|
-,,�----__._ .._ ;-.- ` �.
<br /> ; � � .. � ��w _ ���_��-
<br /> -=�� ..�: _ _ ..��; _ __ _
<br /> _ _---_
<br /> 93�io9e�94
<br /> paymcnt�,which�u+e refen�ed to in�ph 2,or change the Rmoant of xurh �►yn��+tr. Any excc��:x:�over an
<br /> �rwuntt+a;uiral to pay all aitstandinQ indebtednes�wtida!he Note ud thix Security Instrume+�t r�A be p+dd to the eatlty
<br /> k�ally entitled tl►trcw.
<br /> & Feet. l.ender mry callect fets and clw�eF�uthoriced by the Secrcury.
<br /> 9. Ground�Tor Acce{eratloa ot Deb�
<br /> — (a)Dehult� Londer m�y,except�s limited by aQul�tions iscued by the SecrctKry in the cau of p�yment defaulta.
<br /> - - reyuirc lmuticdiate payment in futt of nll sums secured by this Security Ingtrument if' �..
<br /> " (i)Bort+ower def�ults by failing to pry in full any monihly pKYment required by thiti Securiry In�ttument prior
<br /> -y to or on th�due dxte af the next monthly payment,or
<br /> (ii)8ornower defwults by f�ilin�,for a period of thiRy days�to perform any dher obtiQations contalned in this
<br /> ° Security Instcument.
<br /> —_ (b)S�tle Withaut Credit Approv�l. l.cndcr shall,if pcmiitted by applicable luw And with the priar approval af the
<br /> —"--�� Secr+euuy,royuiro immediatc payment in fuii of all the sums securcd by this Security Instrument if:
<br /> -_-----.� (i)Ail or pan of the Propecty,ar o bene�ciul interest in a tnist owning all or part of the Properry.is sold or
<br /> -- otherwlsc tru�sfemed(other ttwn by devisc or descent)by the Borrower.and
<br /> _�_�_ _..�_�._ (ii)The Praperty is not occuplod by the purchaser or grantee ac his ur her principal residence,or�he purchaser
<br /> � -, ss- �� ur grantee does so occupy the Property but his or he� credit has not becn approved in Yrcordance
<br /> with tix roquirements of the Secretuy.
<br /> � (e)No Waivei: if circumstances occur that would permit I.ender to rcyulie immediate payment in full,but l.ender
<br /> - _--_ =�""`='�"� das not r�qulra suchpaymcnts,Lcnder dces not waive its righ�c with respect to subseyurnt events. -_
<br /> (d)Re�uladons of HUD Secretury. In muny cjrcumstances regulations issued by the Secrcquy wjll limit l.ender�s
<br /> 4���y right�, in the case of pxyment defaults, to reyuire immedlate payment in fuit ai 1 fored� :c if not paid. This -
<br /> � �*��-:=•`•+";�•' Security Instrumsnt does not authori7x accelen►tlon or foreclosure if not pemtiitted by regulutiuu.of the.,eci:tary.
<br /> �� 'fi�. `;:;;�3���: ,�• --
<br /> fif'�. .,, (e)Mort�e Not Incured. Borrower og�ees that should this Securiry Instrument and the note secured thereby not
<br /> �" •�' • • ? be eligiblc for insurance under the Nationnl Housing Act within 8 waaths from the _
<br /> ���"`^;•'r "�����"��� datc hercof.I.ender may,at its optian and notwithstanding anything in E'�.uagraph 9,require immediate payment in __
<br /> . ;,�:';;t':°�`K'"::,�:: -'�
<br /> full of all sums secured by this Security Instrument. A written�tatement of any authorized agent of the Secretary
<br /> •;".•�;%'�`•;•;r:`�`:I� dated subsequent to 8 aiw�tha from the date hereof,declining to insurc this Security -
<br /> .�' ,�: . ..r,.:...�.
<br /> .,: ,. insuument and thc notc secured thereby,shull be deemed conclu�rvc praof of such ineligibility. Notwithstanding _
<br /> . :��1`'�'�r: , .i��-�,.,,
<br /> , �.,,.,.. , .:.'.�`f.��•• the foregaing, this option may not be exercised by Lender when the un�vnilubility of insurence is sotely due to �
<br /> -.. i •'�`'`-'•'�'�• -��'!'` Lender s failure to remit a moctgage insurance premium co the Secretary. r'-'
<br /> ;;.: „:;�,.�, ';:-�_.c 10. Relnstatement. Borrower has a right to be reinstated if Lendcr has required immediatc payment in full because _
<br /> _. •�;.�2�•�; ,•;:;,."'�• � of Bomower'.s fwilure to pay an :�maunt due under the�Notc or this Sccurity Instrument. This nght applies even after
<br />- `=—`-�•'�''::`'-`="°='` f o r r c l os u s r p m c c,r d i a g s�e i n:;t i t u t c�. T o t`s i n s t a t e !!�t S t c u r�t y i��t niment, Barrower shaU tender in a lump sum all
<br /> - , ,.....-�-
<br /> •.,,i.•;;�.;.;
<br /> • , ,:••!,: � amounts reqwmd to:hring Borrower�account current including,ta the extent they are abligAtions of Bo�rower under this _
<br /> , '�,"��' Security lastrumen�foreclosure costs and reationable und custom•rry uttomeys'fc�eti and expenses properly atsaciated with
<br /> .. , the foreclosure proceedin�. Upon reinstntement by Bortower,this Securiry Instrument und the obl�gat�ons that it secures
<br /> . • � shall remain in effect ax if Lender had not rcc�uimd immediate puyment in fuil. Huwevcr,Lender i.r•nat required to pertnit
<br /> '� � `� reinstatement if: (i)Lender has accepted remst:�tement ufter the commencement of foreclosurc proceedings within two
<br /> 1fe,,:,., ��: , years immediately preceding the commencement of a eurrent foreclo,ure procecding, (ii) reinstutement will preclude
<br />_'��' � torectosum on differen►ground�in ti�r future,or tiiil rcinstrtem�nt«•ill sdver.:ely uffect the priurity of the lien created by
<br />- �' ' . � this Securiry Instrument
<br /> :���• �; I1. Borrower Not Released: ForbearAnce by Lender Not n Waiver. Extension of the time of payment or
<br /> `. '`r�••� • modifteation of amortization of the sums secumd by this Sccuritx Instrument g�unted by Lender to uny successur m�nterest
<br /> , �� . � '� , of Borrower tihall not operate to�eleu.e thc li•rbility of the ung�nul Borrower ar Burcower's tiuccessor in interest. Lender
<br /> �`.�:`�` '' rhall not be required to commence praceedings ugu�nst any surce�.tiur in interest or refuur to extend time for payment or
<br /> �. � ' ^ , ' otherwise modify umortization of the sums secumd by this Serurity In+trumrnt by rea�on of any demand m:ide by the [
<br /> , ;- •�• �•�. . original Borrower or Borrower�+uccestiors in int�rc.t. Any forbeur:►nce by Lender in exercising:u�y right or remedy shall
<br /> - :� not be a wuiver ut'or preclude the exercise of any right or remedy.
<br /> �i ;,, �,,, . •.�. 12. Succes5wrs and Assigns Bound;Joint and Several Liability: Co•tiigners. Thr covenants and ugrcements of
<br /> �• :. : ' , thix Security[nstrument shal!bind and tx;nefit the.uccesson and as�ign+of Lander and Borrower,subject to the pmvisions _.
<br /> j�" . of Paragraph 9.b. Bortower's covenant�und ugrcements ,hall b� joint and +rvcral. Any Borrower who ccrsigns this
<br /> "�'' ' Security Instcum�nt but docs not execuir the Note: (u)i.co-�igning this Serurity Instrument only to mortsage,grsnt and
<br /> � convcy that Bortower's intercst in thc Property undcr thc terin+��t this Securiry lmtrument;(b)is not personally obligated to
<br /> � pay the sums secureJ by this Securiry lntitrumcnt;anJ(c)agmes th•rt Lender and any othcr Borcower may agme to extend. _
<br /> modify,forbear or make any uccommcxiatiom with re�ard to thc term,of thi�Security Instrument or thr Note without thut _
<br /> �,�, �; � . • � Borrowcr�coment. __
<br /> . �' •'° • 13. Nottms. Any noticc [o Borrowcr provided for in thi.5ecuriry Inrtrumem shall t�e Fiven by deli��cring it or by _.
<br /> ':���- ' mailing it by first cluss mail unless applicable luw rcyuirc.use af unothcr methcxl. The natice +hall be directed tu the -
<br /> • `��.''�' ' Property Address or any othcr uddress Borrowcr designates by nrnirr to Lcndrr. Any nutirc to Lender shall bc givcn by --
<br /> - �,t'• '' first clas� mail to Lender+uddrcss stuted hcrcin or any addreti, Lrnder dc.ignate� b�• notice to Bortower. Any notire ,--
<br /> i3��?' ' . .:S"'. provtded for in this Security Irrstrumcnt xhull be deemed to have Ixen given to Borrower or Lrnder wh�n given a�provided
<br /> . in this parugraph.
<br /> ,�,' 14. ('soverning Law;SeverAbility. Thiti Sccurity Imtrumcnt �halt �govemed by Federul luw and thc luw of the _
<br /> �•� .� .1w�'su:.r+ urisdiction in which the Property is located. In the rvent that an�• provi�ion or clause of this Srcurity Instrument or the =_-
<br /> _ � �ote conflicts with upplicuble law,such cunflict shull not affert othrr pmvi.ions of thi�Serurity Instrument or the Note
<br /> , ___ ��,_:. which can be given eflect without thc conflicting provision. To this end the provixions c�f thix Security lnstrument and the __
<br /> `'" �;�W�;: Note une declarcd ro be sevcrable. -
<br /> -. •.�.,�;���� • I5. Borrower's Copy. Borrowcr shall bc given one conibrmcJ copy of this Serurity Instrumcnt. _
<br /> -Y p�'��'- 16. Assignment of Rents. Borrowcr unconditionally a..igns ond tran�fcrs to Lendcr all the mnts:md rcvenucs of the
<br /> _ . � �,��
<br /> - '•" ,,,� Pro{x�ty. Borrower authori•r.es Lende�or Lender's agrnts to co(Iect the rents and revenucs and hereby directs cuch tcnant af
<br /> the Praperty to pay the rents to Lender or Lender?+ugents. However,prior to Lender's natice to Borrower of Borrower r -
<br /> --����� breach of uny covenant or agreement in the 5ecurity Instrument.Borrowcr shall collect and mceive ull rents and revcnucs of i
<br /> � the Property ac tcusree for the benefit of Lender and Borrower. This uscignment of rents comtitutes:u�absolute c�sssignment t
<br /> �..A wN�n wciew.w.nr fn.nrN:fi.v.nl.wnnriw�lv _
<br /> . . -- - ...... .e.�.�.»._�..��.......�._�.....� _'_�'
<br /> If Lender gives notice of brcach to Borrower: (a)all rcnts received by Borrower shall be hcld by Bvrrower�s trustee
<br /> - for benefit of Lender anly,to bc applied to thc sums secured by the Sccunty lnstrument; (b)Lender shall be entitled to i
<br /> = collcet and reoeive all of the rents of the Property;and(c)each tenunt of the Property s1wU pay ull rents due and unp:iid to ;
<br /> - i.ender or Lender�agent on LenderS written demand to the tenunt. �
<br /> Botrower has na executed any pria assignment of the rents nnd hus not and will not perForm �y act that would �
<br /> ptevent Lender from exacisinp its rights undtr this Paragrnph 16. "_
<br /> Lender sliall cat be �equ�red to enter upon.t�lce conuol of or maint:tin the P��operty beFore or after giving notice of
<br /> M+each to Hortower. However,I.ender or a judicially ap�winted receiver may do w�t any time there is Y breuch. Any
<br /> appllcuion of cents s1W1 na cure or waive any def4ult a�mvalidate any other nght or romed�of Lender. This assignnxnt %
<br /> of rwts of the Propetty shall terminate whm the debt secut�by thc Sa:urity Instrument is pa�d in full. �
<br /> (P4te 3 y/t pa�ta� -
<br /> • � � —
<br /> . . . . -
<br />
|