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90-- 107224
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<br />T'- -' Any a plicuiiotl of the proceeds to the principal shall not extend or postptlne the due date of the monthly payments. which
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<br />are referred to in Paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required ice
<br />pay all outstanding Indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto.
<br />�. 8. Fees. Lender may collect fees and charges authorized by the Secretary. - - - —
<br />.:jFtr 9. Grounds for Acceleration of Debt.
<br />!al Default. Lender may, except as limited by regulations issued by the Seeretar in the case of payment defaults, require =
<br />. itnmedlate payment in full of all surnb secured by this Security Instrument f:
<br />(i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to _
<br />or on the due date of the next monthly payment, or
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<br />(ill Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this .''''�"
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<br />,. �...+ .• Security Instrument.
<br />(b) Sale Without Credit Approval. Lender shall, if permitted by applicable law and with the prior approval of the _ ~=
<br />Secretary, require immediate payment in full of all the sums secured by this Security Instrument if:
<br />(i) All or put of the Property is otherwise transferred (other than by devise or descent) by the Borrower, and _
<br />(ii) The Property is not occupied by the purchaser or grantee as his or her primary or secondary residence. or the -
<br />purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with
<br />the requirements of the Secretary.
<br />(e) No Waiver. if circumstances occur that would permit Lender to require immediate payment in full. but Lender
<br />does not require such payments, Lender does not waive its rights with respect to subsequent events.
<br />(d) Regitlallonsof HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights
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<br />its a in the case of payment defaults to require immediate payment in full and foreclose if not id. This Security Instrument
<br />'; _;;;�� • ,' does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. ''; i"�o,. „'
<br />... 10. Reinstatement. Fk)rrower has a right to be reinstated if Lender has required immediate payment in full because of 1 ” vd.
<br />r;;i { {,,d. ''' "4 +,,! Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure
<br />proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lum sum all amounts required
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<br />to bring BortoWer's account current including, to the extent they tics obligations of Borrower tin er this Security instrument, e� t• , ._
<br />foreclosure costs and reasonable and customary attorneys' fees and exi,enses properly associated with the foreclosure proceeding.
<br />iowr, this Scurrty lnsiru^.: : and t4 : reinstatement by Sr obligations that it recorm shall remain in effect as if Lender �: ';•`.,' : :_'_-' � %
<br />had not required immediate payment in full. However. Lender is not required to permit reinstatement if: (f) Lender has accepted rr y1^
<br />reinstatement Over the commencement of foreclosure :proceedings within two years immediately preceding 1t .c commencement
<br />of a currenn foreclosure proceeding, Oil reinstatement will preclude foreclosure on different grounds in the future, or (iii)
<br />r: ;r ?•, reinstatement will adversely affect the priority of the lien creatzrJ ry this Security Instrumer,:. �
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<br />11. Borrower Not (Sieleased. Forbearance By Lender Not a lVaiver. Extension of the time of payment or a dification
<br />of amortization of the sums secured by this Security Imirument granted by Lender to any successor in interest of Borrower :; �',,,. " •'' `; - ``�`'•_
<br />shall not operate to release the liability of the original Bs•:: ower or Borrower's successor in interest. Lender shall not be required ti t
<br />to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization
<br />of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors
<br />- in interest. Any forbearance by lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of E t
<br />any right or remedy. t '
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<br />12. Successors and Assigns Bound; Joint and Seteral Liability; Co- slitners. 'f he covenants and agreements of this Security !
<br />Instrument shall bind and benefit the successors and assigns of lender and Borrower, subject to the provisions of paragraph
<br />9.b. Borrower's covenants and aprcements shall be .joint and Several. Any Borrower who co-signs this Security Instrument
<br />but does not execute the Note: (a) is co- signing this Security Ins:rument only to mortgage, ;:rant and convey that Borrower's
<br />f'.`. interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured
<br />'t!" "•`•' �' by this Security Instrument; and (c) agrees that i ender and any other Borrower may agree to extend, modify, forbear se make
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<br />any accommodations with regard to the term �; this Security Instrument or the Note without that BorroHrr's consent.
<br />rf�� t, 13. Notices. Any notice to Borrolver provided for in this Security Instrument shall be given by delivering it or by mailing
<br />: it by first class mail unless applicable lave requires use of another method. The notice shall be directed to the Property Address
<br />1`;¢a or any other address Borer designates by notice la tender. Any notice to Lender shall be given by first class mail to Lender%
<br />Address stated herein or anti• address Lender designates 1`y not ice to Borrower. Any notice provided for in this Security Instrument i
<br />:hall be deemed to hale peen given to Borrower or Lender when given as provided in this paragraph.
<br />14. Governing Law; Severabilit). This Securit% Instrument shall be governed by Federal law and the lal% of the jurisdiction
<br />in which the Property is located. In the event that any prmisior. tit clause of ;his SeCU67% Orstrumcnt or the Note conflicts
<br />with applicable law, such conflict shall not affect other provisior, of this Se. lnstrumteTv r the Now +shish can he given
<br />effect without the conflicting provision. to this end the provision.•'4- •:51s . rey Instrument and the tiore are declared to
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<br />I be %ocrable.
<br />15. Borrower's Copy. Horrtmer hall be geser: one :ontormed . vp• of this Security Instrument.
<br />16. Assignment of (tents. Borro %wr umondinonath assigns .utd .rat i cr, r,* 1 rider all the rents and res ell ues tit the Property.
<br />Borrower authorises Lender or (.ender "s agents rocolL:a the relies and resent •. and hereby directs each rrttant of the Property
<br />to pay the rent. to lender or I ender'+ agents Motto cr, l•nor tti I ender'• wince a► Borrower of Borrov►cr's breach tit any
<br />cosenani vier agreement in the Securers Instrument. rturrimer shall etillect ,tied tecmic all rents and re%•enucs tit the 11raper1l
<br />as trustee for the benefit of 1 ender and Mirm\ser. 1111% a.signnunt tit lent+ constitutes an absolute J%%ignmenr and not an
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<br />If Lender gi%cs notice tit hrc.►ch Ise fiotrossct: till all tent% lecowd b% littittmer shall hr held In Ilolrtmer as n•uslce for
<br />benefit of Lender on11, Its he applied to the %tine% +seined b% the hecuuI% Inslrutilcnt; Ohl I ender •hall btr entitled Ill collect
<br />and rcevne all of the rt:n1% tit the Proper; and Ice each ten;ult ill the I'ttipem +11,111 pas all tents line :tied unpaid to 1 ender
<br />or Lcltder's agent tin Lender's ssrluell demand to the [enema
<br />Borrower has non cwculed :tins ill for a %wriment tit the tent, and has ntil alld "Ill titre lierttinn .ells a:l than %%ould lire. Cell
<br />I ender front cNerct•ing 6 rights under this paragraph Ili
<br />ender %hall not he ectqulred it, enter upon. take aruut•l tit tit ne,u11tatit the 111t,pet is heltirc ill .Altars e1% tile ntiticr tit Irre.101
<br />ar Horrorser. Lloeeset, I ender tie a tudiclaly allponleed Ict owl 111.1% till s,, .11 an% lane 111ctr 1• .r I +tea. le Nils algrbtauun
<br />tit rent% shall mit %lire tit %.:tile an> dclaule err nn.111dale .111% tither r lrhl ter remcds td I Older I11r, .Issrenure11r tit scab ill
<br />the I'ropert} shall ten1111r:nc sshco the debt 'Cawed b% the Sc:runs Insuu11lenl 1% 11.10 Ill 11111
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