|
„ �:, . i ! ��;.�. _ . ,.� •' • ,
<br /> f(' .�,:•M�����.:b:•_ ` _ ' __�� :�.• ..�`•�'-
<br /> , ., . ..,_.. , .. ,.
<br /> , . -� _
<br /> .
<br /> , �
<br /> —_— __— �
<br /> ,.,��� . 944 �o����
<br /> paymentc,which are referred to in Porngmph 2.or chungo thc amuunt of Ruch payments. My exceRS proceeds ovcr un
<br /> • amountrequired to pay all outstnnding indebtedrteRa undcr tha Noto And thie Secudty Instrument shail be paid to the entity
<br /> lcgully entitled Sharcto.
<br /> x uthod�.ed b the Sec
<br /> ret
<br /> ea
<br /> 8 Lcnder mu collect fecs and chur �Y�
<br /> :r- • '� Y 8 Y
<br /> � ,. . .,. 9. �rounds for Acceleration ot Debt.
<br /> �” "-��•••�-'�••-• = (a)i?etaY�lt. I.cnder may.except�.9 limited by�+egu1�11ons iRSUed by the Secretary in the case af payment defnults. r
<br /> : vr
<br /> � require immediute psyment in full of all eums Fecured by lhla Secudty insaument if: �_
<br /> 2 .,.:,,�:.;:� , (f)Borrower default»by failing to pay in full any monthly payment required 6y this Securtry Instrument prior
<br /> � i{+:'';j.���;,�,;t��;r to or on the due date of the next monthly puyment,or --
<br /> _ . `;�'r,..,°• • ;� .., (ii)Borrower defaulta by fai8ng,for a pedad of thirty days.ta perform any other obligatlona contained in thie _
<br /> • . Seciulty Insuumen� --
<br /> : ' � (b)3ule Without Credit Approval. Lender sheA,If perm(tted by applicable law and with the prior approval of the
<br /> :. �
<br /> ` '' � " "'""� Secretary.requtr�e immediate ayment in fult of all the sums secw�ed by this Securi Instrument if:
<br /> x ... ,
<br /> . . ...... ,, °
<br /> • ;�,._,.�. . � �t (i)All or part of the Property.or a 6eneficlal interest!n a qust owning all or part of the Propeny.is soid o� �_ _ - ------ ___
<br /> , : ,� • r"• otherwise uansfemed(other than by devise or descent)by the Borrower,and _ ___
<br /> � (ii)The Property is not accupied by the purchaser or gr�+r►tee as hls or her pdncipal residence,or the purchaser _
<br /> � or grantee dces so cecupy the Property but his or her credit has not baen apptoved !n accordence °
<br /> _ /� . ,. , with the requirementa of the Secretary. —_— —
<br /> f
<br /> (c)No Waiver. If c�rcumstances occur that would permit Lender to require immediate payment in full,but Lender _
<br /> ? ' dces not require suchpayments,L.ender dces nat waive its r�ghta with respect W aubsequent eventa. ;;:__�_
<br /> � � .... .. (d)Regulattons of HUD Secretary. In many circumstances m�ulallons Issued by the Secretary wIA limtt Lendcr`s r,�='
<br /> ri bts, in the ca+c of a ment defaults. tn renuire tmmedlate a�ment in fut� and foreclose if not aid. This ''���
<br /> _ P P i v." -�-
<br /> ; Se�curlty Insdument does not author�ze accel�rat,.m or fo,.closure� no�permit �d by ro�ulattons of the Sccretary. -.• :�,�.`__.
<br /> .. (e)1Vlortgage Not Inanred. Borrower agrees th;►t should thi5 Secudty Insaumcnt and the notc secured thereby not �r'''�'�
<br /> � be eligible for lnsurance under the Nutional Housing Act wlthin 90 OAYS from the -`,r,.���
<br /> - • dste hereof,l.cader may,at its option end notwithstanding anything in Paragraph 9,require immedfate paymcnt in .� _== _
<br /> ��..��
<br /> �• �. full of all sums secured by this Secudty Instrument. A written statement of any authorized agent of the Secretary ,;; �.i�w.�_--�
<br /> ' dated subsequent to 90 DAYS from the date hemof.declining to insure this Security � � �°�-
<br /> Instrument and the note secured thereby.shnll be deemed condusive proof of such ineligibillty. Notwithstanding ����- �-
<br /> `�-•-
<br /> the foregoing,this option may not be exercised by Lender when the unavuilabillty of insuranca is soicly due to -��
<br /> ' • I.endcr's failure to remit a mortguge tnsurance premium to the Secretary. ' ��yw"
<br /> 10. Reinstatement. Borrower has a right to bc retnstated if I.ender has required immediate payment in full because
<br />---. --------.- - of Horrower`s fa{lum to gay nn em��mt due under the•Notc or this Security Instrument. This ri�ht applies even after �_ �'�"`:�'
<br /> foreclosure proceedin�s are instttutcd. 1b mtnstate the Security Iastrument, Borrower shaq tender in a lump sum all
<br /> . amounts required to'brin�Borrowert account current lncluding.tu the extent they are obligations of Borrower under this .
<br /> � Security Insaument,foreclosure costs and reusonnble and customary nttomeys fees and expenses proporly associsted w[th '��
<br /> the foreclosure proceeding. Upon minstatement by Borrower,this Security Instrument und the obligatlons that it secures '`.
<br /> shall remain in effect as if Lender hud not rcquimd immediute payment in full. However.i.ender is not required to permit `' �• �
<br /> c�einstatement if: (i)Lender has accepted reinstutement after the commencement of foreclosure proceedings within two
<br /> years immediately preceding the commencement of u current forecloxur� pracceding, (ii) rei�statement will preclude ,'� '-
<br /> foreclosure on different�rounds in ths future,or(i!i)reintitutement wiU udvencly uffect the priodry of the lien crcated by • ,
<br /> � this Security Inxtrumcnt. "-�
<br /> I1. Borrower Not Released; Farbearance b� l.ender Not a Waiver. Extentiion of the time of puyment or ''��
<br /> modification of amoniaation of the sums sccured by th�x Scrurity Instrument grunted by Lender to any success�r in interest ��.,� .
<br /> �'. of Borrower shall not operntc to rcicusc thc linbility of thr originul Bonowcr or Borrower's succesxor m interest, Lender ,
<br /> �. shall not be required to cammence pmcecdingx aguimt un� +ucce.wr in intercxt or refuse ta extend ttme for payment or
<br /> �; - otherwise modify amortixation of tlx� sum. secured by th�ti Sccurity ln+trumcnt By reuson of uny demand mude by the � � �° ;wd►,!�-
<br /> original Borcawer or Borrower's•succes,ors in intrRtit. Any for(xurunce by L�:nder in exercisin�any right or remedy�hull ,.-r,.�,!''
<br />� not be u wuiver of or preciude the exercisr of any right or n medy. ;;`
<br /> 12. Succe�sors and Asci�ns Bound:Joint and tieveral I.iability; CaSi�ners. Thc covenantti;u�d ugrccments of ��
<br /> this Securiry Instrument xhaQ binct nnd benefit the successon und assigm of Lender und Borrower,subject to the provisions
<br /> of Para�raph 9.b. Borrower; eovenunts unJ ugreements shall be joint und sr.vcruL Any Borrower who co•si�ns this .,
<br /> Securiry Instrument but does not execute the Note: (n)is co•signing this Security Instrument only to mongagc,grunt and
<br /> convey thut Borrower's interest in the Pmperty under the trnn,uf thir Security Instrument;(b)is not prnannlly obligated to
<br /> pny the sums secured by this Sccurity Imtrument;and(c)ngmcs thut Lcnder and any othcr Borrower mny agree to extend, ` '
<br /> modify,forbenr or mAke any accommodutions with reganl to thc temr of thi+Sccurity Instrument or thc Note without that I
<br /> Borrowcr's consent. '
<br /> 13. Notices. Any noticc to Bnrcciwcr pmviJcd for in thi.Sccuriry In,trumcnt }hull tx givcn by drlivcring it ur by !
<br /> mailin� it by fint cinxti muil unirs�applicablc luw n:yuire.u.c of anothcr mrth�xi. 'fhc n��ticc.hull bc dirrctcd to the C
<br /> Property Addre�s or any other vddmss Borrowcr de.ignute.My nc�tirc to Lender. Any notirc to Lcndcr shuU be given by
<br /> first class mail to Lender's uddrcss�tuted hercin or uny nddrrtis LrnJrr de.ignate, hy nuticr tu Rorrawer. Any notice �
<br /> provided for in this Securiry Instrumcnt.hull be dccmcd to hvvr txcn Eiven to Bcim�wcr or Lcndcr whcn givcn as provided
<br /> ;. �n thix purugruph.
<br /> 14. (:overnin�Law; Severability. Thiti 5ecurity In�trument .hull tn gc�vemrJ by Federal law and the law of thc
<br /> �• jurisdiction in which the Property i.Icx:ated. In thc rvrnt that :m�� pnwi,ion or cluu�e n!'this Security Instrument or the ;
<br /> Nate conflict�with ap�licahle luw,such ronflirt rhall nnt uf'fert other provi+ionti uf this Srruriry irmtrument or the Note
<br /> �� which ran be giv�n eftect without the ronflicting provi,iun. To this rnd thr pruvi.iun�of thi.Srcurity In,trument und the
<br /> - . Note ure declnred to be severabte. '
<br /> I5. 8orrower's Cop�v Borrowcr shull Ix gi��en one conti�rnicd c��py��f thi,Scruriry Imtrument. ' �
<br /> ' ' 16. As.stgnment of RenGti. Borrowrr unronditionully us.iEn+itnd trun.fcr� to Lrixier all thc rent��nd rcvrnues of thc :
<br /> property. Borrower uuthorizcs LenJcr or Lender',agrntti tu collrrt thr rent.unii re��rnuc,and hrrehy dircctx carh tenunt of
<br /> , the Property to pay the rents to Lendcr or�enJrr's agent�. Nc�wevcr.priur tu Lendrr�nc�ticc tu Born�wer of Borrowerti
<br /> breuch of any covenunt or ugrcement in thr Security In.trument,Bi�rruwer�hall roUrct and rcceive.all mntti und rcvenue.uf
<br /> - - . -
<br /> thc Pmnertv as truatee for thc benetit of Lendcr und�3urruwcr. This uti,ienment uf rcntti constitute+an ah�olutc a+.ienmcnt
<br /> � � � und not an assignment for udditiona!�crurity only.
<br /> �• . If Lender givex noticc of hn:uch tu Borrowrr: tal all rent,rercived by Burrower�h�lf be hrld by Borrvwer a�truxtee
<br /> for benefit of Lendcr only, to Ne applicd to thc �um� ticrurcd h� thr Srcurity Irntrumcnt: tb)Lrnder.hull be entitled to
<br /> coUect und�ceive all of the rcnts of the Prcipeny:und tr)each ecnunt eif thr{'ropeny shull puy all rcnt�d�r und unpaid to
<br /> : Lender or Lender s ugent on Lender's written demand to thc tenant.
<br /> ' ' Borrower has uot executed uny prior axsi€nment of the nnts and hux not und N�ill n��t prrti�mi uny uct that would
<br /> ' ;� prcvent Lender from exercisin�its rights under thi�Paragraph 16.
<br /> � � Lender shall not be mqu�md ro enter upon,u�kc cuntrol uf ur muintuin thc P�c�perty tx:ti�rc ar uitcr �;iving notire of
<br /> breuch to Borrower. Howevcr,Lcnder or a judiciully appointrd rrcrivcr may do so at any timc thcrc i� u bmach. Any
<br /> , ;� applirntion of rcnts xhnll not cum or wnive nny default or invulidute any othrr ri�ht or rcmed�of Lendrr. Thiti a�.i�:nmrnt
<br /> „ of rents of the Property shall tcrniin�tc whcn the deM+rrurcd by the Security In.trumrnt iti paid in futl.
<br /> : j
<br /> 1
<br /> . � rp�rKr!,/J pde,•„
<br /> s '
<br /> ,
<br /> � ' --- ---- �
<br />
|