute the Note. u ca~i~nin~
this Mort~~Qt only to mort4a~e, grant and convey that Borro~ver'~ intereat in the Property w I.ender under the tsrm~ of
thi Mort~~~e, i~ not personally li~ble on tr~~ Note or under this Mort;agt, ~nd (c) ~~reet thrt Lender and any other
Bomower hereunder may ~gree to eitend, modify, fordear, or m~ke any other aecommoda~on~ w~ith re~ard to t}?e terma
of thu Mort~ag~ or the tiote w*itho~t that Borrower'~ conaent snd ~rithout nl~a~ine that Borro~er or modifynn~ tlue
Mortgegr at tv thet Bormw~er'~ ~ntereet in the Property
12. Notice. E:cept for sny notic~ required under appl~ceble law to Dc given en another menner, (i) tny noUc~ to
Borrow~er provided for in the A~ortga~c ~hall be ~ven by deliverin~ ~t or by mailing •uch r?otice by cerutied mul
addreaatd to Borrower it the Property Addres~ or ~t ~uch othtr •ddrea~ ~s Borrow+er may de~i~nate by aotice to
Lender as provided herein, nnd (b~ any notice to l.ender ~hell be ~iven by certified mul to I.ender's ~ddre~~ ~tated
i~erein or to ~?~c~ nther ~ddreac ss Lender may deeign~tr by notice to Borro~ver a~ provided herein. My notice provided
for in this Mortgage ehell be deemed to heve been eiven to Borroaer or L.ender when given ~n the msnner de~ien~ted
herein
13. Governine La~; Severnbility. The ~tate and loce! lawa appliceble to this Mort;~Re ~}~all be the l~a+~ of the
jurisdiction in which t~e Property ia locaud The foregoing ~entence ~hall not limit the ~pp~cabi~ty of Federal la~ to
this Mortgage In the c~~mt that an~• prov~sion or clau~e of thie Mort;aee or the Noee contlicta with ~pplicabte lar. ~uch
conflict ~ha11 not affect other pror~e~one of th~s Martgage or the I~otc ~rhich can be eivt~ effect w+ithout the conll~ctine
provision, and to th~~ end the pro~~siona of the Mort;ege an~ the tiou are declared to be ~everable. Ai used herein,
"oo~ts". "e:penrce" and "attorney~' leee" include e11 euma to thc e:tent not prohib~ud by ~p;.lic~~lt t~w or l~mited
6errin
1~. Borrower's Cop~•. Borrow•cr ~hall he furn~bhed a conlormrd copy of ihe .'`ote end of th?a'~iort{s~e at the t?me
at e:rcuUon or after recordet~on herrot
16. icebaoilit~tion Loan A~reement Borroa~er ~hall fultzll all of Borroaer'• ob~~~tion~ under any bame
~ rehebilitation, i:~provement, repair, or other losn rgreement ~hich Borroaer enten inco w~ith Lender L.ender, at
~ l.ender's opuc,r~ may requ?n BorroR•er to e:ecute and deGver to Lender, ?n ~ form ~cceptabie to Lendet, an
usignroent ot any nghta, cleune or defenaec R•h,ch Borrow•er me~ Ao~e ega~nst pnrties ~vho supply lebor, rt?etenals or
; services in connec~on w~th impro~ementa msde to the Property
i 18. 'ISransfer ot the Property. U~3orrower ~ella or tranefers ~Il or sny part of the Property or an inurest there~n,
ezcluding the rnation ote l~e~ or encumbrance ~u~ord~nete tc, t2u6 ~1ort{age, lbl. van.cer by de~~se, de~cent, or by~
` o eretion of I~w u on the deeth of a oint eennnt, or Ic) the ~ y
~ P p ~ ~rant ~f an ~ lcaaehold ?ntere~t of threc e~ra or lea~ not
i containing ~n option to purcheae, Borrower ~hell ceuse to be eubmitted ~nformet~o.~ requurd by Lender to e~•alwte th~
i transferee es if a nea lonn were being mede to the transferee Bu~oK•er w~ll continue to be ob~geted undrr the :tiott and
~ this Mort~ege uniees I.endrr retee.es $orrow~r in a~nting
j If Lender, on the bas~s of en. ~nfurmeticn obcained regerd;ng the tren4~rree, reasonebly deurm~n~s thst l.endet'~
~ecur~ty me~ be inzpe?red. or that there i~ an unacreptai,le l,leelihood of e breech of an~ covenent or sYreement ?n thia
' Mortgege, or if the reyu?red ~nformetic,n iF nc,t s~bmitted, L,ender me~ dec lare eL' of the euma eecure~ by~ tAi~ Mort;aQe
' w be immed~etely d~e and peyebie U Lender e:erc«es such opt?on to eccelerete, Lender ~hell me~ Borrow~er noUCt of
~ccelrration in accordnnce a~itF peregreph 12 hereof S~ch nouce ehal; pro~~de e penod of not leee then 30 day~ from
the dete the notice is rne~~d or dcli.e:~d v?~th,n wh,ch Borruaer mey pe~ the sume declered due U Burroaer hJa t,~
pey euch sums pnor k. the e:p~reti~;n of buch penod, I.ender ma~, .~~thwt further notic~ or demend on Borrowet,
invoice an~ rem~dieF perm~tted t,~ pareqre~~h t' hereof
t'titFt~?cu Cc~~ t~~~: ~ ti~rrc,wer end l.endrr further co~enent and sgree as followb
I?. Acceler~tion; Remed~es. Ezcept as pro~~ded in para~rap6 18 sereo~ upon Borrov~er'~ breacb of
any covenant or •~reement of Borrower in thi~ Mort~aQe, iacludinQ the covenaot• ta p~y ~vhen due ~ny
•um~ ~ccured b~~ this tilurteage, I.eoder prior w acceleration sh~ll ~ive notice to gorro~er a~ prnvided in
para~rap6 12 hereof specih~inR: t11 the breach; (2? t6e ~ction required to cure ~ucb br~~ch; (3) • date, not
less than 10 day~ from the date and aotice i~ m?iled to Borro~rr, b~~ ~hic~ such breac~ must be cured; aad
(41 th~t failurt to cure ~uch brc~cb oc or betore tbt datt ~pecified In the notice msy re~ult in acceleratioa of
the ~ums ~ecured by tbis y4ortgage, loreclosure by judicial proceedin~, and sale of lhe Property. T5e notlce
~bal! further inform Borrovver ot tbe ri~ht to rein~tate ~Iter acceleratioa ~nd the ri~bt lo assert in thr
(oreclorurt proceedin~ lbe none:i~tence of a default or any otl~er defense ot Borro+ver to ~cceleration and
loreclo~ure. It tbe breac6 i• nat cured on or betore the dav •pecified ia the eotice, I.ender, at Lender'•
oplion, m~y decisre all of the eums •ecured by thi• Mortga~e to be immedi~tely due und p~y~able wit6out
furthtr demand and may foreclo~e thi~ Mort~~ee by~ f udicial procerdia~. Lender ~hall be eoti!!ed to coUect
tn suc6 ~roceeding alt ~:pense~ ot toreclosure, !neluding, but not limjted to, rewaonable attonoeyo' fees,
court costs, and cost ot documrntan e.~idence, sbstract~ and title reporta.
l8. Burrower'e Right to Reinstote. .'~~~tw;thstend~ng l.~r,der'e acc~leret~on o( th~ sur;,a sec~red G~ th~r
Mc,rtgegr d~e v, Hurrc.wer'e breec h, Eiorrow•er ~hall hsve the nght tc ~eve any proceedingF be~un by Lender w entorce
t~:~e ~i~,rt~eRe d:sconGnued ~t an~ t~mr pnor to tntr~• of ~~ud~ment enforcing thie IvlortgaQe J lel Borrower p~ye
i.end~r s!; si;rr.: MF11C~i Na~ld be then due under ttus !Worigege and the !rut~ hed no ~cceleret~cn o: curred, (Di Bormwer
c~re6 el; breec hrR ~f er~ other c~venanee or sereemenu of &,r-~~aer conta~ned in this !?1~rtQag~. Ic1 F3erru~er peye ali
r~ee•~,neF,iF ~I~FfiFlS incurTed b~ L~nder in enf~lrc~ng tht cvtierants and agreementa ol Borrov.er conta~ned ~n th~b
Mu.^.gage. and in enforclnR l,endtr~s remediee pro~~~dcd in paregreph 1: h~reof, ?nclud?nQ, but not Lmited co.
rea6c,reL;e attorne.b feeb and c~;urt coFts. and !d~ E3orrower takes ~uch act~on ~s l.endcr m~y reuonably requue w
~eb~re that the lien of tR,s tilorteage, Lender'~ interr~t ~n the Prupert~ end Rorzoaet'• obl;gat~on w p~y tl~r •ume
•ccure~ 5y th,c !~Sc,rt~sQe ihall cc,ntinut ununpeired L'yar? ~uch payment ~nd cure by Borrow+er, t~w'~iort~a~e and the
oblieetion~ secured he.?eby ehell nrns;n ~n full (orce and effect ~e ?f n~, scceleroLOn had occured
19. Aa~i~nment of Renta; Appointment o! Recei~er. Ai addit~ona; •ecunty htreunder, Borro~v~r ~ereby
uti~n~ to Lender the rents of the Prope.-ty, prov~ded thet BorroRer ~hali, pnor to accelerat~on undrr pa»rr~ph I'
hereof ur aband~.nment of tAe Yrup~rt~, h~~e the n~ht to coll~ct and rewn wch rents a~ the} decom~ due and
pay~ble
r~~Q Pefe tt~ee of four
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