|
It 4 4v .' �, F ;t 7 • 07 �� , 't r. ..� Q
<br />1 -
<br />t, 90. 107344 �--- --
<br />af t 9. Csoaads fw Aa*Watioa of QaM.
<br />w ~ (a) DdealL Leader may, except as limited by regulations Issued by the Secretary In the case of paytmeat defaults. require
<br />immediate payment In full of W suers secured by this Security Instrument if:
<br />a, #w (i) Borrower defaults by failing to pay in full my monthly payment required by this Security instrument prior to or on
<br />a a,ri; `: the due date of the nett monthly payment, or
<br />..
<br />a:
<br />(ii) Borrower defaults by faWag, for a period of thirty days, to perform any other obligations contained in this Security
<br />Instrument.
<br />(b) Sale Without Credit Approval. Lender ahs8, if Permitted by applies* law and with the prior approval of the SMOKY, mqukc -
<br />immediate payment is &H of all dw semen secured by this Saetrdy hatnenaat it
<br />(i) AB or pan of the Ptoperty is otherwise transferred (other than by devbe or descent) by she Borrower, aced -
<br />(it) The Property is teat occupied by the purchaser or gramee as his or her �irt�sry a residrnoe, or the purrbsser or
<br />gnmwe does so occupy the Property but his or her,cxM has not been approved is aeoordartoe wit4 oar teWuvoetas of the Secretary. •' - --
<br />let No Waiver. If circumstances occur that would permit Lendrr to require immediate payment in full, but Lender does not 4
<br />require such payments. Lender does not waive its rights with respect to subsequent events.
<br />` (d) Regsatione of BUD Secretary. In many circumstances regulations issued by the secretary will limit Lender's rights, in
<br />the case of payment defaults. to require immediate payment in full and foreclose if not paid. This Security I.strument does,
<br />I a,,..
<br />not authorize acceleration or forec osurc if not permitted by regulations of the Secretary. l
<br />�. 10. Releslateaeat. Borrower has a right to be reinstated if Lender has required Immediate payment in full because of ^ ,
<br />Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure t`
<br />proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to = _
<br />.• �_l• +���' -r m.�, ,• bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, i_� rx� -•,�
<br />?' foreclosure costs and reasonable and customary attorney's fees and expenses properly associated with the foreclosure
<br />1,� , . tf,?f,.• ;�: t{ '' "' ' proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as ; •.: r.;•t;,..,:. ,_
<br />if Lender had not required immediate payment in full. However, Lender is not required to permi t reinstatement if: (i) Lender has ,, 1
<br />accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the
<br />cor ncement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds In the
<br />n
<br />-'" future, or (iii) reinstatement will adversely affect the priority of the Ben created by this Security Instrument.�R
<br />TMW
<br />" } 11. Bonower Not Rehosedl Forbears= By Lender Not a Waiver. Extension of the time of payment or modification of
<br />amortization of the sums secured by this Security instrument granted by Lender to any successor in interest of Borrower shall not •- .
<br />1 i'•' r' operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to
<br />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
<br />• . •�•- =..,r. �•r!, . Bth:Ces5ot5 In interest. Any forbearance by Lender in exercising any nigh, or rerr:edy seta!l not be a waiver of or preclude the
<br />exercise of any right or remedy.
<br />IL Successors and Assigns Bound; Joint and Several Liability; Co- Signers, The covenants and agreements of this Security
<br />Instrument shall bind and benefit the successors and assigns or Lender and Borrower, subject to the provisions of paragraph 9.b.
<br />Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does
<br />not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in
<br />the Property under the terms of this Security Instrument; (b) Is not personally obligated to pay the sums secured by this Security
<br />Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any
<br />accommodations with regard to the term of this Security Instrument or the Note without that Borrower's consent.
<br />11. Nodose. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by
<br />first does mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any
<br />other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address r ,
<br />stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall
<br />be deemed to have been given to Borrower or Lender when given as provided in this paragraph.
<br />Is! 11. Governing I.awi StverabWly. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in
<br />which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with cep-
<br />pBeable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect
<br />without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be
<br />severable.
<br />141. Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument.
<br />16. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property.
<br />Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property
<br />to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any cove -
<br />" nant or agreement in the Security Instrument. Borrower shall collect and receive all rents and revenues of the Property as trustee
<br />for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for
<br />additional security only.
<br />If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit
<br />of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all
<br />of the Tents of the Property; and te) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent
<br />on Lender's written demand to the tenant.
<br />Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent i
<br />' Lender from exercising its rights under this paragraph 16.
<br />Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to
<br />Borrower. However. Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents
<br />shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property
<br />shall terminate when the debt secured by the Security Instrument is paid in full.
<br />,
<br />Pone 3 uJ 4
<br />
|