The URL can be used to link to this page

Home My WebLink About0970 ' I , . 10. ~onower Not Released: ~orbearance By Lendet l~lot A Waiver. E~tens:on of the nme Eor pa~ment or :^~,Cti;~d:;^v~~ vi amortuat:vii vf tiiQ ~u(Ti5 ~t'~uTe~ ~7y iiii~ ~lurtyay~ granted 'oy ~ender ~o any succes~or lfl ,f1iQf~Si Oi BorTOwer shall not operate to release, in any manner. the iiab~iity of the onginal Borrower and Borrower's successor~ ;n interest Lander shall not be required ro commence proceedings against such successor or refuse to extend time r peyment or otherwise modify amorti7ation of the sums secured by th~s Llortgage by reason of any demand made ~y !he or:g~nal Borrower and Borrower's successors ~n interest. Any forbearar!ce by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shali not be a waiver of or preciude the exerc~se of any ~uch r:ght or remedy~ 11. Successors and Assigns Bound: Joint and Several Llability: Co-signers. The covenants and agreements herein contained shall bmd. and the r:ghts hereunder shall inure ro. the respective successors and assigns of Lcr~dCr and B~rrower. sub~ect to tt~~e prov~sion of pa:a3raph Ib hereof Aii covenants ano agreements of Borrower shail be ~o~nt and severai. Any Borrower who co-signs th~s Mortgage. but does not execute the Note, (a) is co-signing this titortgage oniy to mortgage, grant and convey that Borrower's ~nterest in the Property to Lender under the terms of this `lortgage. 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 ;his Mortgage or the Note without that Borrower's consent and without releas~ng 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 notice to Borrower provided for in this Mortgage shall be given by delivenng it or by mailing such notice by certified mail addressed ;o Borrower at the Properry 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 C.ender 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. Governing Law: Severabillty. The state and locai (aws applicable to this Mortgage shall be the laws of the ~urisdiction 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 dause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of this Mortgage and the Note are declared to be severable. As used herein, "costs", ~~expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein. 14. Borrower's Copy. Borrawer shal! be furnished a conformed copy of the Note and of th~s Mortgage at the time of execution or aher recordation hereof. I5. Rehabilltatlon Loan Agreement. Borrower shall fulfill all of Borrawer's obligations under any home rehabiliiation, improvement, repair, or other loan agreement wh~ch Borrower enters into with Lender. Lender, at I Lender's opnan, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment o# any rights. claims or defenses wh~eh B~rro~fer may have ag3:ns! Yarties ::rho supply la~r, :~aierial5 or serv6tes in cor.- ne:.;ion with improvements made to the Property. 16. Transfer of the Ptopetty. lf Borrower sells or transfers all or any part of the Properiy or an interest therein, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. Ib) a transfer 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 eva!uate the transferee as if a new loan were being made to the cransferee. Borrower will continue to be obligated under the Note and ' this Mortgage unless Lender releases Borrower in writing. r lf Lender, on the basis of any information obtained regarding the transferee, reasonably determines that Lender's ~ secunty may be impaired. or that there is an unacceptable likelihood of a breach of any covenant or agr¢ement in this titortyage. or if the requirea information is not submitted, Lender may declare all of the sums secured by this Mortgage to ~e 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 noaice shall provide a period of not less than 30 days from a tne date the notsce is mailed or delivered within which Borrnwer may pay the sums declared due. lf Borrower fails to pay ~ such sums prior to the expiration of such period, Lender may. without further notice or demand on Borrower, invoke any remedies permitted by paragraph 17 hereof. NON UNIFORM COVEtirarvrs Borrower and Lender further covenant and ag~ee as follows: ~ 17. AcceleraHon; Remedles. Except as provlded in pasagraph 16 h~reof. upon Borro~rer's breach of ~ any covenant or agreement of Borrower in this Mortgage, including the covenanb to pay when due any ~ sums s¢cured by thls Mortgage. L.ender prior to acceteratlon shall give notlce to Bortower aa proWded in ~ paragraph 12 hereof speciiying: (1) the breach; (2) the action required to cure suc6 breach; (3) a date, not less than la days fro~n the date and notlce is mailed to Borrower, by which such breach must be cured: and (4) that failure to cure such breach on or before the date speciHed in the notlce may result in accelera- t~on of the sums secured by this Mortgage. foreclosure by Judicial proceeding. and sale of the Property. ~ The notice shall further iretorm Borrower of the right to reinstate after acceletatlon and the right to assert e in the foreclosure proceeding the nonexistence of a default or any other defense of Borrower to accelera- ~ tion and foreclosure. if the breach ia ~ot cured on or before the date specifled in the notlce. Lender, at ~ Lender's option, may declare all of the suma secured by this Mortgage to be immediately due and payable svithout further demand and may foreclose this Mortgage by jvdiclal proceeding. Lendet shall be entlded ~ to collect in such proceeding a!t expenses of foreclosure, including, but not Nmlted to, reasonable at- ~ torneys' feea, court cosb, cost of documentary evidence, ab~tract~ ared tlde reports. 18. Borrowei s Rlght to Relnstate. Notwithstanding Lender's acceleration of the sums secured by this Martgage due to Borrower's breach, Bonower shall hav¢ the right to hav¢ any proceedings begun by Lender to enforce this Mortgage discontinued at any tlme prior to entry of a judgment enforcing this Mortgag¢ if: (a) Barrower pays Lender all sums which would be then due under this Mortgage and the Note had no acceleration occurred; (b) Borrow¢r cures all . 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 Sorrower contained in this Mortgage, and in enforcing Lender's remedies as provided in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees - and court costs: and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this Mortgage. Lender's interest ~n the Property and Borrower's obligation to pay the sums secured by this Mortgage shall F continue urnmpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured her¢by shall remain in full force and effect as if no acceleration had occured. ~ l9. Assignment of Renb; Appointment of Receiver. As additional securiry hereunder. Borrower hereby ~ assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collect ard retain such rents as th¢y becom¢ due and payable. Page Three of Four aeR~675 ~AC~ 970 ~ _~~:~._.z ~ ~s~ ~ W ~ g.~_m~~