90105943 - Laserfiche WebLink

Browse

K7 90- x.05943 9. Gronta/s for Acceleration of Debt. (a) Deftaslt. Lender tray, except as limited by regulations issued by the Secretary in the cua of payment defaults, require immediate payment in full of all sutras secured by this Security Instrument if: (1) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or (il) Borrower defaults by failing. for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Larder shall. if pety milled by applicable law and with hire prior approval of the Secretary, require imttrthediate payment in full of all the awns socurod b thh Security Instrument if: (I) All or part of the Property is otherwise transferred (other than by devise of descent) by the Borrower, and (is) ra Property is not oatvped by the purchaser or grafte as his or Iter rissary or sxotdary residence, or the parchwr or grastee does sooccupy due Pmopaty but his or liter credit has out been approved in uomdwm whit the mquitaneats of due SKawy. (e) No Weber. If circumstances occur that %vuld permit Lender to require immediate payment in full. but Lender does not require such payments. Lender does not waive its sights with respect to subsequent events. ' (tl) Reilskilons of HUD Secrets". In many circumstances regulations issued by the Secretary will limit Lender's rights, in die can of payment defaults, to require Immediate payment in full and foreclose if not paid. This Security Instrument does On autbotrise acceleration or foreclosure if not permitted by regulatrmusz of the Swretaty. U. I dmiatesstutt. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. Thd right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender iue a lump sum all amounts required to bring Borrower's account current including. to the extent they are obligations of Bov.ewer under this Security Instrument, foreclosure costs and reasonable and customary attorney's fees and expenses pioux4 associaited with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it salAne, shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinsit a ;ement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the Commencement of a current foreclosure proceeding. (ii) reizutatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien crated by this Security Instrument. 11. Borrowar Not Released; Forbearance By Leader Not a Waiver. Extension of the time of payment or modification of emortlr4liop of the :.urns secured by this Security Instrument granted by Leader to any successor In inturd!q of Borrower shall rw,t operate to release the liability of the original Borrower or Borrower's successor in Interest. Lender -,hall not be required to i commence proceedings against any successor in interest or refuse to extend time for payrnent or atherwise modify amortization ' of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exerdse of any tight or remedy. 12. Successors and Auriga Bostad; Jolat toad Several Liability; Co- Signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns o1 Lender and Borrower. subject to the provisions of paragraph 9.b. — Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but does` not execute the Note: (a) is co- signing this Security Instrument only to mortgage. grant and convey that Borrower's interest in ' the Property under the terms of this Security Instrument; (b) is not perso"y obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the term of this Security Instrument or the Note without that Borrowers consent. 13. Nodess. Any notice to Borrower provided for in this Security Instrument shall be gi en by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Leader shall be given by first eW,.q mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Anx. -notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. lid. Goverd" Lrnt SeverabWty. This Security Instrumew. AM be governed by Federal law and the law of the jurisdiction in which the Property is located. in the event that any provision or clause of this Security Instrument or the Note conflicts with ap- plicable law. such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to the severable. Imo; 5. Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument. ' If. Aadginment of Rats. Borrower unconditionally assigns and transfers to Lender all the rents ana revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breadh ,of any cove- nant or agreement in the Security Instrument. Borrower shall collect and receive all rents and revenues of the Prope ml as trustee for the benefit of lender and Borrower. This assignment of mAts constitutes an absolute assignment and not an a minment for additional security only. If Lender gives "we of breach to Borrower: (a) all rents received by W4 *rower shall be held by warr•,twer as trustee for benefit of Lender only. to be Applied to the sums secured by the Security Instrument; t h) Lender shall be entuted to collect and receive ail of the rents of the Property. and (c) each tenant of the Property shall pay all rents dtue a mil unpaid to Lender or Lender's agent oa Lender's written demand to the tenant. Borrower has not executed any prior asut gament of the rents and tuts not and will not perform any act that would prevent Lender from exercising its rights under ibis paragraph 16. Lender shall not be required to enter upon. take control of or maintain the Property before or after giving notice of breach to Borrower. However. Lender or a judicially appointed receiver may do so at any tame there is a breach. Any applteatton of rents shall not cure or waive any default or invalidate any other right or remedy of tender. This assignment of rents of the Property shall terminate when the debt secured by the Security Instrument to paid to full. L d Parr I • . -- - --