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<br /> _ � paymcn7s,wh[ch nre referced to in PnroBmph 2,or cimn�e the Amannt of such puymen�q. Any excess proceeds mver an �
<br /> nmaunt requlred to pay c�ll outstw�ding ind�btadness und�t tho lVat�cutd lhin Security Instrument sha116e paid to ttto endry
<br /> lcgally cntiticd thcreto.
<br /> 8. �1ee9., t.ender mny colicct fees and chasge�outhorizcd 1�/the Secretury.
<br /> ' 9. Cirounde to�Accekration o!Deb4.
<br /> (�)Def�ui� Lender may.exccpt as limlte�i by regulattona ixsued by the Secrctary in the cnse of payment defnults�
<br /> require immcdiato psyment in fUtl of alt euma Recured by thia Secueity Instrument if:
<br /> (i)Borrower defnul4q by failing to��y in full uny monthly ps►yment rcqt+imd by thia Securlry lnsuument prior
<br /> ta or on the due dato of tho neat monthly payment,or
<br /> (ii)Borrower defnulta by failing,fot a period of thirty day9,ta perfortn nny othcr obl3gntions wntatned in this
<br /> Security InstrumenG
<br /> (b)SWe VYithaut Credit Approval, Lcmder shall.!f permitted by appltcabtc law aad wlth the pdor uppmvaf of the
<br /> Secrettuy.r.yuiro imntedlnu payment�full af ull the suma secwed by this gecuriry Instrument if: �s�old or
<br /> (i)All or ptut of the Properiy.or a beneflclat inteteat in a trust ownin a1l or p�t of the Praperty.
<br /> othenvise tcansferned(other thpn by devise or descent)by the Hormwer,nnd
<br /> (ii)The Property ia not accupied by the purchaser or gtAntec ae hfn ur her pdncipal residence.or the purehuser
<br /> ar grantoe dces so occupy the Property but hts or her credlt has not been approved in accordance
<br /> with the requiremenu of the Secnetary.
<br /> ' ���`'+` (c)No Waiver. If circumstancas accur thac would permit i.endcr to require immedtate paYment in full.but Lendca
<br /> ��`.�`�''�i;, does not require such paymenta,L.ender dces not wntve its dghta with ms t to subsequent events.
<br /> � ,F6 a�'.
<br /> �¢. (d)Regulstdons ot HiJD Seentary. In msny circumstances regulatIone ssued by the Se.crew.ry wilt limit l.ender�s
<br /> ,ry!�,�;,� dghts. in thQ case of payrr�ent defaulte,tot�quire immediate payment in full und fo�cclose tf aot patd Thia
<br /> ,.: f'.;��., Securlty Inswment does not authori•r.e acceleration or foreclosure if not petmitted by negulatIons af the Src�tary.
<br /> �;�7y' ' ��'�� (e)Mortgage Not lnsured. Borrower agrees that should this Security Instnurtent end thc note secured the�m��t
<br /> ' ��'���;1 be eligible for insurance under the National Houstns Act within 8 mor�ths
<br /> ••� ' ' `'� h 5.cequire immediate payment in
<br /> �_;:_ ,.: date hereof.l.ender may,at its option ond notwithstanding anything in Parn�rap
<br /> ` x,.�';'�•,°�";:;� full of nli sucns secured by this Security(nsuumenG A wr�tten stutement of any authori�xd ugent of the S�c�etacy
<br /> `��� � � �� ';� � dated aubsequent to g mpnths fram the date hereof.decUning to insure�hhis SecuuitY
<br /> ��-:�:'�'="�` -'�=�+� Insttument and the note secured thereby,shap be deemed conclustve proof of such ineligibility. K�o�wltf►startding
<br /> ��:�,.-`,.�;,''.; ��:..� the foregoin�,this option may not be exe�+cised by Lender when the unnvailabiliry of insumnce icc snlely due to
<br /> ��'�' � � Lender's fnilure to remit a mortgage insumnce pr+emium to the Secretary.
<br /> ''�;• �� � 10. Relnstatemen� Botrower hes a dght to be reinstated if Lender has required immediate payment in full becaus�
<br /> -`�'�. � of Boirower� failure to pay an umount due under the•Note or this Security InsaumenG This nght applies even after
<br /> � �` •� foreclosure proceedings are msdtuted. 1b reinstate the Secudry Inswment. Borm►ve�shall tender in a lump sum all
<br /> F^ " ����u��5�g gQ���l�flr�Mmt curt�nt including,to the extent they are obliguttons of Borrower under this
<br /> ,� Security insuumen�fo:eclosure costs and reasonable und customary attomeys'fees and erpenses pmperiy associutai wit1�
<br /> .. the foreclosure procecding. Upon reinstatement by Borrower,this Security Inswment and the obligadons thai it secures
<br /> ';,, ' shall remain In effect as if I.ender had notreq uued fmmediate payment in full. However,l.ender Is not reqair+ed to permlt '�,
<br /> • reinstatement lf: (i)Lender hps uccepted reinstatement after the commencement of foreclosure proceedings withjn two .;.��
<br /> years Immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude ,��
<br /> �� foreclosure on different grounds in the future.or(iit)reinstatement wiil udversely affect the prtority of the lien created by � •
<br /> � this Securi Insaument.
<br /> �•+•r-i - ' 1��•= 11. �orrower Not Released; Forbearan�ee by Lender Not a Watver. Extension of the time of payment or
<br /> -• r•>� modiftcation of amortizadon of the sums secured by thl.s S�urit�lnsuument granced by T.ender to any successor�n mterest ,
<br /> �..,s.�.• � ,�•���' of Bomower shall not operate to release the linbility of thc arig►nal Borrower or Borrower's successor in interest. Lender
<br /> •• shall not be reyuired to commenc6 proceedings u�amst any successor in interest or mfuse to extend time for payment or
<br /> •• otherwtse mod�fy amortizatlon of the sums secured by this Security Instrument by reason of any demend made by the
<br /> ;;�r'r;,. _ . : odglnal Borrower or Borrower�s successors in interest. Any forbearance by Lender in exercising any rlght or remedy shall
<br /> •:•:t .. . not be a waiver of or prectude the exercise of any right or remedy. .
<br /> M>:�;•-.• -��•�yI' - lZ. Successocs end Assig�s Boundi doint and Several Liabtl[ty;CaSigners. 1'he covenants and agceemenu of
<br /> � this Security Inswment shall bind and beneftt the successors and ussigns of Lender and Borrower,subjact to the provisions
<br /> of Paragraph 9.b. Borrower's covenants and agteements shall be joint and several. Any Borrower who co-signs thts
<br /> •• Security Instrument but does not ezecute the Note: (a)is casigning this Security Instrument only to mortgage.grant and
<br /> �� convey that Borrower's interest in the Prope�ty under the terms of this Security Insuument;(b)is not pe�sonally obligated to U
<br /> �' , pay the sums secured by this Security Insttusnen�+ind(c)a�nes that Lender and any other Borrower may agr�ee to extend,
<br /> �' .t� modify,foifiear or make any accommodntions with regard to the teims of this Secunty Instrument or the Note wtthout that
<br /> Borrower's consent.
<br /> ' �'- 13. Notices. My notice to Botrower provided for in this Security Inswment shnll be�iven by delivering it or by
<br /> ���� • ' muiling it by first class mail unless applicable law t+eyuires use of another method. 'Ihe notice shall be directed to the
<br /> i: . . .
<br /> ,;, ,������; �.•�;• Property Address or any other addnss Borrower designates by notice to Lender. Any notice to Lender shalt be given by
<br /> �' �!�:�����' ''`• first cless mail to Lender� address stated herein or uny address Lender designates by notice to Borrower. Any notice
<br /> ;��•' � _ provlded for in this Security Instrument shali be deemed to have been given to Borrowcr or Lender when given as provided
<br /> . in this ParaBraPh.
<br /> • 14. Governic�g Law;Severability. This Security Inswment shall be �overned by Federal law and the law of the
<br /> � "' jutlsdlction tn which the Pro�erty is located. In the event that any provision or ctause of this Security Instrument or the
<br /> hate confl[cts with applicuble law.such conflict shall not affect other provisions of this Security Instrument or the Note
<br /> which can be given effect wtthout the conflicting provision. Tb thts end the provisions of this Securiry lnsttument and the
<br /> �: .,, ,> � Note ure declored to be severable.
<br /> 1S. Bon'ower's Copy. Borrower shall be given one conformed copy of this Security Instrwnent.
<br /> '' .;.,.•. .. 16. Assignment oP Rents. Bosower unconditionaily nssigns and trunefers to Lender atl the rents and revenues of the
<br /> • Property. Borcower authorizes Lender or Lender's ugents ro collect the rents nnd revenues and hereby directs ench tenant of
<br /> � "�';;��1��' " the Pcoperty to pay the renu to I.ender or Lender�s agents. However,prlor to Lender�s notice to Bomnwer of Borrower§
<br /> ,�.4,r1�;?;; breach of any covenant or ageement in the Security Insuument,Borrower shall collect and receive all rents and revenues of
<br /> • "=.";!�:••,� the P�+nperty as ttustee for the benefit of I.ender and Borrower. This assignment of rents constitutes�+n absoiute assignment
<br /> '�' ' and not an assignment for addiflonal security oniy.
<br /> � �a�*__�__:..0�...:..�..0• • �..D....wun.� !ol oll rs.ntc r�arPivntl hv RnnowCr cI181I VC I1CId bY B01'iOWCT 11!i h115iCC
<br /> . c.' .�.�. .. �a uc:�aa:i 8..w..ww........»................�.. .—.
<br /> . for benefit of Lender only,to be appt[ed to the sums secured by the Secudry Insuument; (b)Lender shall be entitled to
<br /> col(ect and receive ail of the rents of the Propecry;and(c)each tenant of the Property shall pay all rents due and unpaid to
<br /> ° � Lender or Lender's agent on Lenderh wriucn demend to the tenant.
<br />_ . � �, Borcower has not executed any prior ussi�nment of the rents and has not and witl not perform any act that woutd
<br /> t; _, �� preeent Lendee from exerc[sing its rights under this Paragraph 16.
<br /> Lertder shaq not be requiied to enter upon.take conuvl of or maintain the Properry before or atier giving notice of
<br /> '' breach to Borrower. However.Lender or a udiciall uppointed recciver mmy do so at uny time there is u br+each. Any
<br /> � upplicadon of rents shuU not cure or waive any default or invalidate any other right or remedY of Lender. This:►ssignment
<br /> . of renta of the Property shall tecminate when the debt secured by the Securiry Instrument is paid in fuU.
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