HomeMy WebLinkAbout0948 10. Borro+~:r Not Releoscd, Fo~bearance By L,eod~r Not ~ R'aiver. Eaten~iun of tAc Lme for psy~ment c,r
modJic~Von of amorvt~Uer. o( the wm~ ~tcured by tAi~ Mort~~~e ~nnted by l.end~r to any ~ucce~~ur tn ?netre~t of
Borrower ~hall not uptnte to rele~~e, in any m~nner, the G~Dility of the or?pn~l Borrorver ~nd Bc,rrower's~uccc~~or~ in
?ntere~t l.tnder ~h~L' not be re~uved to commence precesdiad~ ~~~in~t ~ucl ~utct~~os or refuu to e:tsnd t~e fur
payment or otAerwiie modsy amortiz~tion ot thc ~um~ ~ecund ~y tAu Morts~se by re~~oa of ~ny demand m~de Dy the
on~inal Borrow~er and Borrow~er'~ ~ucce~~on ?n inter~~i My forbcannce Dy Lender in e:erci~in~ any n~ht or nmedy
k~ereunder, or otherw~~e atforded b~ ~pplicable 1~~, ~ha1! not De ~ Muver of or preclude the e:ercue of any ~UCh neht or
rcmedy
11. Succe~sorr ~nd Ai~i~ns Bound; Joint and Several IJ~bUlty, Co-~i~oers. The covenanta and ~~ree
menu heroin cont~?ned ~h~ll bind, and the ri`hta ~ereunder ~A~ll inure to, the re~pectivt ~ucce~~or~ and ~~~ien~ of
Lender and Borro.ver, ~ubject to the prowions o! par~`r~ph 16 hereof All coven~nt~ and a~reement~ of BorroMer
~tull be ~oint and ~everai My Borro.ver w~ho co-~ien~ tAi~ Mor~~~e, but doe~ not e:ecute thc Notc, u co-ti`runQ
tlus Mortes~e onl~ to mort;s~e. ~rant and convey th~t Borro~er'~ intere~t in tAe Propert}• to Lender under the tsrm~ of
tlu~ MortQ~~e, (bl not ptnonally li~ble on the Note or undtr t~u~ Mar~~ee, ~nd (c) ~~rse~ thrt l,ender and any other ~
Borrower hereunder mer ~~ree to e:tend, modJy, forbear, or malce any other accoanmod~uon~ w~ith re~~rd to the terms
of thu Mort~~~e or the tiote .vithout tlut Borro.ver'~ con~ent ~nd wnthout rele~a?n~ that Borrower or modifylne tlue
MortgaQe as to that Borroarer's intere~t u? the Property.
12. Notice. E:cept for ~ny nohce requ?red under applic~ble law co be pven in another m~nner, lal any noc:ce to
Borrow~rr pro.~ded for ~n thh~ Mort~e~e ~hall bc pvcn by deliverine it or by mailin~ •uch notice D}~ ccrtified mut i
~ddresaed to Borro~er at thc Property Addre~~ or ~t wch other addrei~ •i Borro~rer m~y de~~rn~u by notice co
Lender prov~ded herein. ~nd (b) any notice to Lender ~h~lt be ~iven by certified mail to Lender'~ addre~~ ~tated I
herein or to ~uch other ~ddre~~ u Lender m~~• de~i~n~te b~ notice to Borrower provided hertin My not~cc prov~ded
for in thia 4'lort;ege ~h~ll be deemed to h~ve been eiven to Borrower or Lender R~6tn ~iven in ~~e manner de~~enaud
hercin
13. Go~~ernins L~v: Severability. The ~tate ~nd locel laa~i ~pplir~ble to tAi~ Mort;e~e ~hell be thc law~ of the
jun~d~ction ?n wA~ch the Property i~ loc~ted The fore~oin~ ~entence ~h~U not l~mit the ~ppLcabi~ty~ of Feder~l laa to
tltii Mort;egc !n the event th~t any provi~ion or cl~use of thie Mortta`e or tAe'`ote confLct~ w~ith ~pplic~ble law~. ~uch
confLct ~h~ll not Jfert other pro~~ieions of tlur Mor~t;aee or the tiote ~hich c~n be `iven tffect w~thout the conll,cung
provi~ion, and to thi~ end the provi~ion~ of t}tie Mor~~ge and Ne'~ote ue declared to be sevenble A~ u~ed he: e?n,
"costs", "r:prn~cs" and "attorneys' fecs" include all ~ume ta the e:tent n~t prohih~ted by applua~,le l~R or tim~ted
here~n
1~. Borrov~er'~ Copy. Bonow er a}~all be furni~hed a conformed copy of the tiou ~nd of thi~ Mort~eQe at the time I
of e:ecut~on or after recordation hereof.
ls. Rehsbilitation Lo~n Aeretment Bortoaer ihall fulf?11 all of Borro~•er'• ob~~ation~ under any Aome
rrhs5u~uuon, improvement, repair, or other lo~n a~reement w}uch Borrower enurs tnto w~th Lender. I.ender, at
Lender's op~.on mey requirs Borro«er to e:ecute and de~ver to Lender, in s form ~cceptable to Lender, an
iasignm~r: of any~ r.ehta, cleun~ or defsn~es ~h;ch Borrower m~y hs~•c e~a;n~t p~rt~ea wrho ~uppiy labor, m~tcnale or
serti•ice~ in connect~on R~th improvtmenta m~de to the Praperty
16. Transfer of tbe Property. U BorroR•er sells or tran~fe?t ail or any part of the Ptoperty or an intere~t therein.
e:cf~d~ne the creetion of a Uen or encumbrance ~ubordin~te to t}u~ ~lortgage. (bl ~ van~fer by de~~te, de~cent, or by
oper~tion of 1~.~~ upon the de~th o( ~ ~oint terunt, or Ic) the `rant of an}~ le~sehold inttre~t of three yeart ot le~~ not
conuinin~ an option to purcha~e. Borro~er ~h~li c~u~e w be ~ubm~tted inlorm~t~on requved by Lender to e~~al~ete the
traneferee s~ Js new loan Rere beinE ~ade to the tnn~ferce Borrower w~?ll continue to be obLeeted un~er the tiote erd
this Mort{~ge unle~s Lend~r relea~e• BorroMer in w~ntin~
tt Lender, on the b~e~e of any in(orma~on obuined regarding thc ttan~feree, reasonabl} deurm~nec N~t L.ender'r
~ security~ msy be impured. or that there is an unacceptsble tilcelihood of e D; each of any covenant or a¢reemeet in ttue
! !~1ort;ege, or if the required ?nlormstion i~ not ~ubmitted, l,endtr may declate all of the eums tecurcd by ttut Mort;age
E to be immedieeely~ due and pay~ble U Lender e:~rcieea such opt~on to accelrrstc, l.endtr ~hall me?! Borrower notice of
` accelerat~on in ~ccordance a~th paregraph 12 hereof Such no~ee ~h~li pro~~de a penod of not leu than 30 d~ys from
~ the dete thc notice ia muled o? dehvered wit}un wA~ch Borro~•er m~y p~y the ~umt declartd due !f BorTOwer fail~ to
i
~ pap ~uch •ums pnor to the e:pu~t~on of ~uch pmocl. Lender may, w~ithout further noe~ce or demand on Borroaer.
= in~olce am remed~e~ permitted Dy para~reph 1 ~ hereof. '
~ !~o~ L'ti~roRM Co~~E~~.~-ts. Borrow~er and L.ender further co.~enar~t and a~ree a~ tollo~~.
~ l7. Acceleration; Remedies. E:cept u provided in par~~r~p6 I8 hereo~ upon Borro~er'~ breacb of
k any covenaat or ~~reement ot Borrower in thi~ Mort~a~e, includin~ the covenaat• to pay ~vaen due any~
sums secured by thi~ :Kort~a~e, Lender prior to acceleratioa ~Aall ~ive noUce t,o Borrower a~ provided in
3 Pu~R~Ph 12 htroof ~peclfyint: (1) ~e breach; (2) tbe ~ction required to cure sucb bre~c4 ~ date. oot
~ le~~ tb~n 10 day~ h~om the d~te and notice I~ matled w Borrower, by whlc6 suc6 breaca must be cured; and
~ (4) t6~t tallure to eure web breacb oe or before tse date ~peciRed in tbe ootlce may result in acceleration of
~ tbe sum~ srcund by tbi~ Mort~a`e, torecio~ure by Judicial proceedin~, and sale of tbe Proprrty. T'6e aotlce
~ •hall fl~rtber intorm Borrower of t6e ri~bt to reinstate alter ~cceler~tion aad tbe ri~ht to usert in tbe
Y forecloss~re proceedin~ tbe oonesi~tence ot a detwlt or aay otber defense ot Borro.oer lo accelention ~nd
k loreclosure. Il tbe breacb ii oot cured on or befon ihe d~te •peciBed in t6e eotice. L~rnder, at Lsnder'~
optioo. may declare all ot tbe ~um~ ~ecured by tbi~ Morka~e to be lmmedi~tsly due and pay~ble without
f1~rt~er demend and m~y toreclose thi~ Mort~~~e by judicial procerdln~. Lender ~ball be entitled to eollect
in •uch proceedin~ all ezpense~ of torrclo~urt, includin~, but eot Ilmited to, reason~bie attoroey~' tees,
ti rourt cost~. and co~t ot documeatary e.~dence. aDstract~ and Utle rrports.
18. Borrowrer'~ Ri~ht to Reinstate. ,otw•~that~ndin~ Lender'~ ~cctler~t~an of the ~um~ aecured by this ;
!~to.?tgag~ due ;o Borrower'~ br~ecF.. Borrower ~hell A~~e the nght to h~~ t an~~ proceed~ngs bc~:n by Lender to ~nforce
~?:.s 11or:gege d~~conunued at an~ time pnor to entr~ of ~ ~udQtnent enforcing ttus'~iortgage J lal Bor.ower pe~s
l.ender a!] sums wh;ch.rou;d b~ then due under t?us ~iortQage and the tiote had na ~cctlerat~on occ~rrrd. !b+ Borrewer
cures ~L' bre~c he~ o' any other covenanu or a~eementa of Borro~~er conta~ned in t}ui :Nort~a~e Ic~ BorroRer p~yi al! ~
reesor.able e:Qense~ incurred by~ Lender in enforc?n~ the co~•ensnta and agreements of Borroaer contained in th~c
Llo:-tge~e and in rnforr~n~ I,ender's nmrd~er •s pro~•zded ui p~r~gr~ph 1~ h~reof, includinY. but not Lmiied to,
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::s... z...:. :.~e ..e.~ vi Iiui .:ivi ~Sa6F. LFi~G~7~i 'uiit72Gi 'u~ ii~2 FiOyl~) if~u DL~tiuRFf "s fili+ij~Fiivi~ i~v ~iBj iii~ iuuis
~ecurtd b: th;s tilor,g~e< <haL' cont:r,ue unimp~:: ed l;pon wch payment ~nd cure b} Borro~er, th~t ~:or~Q~gr and the
oDl,~ations ~e:ured hereby •h~1f rcm~in ~n (ull force and effect ~f no ~ccelerst,on had occured
19. A~~i~nment of Rentr Appointmtnt of Receiver. A• ~dd~t~onal iecunty hercunder, Barroaer hereb~
- ass?~n~ to Lender the rents of the Property, provtid~d tt~t Be~row~er tAal~ pnor to sccelerat~oo under puagraph 1'
hercof or •bandonmen± of the Property, ha~e the r?=ht to collect and rotun ~uch renta ae they become due and
psva!:ic
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