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<br /> _:� � � _---� --
<br /> ►93- uo3oz
<br /> ---------- —� paYrtscnts.which an rcfs�rttd to in F'ar�rs � or cl�snge the�rnaMt af wch�ymenw. My exre�x procadr over�n a
<br /> �u»owuroq uired to pay nll otustandin�iade�wider the Nwo and thls Secunty lr�suument rhall bt p�id to the sntlty
<br /> -- le��ll entlded�heKto.
<br /> � Fea. L.ender may colkct fas and clw�ei�ut}ioriud by tlte Secreury.
<br /> _ 9. Grouad�Por Accekratio�of Debt.
<br /> � � (a)Def�ult. Lender may.except�s limited by regulationx i�ucd by the Secrctwy in the c�sc of p�ymrnt deiwitr.
<br /> requtro immediat�payment in full of�II aumc yocurod by this Secudty Irwtiwment if:
<br /> �- _ (i1�wer dafaults by f�iling to p�y in full �ny monthlY paYment royuircd by this Security It�strument priar -
<br /> ����� to or on the due date oE the ncxt momhly prymcnt,or -
<br /> -- — (ii)Borrower defnults by failin�,for a periad of thirty days.to per�am any aher obliQrdau cont�inul in thi►
<br /> �-- Security Insuurtxet.
<br />- - — — °— (b)Sak Without Credit Approval. Lender shwll.if pennitud by opplieuble law and with the prior appmval of the
<br /> -- Secrctary.roquire immodiate payment in full of all the sums secured by this Secuc�ty Inswment iL•
<br /> (i)All or part of the Property.or a beneficial interest in a wst owning ull or p�t of the Flnperty, ia sold or
<br /> -- - - otherwlse transferted(other than by devise or descent)by the Borrower,and
<br /> --�--�-- �_��°`�� (ii)'[lie Property is not ocrupied by the purchaser oc grantee�s his or her principal residence,or the purcha.ar
<br /> or grantee does so occupy the Property but his or her credit has not been approved in accordauke
<br /> with the requirements of the Secretary.
<br />-,�_# (e)No Waiver. If circumstances occur that would permit Lender to requir+e immediate payment in full,but Lender
<br /> _ _ does not require suchpnyments,Lender does not wa�ve its rights with respect to subseyuent events.
<br /> _� (d)Re�ulalloas ot HUD Secretary. ln many circumstances regulations issued by the Secretary will limit Lender�
<br />,��� rights, in the casc of payment defaults,torequire immediate payment in full and foreclose if notpa�d. This
<br /> Security Instrument das not authorize acceleration or foreclosure if na permitted by regul�tians of the Secnetary.
<br />.. ,�:t�.. ,A,Fz (e)Mort�e Not Insured. Bortower agrees that shanld this Security Inswment anJ 1he note secured ttticrcby not -
<br /> ,;..;.o ����,s
<br /> •„ � be eligible for insurance under the National Housing Act within $ �pnths from the
<br /> ", as_i;;�;;,�.�:' ��� datc hereof,L.ender may,at its option and notwithstanding anything in Paragraph 9,require immediatc paymcnt in
<br /> ..� �. ,,,
<br /> , , _ full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary
<br /> .a. dated subsequent to 8 months from the date hereof,declining to insur+e thi�Security
<br /> _:,�i:��d:r5''�i.i.,�:.i+r.
<br /> �.�. z ._�: , Instrument and the note secured thereby,shull be deemed conclusive proof of such ineligibility. Notwithstanding
<br /> �x��-�����'�- the foregoing,this option may not be exercised by Lender when the unuvailability of insurance is solely due to
<br /> 'b0'?"'��~""h��".��:� l.ender's failure to remit a mortgase insurance premium to the Secretwy.
<br /> �q� �.�� q_ti.M 10. ReiasGttement. Borrower has a right to be minstated if Lendcr has rcquired immediutc payment in full because
<br /> ,'�,,:;;�`„�;:.�•' of Borrowcr's failure ro pay an amount due under the•Note or this Security Instrument. This nght applies even after
<br /> •�'�� ' ��•,rC;•. foreclosure p.oceedings are instituted. To reinstate the Security Instrument, Bormwer shall tender in a lump sum all
<br /> amaunts required to�bring Boaowcr's account curcent including,to the extent they are obligations of Borrower under this
<br /> - -- �=•, ,t.-�--��- ,.. .. Securiry Insaument,forecJosure co��s and ma�onabic and cu�comary auorney�irca�u�d ex��ne,praperty a�sociaicc!�ith -
<br /> �` ihe foreclosurc proceeding. Upon reinstatement by Borrower.this Securiry lnstrument and the obliganons that it secures -
<br /> ' ' ' shall remain in effect as if Lender had not reQuired immcdiate payment in full. However,Lender is not required to Qertnit
<br /> � reinstatement if: (i) Lender has accepted reinstatement after thc; commenrement of foreclosure proceedings withm two
<br /> yeurs immediately preceding the commencement of a current fareclosur: pracecding. (ii> reinstatement will prectude
<br /> fonclosure on diffcrent ground� in the future,or(iii)reinstatement will adversely affect the priority of the lien created by
<br /> . .;� • this Security Instrument.
<br /> 11. Borrower Not Released: Forbearance by Lender Not a Waiver. Extension of the time of payment or
<br />• modification of amonizution of the wmx sccured by thiz Seruritv Instrument granted by Lender to any successor m mterest
<br /> - of Borrower shall not oper.�te to rctease the liubility of the originat Borruwer or Borrowcr's successor in interest. Lender
<br /> • ' � shall not be rec�uired to commence praeeding,aguinst any rurre,sor in interest or mfuse to extend time for p:+yment or
<br /> 4 � ° otherwise mod�fy amrnixution of the wms tiecumd by this Securiry Instrument hy reation of;iny demand made by the �,
<br />• original Borrower or 8orrower:s succetisorx in interest. Any fortxarunre by Lender in exercising any right or mmedy shall °
<br /> not be a wui�•cr of or predudc the cxerci.e of any rigM or remedy.
<br /> , ' "- I2. Successors and Asst�ns Bound:Joint and tieveral Liability:Co•Si�ners. The covenantx and ugreements of
<br /> . ° this Security Instrumcnt�tiull bind und bcneTit thc succts�on und utisigm of Lender and Borrow�er,subject to the provisions
<br /> • o� Paragraph 9.b. Borrower's covenant+ and agreements�hall be joint und �everal. Any Sorrower who co-signs this _
<br /> � Security Instrument but dces not execute the Note: (a►is co-�iFning this 5ecurity Instroment only to mortgage,grunt and rr,
<br /> convey that Borrowerz intrm+t in thc Propeny undcr thc t�rtnti of this Security Instrument Ib1 iti not penonally obl�gated to _
<br /> „ pay the sums securtd by thiti Scrurity In.trumrnt:and Ic)agrce�that LenJcr and:►ny othcr Borrowcr may agrcc to extend, _
<br /> .. . modify,Corbe:u or malce;u�y accommodationti with nFard to the termx c�l'thiti Scrunty Instrument or the Note without thut
<br /> �`} ' Borrower�conxent.
<br /> � ' �" 13. Notices. Any notice tu Borrower provided fur in diis Security Instrument �hall tx given by delivcring it or by
<br /> � __ mailing it by first cluti. mail unless upplirablr law reyuirr. utie of:u►other mrthuJ. The noticr tihall be directed to the
<br /> r��•- Property Addrc+�or any other adJress Borrowcr designute.by noticr to Lender. Any noticr a>l.ender�hall be given by
<br /> ���� � fint class mnil to Lender+ addmxx stated hercin oc uny adJrr.. Lrndrr design:►tes by notirc tu Bortow�r. Any nottce =-._
<br /> ;'... ` •. Qrovided for in this Security Instrumcnt shall br dcemed to havr been givcn to Borrowrr or I.ender whrn given us provided `=
<br /> �1 m this parrgraph.
<br />'�..�- � -•� �� 14. CoverninR Lyw; Sever�bility. This Security Instrument�hall Ix Fovemrd by Federal law:►nd the law of the
<br /> - �+��ti+� )urisdiction in which thc Property is locutrd. In thc event that any proviyion nr�lau.rc of this Security Instrument or the
<br />-� �� � Note conflicts with ap�licuble law, such conflirt shall not:d'fert uthcr provision�of thi.Security Inxtrnment or the Note �;,
<br /> - , '�r ,;": . which cun be givcn effect withuut the contlicting provision. To thix end the provi.ion+of this Srcurity Instrument utd the
<br /> - , .:��< Note ure declarcd to be kvcrable.
<br /> ' 15. Borrower's Copy. Borrower sh:�ll bc givcn one confurmcd copy ot'this Security Instrument.
<br /> ;�;;°•�_:� •= 16. Assignment of Rents. 8orrower unconditiunally as.ign�and tr;msfen to LenJer alt the rcnts and revenues of che
<br /> '-_ 4`;::-;�i,;~;•' property. Borrower authorizes Lender or Lender's agentx to collect the n�ntti und mvenues and hercby direcGi each tenant of _
<br /> - ''y' " the Property to pay the rents to Lender or Lendcr's agents. However,prior to Lendcr's notice to Dorrower of Borrower's
<br /> = be+e�ch of any covenant or agmement in thc Sccurity Intitrumcnt,Borrowcr xhall cnllcct ond rcccive ull rents and rcvenues of
<br /> -i the Properry as trustee for the benefit of Lend�r and Borrower. This:usignment of rents constitutes an ubs�lute ussigrur�ent
<br /> ���`'"."� tnd not an assignmcnt for additional securiry only. -
<br /> _ If Lender gives notice of bresch to Borrower. (a)alt mnts received by Bormwer sholl be held by Bo_rrower as.uu�te¢ _
<br /> - ior i�a�rni oi i.c�eicr�n�ir, io oc+�ppiicv iu ine auma sec:ureei oy ine�ecuriiy in�icunKni;i�j i-ciwci��an„c�.�u..w w
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