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<br /> piyments,which ane rofetred to Gt Parag�ph 2,or chan�e the amount of such payments. My excesa proceeds over an
<br /> — -----1 amauntroqui�ed to pay all autatanding irideMednecc nntler�lie Note and this Security Instmment�halt be psid w the eniity
<br /> Ie�sAy entitled theato.
<br /> 8. Fees. l.ender m4y coUeset fea�and cha�Qes�utharized by the Socrctuy.
<br /> 9. Grounds for Accekratio+�otDebt.
<br /> (a)DetiulA Lender may,axceps as limited by rcgulationx is�ued by the Sccrctary in thc ca�e of p�yment defaults,
<br /> -=— — rcquirc immcdirte pAymant In full of�1!sums�ecurcd by thi�Security In�trument if:
<br /> - �—'�'T"°`� T- (i)Borrnwer defuuitx b faili ca yin t'ult an monthl a ment uired b thir Securit lruuument rior
<br /> Y �Y Pw Y Y R Y �I Y Y P
<br /> "-- tn or on tho duo duto of thc nrxt manthly payment.�r
<br /> (ii)Barrower dafuul►x by frilinQ.for w pcnat of thirty dryr,w pcH'cKm Yny aher obliQ�tlony canwined i�thir
<br /> �- Security Instrumont.
<br /> Ib)Sak Wlthout Credit ApprovAi, l.cncicr xhull,if'pcm�iurd by u�licublr tuw and with thc pdor appruv�l oF the
<br /> Sa:reluy royuirc immcdlnte puyment in full uf all the sumx�,ecured by tMx Security In�trument if:
<br /> �-� -- (i)All ur prn oF tho f�tuperty,��r u beocficiul intcrcst In a tru.rt owniny utl or prrt of the Pn�peny.i�wld or
<br /> ----- �N�rwl.e ttrnrforrCJ(uther lh�n by Jcvize ar clCMroU by Ihe Borcawer.mul
<br /> (if)71x Propeny is not acupied by the purchuser or�runtcc ux hi,un c�r princip,l rcsidence,o�thr purchuxcr
<br /> or gruntee dae� so oc:cupy the Property but hi� or her credit hus nut Ixen Approved in xcordpnce
<br /> � � with the requircmanta of thc Secrctary.
<br /> (e)No Walver. If cir�um�tance�occur that would pertnit I.ender to myuire immediate payment in full,but Lender
<br /> da�not reyuirc�uch pAymonGS,Lender daes oat waive its tights with respect ta subsequent events.
<br /> _-- (d)Re=ttlaUons o�HUD 3rcre!:rj: In many circumxq►nces regulatlons issued by the Secrctary wfll limit Lender�
<br /> righta,in the case of payment defaul�ti, to rcc�ulrc immediaie puyment in full and foreclose jf notpa id. Thic
<br /> ,f;,, , �,- • Sc�;urity L�st�umant duCa nut authurice:ac�cler,�hon or foteclosure if nut permitted by regulations of the Secretary.
<br /> - (e)Mort�e Not lasured. Borrowe�agrees that should this Securiry lnstrumcnt and the note securcd thereby not
<br /> - be eligible for insurnnce under the NaHanal Housing Act within 8 wwnths fmm the
<br /> � date hereof,L.ender may,at its option and nwwithstanding anything in Paragraph 9,require immediate payment in
<br /> ��:�, - full of all sums socu�ed b this Secudty Instrument. A written statement of any authorized agent of the Secrctary
<br /> ��� � dated subsequent to � months from the date hereof,declining to insure this Security
<br /> Instrument and the notc secured thereby,shall be deemed conclusive proof of such ineligibiliry. Notwithstanding
<br /> � �. ��- the forcgaing. this option may not bc exercised by Lender when the unavailability of insurance is solely due to
<br /> . Lr.'.:
<br />- . >;i'r+-:,.y;-. Lenderk failure to remit u mortgage insurance premium to the Secretary.
<br /> - �;; :,j� 10. Relact�tement. Borrower has a right to bc reinstated if Lender has reyuired immediate payment in fult becausc
<br /> ; - .k, ;,;��, of Borrower's failure to pay an amount due under the•Nate or this Security Instrument. This right applies even after
<br />__ '�`�,`�; foreclosure proceedings are instituted. To reinswte the Security Instrument, Borrower shall tenJer in a lump sum all
<br /> i�;�'�g;�+);��.=�.; emounts rcqmred to•bnns t3orrowert uccount curnent includirtg,to the extent they are obligations af Borrower under this
<br /> •�,;''•��`�•�� °� Security Instrument,foreclowre costs and rcaconable und customary attorneys'fees and expenses properly associated with
<br /> � � %���`�� � � the fot�eclosure proceeding. Upon reinstatcmcnt by Borrower,this Security Instrument und the obligations that it sccures
<br /> �,."': ::;.,:: . ., .
<br /> a,::� .�"+�:�•• • �•- shall remuin in effect us if Lender had not rcc�uircd immcdiute payment in full. However,Lendcr is not requir�ed to Qermit
<br /> , -.ra-�. •: :;;;;�,. :, reinstatement if: (i) Lender has accepted remstutement i�fter the commencement of foreclosure proceedings withm two
<br />- �� • •• years immediutely preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude
<br /> • ; forcclosure on diffcrent grounds in the future,or(iii)�eimtutcment will advcnely affect the priority of the lien created by
<br /> ,. : thiR Security Instrumcnt.
<br /> " '""�t;�::��'�� .• l l. Borrower Not Relea.sed; Forbearance by I.ender Not a Watver. Extension of the time of paymcnt or
<br /> ` ' `:�C'���•����'` modification of amortizution of the sums secured by thi,Securiry Instrument granted hy Lender to:u�y successor m interest
<br /> -� � • �•' ;%�", of Borrower shall not aperute to rcica�e the liuhility of the original Borrowcr or$ottower's succe�sar in interest, Lendcr
<br /> ° " �{`��"� �' shall not be required to commence prcxeedings against:u►y surcessor in interest ar refuse to extend time for payment or
<br /> `�� , .; ' ; _ otherwlse modify amonizution of thc sums ,ecureJ by this Security Instrumcnt by reason of uny dcmand made by the
<br /> s�'_ .' � ��••��•�'� original Borrowcr or Borruwer's successors in intercst. Any forbcarancc by l.ender in excrcising any right or remedy shall -
<br /> .,..;
<br /> ;,'�r ' +"�:�'����••�':� not be a waiverof ar preclude thc exercisc of nny right or remedy.
<br /> ' �''`-'`' ���� 12. Successors and Assi nA Bound;Joint and Several I.iabilit Co-Si �ers. The covenants:u�d a reements of
<br /> ,��'�. ° ''`'�`°�"' '�' this Security Instrument shuti bind and ixnefit the successors and asxignyof Lender and Borrowcr,tiubject to the provicionti
<br /> - � ��'� �°��' of Para ra h 9.b. Borrower ti covenants and a recmcm� xhull be omt und severul. An Borrower who co-si nc this
<br />;.,, .�'�:,:�`r'"..: g P S J � Y S • -
<br />- � Security Instrument but docs nnt exccute the Note: (a> is co-xigning this Security Instrument only to mortguge,grant and
<br /> �',,�.,..::-... ,.
<br /> r�.�. . convey that Borrowcr's intemtit in thc 1'roperty under the tcrms of this Sccurity Intitrumenr,(b)is not penonally obligated to
<br /> ' '"-�;":''�!: � pny the sums sccured by thi�Scrurity In�tnrmcnt;t�nd(c)agrecx that Lendcr and any othcr B�+rcower muy ugree to extend,
<br /> . ' '�� modify,forbcar or make any accommodations with rcgurd to thc tcrm�of this Sccurity Instrumcnt or the Note without thot
<br /> `�''�� � Borrowcr t conwnt. _
<br /> = � . `��:�.
<br /> - ' � 13. Nuttces. Any notice tu Borrower provided for in thi.Sccurity Instrumenl�hull tx given by delivering it or by
<br /> '` �`' � � mailing it by firtit cluss muil unless applicuble luw reyuires use of another methcxi. Thr notice xhall t+e dirccted to the -
<br /> _��4 . .�-. Property Addmss ar uny other address Borrowcr dcsignatcs by notire to Lender. Any noticc to Lender shull be given by
<br /> � -- first class muil to Lenderti uddn:ss xtuted hercin or uny addre�s Lrndcr dexignutes by notice to Borrowcr. Any noticc =
<br /> Qrovided for in this Security In�trumcnt shall tx:decmcd to havr Ixcn given to Borrower or Lendcr when given ns provided
<br /> ".� ,? ,'''1�'�f,;._ m this pnrugraph.
<br /> ��r���-��'•��• � 14. Cuverning Law;SeverabUity. 1'hiti Sccurity Inst►ument shall tx�overnrd by Federal luw and thc law ot'thc
<br /> `•�-• • jurisdiction in which the Property iti located. In the evcnt that uny provitiion or clause af this Security lnstrument or the
<br /> '�"..,�• • Note conflicts with u licuble luw, sui:h conQict shall not affect other rovi�ions of this Sccurit Instrument or the Note
<br /> �_ S.,;..._s`..=' Pp P Y
<br /> - which cun bc given eftect without the contlicting provision. To thix end the provi,ions of this Security Instrument and the
<br /> � ' • }�'°•'k;..,_'.� Notean:decluredtobcscvcrnbla.
<br /> `_v'� �� �.. I5. ftorrower•.s Copy. Bnrrower shall tx�given unc ronf'ormcd copy of thi�Seruriry Instrument. _
<br /> '' ` 16. Assignment of Rents. Borrower unconditionally asxignc und trunsfcrs to Lendcr all thc rents:►nd revenues of thc
<br /> ;,� - Propccty. Borrowerauthorii.es Lcnderor Lcndcr�:�gcnts to collrct thr rcnts•rnd rcvcnucs and hereby dirccts each tenant of
<br /> — thc Property to pay thc rents ta Lendcr cx LenderE tigents. However,prior to Lender:s notice to Borrower of Borrower�
<br /> brcach of uny rnvenant or ugrcement in the 5ecurity In�trument.Bormwer shall collect and receive alt rents und revenue�of -
<br /> — tha Property trs ttustee for the beneHt of Lcndcr and 8orrowcr. This assignment of renn constitutes an ebsolute assignment
<br /> _ — and not an wssi�nmcnt for udditional security only.
<br /> � ii i.ender grves noiice of broucn to Borrower. (u)aIt rcntx receive�i by Borrower shall be held by Botrower as Wstec
<br /> for bencfit of Lender only.to lx upplicd to thc sums socumd by the Security lnstrument: (b)Lendcr shall be cntitted to
<br /> collect and receive ap of the rents of the Property;and(c)each tenant of the Property shalt puy atl rents due and unpaid to
<br /> I.cnder or l.ender5�agent on Lender�s written demand to the tenant. -
<br /> Borrower ha+not executed uny pria ess�gnment of the rents and hw not and will not perForm any act thut would
<br /> pr�event Lenckrfrom exencising ita rightso under this P�aragraph IG. -
<br /> Lender slwll not bt raquined tv enter upon,take control of or maintain the Property before or nfter giving notice of
<br /> breach to Borrower. However.lxnder or a judicially apPointed receiver may do so at any time there is a brcach. Any -
<br /> application of rents shdl not curo or waive any default or mvalidate any other iight or remed�of Lender. '[t�is assignment _
<br /> of raua of the Propecty shall tcrminate when the debt secured by the Security Insaument is paid in fu1L =
<br /> (pa�t 3 oj�pagttl
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