|
� C• �`
<br /> •_.� '�f,�� ,yin.. _ _—
<br /> - -�_
<br /> 11 �y_.
<br /> � •' • _.......�.��.. ... ��. -.IS-:- _.
<br /> ._—. ' i .
<br /> '.._.� '__ " . . ... —_ ._. _.. ._.
<br /> ��� - - � , '�3� iors��
<br /> � paynxnta,which�ee�efencd w in P�nr�r�ph 2.ar clun�e ibo�nwunt of such p�ynxnu�. Any Cxcee�proreeds over�n
<br /> �mount requirod w py W ow�w�din�i�ideMedneu w�der the Nae�nd�hi�3ecurlty InununaM sJud!b�pdd w die mWy
<br /> le��ll amitled�to.
<br /> � I�ea. I.ender m�y collect fees and chu�a owl�orfud by the Secnewy.
<br /> !. Croundt far A�cderatlop ot Debt.
<br /> (U Dehdb Laider nwy.ezcept u Umitod by r�c�uluiau isnued by the Secretary in tho ca�e of p�yn�t defaulp,
<br /> roquiro immedi�tepaymeot in full of�II sum�securod by�hEs Secu�lty In�trument if:
<br /> -�—�"'�='='�� (1)Borrower dofaull�by fai�ing W pay in full ony monthlY puyment requl�d by tbis 3ecurjry U�swment prlor
<br /> to or on tho due d�te of�he next manthly p�yment,or
<br /> .�= (ii)Bonower doipult�by fdlin�,far�perfod of�hirty day�.w pmform�ny oU�'abiigatiau cauainod in this
<br /> � Security lncuument.
<br /> _ (b)3de VYlthout Credlt Approval. Lendcr rlull.if pemiitted by�pplicable law and wl�h the prior�pprovd of U�e
<br /> - — Secretary.roqui�a immediate paymant in full af all dx sums securcd by this Secur�ry Instrumrnt if:
<br /> - - (i)�11!.x part of�he Property.or x beneficial Intemat in a uust owoing all or part of the Pro�aty.ls cold a
<br /> � otherwjse trnnsfcrrcd(other than by devise or descent)by tha Borrower.and
<br /> (ii)71KS Property is not accupied by the purchaser or g�ntee as his or har princip�l reaidenco,or ihe purchaser
<br /> — — or grantee does so accupy the Properry but hic or har cncdi� has not been epproved ln xcadAnce
<br /> wf�h Ihe rcqui�ements of the Secrotary.
<br /> (c)No Wdver. If circumstance,�occur�hat would permit Lender to require immediate payment in full.but LRnder
<br /> das nat require suchp�yments,Lender das not waive its rights with respecc to subsequent even�s.
<br /> - -- — (d)Re�ulrtloat of HUD Se¢ret�ry. In many circumstances rcgulations issued by the Sec�+eetary will limit Lenderh
<br /> �t�� - righta. in the case of pnyment defaultx, torequire immediate payment in full and foroclose if not paid. This
<br /> . �����.�.�� Security lestrument does aot authoriu acceleradon or foreclosure if not permiited by neguls�tionr of the Secretary.
<br /> ' �vr (e)Mort�ge Not lnsured. Botrower agrces that should this Securlty Inswment and tl�e note sxwed thcrcby not
<br />_ � ,,,,��, be eligible for insurancc under the Nntional Housing Act within 8 �uoAt68 f��
<br /> ;�x��� �•. .:•�._- date hereof.L.ender may,at its option and�iotwithstanding anything in Pazagraph 9,�uire immediate payment in -
<br /> . °J�,%9�,k;.+.��`;:�;;�'�, full of all sums secw+ed by U�is Security In�trumen� A wfitten statement of any authorized egent of�he Secnetery
<br /> r� ' ��::`�:,:-..f .i..�...;t� dated subsequent to 8 iaontha �'�m�he dsue henrof.declining to insuro�hia Security
<br /> _ "�^-�°•" :�*•',•�'r:,' lnswment and the note secured ihereby,shall be deemed conclusive proof of such ineligibility. Notwithstanding
<br /> •�"� • �� � tho foregoing,this option may not 6e exercised by l.ender when the unavailability of insurance is solely due W
<br /> _ �;�i;�•= ,��._,,,��,
<br /> �,� ,;;ti�.s�,',,;..., ..; Lertder's fuilure to remit a murtgage insurance premium to the Secretary.
<br /> � �'i �� ' � '� ' 19. Relnstwtement. Borrower has a right to be reinstated if Lender has required immediete paymenc in full 6ocause
<br /> • '�'�g"'"A�'��� of Borrower's fa�lure to pay an amount due under the•Note or this Security Instrument. This dght applies even atter
<br /> ,. �r: , _„,.
<br /> t�yt �� � foreclusure praceedings ara institu�ed. 7b reinstate the Securiry lnsuument, Borrower shall�ender in a lump sum all
<br /> ,-°;t,,,_�. ` ' •,;::° wm�unis rrywrcJ tu iniug Buuuwer a accoani cu�seni including,ta thc cxtcnt ihcy arc obligatiat�;of Satsnu�er�r lhi�
<br /> •.�:,;.;.,;;,+,; . Seeurily Instrument.foreclosure costs ar�d reasqnable and customary anomeys'fees und expen.ses propedy associated with
<br /> °_�����;'; the foreclosure proceeding. Upon rcinstatement by Borrowcr, this Security InsUvment and the obligadons�hut lt secwBS _.
<br /> , ;i;,;.�� slwll remain in effect as!f l.ender had not reyuired immediate payment in full. However,l.ender is not requir�d topem�i� =
<br /> ,��•��� • �:;,.. •� reinslatement if: (i)l.ender has accepted remstntement after the commencement of foreclasure proceedings wIU►in two
<br /> "" • ���"� yeurs immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude
<br /> , ��•�� foreclosure on different gmunds in the future,or(iii)rcin�tutement will adverscly uffect tt�e priority of die lien created by -
<br />" . lhis Securi�Instiument.
<br /> . ll, orrower Not Released; Forbearance by I.ender Not a Waiver. Extension oi the time of payment or
<br /> -. madification nf amartir.ution of'the sums secured by this Security Inswment gr,mted by Lender to Any successor in interest
<br /> -- • � of Bomnwer shall not operate to releasc the liubility of the original Borrower or Borrowcr4 tiurcexsor in interest. Lender
<br /> �� , shall not be requined to commence Proceedings nguinst uny succexsor in interest or refuse to extend time for payment or _
<br /> ._'�'�• otherwise modify amortir.a�ion of the sums secured by thiti Security Insuumen� bX reation of any demund made by the _
<br /> ^f. ' origin�l Borrower or Borrower's successors in interest. Any forbeatunce by Lender m exercising any�ght or temedy shall � -
<br /> , '• 1 ,' ., not be a waiver of or prcclude the exercise of uny righ�or remedy. _
<br /> _ , •i, ,,,.�.;_� 12. Successors and Assigns Bound;Joint and 5everal Lir�blNty:Co•Signe�a The wvenants nnd agreements oi' °-
<br /> '�.::1;���;.� �his Security Instrumenl shall bind nnd benefi�the zuccexsors and atisigns of Lender and Borrower, subject to the provisions =
<br /> � , ' ' ':�_:t, of Paragraph 9.b. Borrower's covenants:uid agmement+ tihall t+e joint nnd +everal. Any Barower who co-signs this -
<br /> �`-� Security Instrument but does not execute the Note: (u)is co-xigning thiti Security Inslrumem only to moRgage,grant nnd =
<br /> � ' ; ��� convey that Bortower's intere+t in the Propeny undcr the tertn�of�his Security Imtrument;lb►is not penonally obligated to -
<br /> �`���• puy the sums secured by this Securiry In,trumcnr,und Ic)a�rces�hat Lrnder and an}•other Bom►wcr may agree to cxtend, _-
<br /> � �•'"'•�, • modify,for6enr or muke any accommodmions with regurd to�he trm�s of�hix Securiry Ins�rument or the Nde without that __
<br /> �;'�_. .'�4�'� � :,"•, Bwrower�consen�. _
<br /> '•;�� �• 13. Notices. Any notire�o Bortower provided fi�r in thi�Security Instrument shall be given by delivering it or b�• _
<br /> • . .'':�;1 mailing it by firs�clu.ti muil unles+upplicable luw rcyuirc�u,c ot';u�othcr methoJ. Thc no�ice shull be directed to the :..
<br /> `' :'� Propeny Address or any other uddress Burmwer drsign:�tex by n�wice tu Lrndrr. Any notice 10 L.ender shnll be given by
<br />- ! '` �� � ° fir:+t clusx mail to Lender's udJre,��tuted here+n or any uddress Lendrr Jrr•ignalc� by notice io Borrower. Any notice �'
<br /> ,;; .
<br /> • provided for in this Securi�y In.�run��m,hull bc dcemed ai have b�en given to Borrowcr or Lender whcn given sw pmv9ded -
<br /> • ' , in this parugruph. !_
<br /> � *•• • ',. .; 14. Governing Law;Serer�bilily. Thiti Srcurity In.uumcnt �ha11 he govcmed by Fcdcr•rf luw und the luw of'thc �
<br /> :< < �,� �". jurisdiction in which the Propeny i�Icx:wed. In ihc rvern thac any pmvitiiun or cluusr of thi.Securiry Insuument or the �
<br /> . ' � . Note conflict,wi�h upplicable law,such ronflict�hull nol uffer�other provi.ion�of thi� 5crurity In.trume�N or the Note �
<br /> which cun be given effect without thr rimflirting provi�ion. Te,�hiy end the provixion�of�hiti Security Instniment und the
<br />- ` ' Note arc dcclared to be xveruble. "
<br />:' ' ' �;ti,;: , IS. Borrow•er's Copy. Borrowrr shull be tiiven onr conl�omied ropy uf this Srcuriry Intitrument. ;
<br /> +. �;�..���� , . 1�. As.gigoment oP Rents. Bomowcr uncondilionuUy a.xignti and tranrtirr.ta Lcrnler all the rent,and revenues of the �
<br /> ;�;�,;.;'� � • Propeny. Borrowcr uuthomes Lcndcr or Lender:agent,to c��l lcc�the rrntti anJ rrvenue.anJ hereby directs each tenunt oi
<br /> ��.?��,.t r • the Properly lo poy the ren�x to Lendcr or Lender;agents. Howcvcr.prinr to Lendrr�notice to Aornower of Bortower's t
<br /> • "�ti.;'�'. � breach of any covenant or agrecmem in the Security In.wmrm. Borrawrr.hall coUect and recrive all ren�s s�nd revenues of
<br /> � �j' 1he Propeny ati trustee for the henefit of Lender und Borrower. 'fhis ussignment af rents comtilwes an a6solute a�signment
<br /> �� � ! end nw an assignment for additianal securiry anly. �
<br />_ .,•' ':._�..,.—_ tt• '_J'_ a•` 1.._ n_�.-.__. ��'__... � J�...o_�_....._i�i..�l 1.�L�I.J L. b..�.....��.....�......� �
<br /> - �--- - . "-� -- � �I laG1�UG1�j'IYC.I INI�bG VI UlGdbll�V VVIIV�'Y�I. �YJ q1�Ia.111.�I�ba.I��Y v� U��I�\��LI . a��an In�u v� Lv��uw�.�ws������� {.
<br /> - for benefit of Lender only,to be upplied to the sums secured by the Security lnalrument;(b)Lender xhall be entiUed to ;
<br /> ,;� � . .• collect and receive All of the renls of the Propeny;nnd(c)euch tenAnt of the Propeny shall pap all rcnts due and unpaid to �
<br /> .� • ' Lender or I.ender's agent on Lendert written demand to the tenunt. �
<br /> Borrower h�.. not executed nny prior assignment of thc ren�s und hax nat and will not pert'artn �ny act that would
<br /> i ; �;• prevent Lender from exercising its rights under this Pnrugraph 16.
<br /> ��• ' Lender shull not be reyuircd to enter upon,tuke control of or muimain thr Pmperty before or ufter giving noticc of
<br /> ` , breach to Borruwer. However,Lender or a judicially up�winted receivcr may du so ut uny time �here is u breurh. Any '
<br /> `_�'� . applicetion of renls�hnll not cure or waive su�y default or mvalidate s+ny olher right or remedy of Lcndcr. This A�si�nment �
<br /> , of rents of the ProNerty shall terminate when the debt serured by the Security In.trument is puid in ibll. �
<br /> {- • . ..
<br /> , t
<br />' E�� . :
<br /> !`� . t
<br /> �,� � .,+ ll'uRe!nfJ paKrs►
<br /> } .. ;
<br /> �.
<br /> i ^.._�,�------ � --- - . _ ..-�r--- -r------�- -� - -_ _- —- -- '--_—_
<br />
|