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<br /> • Securiry Insaument. Lcncl�r shuA agpty such proccclJs ta the reduction�f the lndebtcdncss undi:r thc Note nnd thls Security ��:acr_�:°;;:-
<br /> instrumcnt,firsc to any dcUnqu�nt amounts applicd in che order providcd in paragraph 3,and thcn tn prepayment oP ptincipal• •,.,t.,.s� .:
<br /> Any�pplication af the procec�ids to the princlpal ahall nnt extend or postpone xho due dacc oP the monthly paymenta,whlch
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<br /> nre referred[o in paragraph 2,ar etuinge the amounc af auch payrt�ents. Any excess proceects over an nmount required to
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<br /> puy all outat�nding indebtccine.0 under ihe Notc and�hLs Securiry Instrument shaU bc pald ta the cncity lcgally cntitled thereto.�
<br /> i 7, Clu�es tu lbn'o�+'er aud ProtecUoo ot I.end=r'�Ryhte�W the ProPerha Barrowcr sriaU pay aU govcrnmenta!ari� •_
<br /> i municlpal chargcg,fincs and impositions that arc not[ncl�idcd In paragraph 2. Aorrowcr shall pay thcsc obligallons on dme� �-
<br /> j dircc;tty to the encity which ls owed the paymont. If failuro to pay would AdvcrRCly affcct l.endcr's intcrest in the Property.�• .#;j
<br /> . ;;
<br /> upon l.e;nder's request Borrowcr shall prompUy fumLsh to Lendcr reoeipta cvidencing thcse payments. '
<br /> If Borrawcr tails to make thesc �aym�n[s or �he payments rec{ulrcd by parogrup1i 2, or fulls to perform any ncher ' n
<br /> covenants and agreements containcd in ttti�Security Instrument,ar thcre is a IcAal prcxx.eding that may slgniflrancty aftecc ,. ':,_•;R�_
<br /> �. ..�.� Lcndcr's rights in the Praperry(such as a praceeding in ban�ruptcy,tor condcmnadon or to enfara laws or regulatians),then '(�,� • ,. ;�.;
<br /> �► l.endcr may do and pay whatever is necessE►ry to protect the value of thc Property and L.cnd�r's rights tn thB Property,� ,ti-:�;.�:�.,.
<br /> includtng payment ot taxes,hazard insurance aad otber items mencioned ia paragraph 2. ,- �?�. '•�= -
<br /> � "•----
<br /> Any atnounts disbursed by I.cnde�uader ehk P�S�Pb shall becomc an additional debt of Bonower and be secured by ,..,.,,.,r�••-_
<br /> .:fr.,���
<br /> this Security Instrument. These amuuncs shall bcur interest fram the date of dlsbursement at the Noce rate,and at the optlon ,-.__
<br /> :'s=°=-
<br /> � of Lender shall be icnmediately due and paysbk. :>�._"-
<br /> ° i Honower shall promptly di5chsrBo say Uen which has priority over this Securlry Instrument unless Borrowet:(a)agrees :,.`!
<br /> �rf_
<br /> : in writing ta the payment af the obllgutlon secured by the lten in a rnanner acxeAtabk ta L.ender;(b)contes�c 1a go«i fatth �,�ry
<br /> ` I the ltcn by,or defeneis a�ingt cnforcement of the lien fn,legal proceedings which in the I.cnder's opinion operute to prevent , ,..;, _
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<br /> the enfotccment of the Hen;or(c)secure.s fram the holder of the 1ien an agtecmcnt satisfactory to Lender subordinating the ,_.;_
<br /> � � llen to tbls Security InstrumenG If Lender dcternilnes tdat any part of the Property ls subject to a llen which may attain ��r�....
<br /> priority aver thiv Security Instrumcnt,I.ender may gfve Borrower u notine identlfytng the llen. Bnrrower shall satisfy the lien -' ___..
<br /> ';, �� or take ono or more of the actions sel farth abave wlthln 10 days of the gfvtng of noticc. �;.';:::.----
<br /> . ' � 8. Fees. Lender may collect fces and charges authorized by the Secretary. -_,
<br /> 9. Gro�nds[or Accele�stion ot 1kbA "�""'—'
<br /> �;;,.� (r) Debul� L.ender may,except as Wnited by regulations Luued b�the Secretary in thc c�sse of payment defaults, _.�-,
<br /> ;��� require immediate paytnent in full of all sums sccured by this Securiry Instrument if: ! ��"
<br /> w' (i)13orrower defaults by failing to pay in full any monthiy payment required by thls SecurIty Instrument prIor �.="---��
<br /> to or on the due date of the next monthty payment,or �`�=sy- _
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<br /> (fi)Borrowex defaults by failing,for a perlod of thirty days,to perform any other obUgations contained In thls _-__ _
<br /> '� Sccurity Instrument.
<br /> (b)Sale Wit6o�t Credlt Approval. Lender shall,if permitted by applicable law(including section 341(d)of tbe aarn-
<br /> St.Germain Depository Instltutioas Ac[of 1982,12 U.S.C.1701J-3(d))snd wich the prior approval of the Secretary,
<br /> ' ' requtre immedtate payment in fuU of all sums ucured by tt��ecuriry Iasaumout if:
<br /> • :.".��`�� (i)All or part of the Property,u�a benefldal intereat tn a uust awning all or part of the Properiy,is sold or
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<br />� � •.. _•.:•.,�, otheiwLse tranaferred(other than by devise or descent),and
<br /> ��;�`:_::��� (ii)The Propetry is nat occupie�by the purchsser or grantce as his ar hor principal residence,or the purchaser
<br /> ` � �� �'%i�,� ar grancee does so occupy che Proper�y.but his or her credit has not been approved in acoordana wich the
<br /> -; .; .. . _;• :�..
<br /> . �-���' requirements of the Secretary.
<br />�:�-�-� `�` (c)t:u L':xi�er. if c:rrumst�tccs occ�!r thar would permit Lendar to rcquire immediate payment in full,Uut Lender
<br /> . .. does not require such payments,Leader does not wafve ita rights with r�spect to subscquent�vents. �
<br /> J (d) Resrlatloos ot HUD SecrelarY. In many circumstances regulations issued by the Secretxry will limit Leuder's --
<br /> - :' rights,in the oase of payment defaulu,co require icn�nediate payment in full and forecloso!f not paid. This Securiry
<br /> y, �,`• • Instrument does not authorize aoceleration or toreclosure it not permicted by regulatioas of the Socretary.
<br /> �� � (e)Mort�e Not Insrred. Bonower agrees thac If this Securiry Insuument aad the Nate are not detarmined to be
<br />�,.!:, ' '� ' ellgibk for iagursnoe under the Nstional Housing Act within 60 DAYS from tha date hereo�
<br /> ,._ �j' . ..' Lender may,at its optton,requlre inuncdlate payment ia full of all aums secured by this Securlry Ia4trumen� A
<br /> " �'� wtitten statement of any autharf�ed agent of the Secratary dated subsequcnt to 60 DAYS &om
<br /> � �,�''` the date hereof�declining to iasure thts Securiry IaStrum�nt and the Notc,shall be deemed conclusive proof of such
<br />- � ineligibillty. Notwtthstanding the foregoing. thb option may nat be m�ercfsed by I.cnder when the unaveiliabi�ty of
<br />=�-• insurance ts solely due to I.eader'a failure to remit a mortgage insurance premlum to the Secretary.
<br /> `? 10. Refnstatemen�. BortoH�er has a dght to be relnstated if L.ender has required immedlete puyment in full because of __
<br /> _��, , Borrawei's fallure to pay an amoun[due uader the Non or this 5ecurity Instrumcnt. This rlght appllcs even sfter forecbsure
<br />_;,±•;;;=_-�•:� proceeciings are institutcd. To retastate the Security Ins�rument,Boaower shall tender in a lump sum all amounts required
<br /> to bring Borrower's accouat cunent including,[o the extent they are obllgatioas nf Bonower under thLs Secudry Instrument,
<br />-" foreclosure costs ancl reasonable and customary attomeys' fees and expenaes properly associated with the foreciosure
<br /> ; �' proceeding. Upon reinstatement by Borrowcr.thls Saurity Instrument and the obligations that tt secutes shall remain in �_��-
<br /> etfect as lf Lender had not required immediate paymcnt ln full. However,I.ender is not rcquired to permit reinstatement if: -_ ___
<br /> � , (i) L.ender has aca:pted reinstatement aher the cornmencement of foreciosure proceedings wichin two Years i�nmediacely ��,:::'.
<br />� � prcoeci{pg the commencement of a cunent f�reclosure proceeding,(ti)teinstatemcnt will preclude fareclosure on different �?;-_
<br /> . �� grounds in the future,or(W)teinstatemcat will edversely affect the priority of the llen created by thls Sccurity Instrument. _ ---
<br /> 11. Borrower Not Reteased;Forbeanna by Lender Not a Walver. Fxtension of the time of payment or modi6cation �_-
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<br /> of amortization of the sums secured by this Security Instrument granted by Lender tn any sucoessor in interest of Borrower _.� , _
<br />- '�;�.� _._
<br /> ' shall not operate to release the llabillty of the original Borrower or Bonower's succcssors in intarest. L.endcr shall not be `,-'-�,�•��,;�_
<br /> required to wmmenec proceedings against any succe.SSOr in interest or refuse to extend time far payment or othenvise modify , .�':,��:;,,:�.�_
<br /> amortbation ot the sums secured by thls Security Instrument by rcason of any demand made by the original Bonower or ,.,;,,��-:`;,f1.ti�.
<br /> Borrower's successors in interest. Any forbcarance by Lender tn exerctsing any right or romedy shaU not be a wafver of or : �} {•',_,
<br /> _:._
<br /> ' prcclude the exercise of any right or remedy. �=
<br /> -- -- " ^ ---- -_' •--'-- n___�. t..i..��� c...o...t i I.i.{itfv. (`n�Cten�rc. �n,e mvenanu end aareements of thts .
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<br /> _.-___._.—._.._..
<br /> i Security Instrument shall bind and benefit the suo�essors and assigns of L.ender and Borrower,subject to the provisions of
<br /> � paragraph 9(b).Borrower's covenants and agre:ements shall be joint and scveral. Any Borrowcr who co-sfgns this Sccuricy ,
<br /> lnstrument but docs not execuce the Note:(e)is co-signing this Security Inscrument only to morcgage,grant and convey thst .
<br /> � Borrowcr's interest in thc Property undcr the terms of this Securiry Instrument;(b)is not personaUy obligatcd to pay the sums
<br /> I sccurcd by this Sccurity Instrument;and(c)agrees thet Lender and any other Borrower may agrce to extend.modify,forbear
<br /> or make any accommodations with regard to the tcmu of thi9 Securiry Instrument or the Note withnuc that Borrower's
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