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<br /> payments.which nro i�eferred to in Pnrngroph 2,or change the amount of such p�ymente, Any exccss procceds over ai�
<br /> " umount eequlred to gay a11 auwtnndins indebtedness under tha Nota und this Security Instrumcirt�shnll bo Fa�d to the entity
<br /> tegslly eutided thr,reto.
<br /> N. �eea. [.endcr may coltect fees end charges authorized!by the Secretary.
<br /> 9. (iroands tor Accefendon oY Debt�
<br /> (a)lktiul� Lender m�y.oxcept ax limiud by ngoladona lesucd by the Secretary in tha c8se of pryment defaulta.
<br /> requira immedfute payment in ti�U of uU suma secured by this Secudty Inauvment if:
<br /> (i)Bomower itafautts by failing to pay In full any monthly payment requued by this�ecwity Insuumant priar
<br /> w or on the due date of the next monthly paymen�or
<br /> (ii)BorrQwer defaults by faillag,for a pedod of thirty days,to perform uny other abligadons contained in this
<br /> Secudty Insuumenc
<br /> (b)Sn1e Without Credit Apprnval. Lender shall.if peimitted by applicable law and with ttie ptior apprnv�l of the
<br /> Secrrtary�requin Immediats payment in fuU of eU the auma secured by thIs Security Instrument if:
<br /> (i)All or part of the Property,or a beneRciel interest In a trust owning aU or part of tQte PrnpeRy. is sold or
<br /> otherwise cransfesred(other than by devjse or descent)by die Borrower.and
<br /> (ii)The Property is not occupied by the purcheser or grantee as his or her principal resideace.or the pwchaser
<br /> or grantee doea so occupy the Prnperty but his or her credit has not been appmved ui accordance
<br /> with the reyuirements of the Secretary.
<br /> (c)No Waiver. 1f circumstsnces occur that would permit I.ender to require immediate payment in full,but l,ender
<br /> dces not�q uire such payments.Lendet does not wa�ve its dghts wlth respect w subsequent eveats.
<br /> (d)Regu�s�tions of HUD 3ecnttary. In many cincumstences regulations lssued by the Secretary wtll limit Lendet's
<br /> rights. In the case of payment defaults, to require immediate payment in full and foreclose if not paid This
<br /> Security Instrument does not suthorize acceteration or fureclosure iP not pemiltted by regWations of the Secretary.
<br /> (e)Mortgage NoY Iasured. Borrower agreea that should this SecurIry Instrument and the note secured thereby not
<br /> _^, be eliglble for insurance under the Nutionel Housing Act within 8 Iflonths from t�e
<br /> date hereof,I.ender may.at its option and notwlthstanding enything in Para�aph 9.requira immedtute payment in
<br /> fuU af aU sums secured by thjs 8ecurity Instrument. A vnitte�statement of any authorized agent of tha Secnetary
<br /> dated subsequent to 8 months from the date hereof,declinin�to insnc�e this Secndty
<br /> Instrument and the note secured thereby.shaU be deemed conclusive proof of such ineligibiliry. Notwithstandin�
<br /> �, ,,.. the foregoing. thls rptIon may not be exercised by I.ender when the unavailability of insurance Is solely due to
<br /> �° � '' Lender�failure to remlt a mortgage insurance premium to the Secretary.
<br /> ,.• =+ 10. Reinstateraen� Borrower has a dght to be reinstaeed tf Lender has requimd immedtate payment ln full because
<br /> •'�:"'� of Bomower's failure to pay an amount due under the•Note or this Securlty Inatrument. This rtght applies even after
<br /> �'�`�`"•`• foreclosw�a proceedings ere mstituted. 'Ib refnscate the Securlry Instrument, Borrower shall tender in a lump sum all
<br /> amounts cequimd to br3ng Borrowerg account current including,to the extent they are obligaUons of Borrower under this
<br /> ' � Security Insuumen�foreciosure Costs end reasonable and customary attomeys'fees and expenses properly associated wIth
<br /> ,�;;�.;�;�;s•�.:. tita foreclosure proceeding. Upon relnstatement by Borrowe�,this Securlty Instrument and the obligations that it secures '
<br /> �E �'v�°'; shall remain in effect as if I.ender had not uired immediate payment In full. However,Lender is not required to pennit ��
<br /> n req
<br /> '`� x'�r�:�• reinstatement if: (i)L.ender hes accepted re[nstatement after the commencement of foreclosure proceedings within two
<br /> �'����;�:'•',�" years immedistel preceding the commencement of a current foreclosure proceedin�. (ii) reinstatement wjll preclude
<br /> Ir.,�i:.;: ::..:'�-"' r:
<br /> s,�•.�;�-;;��'t foreclosure on d' erent grounds ln tlie futunc,or(iii)reinstatement wiU advcrsely affect the prIority of the lien created by
<br /> ,:''�, ' this SecurIty Instrumen� '-
<br /> « .y a3��, 11. $orrower Not Released; Forbearaace bx Leader Not a Waiver. Extension of the t�me of payment or '•
<br /> x�� ' moditication of amortization of the sums secured by this Secudty insuument granted by Lender to any successor in interest y'�
<br /> •;,�,.�;�:� of Borrower shall not operate w releasc the liability of the original Botrower or Borrower's successor In interes� Lender �;
<br /> ;��jt:,t.,�; shall not be requined to commence proceedings aga3nst anY successor in interest or refuse to extend 8me for payment ar ;,.•
<br /> B
<br /> • �..,;..-,,.� otherwlse modify emortization of the sums secured by this Security Instrument by reason of any demand made by the �.
<br /> r4i�
<br /> odginal Borrower or Borrower�successors in intemst. Any forbenrance by Lender in exercjsing any dght or remedy shall �• ':��
<br /> :c•� + not be a walver of or preclude the exercise of su►y right or remedy. ' "
<br /> L� � 12. 5accessors end Assigms Bound;Joint and Several Ltability; C�•Signers. The covenants and agreementa of �'
<br /> � . �"�`�`. thfa Secur�ty Inatrument shuU bind and benefit the succeaso�s und assigns of Lender and Borrower.subject to the pmvisions ���i�
<br /> '��'•"�'��`�.' of Para h 9.6. Borrower�s covenunu and a ements shalt be oint and several. An Borrower who casi s this
<br /> x -..,. �P � .� Y 8n .
<br /> • :.,;,^,••' Secwity Insuument but daes not execute the Note: (a)is co•signing this Securiry Instrument only to mortgage,grnn t end
<br /> ,��,-,.�Y :;�:;;°.r convey that Botrower�s tnterest in the Property under the terms of this Securiry In�UVment;(b)Is not personaYl�obligated to ;;;
<br /> _:�. pay the sums secured by this Securiry Instrument:and(c)agrees that Lender and any other Borrower muy ngree to extend.
<br /> �� modify.forbear or make uny accommodattons with regard to the tecros of this Security Inswment or the Note without thnt �
<br /> .'�•�•.±r':: Borrower�s consent ��:
<br /> ;�,-�x;; •.,-" 13. Notices. Any nouce to Borrower provided for in this Securiry Instnunent shall be given by delivering tt or by �
<br /> � „,,, �. mailing it by fust class muil unless applicable law requL+es use of anather method. The notice shell be directed to the .
<br /> '°',„.,_„'.', Property Address or any other address Borrower designates by notice ro Lender. Any notice to Lender shall be gtven by °
<br /> firat dess majl to L.ender's address stated herein or eny address Lender designates by nottce to Borrower. Any notice
<br /> '�� ;r��:.;,• :.� �rovided for in this Security Instrument shall be deemed to have been given to Horrower or Lender when�iven us provided �.•
<br /> �r '��=:.��... � in this para�raph.
<br /> .�•�:.,-. •.. ,
<br /> ,�--��•� 14. Gaverntng Law;Sevetabllity. This Securlty Instrument shall be govemed by Federal law and the law of the
<br /> `�;,�;?:`=�,,,:';�� .iurlsdIctiun!n whIch the Property is located. In the event that any provision or clause of this Security Insteument or the
<br /> ,. w:. ::':� Note confltcta with applicabte law,such conflict shall not uftect other provisions of this Securlty Inswment or the Note
<br /> :"•=.�., • `::.c.•`� whtch can be given effect wlthout the conflicting provision. 7b this end the provislons of this Security Instrument and thc
<br /> ` •"�:::� • � � . Note are declared to be severable.
<br /> >�,�,�;,.x�.: .�.,,, ,
<br /> v:,;, • . . ' 1S. Borrower's Copy. Bomower shali be given one conformed copy of this Security Instrument.
<br /> ��',,";�N;', 16. Asslgnment of Rente. Bomower vncondldonally assigns and uar►sfers to Lender�Il the rents and revenues of the
<br /> :,. ,.,,.:;���:,. Property. Bomower authorizes Lender or Lenderh agenta to collect the rents and revenues and hereby directs each tenaat of
<br /> ++`.� :;:.,:. :`:`' the Property to pay the tents to I.ender or Lender�agents. However.privr to Lender's notice to Barrower af Borrower's '
<br /> `���'"�' ` breach of any covenant or agreement in the Security Insuument,Borrower shall collect and receive ail rcnts and�+evenues of
<br /> : ��.:•:cr.._::...- -�._.
<br /> '4=�'.;;;v'=;. ' •� - the Property as wstee for the benefit of Lender and Horrower. This assignment af renta constitutes an ubsolute assignment
<br /> '.....;. . and not an asstEnment for addiflonal securltv onlv.
<br /> �;.;. ;' ,; If Lender gives noflce of breach to Borrower. (a)all rents neceived by Bomnwer shall be held by Borrower as trustee �""
<br /> ��� . for benefit of Lender only,to be applied to the sums secut+ed by the Securiry insuument:(b)Lender shult be entitled tc �
<br /> '��. '' . • collect and receive all of the re�►ts of the Property;and(c)each tenant of the Property shall pay WI rents due and unpaid to
<br /> �.�.�.;, . I,ender or Lender's agent on Lender's written demand to the tennnt.
<br /> ;�: c. d;�•- Borrower has not execute�l uny prior asslgnment of the rents nnd has not and wi(1 not perForm any act that would
<br /> �'°•.; �'' •.;. prevent L.ender from exercising its rights under tl�ia Paragraph 16.
<br /> ''` `. • Lender shali not be required to enter upon,take control of or maintain the Propeity before or after giving notice of
<br /> $�:::;Y�� _ : bresch to�orrower. Howevpr,Lender or a�udicinily appointed receiver mny do so at eny time there is a breach. Any
<br /> . applfcation of rents shall not cure or waive nny default or invalidate any other right or remedy of Lender. This assignment
<br /> ° of rents of the Property shall terminate when the debt sec�red by the Security Instrument is pa[d in full.
<br /> 41.
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