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<br /> �ll�'1YbICl1 ilC t�t5ak Cred�t AppravaL Iiader shall.if perm�'tted by applicabk law aod witb the�rior appmva!of the ` — , - --- - —
<br /> • sccn�►,�e i�e�te wrneM in fuu of au t6e swns se�viea lrfy uus sxaiicy rn�t i� �
<br /> f)Atl ar part of the Phoperty,or a beaefici�l iatetsst ia a tcust owqinB aU ur put of tbe Ptopaty,is soW or
<br /> utha�vise�r�nsfeaM{otber d�w by devise ar descent)bY the Banower.and '
<br /> � ('ri)The Pt�opaty is not accopied by the pu�cl�ser or grnntee as his or!xr principal tesid�enx.or the ptn�clitsa
<br /> � grantee does so occapy the Property 6ut ltis ar�her cndit Gas not boea spq+nved in acca�daue _
<br /> with the nquuGmans of tbe 5ec�etary. '
<br /> � (c)No Waiver. If cu�asuiaxs occvr diu woWd permit I.ender to rrqui�immediate payment in full,but i��det
<br /> -= daes mt tequire s�paymeats.LerKier daes na wsiva its rights with zespect to subseqnent events.
<br /> � - — (�Regntat�af HUD Se� In maay�regulations issued by tl�Secirtary wn'D limit Lender3�
<br />---- � � . rights,in sLa case of.�WYmeut defwhs.to rec�uite imme�ate payment in fuII and faeclose if uot T6ic , -
<br /> Savrity Insuaa�eat dots nat autl�orize accekranon orfoteclos�a�e i�not peimiued by negu2ations of the�ary. ,
<br /> -=-- (e)Moript�e Nat Iasared. Borrowes agtees that should this Security Ittsuument and tbe note secund thtnby mt �
<br /> - 6e eligi'bk for msa�ance under thc Nallonal Housing Act within $ �wnt.hs . . feom the
<br /> - ; ' date 1xno�.Lendec may.at its option and notwithstanding anything in Patagraph 9.ceQai�e imrt�diate paymeut in .
<br /> -- ' ' , fuA of aQ sams socvnd hy this Security Insmunen� A written statement of eny authorized agent of the Secretary
<br /> "",� dated sa�bsequent tu � aonths from the date hereof,dectining w insiue this Secwity
<br /> _ Inswffiex�t and the nate secured theieby,shall be deeeaed conciusive proof of such ineligfb�iry. Nocaiithstaading
<br /> : �`�-. , the foiigoing,fhis option may`not 6e exercised 6y Lender when the unavaitability of���,*a�sp is soleIy d�ie to
<br />_ -'�r�"'�,;,, Lender's�ailure to�emit a mongage iasurarue premium to the Seccetary. ,
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<br /> �"��= 10 Rd�temen� Bomower has a rig�t to b�ninstated if Lender das requiced immediate paycnent in full becanse
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<br /> ,. .y . •;. -. . of Borrower��ure to pay an amount due under the•Note or this Security T�su�men� This right ap�lies even afcer
<br /> �=�"} �'��'"'` "• '� foreclos�m caraaedin aze instituted. To reinstate the Securi Inst�nment. Barrower shall tender in a lum sum all
<br /> • � F��-._.,:.�•.. . :. P�' &S tY F. .
<br /> �i.+'�ti 1 a •
<br /> , ,! �iE ,,'., amounts reqv'rreJ.tfli�ring Bo�wer§account curient includ'mg,to the extent they are obligations of Bo�rower under this
<br />, +�-� ����'.�.;- -- Security InsOrument,fore�losuse costs and reasonable and c�stomary attameys'fces arn+!eapenses properly associated with
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<br /> ��'����'���'-' �� the fo�eclosune procading. Upon neinstatement by Bomuwer.this Secarity Insuvment and the obligations that it secur�es
<br /> ;� •':: „Q�;�': • � ��t
<br /> ,3�,;.., , shall remain in effett as if L.�n�r had not rec�uired unmediate payment in full. However,Lender is not requind to pem�it _
<br /> ������='"=�=�� = . teinstatemertt if: (i)Lender�as accepted re�nstatement after the commencement of foreclosuce prooeedings wit�hin two -
<br /> ��, .: - ,,. years immcdiately preceding the commertoement of a current foreclosure praceeding, (ii) rcinsrar�nt wi�proclude --
<br /> - > , ,-. .•. ` foreclosure o�dii�erent grounds in the fumre.or(iii)reinstatement Kiii adversely affect the priority of drz iien c�eated by °--
<br /> �;�•,.': ' • this Security Instrumen� . �°_:�__—
<br /> `, 11. Borrower Not Retqsed; For6earance by Lender�at a Waiver. Extension of the time of payment or R-----_
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<br /> � ., modification of amortizarion of the sums secured by this SecuFity lrsscrument granted by Lender to any successor m mterest � :_"�`';,:;°�-
<br /> _ • - , of Borrower sl'�i not operate to release the liability af the originaf Borrower or Borrower's succcssor in interesL l.ender r�;;��s.
<br /> =- , • • shall not 6e raqui,.�d ta commence proceedings agamst any successo�in intenest or refuse ro extend time for payment or -;�;�r
<br /> �. ' ' otherwisc m�fy amdrtization of the sums secured by this Security Insuument by reason of any demand made by the . .s�'.�;z�•
<br /> original Borrower or Bortawer's successors in interest. Any forbearance by Lender in exercising any right or remedy sfia11 . wr-
<br />_ • � na be a waiver of or preclude the exercise of any right or remedy. � �. �•�"�'�'=`-,-
<br /> . • ' 12. Successors and Assigns Bound;Joint and Several Liabtlity;Co-Stgnera The covenan�s and agecments of �;",:• �,- •�-.
<br /> • �� --. � thls Security Instrument sfiall bind and benefit the successors and assigna of Lender and Borrower,subject to the provisions , _-
<br /> ' . _ __., ,_.. of Paragraph 9.6. Borrower's covenants and agreement5 shall be jomt and several. Any Borrou�who co-stgns this -
<br /> ' Security Insmer�ent but does not execute the Note: (a>ls co-signing this Security Instrument only¢a¢sortgage.grant and =
<br /> � convey that Borrower's interest in thc Propcny under the tcrms of this Security lnstrument;(b)is not personally obligated to • • ..
<br /> ', ' '. . � � pay the sums secured by this Security tntiuument;and(c)aa.�sees that Lender and any olher Borrower m�y agree to extend, _
<br />. ;�;�,,,:.. _ : modify.forbeaz ar make any accommodations with regard to the terms of this Security Insmument or the Note withwt that ��. '
<br /> . �;� ,_ Borroyyer's consent.' • - ,
<br /> . '_ . ._ � .• . 13`Natices. Any notice to Borrower providcd far in this Secur::y instrument shall be given by delivering it or by -
<br /> , . ° mailing it by�'a�class mail unless applicable law requires use of another methad. The nolice xhall be dimeted to the
<br /> �,��-?'`} Property Address or any other address Borrower designatec by notice to l.ender. Any notice to Lender shall be given by
<br /> � •4-'J� ' first class mail to tender's ;;ddress stated herein or any address t,ender designates by notice to Borrower. Any notice ' �
<br /> � . : : • ' provided for in this Securit} 4nstrument shall be deemed to havc been given to Boaow•er or Lender when given as provided � �
<br /> - in thi,paragraph. .
<br /> - . '�` � ��� , � � 14. Gotieruing Law;Severability. This Security ln�.trument shall be govemed by Federal Iaw and the law of the � . . .
<br /> . . ' _ jurisdiction in Kfiich the Propeny is located. In the event that any provision or ctauye of this Secudty Instrument or the � ' .
<br /> , � • Note contlicts with applicable law.such conftict shall not affect other provisiom of this Securin Cnstrument or tAe Note �� • •
<br /> . s�d3ich can be given effect without the conflicting ptoviuon. To this end the proviyions of this Secar'sty Instrument and the � •
<br /> -,, }: � _.. :. �.. . '�t!�e are declazed to be severable.
<br /> • �. . l5. Barrower's Copy. Borrowcr shall be given one canformed copy of this Security lnstrument. . �
<br /> ���r� �"; -�--� =- -- ��- 1G. As�nment ot Rents. Borrower uncond�t�onatly s�ssignr artd Iransfcrs to L.ender a11 thc r�tts and revcnues of the �
<br />- ''" � Praperty. Borrower authorizes Lender or Lender's agents to collect the renty and revcnues stnd hereby directs each tenant of
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<br />--':�,.:�,' •� : ttie Property to pay the mnts to Lender or Lender's agents. Howevcr,prior to Lcnders notice to$oaower of$orrower3
<br /> `°���••'�:; �� ..."•�•� � .. tmach of any covenant or a�reement in the Security lnstrument.8orn+wer shall coltect and receive al!rcnts pnd revenues of r . •
<br /> �•' �'��: the Property as trustee for the benefit of Lender and Borrotvcr. This assignment of rcnts constitutes an absolute assignment i
<br /> '� _ ' , _ and not anasslgnment foradditinnal securiry.cmly. �_ __ _
<br /> `�' . ' . : . lf I.ender grves notice of breach Co Borrower: (a)all rents received by Borrower shall be held by Bormwer av tn�stee '
<br /> _- • � � � • for 6enefit of l.ender only.to be applied to the sums secured by the Security lnstrument:lb)Lendet shal)be endtled t� ' . '
<br /> collect and receive all of thc rents nf the Property:and(c)euch tcnant of the Property shall pay all rents due and unpaid tn � .
<br /> ' �� Lender or I.endcr's agent on Lcnder's•written demand to the tenant. ' �
<br /> --' - ----.---- -- Botrower has not executed any prior assignment of the rents und hsic not and will not perform any act that would
<br /> , •�� . •� . prcvent Lender from exercisin�its nghts undcr�his Para�raph 16.
<br /> �� . • Lender shall not be rcyuited to enter upnn.take control of or maintain the Properry before or after giving notice of '
<br /> � �• - ' ' • breach to Bormwer. However.Lcnder ot a judicially apQointed receiver may do so at any time there is a bre:uh. Any �
<br /> �� � � " � application of rents shall not cure or waive any default or mvalidate any other right.or remed of Lender. This awsi nment '
<br /> . • . of rrnu of the Property shap tetminate when�he debt secuted by the Secudty lnstrumerrt is p•.�d in full. ' � • •
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