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<br /> paymante,whlch are rcfemed to lct Paragruph 2,or char�ge the amount of such puymante. Any exccas procecds over an
<br /> -`=��"' amount�equlred to pay all outetartdtng inde6tedneas under the Nate nnd this Securlty lnsuument shnll be paid to the endry
<br /> legnlly entitled theret�.
<br /> -- — S. Fea� I.cnder muy coilect fees and charges nuthoriud by the Secreuuy.
<br /> - 9. (irounda for Acceleration of Deb� - -
<br /> ---- -- — (o)Det�ul� L.ender may.ozcept as timited by regutations issued by the Secretsry in the case of payment defaults� �- --
<br /> ��_--------=-� require immedtatepnyment in thli of all suma secured by thie Secudty Insuument if: -
<br /> __ _ (i)BoTrower defaults by failing to pay i�full any manthly payment required by this Securlty[nsaurnent prtoe � --
<br /> .,�� to or on the due dau of the next monthly payment.or
<br />_ ,�. (ii)Bortower defaults by fuiling,for a pedod of thirty days,to perform any other obligutions rnntained ln thiR
<br /> '� Securiry Instcumen� �
<br /> •#; (b)Sale Wlthout Credtt Approval. Lcnder ahall,If pern►itted by applicable law and with the pdor approval of the --
<br /> ' •'� �';,t fi �� Secretary�require immediate payment in full of alt the sums Recuced by this Security Inatrument ff: �::�-.�--
<br /> , -r.•'t�is:;,� (i)All or part of the Propetty.or a beneficisl intereat in ra aust owning�Il or part of the Propecty.ia eold or -_-_
<br /> , ' �,�;,���, . otherwise transferred(other than by devtse or dcscent)by the Borrower.and �"`" -_�--
<br /> � ' �u'�+t t= (ti>The Property is not occupied by the purcheser or grantec as his or her principal residence,or the purchaser :°:°
<br /> ���. �f . � or gra�►tee dcea so accupy the Propetty but his or her cmdit has not been approved i� accordence �
<br /> . � . � .,�,�•,;;
<br />%� ���'::.���. : ; wIth thc requii+ements of the Secretary. �'�-
<br /> �, (e)No Walver. If circumstencea occur that would pennit I.ender to require immediate payment in fu11,but Lender °r:-.-_y _
<br /> �� ,,�. � dces not rcqutre auch payments,L,ender does aot weive ita rights with respect to subsequent ovents. • :;r, �
<br /> r (d)Regulattons of HUD SecreUtry. In many cincumstances reguladons issued by the Secretsry wlll limit Lender'� '=-:�;_;_
<br /> �.�. ' • � r�ghts, In the case of payment defaults, to requlre immediate pa ment in full and foreclose if not paid. Thfs '�''%�;�_
<br /> . �:-'•' . •.:.
<br /> � Secudty Insuument dces not authorize acceten►tion or foreclosure i not permitted by regulations of tha 5ecretary. �
<br /> :._. •: _-..:��---�._,_�. � r " `
<br /> (e)Mortgege Not Insureti. HomoWCr agrees that xhoulJ ti�is Sccurily bwttumctit dqd the rioiC SCCUicd iliCT+Cby itOi --: _ <
<br /> �� M1 " be eligible for insw�ance under the Natlonal Houain�Act within 90 DAYS from the " .
<br /> . � date hereof,I.ender may,ut its option and notwlthstanding anythin�in Paragraph 9,require immediate payment In � "�'-'-
<br /> ' � full of all sums secured by this Secur�ry Insuument. A written atatemcnt of any authorized agent of the Secs�etary • '
<br /> • dated subsequent to 90 OAYS from the date hereof,declining to insure this Security , �-`"'
<br /> Inatrument and the note secured thereby,shall be deemed canclusive proof of such ineligibility. Notwithstending � -_
<br /> • the foregoing.this option may not be exercised by L.ender when thc unuvuilability of i�surance is solcly due to ��-----
<br /> I.ender�s failure to remit a mortgage insurance premium to the Secretary. Y"'�;��W__
<br /> � 10. Reinstutemen� Borrower has u n�ht to be reinstated if L.endcr ha.4 required lmmediate payment in full because .,• •�
<br /> � of Borrower�s failure to pay an amount due under the•Note or t his S e curity Instrument. T h is r ig h t app l Ies cven after • .
<br /> _. _ �___ foreclosure groceedinRs are instituted. 'Ib reinstute the Security Instrument, Borrower shap tender jn A lump s3m all
<br /> amounts required ro�bdng Borrower'.s account current including,to the extent they are obtigations of Borrower un3�a tiils .
<br /> " Security Instrument,foreclosure costs und masonable und customary attameys'fees und expenses properly ussociated with ' ;,
<br /> � the foreclosure proceeding. Upon reinstatement by Borrower,this SecurIry Instrument and the obligations thut it secures ° •
<br /> shall remain in effect as if Lender had not myuired immediste puyment in full. Nowever,Lender is not required to�ertnit c���
<br /> � � ' reinstatement if: (i) I.ender has accepted reinstatement sfter the commencement of foreclosur+e proceedings with�n twa „�
<br /> ' years immediately preceding the commencement of a current foreclosum proceeding, (ii) reinstatement will greclude b� �
<br /> -•----•- --°.-•-�-•--- f�r_M!oszre on tllffe^e^t gm!�nd�f!+thr fntum,nr(iiil rFinstntement will advcrsely affect the pdoritv of the lien created by _ ...:.. _ .,.tt.,
<br /> --.. .....-
<br /> this Secudty Instrument. �r�
<br /> �� 11. Borrower Not Reteased: �orbearance by I.ender Not a Waiver. Extension of the time of payment or >�
<br /> modification of amortization of the sums secumJ by this Security Instrument granted by Lender to nny successor m interest }i;�,
<br /> of Borrower shall not operatc to mlease thc tiubtlity af thc originat Borrowcr or Bonowcr;succetisor in interest. Lender �¢:�•
<br /> " � shall not berequircd to commence proccedin�x agumst un� tiuccessor in interest or refuse to extend time for puyment or '� a� '
<br /> � otherwise modify amonization of thc sums secumd by th�s Security Instrument by renson of nny demAnd made by the ��y��.�
<br /> ' " . original Borrower or Borrower's successorx in intcre,t. Any forbeurance by l.ender in exercising uny right or remedy shall
<br /> . � not be a waivcr of or preclude the exercisc of uny right or mmcdy. ' ,�,��°�-�
<br /> 12. Successors and Assigns Bound;Jotnt and Several l.iabitity; t:o•SiRners. The covenantti nnd ugrcements of , -
<br /> ' ' ' this Security Instrument shall bind and benefit thr successors und uxsi�n�of Lender und Borrower.su6ject to the provisions . �
<br /> � of F'aragrnph 9.b. Borrawer'.s covenunts und ugnements shuU be joint nnd �everul. Any Borrower who co-s�gnx this � ���
<br /> ' Security Instrument but does not execute thc Note: (u) is co•signing chix 5ecuricy In.trument on3y to mortgabe,b�rwU uud .
<br /> convey that Bonowcrk intcrcst in thc Propeny undcr the tcRnx of thi,Sccurity Inxtrumcnt(h)is not penonally obligated to � �
<br /> pay the sums secured by thi+Security Litiuumcnt;und(c)ugreey thi�t Lender s�nd un�other Bonower may agree to extend, i;;�„y
<br /> ; modify,forbear or mukc uny accommodation��vith rcgard to thc tcrnis of this Sccunty In.trumcnt or thc;Notc without that �= '•
<br /> Barrowcr's•conscnt, ' �`
<br /> 13. Notices. Any notirc to Borrowcr providcd for in this Securiry Instrument.hall Ix given by delivering it or by � • �• fi=
<br /> � mailing it by first cluss mail unless apPlicnblc law reyuires use of unothcr methoci. 'I'hc noticr shall be dlrecttd to the I , :
<br /> �� Property Addrcss or uny ather uddn�ss Borrowcr detiignutcx by notirc to I.endcr. Any noticc to Lender shull be given by
<br /> first cluss mail to Lender:nddn:�s stated hemin or uny uddreti+ Lrnder desi�;nutrti by notice to Borrowcr. Any notice l ,p
<br /> provided for in this Security Intitrumcnt shall tx:deemcd to huvc tken�;iven to 13orrower i�r Lendcr when givrn us providcd f �".
<br /> ' in this paragrnph. I t
<br /> , 14. GovernlnR Law;Severability. This Security Instrumcnt tihall tx govcmcd hy Fedcrul law und thc law of thc �
<br /> jurisdiction in which the Pmperty is located. [n the event thut uny pr�rvi.iun or cluu.r of thi.Sccurity Instrument nr the ! �
<br /> ' Note eonfliets with uppticobtr luw,such conflict +h�ll not utf'crt�xhcr provi.ium uf thir Seeurity Instrument or the Note �
<br /> which cun be given eff'ect without the rnntlirting pmvisi�m. T<�thi.rnd the provi,ions uf this Serurity Instrument and thc ,
<br /> - � • Note arc declared to be uvcrabic. '
<br /> � I5. Borrower's Copy. Bormwcr shall hr Fivrn onc mnfcirnicd cc�y of thi.Scrurity Instrumcnt. � �
<br /> 16. Assl�nment of RenGs. Borniwer unconditionully u+siEn.and trun.ferti to t.endcr ull the mnt.and revenucs of the ••
<br /> Property. Borrower uuthorizes Lendcr or Lendcr's ugent�to collect thr rcnt.and revcnur.und hrreby directx euch tcnant of � �'t'
<br /> ,� thc Property to pay the rcnts to Lendcr or Lrnder'+ugcnt+. Howevcr,pricir tu LrnJcr+notirc to Borcc�wer of Bormwcr's ;;,
<br /> � bmach of any covcnunt or agrcement in thc Sccurity In�trumrnt,B<�rn�wcr�hull rollcrt:ind rrccive ull rcnt,and rcvenuc.of 'y,.
<br /> � , the Property u�trustec for the benefit uf Lcnder und Harruu•cr. Thi.u�.ignment of rentx con�titmr.an ub�nlutc a.zignment
<br /> ' _ - '`-----.-- and not an assi�nment for additional sccuriry only. ..
<br /> . ° � if Lender give,notice ot breach ro tsorrowrr: ca)tui rcm.rcceive�i ny norrowcr.nuii ix i�riu oy oonuwci u�iiuii«
<br /> � for benefit of Lendcr anly,to be applicd to the �um, securcd hy thc Sccurity In.trumcnr. (h)Lcnder .hall tx:entitled tc�
<br /> ' � � + collect:uid rcceive ull of thc rents of the Pn>�xrty:und(c)rurh trnant oC thr F'ruExrty+hall pay ull rcntti due:u�d unpaid to
<br /> ; Lcndcr or Lcndcrk ugcnt on Lender's writtcn demand to thc tenunt. �
<br /> Borrower hus not exccuted any prior us�i nmem of the rcnt.and ha+nut und will not pcHorm su�y uct thut would ,
<br /> ' '.� prcvcnt l.cnder from cxcrci,in�;it.right.undcr t�is Purugraph 11�. ,
<br /> � Lcnder+hull not tx: rcymrcd to entcr u{wn,takc rc�ntrc�l of ur muintuin thr F'roExrty txforc eu uftcr giving natirr of ,
<br /> 1 �• , bmnch to Borrower. However. Lender e�r a judirial{y up��intrd rec�ivrr muy du tio at any time thene i�u brcuch. Any
<br /> upplicntion of rents shall not cure or wuivc:►ny drfault or mvulidutr nny uthcr right��r Rmrdy of I.rndcr. 'Thix astiignmrnt
<br /> , p.. of rcnts of thc Proprrty tihull tcrminutc whcn thc dcht uucured by thc Scearit�•ln,trumcnt i.puid�n full. �
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