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<br /> puyn�ents,which ara referrcd ta in P�nrngmph 2,ar chnegc Qva amount af such payments. My oxcess proeecde ov�r atti
<br /> amou�trayuired to psy alt ouu�wnding indebtednegs under the Note and this Sccunry[nshumem ehnll be paid to�t►e cndty
<br /> teg�lly entttied thereto.
<br /> & Ftew. i.ender may callect fees and charges authadg.�d by the Stcntary.
<br /> ' 9. tit+ounds for Accekration at DeiH.
<br /> (e)Defiul� I.ender m�y.ezcept as lienited by regulattons iagued by the Secrrtary in the case of psym�mt dofiulte.
<br /> eeyutre l��mc�i�to payaicut In fuil ai a!!stams stetttKd hy thiv�ecurity lrtstrument if:
<br /> (i)Bac[ower defaulta by failina to piy in full uny monthly payment ncquired by this 3ecurlty Inxtcument prlor
<br /> ta or on tho duc Jato of tho next monthly payment,or
<br /> (ii)Borrower defau[ts by failing.for a pedad of thirty dnys.to perfonn any other obtigudons conwined in this
<br /> Sccurity Instnunen�
<br /> (6)3ale Witttout Credit Appmval. I...ertder shap,if peimitted by appltcable law urtd with the prtor agprovat af tha
<br /> Secret�ry,cequire immediata pnyrtsent in full of�ll the sums secured by this Securiry Instrument If:
<br /> (1)All or part of the Prope�ty,or A beneficIal Interest{n u uust owning n11 or part of the Property.is sold or
<br /> otherwisc uansfened(otha than by devise ar descent)by the Horrower.and
<br /> or��e ue d cs iso o�occupi��eY�P�but rhis o�r her�credit has not cibeen�pprnved in a cordnnce
<br /> wlt�e requiroments of theySecretary.�
<br /> (c)No Watver. If circumstances occur that w�uld peimit l.ender to requ3re immedinte puyment in fuU.but Lender
<br /> dxs aot rcquue suchpayments,L.ender does nwt wuive ics dghu with respect to subsequent events.
<br /> (d)Regulxttons ot HUD Stcse4ary. In mr►ny circumstances�+egulationa issued by the Secretnry wIU limlt Lender�s
<br /> dghts,in!he case uf pnyment defauite, w require immecliute payment in full and foreclose if not�aid. This
<br /> Securiry Insuument does�ot authorize accelemtton or fareclostue if not permitted by regulations of the Seccetary.
<br /> (e)Moetgage Not Insured. Bomower agrees that should this Securlty Tnstrument and the note secure�thereby not
<br /> be eliglble for inswance under the Nutiona! Housing Act within 8 moathg from the
<br /> date hereof.Lender may.at its option and notwtthstanding anything in Paragraph 9.require Immediate payment in
<br /> full of Nl sums secured by this Securiry Insuument. A written statement of any uuthorIzed agent of the Secretery
<br /> dated subsequent ro 8 m�A � from the date hereof.declining to insure this Secutity
<br /> Inst�ument und the note secured�ereby. shall be deemed conclusive proof of such ineligibUity. NotwlthstendIa�
<br /> the foregoing,this opdon may not be exercised by Lender when the unavailabiliry of insasance is solely duo to
<br /> Lender s fnilw+e to remit a martgage insurance premium to the Secretary.
<br /> 10. Retnstatemen� Bomower has a risht to be reinswted if Lender has required immediute payment in full becausc
<br /> of Bomower�fuilure to pay an amount due under the•Note or this Security Insuument. This dght �+pplies even after
<br /> �oreciosute procadinga a�e i,ibututed. 'ih rinstau tlte Secnrity Ittsisststteat. Bormwer chnit tender in a lump sum all
<br /> ,� amounts required w•bring Boerower�s occaunt current includln�.to the extent they a�obligations af Botrower under this
<br /> Security Tnsuument,foreclosure cosGs and t�easonable and customary attomeys'fees and expenses properly nssociated with
<br /> 'i�•' . the foreclosure proceed;ng. Upon rei�tstatement by Borro�ver.this Securiry Instrument and the obligaHons thnt it secures
<br /> �" t�� shuU remain in effect as if L.ender had not required immediate payment in full. However.Lender Is not cequi�ed to permit
<br /> ti�t�''.'�:.•����;'�'�i:"' y�immeediat ly�lprecedinghthe comm n e1ment of a�en ren�forecloseureeproceeding,(ii)Sreinsptatem�entgwilliprecl de ?
<br /> '"•'�`�'"'R``7f��. foreclosure on different�roands in the future.or (iii)reinstntement will adversely uffect the priority of the lien crr,ated by �s �
<br /> , ti'H''��'`R, . t2iisSecuri Instnunent. .
<br /> � � "�`���"'�+`"� �. 11. �orrower Not Reles�ed; Forbearance by Lender Not a Waiver. Extension of the ume of payment or ���
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<br /> �`_ modiftcadon of amordzation of the sums secured by this Security lnsuument granted by Lender to any successor in interest t..,
<br /> "'�."`"� - af Borrower shall not operate to release the liabiliry of the original Borrower or Bornnwere succe.acar�n tnteres� Lender _
<br /> •:, shall not berequiied to wmmence proceedings ageinst any successor in interest or refuse to extend dme for pa ent or ;'
<br /> �j... othenviso madlfy amortiization of the sums secured by thls Securiry Instrument by reason of any demand�by the --
<br /> �t" ,,, o�ginal Bonawer or Borrower�s successo�s in interes� My forbearance by Lender in exercising any right or remedy shall �'";�
<br /> ,�� .'.;;1!�.'' not be a waiver of or preclude the exercise of any dght or remedy.
<br /> �v?k, .�5� 12. Suc�ssora end Assigns Bonnd;Joint end Several Liabiltty;Co-Signers. The covenents and ugreemenu of
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<br /> .�ta�•.� this Securhy Insuument shall bind and benefi[the successors and assigns of Lender nnd Borrower,subject to the pro��isions
<br /> •`"' of Paragaph 9.b. Borrower's covenants and agreements shali be joint and several. Any Borrower who casigns this
<br /> �sY�";�.;� • Security Insuument but doos not eaecute the Note: (a)Is co-slgning this Security Inswment only to mortgase.�rant and
<br /> �'::��.�:�•::�:::..' convey that Horrower�s interest in the Property under the terms of this Security Instrument;(b)is not peisonatly obligated to
<br /> `�'��;.`.:,:��.i; `:', pay the sums secured by this Securlty Insuument;and (c)agrees that Lender and an�other Bormwer may usree to extend.
<br /> '.:,;;��,: . modify.forbear or make any accommodations w[th regard to the terms of this Secunry Instrument or the Note without that
<br /> ..,�•. . Borrower's consent.
<br /> ��V"`��'""��f 13. Notices. Any notice to Borrower pmvided for in this Security Insaument shnU bc�iven by deUvering it or by
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<br /> �.•��• -:�- muiling it by Pust class mai!unless applicable law requires use of another method. The notice shall be d�rected to the .
<br /> t. .;_` Property Address vr any other address Borcower designates by notice to Lendec Any nutice to Lender shall be�iven by
<br /> ^a�- ;��F:.;._ fust class mail to Lender� address stated herein or aay address Lender designates by notice to Borrower. My nodce
<br /> T,•: r';�•��;;�; �rovided for in this Securiry lnsmiment shall be deemed to have been given to Borrower ar Lender when given as prnvided
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<br /> .,s m this paragruph.
<br /> '�sµ: !,;�,,,r�.,., 14. Governtng L�w;Severability. 'I'{iis Securtty Inswment shail be govemed by Federal law and the law of the
<br /> , ,,. , jur{sdiction In which the Property is located. In tho event that nny provision or clause of this Security Inswment or the
<br /> •�'?..:�.�;;��' ' Note conflicts with np Ucable luw, such conflict shall not affect other provisions of this Secwity insuument or the Note
<br /> ;�:,:•, which can be given e�ect without the conflicting provision. 1b this end the provisions of this Security[nsavment nnd the
<br /> � ' - ' Note ate declared to be severable. •
<br /> ,;"'r���-•:_::�, 15. Borrower's Copy. Borrower shall be siven one confarnted copy of this Security Instrumenc
<br /> ���-,--_,� ��• 16. Asstgnment oi Renta Borrower uncoredldonaUy ussigns nnd uansfers to Lender ull the rents and revenues of the
<br /> - � ' `��` ' Property. Bomower suthorizes Lender or Lender's agents to collect the rents nnd revenues and hereby directs each tenant of
<br /> '���� ?� the Property to pay the rents to i.ender or Lender�s a�ents. However,prior to Lender's notice to Borrower of Bomower`s
<br /> ' "`4�' '-°� � breach of any cuvenant or agreement in the Securiry Instrument.Borrower shell collect and receive nll rents und revenues of
<br /> .•�k�. � ,.: Ne Property as trustee for the benefit of Lertder nnd Bomower. This assignment of rents zonstitutes sin absolute assignment
<br /> • �• :,. : and not an assigiment for additionai securiry vnir.
<br /> •�'�r• ' " If I.ender gives notice of bleach to Horrower. (a)all rents received by Borrower shall be held by Borrower 3s uustee
<br /> i� ' -^" for benefit of Lender only.to be apptied to the sums secured by the Secunty Instnemenr(b)Lender shall be entitled to
<br /> � • � �-,.-.�'�`�` coUerY and receive nU of the rents of the FropeKy:and(c)each tenant of the Prnpecty shall pay all rents due and unp�id to
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<br /> 's<:.�•.'rt: �� r'. Leader or i.ertder�ngent on Lender�s wriaen demand to the tenant.
<br /> , -' : •� Botrower has not ezecuted any prior assi�nmewt of the rents and has not and will not perform any act thut would
<br /> .•.��°'��?�~� prevent Lettder from exercisin�its rights underthjs Parugrdph 16.
<br /> �:; : �� Lender shall �iot be requ�r�to enter upon,tatce control uf or muintain the Propeny befom or after giving notice of
<br /> �,•���• •'' � .:a;- � breach w Bomower. However.Lender or c►judulatiy ap�ointed receiver may do so nt any time thec�e is a bm.�+c h. A ny
<br /> appltcation of c�ents shull not cure or waive uny defautt or mvalidate any other right or re�nedY of Lender. 'Ilijs assignment
<br /> ��� ", ". •�',:���� of rents of the PropErty shall terminute when the debt secured by the Securiry Instrument is pa►d m full.
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