The mb_substr is a function that is a part of PHP by default. It sounds like your hosting company disabled it, which is uncommon, but apparently happens. You can work around this by editing that file, finding the line at 333 that should look like:
$articleText = mb_substr($articleText, 0, $numCharacters, 'UTF-8');
And changing it to:
$articleText = substr($articleText, 0, $numCharacters);
If you're site uses non-Latin characters (accents, greek letters, etc), the fix above will cause other issues as well. We'd recommend contacting your hosting company to have them enable the mb_substr function as the best fix.
Hope that helps,
Alex