|
�� ____ - :°'�:; -
<br /> �:_� �� �._� .' � ---
<br /> :�� , -- --- - - -
<br /> �� �
<br /> .�. . ..._.,.,..,.�
<br /> 94- 10i001
<br /> �� pRymenu.which ue referrad to in Prn4r�ph 2,or ch�n�e the�mouot of wch paymenu. My exca�proae�over�n
<br /> amountrequjred to p�y�11 out�pu�i4�G�de6ledneas�the Nate�nd thi�Secunty Iowumeot�bal!be p�W w dw�y
<br /> le�ll entitbd thaeto.
<br /> � �eew L.enOer m�ty collect fao4�nd clur�a awho�ized by the Secrct�ry.
<br /> 9. Grouad�ta�Acaler�t{o�ot Debf.
<br /> (a)Dehul� Lender msy.except a�Iimitod by rc�ulations iuuod by the Socrctrry in the ca�e of payma►t det�utu►.
<br /> requiro inunediuep�ymait in fuli of�Il wms�ecurod by thl:Security Inurwnertt if:
<br /> � - --.., (ii Borrower defwlu by fiiiling to pty in full�nY manth�Y WY�t requirod by thi�Security In�tnunent prior
<br /> - -- -- — -- to cx on the due due of the next monthlY WY�nt,or
<br /> {ii)Bormwer detaulu by f�ilina,for a pedad of thicty dayr,to perEorm any od�er obli�atfau cau�fned in thi�
<br /> Secur�ty Ia:trument.
<br /> — — (b)Sak Wlthout Credit Approv�l. l.endcr shall,lf pennitted by applic�bk law And with the pior app�ov�l of tho
<br /> Socrewy,roquire immodiste p�yment in full of aU thc sums securod by this Secudty Insuument ff:
<br /> (i)All or p�ut of thep�np�c�y.or a beneficid interest in a t�ust ownin�all or put of the Prc�perty,ia�Id or
<br /> otherwise tr�nsfemed(ottier t(�an by dcvise or descent)by the Bomnwer.and
<br /> i� _°��a (ii)The Pco{krty is nat occupied by the ptu+ciwser or gisntee as his or har principat resldence,or the purchaser
<br /> or granue does so occupy the Prope�ty but hic or her credit h�s not been �,proved in accoc�ance
<br /> with the requitemenus of the Secrotaty.
<br /> (c)No Wwiver. If circumstances occur�hat wouid pennit Lender to�uire immedfatc payment In full.but Lender
<br /> does not require suchpayments,Lender does not waive its right�with rcspect to subsequent eventc.
<br /> (d)ReQul�tioru of HUD Secr�etary. In many circumstances c+egulations issued by the Secretary wfll limit Lender�s
<br /> - righ�s, in the c4se of payment defaults,tot�quire immediate payment in fuli and faeclose if not paid. This
<br /> - Securiry Insuvment does not authoriu acceleration or foreclosur�e if not permitted by regulationc of the Secretary.
<br /> (e)Mortgage Not Insured. Borrower agrees that should this Security lnsaumcnt and the notc sxw+ed thercby not
<br /> �� be eligible for insurance under the National Housing Act within from the
<br /> f;.,•�;.�L}t• date hcreof,lxnder may,at its option and notwithstanding anything in Paragraph 9.rcquirc immediate paymcnt in
<br /> full of all sums secured by this Secudty lnstrumenc. A written statement of eny authorixed agent of the Secretary
<br /> dated subsequent to from the date hereof,declining ro insura this Securiry
<br /> [nswment and the note secured thereby,shall be deemed conclusive proof of such ineligibility. IVatwithxtanding
<br />. thc foregoing,this optton may not bc exercised by l.ender when ihc unavnilability of insurance is solety duc W
<br /> Lender`s failurc to remtt a mortgage lnsurance premium to the Secntary.
<br /> ' 10. Reiaetatemei:� Borrower ha�a dght to be reinstated if L.ender has required Immediate payment in full because
<br />- of Horrower�s failure to pay an amount due under the•Note or this Security Instmment. This right opplies even after
<br /> — �__ N;,..,,., foreclosure proceedinRs are instituted. 'Ib reinstate the Secudty Instrument, Bomnwer shall tender in a lump sum all
<br /> :'. ����rcmo` :li� amounts required to bring Borrower�s account current including,to the extent they are obl►gat�ons ot HoROwer nndar this
<br /> � ,"`��'�t° rkP;!!?? , Security Instrument,Forcclosure costs and rcaconable and customary attomeys'fees and expenses properly associated with
<br /> � : the forcclosure proceeding. Upon reinstntement by Borrower,tt�ia Secm i►y I►�stwment and the obiigutions that it s:.cures
<br /> � : , . . shall remain in effect as if Lender had not required immediate payment In full. Howevcr,Lender is not requited to permit
<br /> �..... , � reinstatement if: (1) Leuder has aceepted reinstetement after the commencement of foi�eclosune proceedings with�n two
<br /> years immediately preceding the commeneement of a current foreclosure prceeeding, (ii) reinstatement will prcclude
<br /> foreclosura on different grounds in the future,or(iii)rei�statement will adversely affect the priority of the lien created by
<br /> ,;r,�.,••..;�`.,�. � this Securiry Instrument.
<br /> . I1. Aorrower Not Released: Forbea�ance b� Lender Not a Waiver. Extension of the time of payment or
<br /> modtfication of amortiu►tion of the sums secured by this Sccurity Instrument granted by Lender ta ar►y successor m interest
<br /> of Bornower shall not operate to releuse the liability of the original Borrower or BoROwer's successor in intercst. Lender
<br /> shall not be requimd to commence proceedings ngainst:my successor in intere5t or refuse to extend time for payment or
<br /> „`;� i � ' • . otherwise modif'y amortization of thc sums secured by thiti Securiry Instrument by mason of any demnnd mnde by the
<br /> original Borrower or Borrower's succexsor,in interest. Any forbearance by Lender in exercising uny right or rcmedy shall
<br /> not be A waiver of or preclude the exercise of any right or remedy.
<br /> "°"O`''``�` " 12. Successors and AssiRns Hound;Joint and Several[.iability;Co-Signers. The coven:snts and agreements of
<br /> : � �� this Security lnswment shall bind and bcnefit the successors�nd aszigns of l.ender and Borrower.subject to the provisions
<br /> of Para�raph 9.b. Borrower's covenuntti and agrecment� xhall be joint and ticveral. Any Borrower who co-�igns this
<br /> . " � Securiry Insttument but does not execute thc Note: (a)is co-+igninF this Securiry [nstrument only to mortgage,grant and
<br /> convcy that Borrower ti interetit in thc Property under the tcrms of this Sccurity lntitrumcnt;(b)is not personally obligated to
<br /> pny thc sumx ticcured by this 5ecurity Imtrumcnr,and 1r)agmc,that Lender und uny othcr Borrower may agree to extend,
<br /> . � modify,forbear or make any uccommodations with rcgard to the terms nf this Serurity Imtrument or the Note without that
<br /> , �.'' Borrowcr�conticnt.
<br /> 13. Nntices. Any notice to Borrower provided for in this Security Inxtrument shall tx given by delivering it or by
<br /> ��;,,y�,, �` mailing it by first clasx mail unlrss upplicable law rcyuircx usr of nnother methai. The notice shall be directed to the
<br /> ; • -' .'�' Propeuy AdJrei,ur.iny utlicr uJJrr„Burn�wer dc.ignutcs by noticr tu l.endnr. Auy nulire to LenJer shal{bc:giv�n by
<br /> , �' fint dass mail ta [.ender: addrcss stuted herein or uny udJr_ss I.cnder detiignutr,by noticr tu Horrower. Any notice
<br /> • , • � • Qrovided for in this Security Inztrument+hull be deemed to huvc txen givcn to Bi�rrc�wcr or Lender when given us provided
<br /> ; �n this parngruph.
<br /> � 14. GoverninR I.Aw:Severability. This Security In,trument ,hall tx��ovcrnrd by Fedcrul law and thc law of the
<br /> !!�° � jurisdtction in which the Prupe:rty is I�ateJ. In the event that uny pruvision or clau.c of this Security Instrument or the
<br /> � ` Note conflictx with�ppli�able law,.uch ronQict shall not aftcct othcr provisiom of thi.Security instrument or the Note
<br /> .. which can be given eftect without the contlicting pnwision. Ti�thiti rnJ the provixiom of this Scrurity Instrument nnd the
<br /> � %� Notc urc dcclarcd to bc sevcrablr.
<br /> 15. Borruwcr's Copy. Borrower�hull be givrn one conformed copy of this Security In,trument.
<br /> 16. Assignment of Rrnts. Burrow�r unconditionully as.igm and transfer�tu Lrnder all the rents and ncvcnue�of thc
<br /> � Property. Borrower authori�ss Lendcr or Lender�agentti te�collrct the«nts und rcvenur�und her+eby dirccts cach tenant of
<br /> ' ' the Property to pay thc mnts to Lcndcr or Lcnder:agrnt,. Howcvcr,prinr w LenJrr:notice to Borrowcr of Borrowcr's
<br /> • brcxh of uny coven;uu or agrecment in thc Security lnrtrument,Borrower shaU coitcct und rcreive ull rent+and revenues of
<br /> -- �'`'��' thc Property�.�trustee fur thc benetit of Lendcr and Borrowec This ussi�;nment of rents constitutes an abwlute assignment
<br /> ��� �"`"��� �''' "'' and ncx un assignmcnt for udditionul ucurity only.
<br /> '��_ If Lcndcr gives noticc of brcach to Borrowcr. (a)all rcnts rcceived by Borrowcr shull bc h�:id by Borrower as uvstee
<br /> °k.E - for benefit of Lender onty.to be•rpplfed to the sums secured by thr Jccunty Instrument; (b)Lentier snaii ife enticiea to
<br /> - ;,1' '`° ,.,r;:;,;,;,; cotlect and receive all of the rcntti of the Property;and(c)each tenant of the Property tihall pay all rents due nnd unpaid to
<br /> � � Lender or Lcnder'x agent on Lcnder+written dem;u�d to the ten:uu.
<br /> •' """`x• Borrower ha+not executed any prior arsignment of the rents and har• not and will not perform any uct that would
<br /> prcvent Lender from cxercisin�its rights undcr this Parrgraph 16.
<br /> ;:;„,�;.ra� Lender shall not be reyui►+ec1 to enter upun,talce control uf or muintuin the Property befone or after giving notice of
<br /> b�exh to Borrower. However,Lcndcr or a judicially ap�ointeJ reccivcr muy do so ut;uiy time tlx�rc is a brcuch. Any
<br /> application of rcn[s shall not curc or waive uny default or�nvalidate uny nthrr right or rrmed�of Lendcr. This assignment
<br /> of rents of the Properiy shall terminate when the debt secured by the Security Instrument is paid in full.
<br /> ' UN+Rt.t af 4 ptgrs► •
<br /> ` ''�X?��
<br /> _- _..� _�_ - N�
<br />
|