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HomeMy WebLinkAbout2574 10.~ Botrower Not Released; Forbearance By Lender Not A Waiver. E~t~r,sion of the c~me far payment or modification of amortization of the sums secured by this Mortgage granced by Lender to any successor ~n ~nterest of Bor~ower shail not operate to release, ~n any manner, the liability of the onginal Borrower and Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to ex:end time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the onginal Borrower and Borro~ti~er's successors in interest. Any forbearance by Lender in exercising any right or remedy hereunder, or other~~ise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. 11. Successors and Assigns Bound: Joint and Several Liabiltty; Co-signers. The covenants and agreements herein conta?ned shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provision of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several. Any Borrower who co-signs this Mortgage, but dues not execute the Note, (a) is co-signing this Mortgage only to mortgage, grant and convey that Borrower's interest in the Property to Lender under the terms of this Mortgage, Ib) is not personally liable on the Note or under this Mortgage, and (c) agrees that Lender and any other Bor- rower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this Mortgage or the Note without that Borrower's consent and without releasing that Borrower or modifying this Mor- tgage as to that Borrower's interest in the Property. 12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any noiice to Borrower provided for in this Mortgage shall be given by delivering it or by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 13. Goveming I.aw; Severability. The state and locai laws a¢plicable to this Mortgage shall be the laws di the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to this Mortgage. In the event that any provision or clause of this Mortgage or the Note conf;icts with applicable law, such conflict sha11 not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, d to this end the provisions of this Mortgage and the Note are dedared to be severable. As used herein, "costs", ~~expenses"_and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited her¢in. 14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time of execution or aher recordation hereof. 15. Rehabilitation Loan Agteement. Borrower shall fulfill all of Borrower's obl~gations under any home rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptabie to Lender, an assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in con- ne~::on with improvements made to the Pr~perty. - 16. Transfer of the Ptoperty. lf Bonower sells or transfers all or any part of the Property or an interest therein, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) a hansfer by devise, descent, or by operation of law upon the death of a joint tenant, or (c) the grant of any leasehold interest of three years or less not con- taining an option to purchase, Borrower shall cause to be submitted information required by Lender to evaluate the transferee as if a new loan were being made to the transferee. Borrower will continue to be obligated under the Note and this Mortgage unless Lender releases Borrower in writing. tf Lender, on the basis of any information obtained regarding the transferee, reasonably determines that Lender's security may be impaired, or that there is an unacceptable likelihood of a breach of any covenant or agreement in this Mortgage. or if the required information is not submitted. Lender may declare all of the sums secured by this Mortgage to ! be immediately due and payable. [f Lender exercises such option to accelerate. Lender shall mail Borrower notice of ~ acceleration in accordance with paragraph 12 hereof. Such notice sha11 provide a period of not less than 30 days from ~ the date the notice is mailed or delivered within which Borrower may pay the sums dedared due. If Borrower fails to pay ; such sums prior to the expiration of such period. Lender may, without further notice or demand on Borrower, invoke f any remedies permitted by paragraph 17 hereof. NON•UtiIFORM COVEtiAlYTS Bonower and Lender further covenant and agree as follows: ~ 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of ~ any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any ~ sums secured by this Mortgage~ Lender prior to acceleration shall give notlce to Borrower as proWded in ~ paragraph 12 hereof specifying: (1) the breach; (2) the actlon required to cure such breach; (3) a date. not less than 10 days fram the date and notlce is mailed to Bonower, by whlch such breach must be cured; ~ and (4) that faiture to cure such breach on or before the date speciHed ln the notlce may result in accelera- ~ tion of the sums secured by this Mortgage, foreclosure by Judicial proceeding, and sale of the Property. s The notice shaU further inform Borrower of the rlght to reinstate aher acceleration and the right to assert ~ in the foreclosure proceeding the nonexlstence of a default or any other defense of Borrower to accelera- ~ tion and foreclosure. If the breach is not cured on or before the date speclHed in the notlce, Lender, at ~ Lender's optlon, may declare all of the sums secured by this Mortgage to be immediately due and payable ~ without further demand and may foreclose this Mortgage by judiclal proceeding. Lender ahal! be entided ~ to collect in such proceeding all expenses of foreclosure, including. but not limited to. reasonable at- ~ torneys' fees, court costs, cost of documentary eWdence, abstracts and tlde reporta. ` 18. Bottower's Right to Reinstate. Notwithstanding Lenders acceleration of the sums secured by this Mortgage due to Borrower's breach. Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceferation occurred; (b) Borrower cures all s breaches of any other covenants or agreements of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Bonower contained in this Mortgage, and in ~ enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attomeys' fees r and court cos:s: and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this ~ Mortgage. Lender's interest in the Property and Borrower's obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgaye and the obligations secur¢d hereby shall remain in full force and effect as if no acceleration had occured. ~ 19. Assignment of Rents; Appointment of Recefver. As additional securiry hereunder, Borrower hereby ~ assigns to Lender the rents of the Prop¢rty, provided that Borrower shall, prior to acceleration under paragraph 17 ~ hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Page Thr¢e of Four ` F~~K 6 ~4 FAGE2574 ~ ~ ~ ~~~,~.ah~~ ~