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<br />93- 110877
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<br />payments. which are referred to in Paragraph 2, or change the amount of such p~)ment5, Any exc~!I ~eed!l over ,an
<br />amount required to pay 1111 out5tanding indcbtedne'!I under the Note and this Secunty In5trumcnt "hall be patd to the enttty
<br />legally entitled thereto,
<br />8. Fees.. Lender may collect fer.5 and charges authorized by the Sec~tary.
<br />9. Grounds for Ac:uleratlon of Debt.
<br />(a) Default. Lender may. except as limited by regulations issued by the Secretary in the ca'le of payment default!;,
<br />requi~ immediate payment in full of aU sum!'l !\eCured by ,his Securily In!llruolenl if:
<br />(i) Borrower defaults by failing to pay in full any monthly payment reqIJired by thi!l Security Inlltrnment prior
<br />to or on the due date of the nellt monthly payment, or
<br />(ii) Borrower defaults by failins, fl}r a period of thirty daY!l, to perform any other obligations contained in this
<br />Security Instrumen!.
<br />(b) Sale Without Credit Approval. Lender shall, if permitted by applicable \'aw and with the prior approval oftbe
<br />S<<:rewy, require immediate payment in full ofallthe sums secured by thi5 Security Instrument if:
<br />(i) All or part of the Property. or a beneficial interest in a trust owning ;illl or part of the Property, ill wid or
<br />otherwise transferred (other than by devise or descent) by the Borrower, dili!
<br />{ii) The Property is not occupied by the purcha'lCr or grantee as his or her principal residence, or the l'urcha'lCr
<br />or grantee does so occupy the. Property but his or her credit ha'i not been approved in accordance
<br />with the requirement'; of the Secretary,
<br />(c) No Waiver. If circumstances occur that would permit Lender to requi~ immediate payment in full, but Lender
<br />does not require such payments. J,.ender does not waive its rights with respect tel subsequent events.
<br />(d) Regulations or HUD Secretary. In many drcumstances regulations i5sued by the Secretary will limit Lender's
<br />rights, in the case of payment defaults. to require imm(:diate payment in full and foreclose if not paid, Thi!l
<br />Security Instrument does not authorize Bccelellltion or fo~dosure if not pennitted by regulation:'! of the Sec~tary,
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<br />(e) Mortgage Not Insured. Borrower agrees 'Ihat should this Security Inlltrumcnt nnd the note ~cured thereby not
<br />be eligible for insurance under the National 'Housing Act within 90 DAYS from the
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<br />date hereof, Lender may. at its option lInd notwithlltanding anything in Paragraph 9, requirc immcIlillte payment in
<br />full of all sums secured by this Security Instnlment. A written statement of IIny authorized lIgcnt of the Sceretury
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<br />dated subsequent to 90 DA YS from the dute hereof, declining to insure this Security
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<br />Instrument and the note secured thereby. shall be deemed conclusive proof of such ineligibility, Notwithstunding
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<br />the foregoing, this option may not he exerei,ed by Lender when the uJlltvailability of insurance is solely duc to
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<br />Lender's failure to remit a mortgage insurance premiul11to the Secrelary,
<br />10, Reinstatement. Borrower has a right to Ix: reinstated if Lender has requi~ed immediute paymcnt in full hcclluse
<br />of Borrower's failure 10 pay an amnUI1l due under the .Note or Ihis Security Instrument. This right applies even after
<br />foreclosure proceedings arc instituted, lh reinstate the SeCllrity Instrumenl, Borrower shall tender in II lump sum nil
<br />amounts required 10 bring Borrower's account curren! including, 10 lhe extent they are ob!igl1tions of Borrower under this
<br />Security Instrument. foreclosure costs and reasonable and cuslomary allorneys' fees and expenses properly nssocillted with
<br />the foreclosure proceeding, Upon reinstatement by Borrower, this Security Instrument and the obligations tlmt it secures
<br />shall remain in effect as if Lender had nol required immediate payment in rull. lIowever. Lender is not required to pemtit
<br />reinstatement if: (i) Lender has accepted reinslatement after Ihe commencement of foreclosure proceedings wilhin two
<br />years immediately preceding the commencement of a current foreclosure proceeding. (ij) reinstatemenl will preclude
<br />foreclosure on different grounds in the future, or Wi) reinslalement will adversely affect the priority of the lien creatl'd hy
<br />this Security Instrument.
<br />11. Borrower Not Released; Forbearance by Lender Not a Waiver. Extensi(m of Ihe time of payment or
<br />modificalion of amortization of the sums secured by this Security Instrument granted by Lender It1 any successor in interest
<br />of Borrower shall not operate to release the liability of the original Borrower or Borrower'~ successor in interest. Lender
<br />shall not be required to commence proceedings against any successor in inlerest or refuse to exlend time for pnyment or
<br />otherwise modify amortization of the sums secured by this Security Instrumenl by rea!lon of llny demund mude by the
<br />original Borrower or Borrower's ~uccessors in interest. Any fnrhearance by Lender in exercising any right or remedy shnll
<br />not be a waiver of or preclude the exercise of any righl or remedy,
<br />12. SUCCell~Orll nnd AlI.'1i~nll Hound; Joint and Several Liahillty; Co.SiRnerll. The covenants and ngreemenls of
<br />this Security Instrument shall hind and hcnefitlhe successors llnd lIssigns of l.ender lInd Borrower, suhjecltothe provisiolls
<br />of Paragraph 9.b, Borrower's covenantK and agreemenls shllll Ill;" joinl !1lI11 "I'vt:r~ll, Any nnrrnwl'r whn en...ign.. thi"
<br />Security Instrument but dOcS nOI execute the Note: (II) is eo.signing Ihis Security Instnlmenl only 10 mnrtJ.!lIge, grant IInd
<br />convey thaI Rorrowrr's interest in the Property under the lerms of this Security Instrument: (b) is 1101 personlllly obligllled III
<br />pay the Slims secured hy lhis Security Instrume,,, ~'mi It:) agrees that Lender and nny oth~r Borrower Illay llgree to extend,
<br />modify, forbear or make any accommodations with i;':i,;ard to the tenns of lhis Security Instrument or the Note withllullhut
<br />Borrower\ consen!.
<br />IJ, Noticcs. Any notice 10 Borrower provided for in this Security Instrument shllll he given hy delivering it nr hy
<br />mailing it hy first class mail unle..s lIpplieahle I',:w requires use of another method, '111e noliee shall he llirceled In lhl'
<br />Property Address or tiny ocher mldress Borrower designates by nolice to Lender. Any notice to Lcnder shall he givl'n hy
<br />first class mail to Lender's address stated herein or any address Lender designutes by notice to BO:Tower. Any notice
<br />provided for in this Security Instrument shall he deemed to have been given to Borrower or Lender when given I1S provided
<br />in this paragraph.
<br />14. (;ovcrning Law; Severahlllty, This Security InslnllTlent shall he governed by Federal law undthe law of the
<br />jurisdiclion in which the Property is h>ealed. In the event lhat any pnll'ision or chlUse of Ihis Security Instrumenl orlhe
<br />Noll' connicts wilh applicable law, such conflict shall not affect olher provisions of this Security Instnlmelll or lhe Nole
<br />which can he given efrecl withoul Ihe eonnicling provision, 'Ih Ihis end the provisil1l1s of this Securily Inslrument and the
<br />Note arc declared 10 be severable.
<br />IS, Burrowcr's Copy. Borrower shall he given (lIIC conformed copy oflhis Securily Inslrlln1l'n!.
<br />1(" AssiJ.:nl1lcnt of Rellts, Borrower unconditionally as..igns and transfers 10 I.ender IIl1lhe rents IInd revelWl'S (If the
<br />Property. Borrower :tlllhorilcs Lender or Lender's u{.lellls III colleelthe fcnls IInd revellll(:s nnd herl'by dir'l'l'ts elll'h Il'nlllllnl'
<br />Ihc Property to Pll} lhe renls 10 1.ender nr Lendcr's agenls. However, prinr In I.ender's nolin' hI Borrower 01' Borrowl'r's
<br />brem:h or any covcnarll or agrcemcnt in Ihl' S('cllrilY InstrulI1ent. Borrowcr shall collectulld receive ull renl.s IInd rl'V!'IIlICS 01'
<br />the Properly as lrustee tor thc hcnefilol' Lender and Borrower. This lIssignlTlelH Ill' rents conslilules an llhsollltc us'"gllll1t'l!1
<br />and nol an assignmcnt for addilional security only.
<br />If Lcnder gives notke (II' hrcII!.'h 10 Borrower: (II) 1111 rcnls rt'!.'!.'ived by Borrower ,shull ht, held by 1l0l'l'oWl'r II" Inl'll'!'
<br />for heJlefit of Lcndcr only, to hI' applied to lhc 'IJlll' 'l'!.'llrcd by till: Sel'urilY In,lr1lll1l'nt: (h) I.end!'r shall hI.' elllitkd 10
<br />colic!.'! and rc!.'cive ull of the rent' of the ProPI.'r1y; and (l') l'lIeh lcnanl of the Propl'rty shull PIlY 1111 'l'nls dll!' und 1I1lpllid to
<br />I ,cnder or Lcndcr\ agl'nl on I.l'ndcr\ writt!.'fI delllllnd (othe Il'nlln!.
<br />Borrowcr hlls nol nl'C\ltl'd aflY prior a"igfllllent of' Ihl' renl' afld has nlll and will nol perform any lIel Ihal would
<br />prcvcnt I.l'ndcr frlllll l'\cr!.'ising iI' right, ulHkr this Paragraph 1(1.
<br />Lender shall nllt hc rl'quirl'd to enler upon, tukc clllHrol of or llIainlain the ProperlY bel'orc or arrer giving notice of
<br />brell!.'h to Borrower. I !owc\,,_'r I.l'ruil'r III a judicially appoinled rcceiver llIay do '0 at any tillll' Iherl' i, a hrcadl. Any
<br />applicalion d rl~!1ls ,llall not curl' Ilr \V,IIVC any ddaultllr invalidull~ ,U1Y other right or retlll'dy of Ll'mler. This ll"ignllll'nl
<br />of rent' of Ihl' ProperlY sh;r1IIl"rlllinal(' when llw dcht ,ecurl'd hy thc Sccurity In'lnrlllenl i, p;tid in full.
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