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<br /> - - �--- - - piyments,whic6 u�e referred to in PAC�gt�p}�2. ot chanQC thc�unuuui uf such payrticnts. ��cxccc�procr.ads�ver�
<br /> : � nnount rcquired to pay�II outstandi��indebted�tee�under the Notc uKi this Security Insuument stWl bc ppid to�he entity
<br /> �_� k�ally entided thcre[o. •
<br /> _ ,��m�,��� 8. Fees, l.ender may collect fees an�c:huees rutho�ud by the Secrctery. '
<br /> �� _ _ 9. Gnwnds tor Acceleration of Debt.
<br /> - -- � (�)DefaulA L.ender may,cxcept as limited by regulations issued by tho Secr�tary in the c�se af p�yment defaults.
<br /> �= �` roquire immediate payment in full of all sums recurcd by this Security InRtrument if:
<br /> � �""""'p'�"'p101"`° ti)Bo�;ower�efauits t fallin tu a in full an month! � ment�e uic�ed b this Securlt lnstnsment rfor
<br /> .�. Y 8 P � Y YPY 9 Y Y p
<br /> -- to or on the due dete of the nrxt mnnt ly paymenr,nr
<br /> (it)8orrower defaults by failing,far a periad of thirty days,so pcdorm any other obllgations contnined in thie
<br /> �=,��-;-r_�� Securlry Instmment.
<br /> �,�,.,�.r�,....�..,� (b)Snle Wlthout Credit ApprovAl. Lender shall,if permitted by applicable law und with the prior approval of the
<br /> =,_.�y�._„,: � Sec�+etary,nquirc immodiate payment in full of all the sums secured by this Security Instrument if:
<br /> ,���. (i)All or part of the Property.ar a 6eneticial iaterest in a trust owning ail or part of the Property,is sold or
<br /> ��.�,� s� otherwise uansfemed(othcr than by devise or descent)by the Borrowcr.and
<br /> (ii)'Itrc Property is not occupied by the purchaser or grantee as his or her principal resideace.ar the purcha+er
<br /> �:� or grnntee dces so occupy the Property but his or her credit hs�s not been approved in accordance
<br /> �.•�• •_�•:,' wIth the mquiremenGs af the Secrctary.
<br /> (c)No Waiver. If circumstances occur that would permit Lcnder to require immediate payment in fu11,but Lender
<br /> -_�=; ,.,, daes not rcqui�+e such payments,Lcnder daes not waive its ri�hGti wlth mspect ro sub.sequent eventc.
<br /> . ,�c�.ti.i; (d)Re�ulntions ot HUD Seeretary. ln meny circumstances regulations te�sued by the Secretary will limit Lender s
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<br />- ���'i�%s�%?�. rights, in the case of paymcnt defaults, to rec�uire immediatc payment jn full and foreclose if not paid. This
<br /> � &" `. � '. � Security Instrument does not sutharize xcelerauon or foreclosure if not permitted by regulatians of the Secretary.
<br /> .;. � ' �° (e) Mortgage Not Insured. BoROwer a�rees that should this Security Instrument and the note secured thereby noc
<br />' � . ' • be eligible for insurance under the Nutionul Housing Act within $ months from the
<br /> .. • • date hereof,Lender muy,at its option ond notwithstanding unything in Paragraph 9,require immedintc payment in
<br /> �;:';� r : "" ' full of nll sums secured by this Securiry Insuument. A written statement of uny authorized ugent of the Secrets►rry
<br /> ;���;;,, ;.„;,.,.;,.. ...v�� dated subsequent to S moAths from the date hereof,declining to insure this Security
<br /> ' , � . InsUvment and thc note s�cured thcreby, shall be decmed conr,lusive proof of tiuch ineligibili►y. Notwithstnnding
<br /> '' ' ' - the foregoing.this option muy not be exercised by Lender when the unavuilubility of insurunce is sulely due to
<br /> Lender's failure to remit a mongage insurance premium to the Secretary.
<br />_ " . , 10. Reinstatement. Borrowcr huz a right to be minstuted if Lender hns mquired immediatc payment in full because
<br /> ° of Borrower's failurc to pay an umount due under the•Note or thiti Security Instrument. This right applie+ even ufter
<br /> _ _'�:?�"_____ ___, foreclosure proceedings ure instituted. 7b reinstete the Security Instrument. Bonower shull tendcr in a lump sum all
<br />„ amounts required ta'bring Borrower's account cument including,to the extcnt Ihey are obligations of Bortower under this
<br /> ' .. Security Inattument,fomclosure cotit+und reusonuble und customury uttomeys'fees and expenses properly atisceiated with
<br /> � the foreclosure proceeding. Upon reinstatement by Bormwer,this Sccurity Instrument and the obligations that it secures
<br /> . shall remain in effect as if Lender had not reyuired immcdiutc paymcnt in full. However,Lender ix nat reyuimd topermit
<br /> , � reinstatement if: (i) Lender hus accepted remstatement ufter the commencement of forccloxure procecdings within two
<br /> _ years immediately preccding the commcncement of u currcnt foreclosure proceeding. (ii) reinstutement will preclude
<br /> fareclosure on different grounds in the future,or(iii)minstatemcnt will advenely affcrt the priority of the licn created by
<br /> - ' this Security Instrument.
<br /> `� 11, dorruwer Not Released; Purbearance by Le�der Not a Waiver. Ext�nsion ot thc time of payment or
<br /> modification of amoni-ration of thc xum,securcd by thi.Srcurit�•Inscrument granted by Lender to any suceessor m tnterest
<br /> ,y " of Borcower shall not oper�te to rcicatic thc liability of the original Borrower ur Bcraower;successor in interest. Lender
<br /> ' shall not be mquimd to commence praceedings against�u�y succes,ur in intemst or n fu+e to extend time for payment or
<br /> n a• otherwise modify umortizution of the tiumti ticcurcd by this Sccurity In�trumcnt by rca+on of uny dcmund nr.+dc by thc
<br /> . original Borrower or Boaower:successor�in intercst. Any forix:uance by LenJrr in exercising uny right or remedy shall
<br /> �, not be a wniver of or preclude the rxerci�e of any right or remedy.
<br /> 12. Successors and As.rig�s Bound;Jolnt and Several Lfability;C'o•Si�ners. Thc covenants ar�d agreements of
<br /> • �• this Security lnstrument shaU bind und tknefit the+ucce.tiorti and assigns of l.ender und Borrower,,ubject to the provisiom
<br /> ' of Ptuagraph 9.b. Bortower.l covenantx 3nd agrcements sh•r!I be joint und ,rvrral. Any Borrowar who co-tiigns this
<br />,` � Security Instrument but dcxti not exrrutc the Notc: (a)i,co•signing this Security Imtrument only to mortgage,grant and
<br /> "';�:,: convcy that Bortower i intcrctit in thc Pro�rty undcr thr tcrtnx of thi,Security In,trument;(b>i.not per.umally obligatcd ta
<br /> Zt, , ,,;��; pay the sums securcd by thiti Srcuriry In+rrumcnt;and lc)agrce.Ih:n l.endrr and any uther Burruwer�nay ogree to extend,
<br /> modify,forbc;v or makc uny uccommodutionti with ngurd to the tcrms of this Sccurity In.trumcnt ur the Note without thut
<br /> r��°' � ' • Borrowcrk conscnt.
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<br /> • - �:.., � 13. NoHees. Any notice to Borcower provideJ for in thi�Srcuriry Instrumrnt.hull bc givrn b•delivering it or by
<br />� '��; muiling it by fint cla�s mail unlcxx;�pplicuhle law nquirc.usr of anoth�:r methal. The nuticc sha�l bc dirccted to the
<br />. � � �. �::, . Pmperty Addrctis or any uther uddress Borrnwcr de.ignatr,by noticc tu Lrndcr. Any notirr tu Lender+hall be given by
<br /> ,:.
<br />� 1""" '�' first class mail to Lender: uddresx stated hrrein or any addre�ti Lrnder de�ignate�by notirr to Borrowec Any notice
<br /> . .ii�:"a . . rovided for in thix Security Intitrumcnt xhall be dcemed to h•rvr becn given to Borrower or Lender when given as providcd
<br /> ; ''' �n this parngraph.
<br />_��•;. ' 14. GovernlnR Law;Severability. This Security Imtrument,hall lx guvemeJ by FeJeral law;u�d the law of the
<br /> � - urisdiction in which the Property i,located. In the event that any provisi�,n ur rlau,e of thi,Security Instrument or the
<br /> �. ?. ;� �otc conflicts with applicublc law,such ronflict shall nnt affcrt athcr provi,ionti of this Scrurity In,trumcnt or thc Notc
<br /> which can be given effect without the conFlicting provision. To this end thc provitiionx of this Security Instrument und the
<br /> :�,„ .;��;;��;'�� .. Note um declarcd to bc sevcruble.
<br /> - s , • .; 15. Borrower s Copy: Borrower shaU Ix given one conformed copy of thi.Srcurity Imtrument.
<br /> t��'`?�"'.�:;�..• 16. Assignment ot Rents. Borrower unconditionally axsigns und transfers to I.endcr ull the rents And revcnues of thc
<br /> � ` �`'K"�'" �- ' Property. Borrower suthorirxs Lendcr or Lendcr's agcnt.to collcct the rents and mvcnucs and hereby directi each tcn;u►t of
<br /> ;�;:r%�`, the Property to pay the rents to Lendcr or Lender's agcnts. However,prior to Lender+notice to Borrower of Borrower's
<br /> breach of any covenant or agreement in the Security Instrument,8onower shall collect 3nd rcceive all rents nnd revenues of
<br /> ��_� the P'roperty as trustee for thc benefit of Lendcr und Burrower. This a5signmcnt of rents constitutes nn absolute�csignment
<br /> and not an avsisnment for ndditianul securitv onlv.
<br /> _� If Lender give�notice of brench to Borrowcr. (a)all rents received by Borrower shall be held by Bortower as trustee
<br /> _:� �• for benefit of Lender only.to be applied to the sums sccumd by the Security Instrumcnt; (b)Lender shall be entided to _
<br /> collect end receive all of the rents of the Property;and(c)each tenant of the Nroperty shall pay all rents due and unpuid to
<br /> . Lender or Lender's agent on Lendcrl written dem;uid to the tenant.
<br /> Barower has not executcd any priar assignment of the rents and has not and will not perform nny oct that would
<br /> - pnevcnt Lender fran exencisin�its nghts under thic Haragraph 16.
<br /> i.onder shall not be royuu�ed to enter upon.take control ot'or mainuin the Property before or atter gtving notice of
<br /> Ixeach to Barower. However.Lender or a judici�lly apQointed roceiver may do so ut any time there is a brcach. Any
<br /> application of rtinW shalf not cure or waive any default or mvalidate:u�y other right or reme�i�of Lender. This assignment
<br /> of trnis of the Property shall terminate when the debt secured by the Securiry Lnswment is pa�d in fulL
<br /> Ipa�e 3 a!*na�es� . •
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