|
. . :�,. ' � . :�t�>;:;�
<br /> . _ _t. _ 1.
<br /> � , ���� ��
<br /> 1
<br /> pay�ent».which nre refcrrcd te in Pur�graph 2,ap chqnga tha nmaunt of sicch psyenenG9. Any excess pmcsedy ove.r cu�
<br /> ams�untrtqulred to puy alt outatcindfng indcbtednesq under tho Nota urtd thla Sccudty Gist��mcnt sliull ba p�+id tn Q�c endry
<br /> legall entided therero.
<br /> �. Fca. l.endcr may c�liedt fees and chargea authodud by the Sccrctary.
<br /> 9. ticou�Rae Acakratbn a�1kM.
<br /> (s)pehW� I.e�nder may.eacept ag Ilmtted by�+eguiations iesued by the Secretary in tho caso of payment defwlte,
<br /> �;quirc ItAmcdlntepaymtnt in ful!of�!sums Recumd by tfiie Secudty Insttumcnt lf:
<br /> (i)Bor�wes defaults by Pailing to pay in full any monthly psymont rcquircd by thi�5ecurity Instn�ment pdor
<br /> to or on the duo date of the next monthly payment,or
<br /> (ti)Bormwer defaWGg by faili�g,far n perlod of thirty duys,to perform nny other obligutiarts containeA In thls
<br /> Securtty Insuum�n�
<br /> (b)Sttk Witl�o�at Credtt Approval. l.ender RhaA,if pertnitted by appl(cuble luw und with the pdor approva!of tho
<br /> Secretary.require immedlatcs pnyment in f'ull of nll the auma secured by thiR Security lnsuument!f:
<br /> (i)Aq or part of the Ptnpe�ty,or a bensfuiul interest in a aust owmng all or part of the Property,is sold or
<br /> otherwis�transfernd(other than by dtytse ar descent)by the Bormwer,ond
<br /> (iI)1t►e Prnpe�ty is not occnpied by the purchaser or gmntee as hle or her principal msld roved ia uceordnnce
<br /> or grat�tce docs so occupy the PropeRy but his or her cnedit has not heen app
<br /> wiW the requir�ments of the Secretary.
<br /> (eD No W�river. If circumsUtnces occur that woald�ermit Lender w require immcdiate puyment in full. but Lender
<br /> aoes not require suchpayrrtents,Lender does not walve tta dghts wtth res�ect to Kubsequent events.
<br /> (d)Regulatlons of HUD Secrrtary. In many cercumstances regulations i�sue0 by the Sec�etary wiU IimIt Lender�
<br /> rigl►ts,in the car,e af payment defaulta,to�ulne immedfate payment in full and foreclose if not pald. 17�is
<br /> Security Inauusnent dces not authorize ecceterauon or foreclosure If not permitted by regulatione of the Secretary.
<br /> (e)Mortgage Not Insared. Horrower agc�es that should this Security Inswment and ttte note secured thereby not
<br /> be eligible for insurance under the Nadona! !-Iousing Act within from the
<br /> date he�eof.Lender may.at its op�on and nobvlshstcuidins anythin�in PamBrnph 9�require immediate payrnent In
<br /> full of all sums secured by this Securiry Inswment. A written statement of any suthorized Agent of the 5ecretary
<br /> dated subsequent to from the date hereof.decW�ing to insure this Securiry
<br /> Instiument and the note secured thereby,shalll be deemed concluslve pr+nof af such ineligibility. Notwithstanding
<br /> the fore�oing, this optlon may not be exercised by I.ender when the unavailabiliry of insurance is solely due ta
<br /> Lender�s failure to temit a mortgnge inau«+nca premium to the Secretary.
<br /> 10. Reinstatemen� Bomower has u dght to be reinstated if Lender has requirr.d immediate payment in full because
<br /> of Bomower�s failtue to pay an umount due under the•Note or this Security [nstrumen� This nght applies even aftcr
<br /> forc�iosura �racr.r�ings anc iastisuted. 1b z�insisie ihe Secssrliy Inst�utnent, Aormwer shall teader in a lump sum all
<br /> amounts required to 6ring Borrower�s account current including.to the extent they are obligations of Borrower under this
<br /> Securlty Insuvment,foicclosure costs aad reasonable and customary attomeys'fees and expenses properly assa;iated with
<br /> the foreclosure pmoeeding. Upan�+einstatement by Bomower,this Security�nsttument and the obligutlons that it secures
<br /> shall remain in effect as if Lender had not re�ulred immedIatc payment in fu1L Y•owever.I.ender is not requic+ed toperm(t
<br /> reinstatement if (i)I.eader hns accepted reinstatement after the commencement of foreclosure proceedinga wtthln two
<br /> years immedlately preceding the commencement of u cument foreclosure proceedIng. (ii) reinstatement will preclude
<br /> foreclosure on dlfferent g�ounds In the fudue.or(iii)teinstatement will adversely affect the priority of the lien created by
<br /> :;; . tius Socndry Instr�men�
<br /> '�r� 11. Barrower Not Released; Forbearance by Lender Noi o Waiver. Extensfon of the dme of payment or
<br /> modification of amortizedon of the sums secured by this Securit2+Insnument griu►ted by Lender to any successor in interest ���
<br /> of Bomowar shall not opernte to release the liabiliry of the orig�nal Botrowet or Bomower's successor ut interes� Lender �„
<br /> ahall rtot berequired to commBnce proceedinga agatnst any successor in interest or refuse to extend time for payment or ,,,a
<br /> otherwise modify amortizadon of the sums secured by this Security Instrument by reason of any demand made by the ^' �
<br /> original Bomower ar Bosower�s successo�s in interesG My forbearance by Lender in exercising any rIght or remedy shall
<br /> not be a waiver of or p�eclude the exercise of any right or remedy. ' �'.z
<br /> IZ. Saa�essors end Assigns Bound;Jotnt and Several LlabNity;CoStgnera. The covenants and egeements of a}x
<br /> this Security Instiument nhall bind and bene�t the successors and assigns of Lender and Borrower.sub}ect to the provIsions •• �-
<br /> of Pacagraph 9.b. Borrower�s covenants and agreements shall be jomt and several. Any Borrower who co-s�gns thls Y;'���
<br /> 5ecurity Insm�ment but does not execute the Note: (a)is casign�ng this Security Instrument only to mortgage,gtant and '-;-,
<br /> �:��� convey that Bomower�s lnterest in the Prnperty under the terms of this Security Insm�ment:(b)is not personally ubligated to �µ
<br /> ,,..�
<br /> T ?;,"` ' puy the sums secured by this Security Insttumen� and(c)a�tees that Lender and any ather Bormwer may agnee to extend •. ,.
<br /> ':� modlfy.forbear or make any uccommndations wlth regnrd to the tenns of this Security Instcument or the Note without thut �!�*;
<br /> � :�• Barrower's consen� •.
<br /> _�-�.;�;_;;-,. 13. Nottces. Any notice w Borrower pmvided for in this Security Insaument shall be given by delivering it or by .�
<br /> P�.�;.'4�i'^" mailing it by first class mail unless applicable Iww requires use of another method. The notice shatl be dir�cted to the
<br /> '��� "`'` ' Property Address or any ather address Boerower designates by notice ro Lender. Any noGce to Lender shall be given by
<br /> fi:st class matl to Lender�s addc�ess stxte�herein or any address Lender designates by notice to Borrower. Any notice
<br /> •�� ;�.- �mvIded for in this Securiry Instrurrent shall be deemed to have been given to Borrower or Lender when�iven as provided
<br /> m this parsg�ph.
<br /> ` .,,.,,µ 14. Gaverning Law;3everabiltt}� '�is Security Insuument shall be governed by Federal law and the law of the
<br /> jurisd[ction in which the Property is located. In the event that eny provision or clause of this Securlty Insuument or the
<br /> � ����:,: Note conflicts withapplicable law.such comfliot shall nnt affect other provislonc of this SecurIty Instrument or the Note
<br /> " .���;�t� which can be given effect without the conftictiag provision. 'Ib this end the provisions of this Security insuument und the
<br /> Notc az+e declased to be severable.
<br /> 15. Borrower's Copy. Borrower shaU be given one conformed copy of this Security Inswment.
<br /> r. 16. Asgigmnent of Renfs. Bomower uncond3donally assigns und trunsfers ro l.ender all the rents And revenues of the '
<br /> ;�-.�.,�;�.•. Property. Borrower author�zes Lenderor Lender�agents to collect the mnts und revenues and hereby directs each tenant of •�
<br /> '���`�_;;,�;; the Property w pay the renta to Lender or Lender�s u�ents. However.prinr to Lender�nodce to Borrower of Borrower�s
<br /> -' bm�ch of any covensu►t or a�reement In the Security Instrument,Borrower shoil colleM and receive all rents and revenues of
<br /> ''�i�'s �;;;+''x the Property us wstee for the benefit of I.cnder and Borrower. This assignment of rents consdtutes i►n ubsolute assignment
<br /> _,�,-•---�- —1.._�.._ -
<br /> �n ttoi m�tmsigcitac�i's iid mnuaian�m�u.mu�.nu�.
<br /> �`:`:A�?'?�',.,-.• ��;�. If Lender gives notice of b�ach to Eonrower. (A)all�ents received by Hormwer shaU be Reld by Boirower as hustee
<br /> `'�`°'''�`'' :� for benefit of Lender only.to be npplled to the sums secured by the Security Inswmenk(b)Lendcr shall bc entided to
<br /> � ��?:`•'f�`' collect and reaeive all of the rents of the Property;and(c)each tenant of the Property shall pay ali rents due and unpaid to
<br /> ��-.��i_�'``�'s pp I.ender or Lender�agent on Lender�written demand to the tennn�
<br /> ���'� Botrower has not executed any prior assignment of the rents and has not and will not perform any act that would
<br /> }'�c;"s�� pzevent Lender from exerc[sin tts rights wder this Ptiragruph 16.
<br /> �" `� �.yv�i�,t,, Lendsr shall not be requ�to enter upon. take rnntroi of or m�intnin the Ptopecty before or nfter giving rtotice of
<br /> �+-.'�° breach to Borrower. However.Lender or a judiciailyappointed receiver mny do so nt ony time there is a bmach. Any
<br /> ''�=�'•'r.°'''�:: applicaeion of rents shail not cure or waive any defaWt or invalidate any other right or mmed�of Lender. This assignment
<br /> ;.�,.«_;, , r.
<br /> p�;.�J::yi� '� of rents of the Property aholl terminate when the debt sec�red by the Security inshument is paid in full.
<br /> y:.
<br /> Ipage 3 of�pagtsl
<br /> �°,• ' ��. . �
<br /> ;;,,;;� >.��; o
<br />
|