|
J::j` n:l,�p?.1:1c,���f!'rr��'' ::+'a dv �E �. ;!�'i :vii":l� F �'�..ci.i�' � ",!�y �--•,
<br />_ .:� ��.. 1•.
<br /> �{t�ti:'J�I� ,. ,�j�VG��a �.••� '� _ � , , ne-�d
<br /> �, �10��.y ,.
<br /> S� '�.*.-,_
<br /> .r
<br /> _ . . �,�L��.��� _ . . _
<br /> , paymenta.whIch are referred to in Par�gmph 2.or change the amount of such puymentx. Any excess proc�ed9 over an
<br /> '� emountrequ�i�f to pay ail outstnnding cndebudness undcr the Note urtd thie�ecurity Inswmen!eha1Q bo puid to the entiry
<br /> legally entitled thenw.
<br /> 8. Feea. Len�eer msy collect fees und ch�rges autharized by the Secretary.
<br /> 9. l":rounda tor Accel�ation otDRb�
<br /> (�)Det�ult. l.ender may.eacept as llmited by ceguladons isaued by tho Secrctary in the case at payment defnults�
<br /> require immediatepaycnsnt m fuA of sU sums secur::d by thls Sccuriry lnstrumeat if:
<br /> (i)Horrower dcfaults by fa�ling w pay in full any monthty payment required by thie�xuriry Insuument prlor
<br /> to or on the duo date of the next monthly payrtcent,or
<br /> � ' (ii)Bomower defaulta by failing.for a period of tbitt�r days.co perform any other obligations cantained ln th1R
<br /> Secunty In'snumen�
<br /> (b)Sale Without Credit Approvnl. Lender shall,if perm►tted by applicable law and with the prlorr apprnval of tho
<br /> gec�et�y�ttquire i�nmadiate payment in fuU of all the scuna secured by thia Secudry Insuvment if:
<br /> (iy AQ or part of thc Property.or a beneScIsl iaterest in a truat owntng ail or part of the Property.is sold or
<br /> othetwise trnnsfemed(other than by devise or descent)by the Borrower.and
<br /> o�r�granYee do�es i so�occupy thB Pmperty but rhis�her�credlt has not cbeen�approveed in acpcoidance
<br /> with the requirements of the Secretary.
<br /> (e)No Watvee (f circumstances occur that would permit Lender to require immsdiace payment in full,but I.ender
<br /> dcea not require suchpayments.Lender does not waive tts rlshts wIth respect to subsequent events.
<br /> (d)Regulatlons of AUD Secretary. In many circumatances roguladons issued by the Secretary wlll limit Lenderk
<br /> rights,In ihe casa of payment detaults, to �q u9se immediate pa�meat in full and fom,clase if not paid. 'I7ais
<br /> Securlty Instnunent does not autborize acceleration or foreclosure it not pezmitted by ngulationa of the Seccetary.
<br /> (e)Mortgage No!Inaured. Boirower a�rees that should this Securlty Inswment and the note secured thereby not
<br /> � be ellgible for insurence under the Nadonal Housing Act wlthin g rypnthg from the
<br /> .';_�^ date hereaf.L.ender may.at its opdan and notwithstandIng anything In Paragraph 9.require immediate payment in
<br /> �"����� full of all sums secu�ed by this Security Instcumen� A written statement of any authorized agent of the Secs�etary
<br /> �ated subsequent to 8 �n�hg from the date hereof,declining to inswe this Secnrity
<br /> Instrument and the note secured ereby.shall be deemed concluslve proof of such ineligihility. Notwithswnding
<br /> the foregoing.this optiom m�y not bc exerctsed by lxnder when the unava�lubiUty of ins�rance is solely due tn
<br /> L,ender`s failure to remit a moRgege insurance premium to the Secretary.
<br /> 10. Reinstatemea� Borrower has a right w be reinstated if I.ender has reqnired immedjate payment in full beceuse
<br /> of Borrowerh failure to pay an amount due under the•Note or this Security Instrument. This ri�ht appl{es even after
<br /> fo�eclosure proccedinge are�nsutuud. To �einscace �he Security Insirume+it,Svrower shaii tendcr in a fump sum �11
<br /> amowtts required to bring Bon+owerb aaount current including,to the extent they are obligations of Horrower nnder this
<br /> Security Instrument,fareclosure coscs and masonable and customary attorneys'fees and expenses properly sssociated wlth
<br /> the foreclosure proceeding. Upon ninstatement by Borrower.thls Securlry Instrument and the obligadons that it secures
<br /> �'+ shall remain tn effect as if L.ender had not re4uired immediate payment in full. However.Lender ls not required to permit
<br /> ���''��� reinstatement if: (i) L.ender has accepted re�nstatement aftar the commencement of foreclosure proceedtngs within two
<br /> �'`���� � years immediately preceding the commencement of a curnent forectosuce proceeding, (ii)reinstatement wlU pmolude
<br /> � � foreclosu[e on dit�'erent�ourids in the future,or(iU)reinstatement will adversely affect the pr�oriry of the lien created by
<br /> •a •• th{s Security instiumenG
<br /> :;; , 11. Borrower Not Reteased; Forbearance by Lender Not e Wniver. Extension of the time of payment or : -
<br /> !r; modiftcation of amortization of the sums secured by this Security Instrument granted by Lender to uny successor m mterest
<br /> of Bomower shall not opernte ta release the Uability of the odgtnal Borrower or Borrower�s successor in interest. Lender ^���-
<br /> shall not be requiced to commence pcoceedings asainst an� successor in interest or ref�se to extend dme for payment or `�=�;�
<br /> othenvlsa modify nmortjzatIon of the sums secumd by th�s Secudry Instrument by reason of any demand made by the '}"''
<br /> original Borrower or Borrower's successors In interest. Any forbearAnce by L.ender in exercisin�eny right or remedy shall '�
<br /> , not be a weiver of or preclude ehe exercise of any tight or remedy. °''�
<br /> ,hyA. 1L Successors end Asslgns Bovnd;Jotnt and Several Ltabilit,v;Co-Signers. The covenants and ag�eements of �,
<br /> ���,;;� . thts Se�urity Inshument shall bind and benefit the successois and assigns of Lender nnd Borrower,subject w the pravlslons .,1a
<br /> of Paragraph 9.b. Borrower's covenants �+nd a�neements shaU be joint and sevecal. Any Bortower who co-slgns this ,..�.
<br /> K,°r:,��,, : Secwity tnswment bnt does not eaecute the Note: (a)is co-slgning this Security instrument anly to mortguge.g�n t s�nd -.
<br /> � convey that Horrower's interest in the Property under the terms of this Security Instrument;(b)is not personally ob il gated to
<br /> +�'�"�Y�` pay the sums secured by this Secudty Instrument;and(c)agnecs that Lender and nn�+other Horrower may ag�e W extend. �
<br /> >�i��;:����`•.' modlfy.forbear or make any accommodadons with regard to!he terms of this Secunty Instrument or the Note without that °
<br /> '�S�',;; Borrower�consent. °
<br /> •��`—�� ' 13. Nodces. Any nodce t� BmYOwer provided for in this Securiry Inswment shall be given by delivering it or by
<br /> ,...,..
<br /> w4;:�;�`�._ mailins it by first class mail unless applicable law requims use of another methud. The notice shall be dtrected to the
<br /> �;-*,'�;,��..,i. Property Add�ess or any other address Borrower desl�nates by notice ta Lender. Any notice to Lender shall be given by
<br /> � .,r.r;;�;;,�:, first class mail to Lender�s address stated hereln or any address Lender designutes by notice to Borrower. Any nottce
<br /> �' '"�'��� �rovided for in this Security instrument shall be deemed to have been given to Bo�mwer or Lender when given as provided
<br /> .,�,:�_.
<br /> .��-:'s:.� m this parugcaph. •
<br /> ,..� . 14. Governing Law;�ederabiltty. This Secvrity Insuument shnll be govemed by Federal law and the(aw of the
<br /> •���''^r ' jurisdiction in which the Property is located. In the event thsu uny provision or cluuse of this Security insqument or the ��
<br /> ,'i}; "' rt'� � NoLe conNicts with ap licable luw,such conflict shall not affect other provisions of diIs Securiry Instrument or the Note
<br /> u?:.,::,'t:�s
<br /> �.,._,.• _.:..'s
<br /> ����,;;,.� • which can be given e ect without the contlicting provision. 1b thIs ene the provisions of this Security Inswment and the
<br /> . ,;,.? Note one declo�ed to be severable.
<br /> e
<br /> f IS. Borrower's Copy. Borrower shall be given ane conformed copy of this Sectuity Insdvtnent.
<br /> 16. Asstgnment of Reais. Bortower unconditionally assigns and transfers to Lender ull the rencs und revenues of the
<br /> �,;_.;�:.�,�'��..` RopeRy. BoTrower authorizes Lender or Leader�s ngents to collect the rents and revenues and hereby directs esch tenant of
<br /> '' ;;;� '�~��• the Propetty to pay the renta to I.ender os[.cnder+s ugents. However.prior to L.ender�s rtotice to Bomower of Botrower s
<br /> H'��:�� breach of eny cavenant or agc+eement in the Securiry InstnunenG Bo�rower shall collect and receive ail rents nnd c�evenues of
<br /> =^er'�°;. � � the P[opert�►as wstee for the benefit of Lender and Borrower. 77�is assignment of rent�consatutes an ahsolute nssignment
<br /> � -��-,;,•��•� and noi an asslgnment for additionol s�curity onty.
<br /> � �.:��.W .,. .••,
<br /> �•��:,�;:•.,�.�, . If Lender gtve.s notice of breach to Bormwer. (u)nll rents received by Bornower shall be held by Bonower as uustee
<br /> '1�:.� �,:,'_���;. for benefit of[.ender only,to be up lied to the sums secured by the Secunty instnunen�(b) Lender shull be entided to •
<br /> .�.-:� �•, . collect and re�eive all of the rents o�the Property:aad(c)each tenunt of the l�roperty shail pay�Il rents due and unpaid to
<br /> `'"r���"-",':;�,-:�� Lender or[.ender�s c�gent on Lenderh w�itten demand to the tenant.
<br /> �' ,�:�,:.< < . Bomower has nat executed any prlor assi�nment of the rents nnd has not and wiil not pe�fomi uny nct that would .,
<br /> ;�z, t:.�
<br /> .�,�.,.al�� prevent Lender from cxercisin$its dghte under tids Paragruph l6.
<br /> �+•_•-' •�- Lender shaU not be reqwred to enter upon.wke control of or m�intuin the Property befom or after giving notice of
<br /> '''°' ' "'' bmnch oo Bomu�ver. However.Lender or n judiclnUy uppointed receiver may do so nt asry time there is a breaich. My
<br /> '�"•Er,��;_�:��;�•�'.';� applEcntion of rents shnli not cur�or wa[ve ciny default or lnvalidate uny other right or reme� of Lender. 71ils assi�rtmcnt
<br /> • �t�. . n
<br /> � ����.�� � 1" of rents of the Property shall temiinute when the debt secured by the Securiry Instrument is p d in futl.
<br /> .:.;' i.• .�
<br /> :�
<br /> ..., ,
<br /> �E IpaRt 3 af J poRtt!
<br /> �..i. ; ,
<br /> . ,
<br /> ,,,: _ :,,• .�..
<br />
|