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<br /> ' '"�., ' " • " payments.which ere r+efemed to in Paragruph 2, or chM�e the amaunt af such payments. Any excess pmceedg over an -.,- .� �.,�g� �_
<br /> � ',�a�;;._,-.,;;- ` �•1'�� umount r e quired to pay all outstanding indebtedneRS undcT the Note and thi� Security lnstrument shall be paid ta�he entity :�,.:„ Y F.;��
<br /> ,.T�.n«-. . � �,. T: n �
<br /> , . •.:. � . ,, legally endded thereto. , . .;°
<br /> ^` , 8. Fees. l.ende�may caUect fees and charges author��ed by the Secrctnry. '°; �� .
<br /> �-.;L, 9. G�nande Por Acceleratton ot Deb� '`` � �* ___
<br /> -��` �• (a)De fau l t, L e n d e r m a y.e x c e p t a r+N m i t e d b y r e g�-+l a t i�n s I s s u e d b y t h e S e c re t a ry i n t h e c u s e o f p a y m e n t d e f a u l t s, . "����
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<br /> '' • ,�'�: require immediate payment in full of all sums secuRd by this Security Instrument if: :� . : _
<br /> .ti '.*� , (i)Bortower defeults by failing to pay in full any monthly payment required by this Security Insuument pdor : :,. :-:': ;
<br /> to or on the due date af the next mon ly J ��',~�:�`� `
<br /> .,�•� , � th payment.or , �
<br /> — ' " (ii)Borrower defaults by faiting.for u periad of thi»y days,to perform any other obli�ations contained in this . - ,
<br /> Security Ir�saument. • °
<br /> (b)Sale Without Credtt Approval. Lcnder shall.if permitted by appl{cuble law and wlth the prior approval of the --
<br /> �+ �• Secretary,require immediate pnyment in full of sll the sums secumd by this Security Insuument if: ° -
<br /> (i)All or part of the Property,or s beneficial lnterest in a trust owning all or part of the Property.ls sold or y, ".
<br /> �� ' . ' otherwlse uansfened(other than by devise or descent)by thc Borrower,and �, •-
<br /> � tii)The Property is not occupied by the purchaser or grantee as his or her principal residence,or the purchaser
<br /> �/ , or grantee does so occupy the Property but his or her credit has not been approved in accordance ' • -
<br /> with the requlrementc of the Secretary. ��
<br /> (c)No Watver. If circumstances occur that would permit Lender ta requim immediate payment in full,but Lender
<br /> , " dces�ot require such payments.I.ender dces na waive its rights with respect to subsequent even�Q.
<br /> (d)Regulationaof HUD Secretary. In many circumstences regulatians issued by the Secretary will limit Lender's •
<br /> '_ : :�_:_.__.: . ' riehtc, in the case of payment defaults. to requice immediate payment in full nnd foreclose if not paid. This
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<br /> � Securlry Instrument does not uuthonze acceteranon or toreciosure iC nu�penniticd Ly icguiutiuua uf'u"�c..°,:,:.�:.G:r�. '
<br /> (e)Mortgage Not Insured. Borrower agrees that should this Secur�ty Instrument und the note sewred thcreby not ��� •• �. �
<br /> • :' be eligiblefor insurance under the Nationel Housing Act within 8 moAths from the
<br /> „ date hereof,Lender may,at its option a1d notwithstandin�unything in Pamgraph 9,requirc immediate payment in „ , " -
<br /> full of all sums securect by this Security Instrument. A written stutrment of any authorized a�ent of the Sectetury
<br /> , . dated subsequent to 8 mont hs from the date hereof,declining to insure thix Security "
<br /> •� lnsuument end the note secured thereby, shall be deemed canclusive proof of such ineligibility. Notwithstanding � • :•'�
<br /> the foregoing, this option may nat be exercised by Lender when the unuvuilnbility of insurnncc is solely due to , ' !}•�-
<br /> ` Lender!s failure to remit a mortgage insurance premium ro the Secret�uy. •���
<br /> 10. ReinstatemenG Borrower hac n right to be ninstated if I.cnder has required immediute puyment in full becausc � ��:'`
<br /> � of Borcower's failum to pay an amount due undcr the•Note or thlx Security lnstrument. This nght applies even after '� � . .
<br /> .—�....._... o..�....t..�w�.. ._.,_.ao.,,.� �'ti :r":i���_a Ts. . .��,�.. �h� Crrn�ih� iovte+tmwor {Znrr�war chnll trn�lPr ih a lomn ctlRl All _ ._�
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<br /> ,,'� amounts required to bring Borrower'�accoimt curnent including,io the extent thcy are obligations of Bocrower under this -' -- ��
<br /> Secudty Instrument,foreclosure costs and reasonublc und customury nttomey.s'fees and expenses properly a.ss�iuted with •,� �
<br /> the foreclosure proceeding. Upon c�einstatemen� by Borrower.this Securiry Imtcument und the obligutions thut it secures .
<br /> shall remain in effect a�if Lender had not required immediate payment in full. Nowever,Lender is not mquired to permit �
<br /> reinstatement if: (i) Lender has accepted reinstAtement after the commencement of forecto.r•ure proceedings with�n two •� r
<br /> yeaes immediately prpeeding the commencement of a current forcclosun:proceeding, (ii) reinstatement will preclude "�
<br /> foreclosure on different grour_ds in the future,or tiii) reinstatement will udvenely uffect the priority of the lien created by � � ,t=,{i���
<br /> thls Security lnsuument. •j; ��
<br /> Il. Borrower Not Released; Forbearance b� Lender Not a Waiver. Exten,ion of the time of payment or ..;�'
<br /> modificettion of amorti�.ation of the sums secured by th�s Security In.trument grunted by Lender to uny successor in interest �'
<br /> �, . of Borrower shall not operate to relense the liability of the original 9orrower or Borrower's successor in interest. Lender
<br />�• •� shall not be required to commence proceedings aguinu:u�y auccessor in interetit or �efu+e ro extend time for payment ar
<br /> � othenvise modify amortiiution of the sums sccumd by thix Security Instrument by reason of ony demund made by the .',;1�
<br /> •� , original Borrower or Borrower h succcsxon in intere.t. Any fnrbcarancc by Lender in exercisin€:sny right or remcdy shall • -'-
<br /> not be u wuiver of or pmclude the exercise of:my right or mmcdy. '� ''�� .
<br /> ' � 12. Successars and Assigns Bound:Joint and 5everal Liability;C:u•Signers. Thc covenants;uid agreements af r"
<br /> this Security Instrument.rhall bind und txnefit thc�urce��on and;��.ignx of Lcnder and Borrower,wbject to the provisions . . �
<br /> oC Paragrnph 9.b. Bortower: rnvcnantti and agrcemcntti �hall be joint unJ several. Any Borcower who co-signs this �
<br /> ' � Securiry Intitrument but dces not execute thr Nou: (al i�ro-tiigninF thiti Security]n,trument onty to mcxtgage,grunt and "
<br /> convey that Bormwer's intcm+t in the Pro}xny undcr the trrtn�of thi+Sccurity in.trument;(b)is not personally obliga�ed to I..
<br /> pay the sums secured by thi+Serurity In�trument:and Ic)agrrr+that LrnJcr:md•rny othcr Borruwcr may u�ree to extcnd, � "
<br /> modify,forbear or make any accomnuxlatiom with rrgard to thr trrna of thi�Securiry[nrtrumrnt or thr Note without thut
<br /> Bnrrower's consent. �
<br /> � 13. Notices. Any ncnire to Borrawer proviJeJ for in thiti Srcu�ity In.trument .hall Fk gi�•en hy deliveriag it or by �
<br /> muiling it by fir.t rlu.+mail unl�s.applirublc law rcyuirr� u�c c�T:mi�thrr mr�h�xi. 'i'hr nuticc .hall hc directcd to thc
<br /> . Property Addmsx or any nther addrcss Burmwcr�ktiignate.hy nrnicc a�l.�nJ�r. An�•notir�tt�l.rndrr+hall be given by
<br /> fint cluss mail to l.cnder'�addms� st.ncd hcrcin or �ny uJdm,. [.cndcr dr+i�natr. hy noticc to Borrowcr. Any noticc ;
<br /> �rovided for in this Security In.trumcnt tihull bc dccmrd to ha�n c�cn�ivcn to Born�wcr or Lcndrr a•hrn given as pmvided ,
<br /> m this puragraph.
<br /> ' 14. Goveenin� Luw:Severability. Thi+ Seruriiq In�trumem+hall hc�uvemed My Fideral law �nd the law of thc
<br /> jurixdiction in which thc Property is locatcd. In thc rvcnt that:my provi,iun or claux uf thi+ Sccurity ln�trurnent or thc .
<br /> „ Notc conflict.r with applicablc law�,xunc�onflirt�hull not affcct otlx r pr��visicm+of thi. Scrurity ln.trument c�r thc Notc
<br /> which c�n be given rffect without the remQictin�provi�ion. To thi.end thr pn�vi.iam��f thi.Srrurity Imtrumcnt and the
<br /> ��� Note are derlarcd ta be severablc.
<br /> . 15. Borrower's Copy. Burcowcr.hall bc Eivcn�u�c runtixmrd rupy�if thi+Serurit� ln+tn►mcnt.
<br /> ' I6. Assi�nment of Rents. Borcower unconditicmally a++iEm and tran`tcr�tu l.rndrr all thc rent�und r�venues of thc
<br /> Property. Borrx�wer authori�er Lcnder or Lendcr:a�cni�to rollcrt tlk rcnt.and reernur�and hcmby dinct.cach tenant of
<br /> . the Pro�xrty to pay thc rent+to Lender or Lendcr� agrnt.. How•c�•cr, pric�r t�� Lcndrr±notirr to BorroN•er of Borrawrr+
<br /> bmuch of uny covenant or:�greement in the Security In+irumcnt.Borrovver.hall coUcct and rerrive all rent.and mvrnuc�af
<br /> � • the?roperty as trustec for thc hcnrfit of Lcnder and H�xrowcr. Thi�a"ignmcnt ul rrnt�ri�n.titutr.an ah�o►utc a..ignmcnt
<br /> und nnt an ac�ivnmrnt fnr:�ddition:fl�eruritv onl v.
<br /> � If Lender gives noticc of bmach to Bcircowcr: t al al l rent�rerrived hy Borro�+rr�hal l l+e hrld hy Hurroa��r a�tru�trc
<br /> for benet`it of Lender anly.to be applicd to the wm�+crumd hy thc Sccurit� In.trumcnt: th) Lendcr .hall tx� emitled tu
<br /> �� � collcct and reccicc alt u(chc rc:nt�of thc Property�:a:id 1c 1 c•rrh trn:►nt c�t'tli<1'�c�pcny.hat!pa� aU rent,duc anri onp:+id tn -
<br /> � Lender or Lender's ugent on LcndcrE wrincn demunJ to thc tcnant.
<br /> • Bottower ha+not executrd uny prior a.si�nment ot'the mnt�and ha�not and w•ill not Fxrfiirtn an�• act that wuuld
<br /> ;, prevent Lendcr from exerri+ing it�nght.undcr thi�PuraNraph 16.
<br /> Lender sha�l not be nyuind tn cmcr upon,tuke mntrol of ur tnuinlain tlic Piu}xit) lk�inr ur aftrr�;ivin�nuticc a(
<br /> , breach to F3orrowcr. Howevcr,Lendcr or u judirially apQointcd rcccivrr rnay do.c.at uny timr thcre i.u brcach. Any
<br /> � +� application of rcnts tihall not cunn or waive uny defuult or mvulidatr any othrr right ur rcmrd� uf Lrndrr. T'hi. a+.ignntent
<br /> • � , of rentti of the Pmperty+hall trrminute when the debt �ecund by thr Srcurity In�trumrnt n paid in thU.
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