93111193 - Laserfiche WebLink

Browse

RE-RECORDED 93- 1111.93 193- ijLo629 payments, which are referred to in Paragraph 2, or orange the, amount of ; such payments. ,%.ny excess proceeds over an stn:tyunt required to pay ail outstanding ind-zbtedncss undo-r the Note and this Security Instrument shall be paid to the entity legaliv entitled thereto. t;. Fees. Lender tray collect fees and charge- authorized by the Secretary. 9. c;rounds for Acceleration of Debt. (a) Default. Lendcr may. except as limited by regulations issued by the Secretary in the case of payment defaults, require immediate payment in full of all sums secured by Ibis Security Instrument if- (i) Borrower defaults by failing to pay in full any inanthly payment required by this Security Instrument prior to or on the due date of the next inonthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law and with the prior approval of the Sec -tart', require immediate payment in full of all the sums secured by this Security Instrument if: (i8 All of part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise trans'i -rred (other than by devise or descent) by the Borrower, and (ii) '}lie Property not occupied by the purchaser or grantee as his or her principal. residence, or the purchaser or granter does so occupy the property but his or her credit has not been approved in accordance v•ith the requirements of the Secretary. fci No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does nog require such payments. Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary. In malty circumstances regulations issued by the Secretary will limit Lenders rights, in the case of payment defaults, to require immediate payment in furl and foreclose if not paid. This Security Instrument dc-ni; not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. W) Mortgage Not ?nsured. Borrower agrees that should this Security Instrument and the note secured thereby not he eligible for insurance under the National }lousing Act within 8 months from the date hereof. Lender may. at its option,and notwithstanding anything in Paragraph 9, require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 8 months from the date hereof, declining to insure this Security Instrument and the note secured thereby, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing. this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower has a right to he reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are ins!ituted. To reinstate the Security Instrument, Borrower shrill tender in a lump sum all amounts required to bring Borrower's account current including, to she extent they are obligations of Borrower under this Security Instrument. foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure procceding. Upon reinstatement by Borrower, this Security instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit rei-istatement if: (i) Lender has accepted reinstatement after the _ommencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Sccurity instrument. i I. isorro err Not Released; Fbrhearance by Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured by this Security instrument granted by Lender to any successor in interest of Borrower shall not operate to release the lhvibility of the original Borrower or Borrower's successor in interest. Lender shall not tx: required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security instrument by reason of any demand made by the original Borrower or Borrowers successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument shrill bind and benefit -the successors and assigns of Lender and Borrower, subject to the provisions of Paragraph 9.b. Borrower's covenants and agreements shalt be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security instrument only to mortgage, grant and convey thrit Borrowers interest in the.,"roperty under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agmts that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to ,he terms of this Security Instrument or the Note without that Borrower's consent. 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first ciass mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided m this paragraph. 14. Governing; Law; Sev'erability. This Security Instrument shali be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicablc lave, such conflict shall not affect other provisions of this Security instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 15. Borrower's Copy. Borrower shall be given one confomied copy of this Security Instrument. 16. Assig;nment of Ren!s. Borrower unconditionally assigns and transfers to Lender ail the rents and revenues of the Property. Borrower authorizes Lendcr or Lender's agents to collect the rents and revenues and hereby, directs each tenant of the Property to pay the rents to Leader or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument. Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for I?eneiit of Lender only. to be applied to the sums secured by the Security Instrument; (h) Lender shaft be entitled to collect and receive all of the rents of the Properly: and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borro«er has not executed am' prior assignment of the rents and has not and will not perform any act that would prevent 1-nrlcr from cxercisirn its rights under this Paragraph i6, ice:u'.cr ~111! not he required to enter uprrr., control of c>r maintain the property before or after giving notice of breach Tn lfov e,er. !.ender or a Audi dally appointeij receiver may do so w ary time there is a breach. Any, i t~lic,tt:: Tt r f` rent fT;+1i s:c t cure or sai'.e any default or invalid_tte any other right or r.°medv of Lender. This assignment f [i^f'; iP1i' E'C+lipcit <}laii lc`rrT1rT;:rtL' «tICG the debt, secured by the Secur:tc Inor>>r.:ctrt is paid in fill-