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<br /> - �';�;',';- �' _ ' � RE RECOROED � ��� 10�.��A3
<br /> .:-,j�!�f` `4w' • • •.• } ��� O vc�r�cc�.�..
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<br /> ,, � pay�nents,whi�h are referred to fn Pivagmpti 2,or change the amnunt of such puyments. Ilny e�cess proceeds ov�r an �,�,�,,�___ _ _
<br /> ., � .:i• umonntr�uited to pay all outstanding indebiedness under the Note anc3 this Security Instrument shall bs paid ta the entity e=--- --_ _
<br /> a __
<br /> - _ - � legaQy endtled thereto. ������---
<br /> . & P1ee.v. Lender may collect fees and chnrges authorized by the Sr,cretary. ��...;';�?�:_1��-- `
<br /> 9. Grounds for Acceleretion ot De6� +rr.--"--
<br /> (a)DefaulG Lender may,except es Iimited by reguladons issued by the Secretary in the cstce of payment defaults. "'''"^�•�:_
<br /> ' � require immediatepayment in fup of all sums secured by this Security Instiument if: � ""' -- -
<br /> �, � � (1)Bomawer defaults by failing W pay in full any monthly pnyment required by this Securiry Instiument pdor ' . -- � ,
<br /> , to or on the due date of the neat monthly payment,or '�,.�'''':":�
<br /> • . " ' (ii)Bocrower defaulus by failing,for A period of thirty days,to petform any other obli�ations contairted in this ,�;-:;.__
<br /> � ' =�:� �— Stcuriry instiutnen� ----. .-�...--_
<br /> : � (b)5ale Without Credit Approvul. Lender sh�U,if permitted by applicable law and with the prior approval af the �
<br /> . �" Secnetary,require immediate payment in fuil of aU eQ�e snms secured by this Securiay Instiument�f: , __
<br /> ,. . (i)�!1 or purt of the Propetty.or a benefccna(irr.tec+est un n uust owRing all or�ari o£YPee Fraperty,is s�td or ' �� ` � --_ --
<br /> o�herwFse uansfemed(other�han by dev6sc ordescent)by¢he�omower,a�d �'� � � • `
<br /> (ii)'plte Property is not accupi�d by¢hs p�haser os grac�¢ce as his op hee�priacipa9 reszdeRce,or the purcCtaser �
<br /> . „ ; or �ranYee d'.oes so cecupy tite PtropertK but his or her credit Q�as no1 been approved in acconlanre �;.
<br /> � witfi�the requirements of the Secretary.
<br /> ' • Qs)No d8raiver. IIf ciscamstances occur that wonnld remiit L.ender to require ira►mediate payment in fuil,fiut Q.ender �:. —
<br /> dces no4 nquitti such paymenu,l.ender does not enive its rights with respect to subsequene events. ��;r�_=
<br /> � (dD 1R�nn6ations of HUD Sece�etary. In many cimumstances regulations issued by the SECre�ary witl lImit Lcnder§ """"=-_-
<br /> ..::,...-
<br /> • rights, is;the case of payment defaults, to tec�uicc immedinte payment in full and foreclose if not paid. 'lhis � ° �:��
<br /> � ' Securiry Insuument dces not suthorize accelerateon or foneclosure if not permitted by mgulations of the Secretary. ,'_�-
<br /> , •• (e)Mortgage Not Insured. Borrower agrees that should this Security Inswment and the note secured thereby not � '.�' �; .�v,-•`-. ,
<br /> .. � be eligible for insurance under the National Housing Act within 8 eloIIth8 from the ` �:,.
<br /> ;, date hereof,i.cnder may,a+its option and notwithstanding anything in Paragraph 9,require immediate puyment in " �;' a;�' �
<br /> , fuU of all sums secured b this Securi Instrument. A written statement of an AUIIIOfII��tr�ent of the Secre � , '�; . �
<br /> Y IY Y _ �Y " '
<br /> dated subsequent to 8 noA tfis from the date hemof,declinicar�,�insure this Security � �;��_
<br /> Instrument and the note sec�therehy,shall Fe deemed conclusive proof of such in�ligibility. Notwithstanding ;:?��� � ���.�—
<br /> the for+egoing,this aption may noi be exercised by Lender when the unavailability of insurance is solely due to =
<br /> L.ender`s failure to remit a mortgaFe insurance prcmium to the Secretary. � "'�-
<br /> 10. Reinstatemen� Borrower has n right to Le rcinstated if I.ender has required immediate payment in full because .. .. ��
<br /> . of Borrower�s failure to pay an amount clwe under th�•Note or this Security Instcument. This right applies even after Y''-
<br /> � fu�cx:iwu�c ptu�:c�tiug� aca ;�►atitute3. Tv rtif�sta��r t,ir S�:urity Insirumz�t, Borraucr shali icndcr in a lump sum a!l -
<br /> �:':e„7t> � -_ - �;y� � +�
<br /> •,.�4;,,,s� amounts reqnired to;bnng Borrower's account currenl including,to the extent they nr�obligations of Borrower under this ',,.,.;.
<br /> ;.:;..;';:�..� Securiry Instrument,foreclosure costs aad reasonabie and customary attomeys'fees and expenses properly associated with ,s:.��t 4
<br /> ;;,-.,'�;�,�,.;;�. the foreelosure pcoceeding. Upon reinstatement by Borrower,this Security Instrument and the obligations that it seeures .�;5!�.•. `
<br /> • , shall remain in effect as if Lender had nat required immediate payment in full. However,Lender i.not required to�ecmit ' s
<br /> - � . reinstatement if: (i) Lender has acceptec� reinstxtement after the commencement of foreclosure proceedings within two � �'� '�""�p:�
<br /> years immediately preceding the commencement of a curnent fomclosure proceeding, (ii) reinstalement w�➢! preclude �
<br /> ' ' ' ' foreclosure on different grounds in the future,or(iii?r<instatement will advenely affFCt the priority of tl�e Jien cr:ated by ���-?',.� �;9�
<br /> '.;,/:;.i:;, this Security Instrument. ,4:.:.5�.. �,.�•�.
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<br /> . .:'��•• , 11. Borrower Not Released; Forbearance by Lender Not a Waiver. Extension of the time of payment or ,;Z;t:, s�
<br /> ' • modification of amortixation of the sums secured by this Serurity Instrument gr.inted by Lender to any successor in interest � . :•�r" `
<br /> � of Borrower shaq not operate to release the liubility of the original Borrower or Borroweri successor in interest. Lender , �
<br /> : � shall not be required to commence proceedingx against:u�y wcces�or in interast or refuse to extend time for paymertt or ' :, �.;
<br /> � .%-�!'��` otherwise modif amortization of the sums secumd b this Securit Instrument by renson of an demand made b the t. � ' �-��'�'"?
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<br /> �•i., • ; original Borrower or Borrower's successors in interest. Any forbearance by Lendrr i�exercising any right or remedy shall r•!•r':�,: .�,.. :�-_
<br /> _ :i.,r- � not be a waiver of or preclude the exercise of any right or remedy. •.:�;;'•-. '•�� �e.'•� ,' • i—
<br /> i � •�f�.<.'�' �
<br /> .:c., 12. Successors and Assigns Bound;Jolnt and Seve�al Liability: Co•Signers. The covenants and agreements of :;, ,
<br /> ��:<<�; this Security Instn�ment shall bind and hnnefit ihe�ucces,ors and u��i�;m of Lcnder and Borrower,subject to the provisions ``�` • :;t�r:s•',�, ;�,.�
<br /> ?%� of Paragraph 9.b. Borrower's• covenants und agrcement+ shaU be joint and several. Any Borrn«er who co-signs this � , , ,,?:.�,,tr,; ��
<br /> , . Security Insuument but dces not eaecute the Note: (a)iti ro-.igning thiti 5ecurity ln�trument only to mortgage,grant and � ,,,,;;:�.,, , „
<br /> convey that Borrower's interest in the Prope�ty under thr tern�.uf thiti Secunry in.tnlmrnt:(h)i�not personally obli ated to ��;�,; . �
<br /> a the sums secured by thiti Security Instrument;and(c1 agrce�that Lcndcr and am other Bormwer T . :gree to exten . ; � �`'��' ''?k-
<br /> modi y, or ar or make:uiy accommixlatiun.with rtgarJ to thr tenm uf thi,S�curity Imtrumcnt or thr Note without that �„�r"'°�r r__
<br /> . ��"' Borrower's conticnt. ���-�',:?"„�"�'
<br /> ��;�� 13. Notices. Anv noticr to Bottuwcr nrc�viJrd tix in thi, Sccurn� lntitrumen� ,hall hr kivrn by delivcring it or by . �
<br /> ,,jf:., .;'• mailing it by tirtit clas� mail unle�,applicablr law require, u�c ��f anoiher mrihoi:. Thr noticr ,hall hr dineted to the ""
<br /> .:, Property Addretis or any other address Borrower de�ign:ila. hy ne�ticr tn Lrndrr. ;\m noticr to Lendrr�hall be�iven by �
<br /> ' first class mail to Lender's address stared herein or uny :�ddre., Lendrr de,ignatc� by notire to Borrower. Any notice
<br /> ��, provided for in this Security In�trument shall bc dceme��o ha�c hcer.given to Born�w•er or Lrndcr w•hen given as provided •`
<br /> �;' in this paragraph. �
<br /> �,�,�I 14. Governin�;LaN;Severnbilit}. Thiti Serurit� Intitrumrna .'c.,:: h go�emed hy hcdcral law and the law of the �
<br /> . juri.diction in which the Propeny i,Icxated. In the e�em that am �roti uion ur clau�r uf thi.Sccurit�• in.trumrm or the ,
<br /> tiote c�m(]ictti with applicablc law•.�uch contliit�h:iti a�: aif�rt oth�r pru�•i�ion-��t du. Srcurity ]mtrumrnt+�;ihr h��tr
<br /> .C;�' n�ttch can tx given rffect without the contlicting pro�i,i,,r.. Ti�thi.end the rn,�:,i.,m uf thi,tirrurit� In.trun��nt and the .
<br /> tiute:ui dedared to be�e�crable.
<br /> ��',' 15. Borrower's Copy. Borrower shrll be giv�n onr cunfiirmed cupy of thi.Sacunty In�trument.
<br /> t 16. Assig�ment of Rents. Borri�:�er unconditianally a�+ign�a:�d�ran.fen tv LcnJer all the rents and revenues of t�t� .
<br /> �' Property. Borrower authorizes Lender Q�r Lender ti agents to collect thr r,nts and recenue.and hemby directs each tenant of , ,
<br /> the Property to pay the rena>¢o Lender or Ltnder� a_�rt.. Hc�wrvrr.prtex tu Lcr.:•".er:nutirr tu B��rc<iwer uf Borrouer: I,,�
<br /> 6reach of any covenant or a_r.zment in Ltr Ser��rit; G^�:�:mrnL 13urru��rr�hall a�ii.::rnd rerci�c aU rcnt,and rr�ec�uc.of s
<br /> ehe Property as tru�tee fmr the beneflt of Len;1r.^und b•.•rr:�aer. Thi.a..ignment of rentti ron.titute�an ab�olute:�..��nment �
<br /> . anrl nnt an accionmvnt fnr a�riitinnal avrurira.�nlv
<br /> ' � -•-••-'-' -- - �- -- --. .. . ..�
<br /> � If I.ertder gives notice of breach to�::rrow•rr. 1�>alI rrm�recr��ed b}Borrow�rr.h�ll tx held hy Bom�ker a.tru+t�r
<br /> � for henefit of Lertder only.to be eppl�ed to the �um. tiecured h� the Secunt� Imtrument;1b► Lender.hall hr entatted t��
<br /> collect and receive all�f the rentY of the Propeny:anJ ru earh trnam o(the Pro�nrrty .hall pa� all nnt.due and unpaid tu
<br /> Lender or Lenderi agertc an L�rtder:wntten demaRd cc1 rhe trnant.
<br /> Borrower has not ex��utcd any prior a,signrts:ne af the Rnt. and ha� m�r �nd ��ill ncn Fxrtbrtn an}•act chat �could `,
<br /> , prevent Lender from exercising it,right,under thi.Paragraph 16.
<br /> � Lender shnll not be rcyuired to entar upon,t.ike rontr�l��f ur maintain the Propert� lxfum or aftrr giving nuticr i�f
<br /> breach to Borrower. Howeve�,Lender or a juduially appointrd rc�ricer may do.��at :my time thrrc i.a brearh. Any
<br /> application of rent��hall not curc or w�aive any default or invalidatr an�other nght or rcmedy uf Lrnder. Thi+a.+ignmrnt
<br /> ' . of rentx of the Pruperty tihall tertninate ufien thc deht��cured h�the SrcuMt� [mtrumrnl�.paid in tull.
<br /> ' �/+.�er?.•r l r.te�•�•
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