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HomeMy WebLinkAbout1707 10. Borrower Not Reieased: Forbearance By Lender Not A Waiver. E~c~~n~~~,n ,~f the nm~ t~~r ;>,,ti~~~tn~ ~~r ~n~?~~f!cauun ~~t amurnration <~f the ;ums ;ecured by this Mortga~~ y~anted by Lend~r t~~ ~ny succ~ss~~r in ;ntzr~~t ~~t i3~rrow~r shall not operate to refease, in any manner, the liability of the onginal Burrow~r and Surrow~r's ~uccc~ssors :n ~ne~r~st. Lender shall not be requ~red to commence proceedings against such successor or refuse to ~xt~nd ~~me for payment or otherwise modify amortuahon of the sums secured by this Mortgage by reason of any ~emand ma~1e by the onginal Borrower and Borrower's successors in interest. Any forbearance by Lender ;n exercis~ng any rght or remedy hereunder, or othe~wise afforded by applicable law, shall not be a waiver of or preclude the exercise uf any such right or remedy. 11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements herein contained shall bind, and the nghts hereunder shali inure to, the respettive successors and ass~gns ~~t L.ender and Borrower, sub~eci to ihe provision of paragTaph 16 hereof. A!I covenants and agreements of Borrower ;hall be ~oint and several. Any Borrower who co-signs this Mortgage, but does not execute the Note. (a) ~s co-signing th~s tilortgage only ro mortgage, grant and convey that Borrower's interest in the Property to Lender und~r th~ te~ms th~s ~lortgage, lb) is not persona~ly liabfe on the Note or under this Mortgage, and (c) agrees that L~nder and any ~~th~r Bur- r~wer hereunder may agree to extend, modify, forbear, or make any other accommodations with regard to the terms ~~f th~s Mortgage or the Note without that Borrower's consent and without releas~ng that Borrower or m~dify:ng this Mor- cgage as to that BoROwer's interest in the Property. 12. NoNce. Except for any notice required under applicable law to be given in another manner. (a) any notice to Borrower provided for in this Mortgage shali be given by cielivering it or by mailing such notice by certiEiea mail addressed ro 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 C.ender shall be given by tertified 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 shal! be deemed to have been given to Borrower or Lender when given in the manner designated herein . 13. Governing Laur; Severability. The state and local laws applicable to this Mortgage shall be the laws of the ;urisdictian in which the Properry is located. The foregoing sentence shall not limit the applicability of Federal law to ~his ylortgage. ln the event that any provision or clause of ihis 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 prov~si~n. and to this end the provisions of this Mortgage and the Note are declared to be severable. As used tierein, "costs". "expenses" and "attomeys' fees" include all sums to the extent not prohibited by applicable law or limited here~n. 14. Borrowei s Copy. Borrower shall be Eurnished a conformed copy of the Note and of this Mortgage at the time of execution or aher recordation hereof. 15. Rehabilitatlon Loan Agreement. Borrower shall fulfill all of Borrower's obligati~ns under any home rehabilitation, improvement, repair, or other loan agreement which Borrower enters inio with Le~der. Lender, at Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any nghts, c!aims or defenses which Borrower may have against parties who supply labor, materials or serv~ces ~n con- nection with improvements made to the Properry. 16. Transfer of the Property. (f Borrower sells or transfers all or any part of the Property or an interest there~n. excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) 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- ;aining an option to purchase, Borrower shall cause to be submitted information required by Lender to evaluate the nansferee as if a new loan were being made to the transferee. E3orrower will continue to be obligated under the Note and this Mortgage unless C.ender releases Borrower in writing. !f Lender, on the basis of any information obtained regarding the hansferee, reasonably determines that C.ender's secunty 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 M~rtgage to E be immediately due and payable. lf Lender exercises such option to accelerate, Lender shall mail Borrower notice of ac~eleration in accordance with paragraph 12 hereof. Such notice shall provide a period of not less than 30 days from ' the date the notice is mailed or delivered within which Bonower may pay tfie sums declared due. lf Borrower faiis to pay ' such sums pnor ro the expiration of such period, Lender may, without further notice or demand on Borrower. :nt~oi,e ` any remedies permitted by paragraph 17 hereof. No~~l;y~FOwa CovEtvAt~rs. Borrower and C.ender further covenant and agree as follows: 17. Acceleratloo; 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 t sums secured by this Mortgage. Lender prior to acceleratlon shall give notice to Borrower as provided in ~ Raragraph 12 hereof specify~ng: (1) the breach; (2) the action required to cure such breach; (3) a date, not ~ ` less than 10 days from the date and notlce is mailed to Borrower. by which such breach must be cured: ~ and (4) that failure to cure such br@ach on or before the date speciHed in th~ notice may result in accelera- ~ tion of the sums secured by this Morigage, foreclosure by judicial proceeding, and sale of the Property. ~ The notlce shaU fupther inform Borrower of the rlght to relnstate aher acceleraNon and the right to assert in the foreclosure proceediag the nonexistence of a default or any other defense of Borrower to accelera- ~ don and forecloaure. If the breach 1s not cured on or ~efore the date speciNFd ic: the nutice, L~~der, at ~ L.endei s optlon. may de+clare all of the sums secured by thls Mortgage to be immediately due and payable without further demand and may foreclose thls Mortgage by judicial proceeding. Lender shall be entitled ~ to collect in such proceeding all expenses of foreclasure. including. but not limited to, reasonable at- torneys' fees, court costs. cost of documentary evidence, abstract~ and tiile reports. 18. Bor:ower's Rlght to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Mortgaye due to Borrower's breach, Borrower shall have ihe right to have any proceedings begun by Lender to enforce !h~s Mortgage discontdnued at any time prior ta entry of a judgment enforcing this Mortgage if: (a) Borrower pays Lender ail sums which would be then due under this Mortga~e and the Note had no acceleration occurred: (b) Borrower cures al! breaches of any other covenants or agreements of Borrower contained in this Mortgage: (c) Borrower pays ali reasonable expenses incurred by Lender in enforcing the covenants and agreements oE Borrower contained in this Morcgage, and in enforcing Lender's remedies as provided in paragra~h 17 hereof, including, but not limited to, reasonable attorneys~ fees and court costs: and (d1 Borrower takes su~h 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 snall ~ continu2 un?mpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occured. 19. Assignment ot Rents: Appointment of Recelver. As additional security hereunder. Borrourer nereby assigns to Lender the rents of th2 Property, provided that Borrower shall, prior to acceieration under paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable. Paye Three ~f Four ~ 67~ i7~7 T q ~.,~„~^~..s.~~~~~ ~.~~s~~