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<br /> � ' , ' .(..�.�,�.���.Q�l�„�c��� � �` '����r•��f<�-
<br />_ � ,? p�yincntr,,�•iiiict►c�rc rci'cr�cd to in{'.U'd(,!Y�jl�l 2,�P CII:IIII°C Illa nmuunt of such paymcna;. A}�y sxccss�„ncccc:��n•r.e.m
<br /> ___ " --" �*_`�'�-- nn�ount sec�u�red t�pay all outsinndinE�nctebtedness undee the Nate and this Secunty Instrument si�aU b,,�nid to the entiry �,.�,m,
<br /> �.-°'�-;;_„pa., :r.: �;:�::._
<br /> ��, `�t�r•: Icgnlly cntulcd ihereto. -
<br /> �°`-'��� 8. Fet!►. L.cnder int►y collcct fces and charges authorezcd by th�SeGretary. ����_=
<br />__ -___-j==��*i��� 9. �raunds�or Acccltrs►ttan at Ihbt. ____
<br /> (Hl!)kTauit. I.ender rnay,excepi ns limited by re�ulltions issued by the Secratary in the cssr of payment defuu6te, �:-,
<br /> R'�'�=;'��� rcqu�irc imrr�cdlate payrnent in full of nll sums secured by this 5ecurity Ii�sts-urnent if: �
<br /> =.�::�..;���;; (i)Dorrower dc(aults by failins to pay in full any rnonthly puyment reyuired by this Sccurity Insuument prior ��
<br />_-:�p�;���.�,`R;•s'"��'� to or on thc duc date of the next monthly payment.ar ___
<br /> ;_�-�,�; ;,� (ii)I3orrower dcfaul�tv by fniling,for a period af thiny days.to perform any odicr obligutions contained in this —_
<br /> , ,. ;�,, Security Instrumcnt. _
<br /> �i'� " (b)Sale Without Credlt Ap�roval. I.cnder shall.if pennitted by npplicablc law and�vith thc prior npprovnl of thc __
<br /> " ` -`�2A �ecretary,n.c�uire iinmediate payment in full of all the sums secured by this Security Instrument if: --
<br /> :y.LS'd'1:.:• .. ^n -'-
<br />- v,,,;�. ;:,i.,�� (i)All or pnrt af the Property,or a beneficfai interest in�trust ovrning nll or part of the Prapeny, is sold or _-�-
<br />-��`�'�*�'� ;-� oiherwise transferced(othsr thnn by devise or descent)by the Borrowcr,and ,�.-
<br /> �_..v{+��. .
<br /> - (ii)Tlie Property is not occupied by the purchaser or grantee as his or her principal residence.or the purchaser �.��;.
<br /> ;;;�,�':� , . ,. or grantee does so occupy the Property but his or her credit hus not been approved in accordnnce �_.y;_
<br />:_ �- ° ' with the rcquirement�s of the Secretary. -
<br /> � (c)No Wkiver. If circunnstanees occur that wauld permie Lender to require immediate payment in full,but Lender
<br /> �::��ir.'�: '"�:::-;,���:' does not require such paymcnts,l.cnder dces not wmve its r.ghts with respect to subsequent events. ;���-
<br /> (d)Iregulattons ot HUD Secretary. In many circumstan�.es regulations issued by the Secretary will limit La;nder� � ��-
<br /> � � • � J rights, in thc case of payment defaults, tu reyu�re inmcdiatc payir.ent in full and foreclose if not paid_ This _.
<br />��,;��;;,�.� �:n .,. Securiry Instrumentdoes not nuthorize ncceleranonor foreclosure if not permitted by regutations of the Secretary. .
<br />_ ' (e)Mortgage Not lnsured. Borrower ugrees that should this Security Insuument nnd the note secured thereby not ''..�`
<br />- be eligible for insurance under the National Housing Act witliin 90 DRYS from the , Y
<br />- � ' ' date hereof,Lender may.at its option and notwithsianding anything in Paragraph 9,require immediate payrnent in :�,,'
<br />� • fuU of ail sums secured by this Security Instrument. A written statement of any nuthori2ed ogent of the Secretary
<br /> " ' from the date hereof,declining to insure this Sccurity �`:=_
<br /> � dated subsequent to 90 OAYS �-'
<br /> � ' . I�strument and the note secured thereby. shall6e deemed canclusive proof e,g such ineligibility. Notwiths[rmding �i_�_,
<br /> the foregoing,this option may not be exercised. by Lende�when the unavailubility of insurance is solely due to '
<br /> L.ender�failurc to remit amortgage insurance prernium ro the Sesrctary. "''`
<br /> 10. Retnstatement. Botrower has a right to be rcins�ated if Lcnder has mquired immediate payment in fvll because '
<br /> „
<br /> of Borrower�s failure to pay an amount due under the•Note or this Securiry Inswment. This nght applies even aftcr ,.�''
<br /> foreclosure proceedings are insatuted. To reinstate [he 5ecurity Insuumcui, n�,iro�Ye� shall i:.n�cr :r. � !::=.r ��'w':t w�Z °`
<br /> lmounts required to b�ing Borrower's account current including,to the extent they are obligations of Borrower under tliis �;;,
<br /> , .. • Security Instrument,f�reclosure costs and reasonable and customary attomeys'fees and expenses properly associated with N 1,
<br /> the foreclusure proceeding. Upon reinstatement by Aorro�ver,this Security Instrument:ind the abhganons that it secuns �,
<br /> shall remain in effect as if Ixnder had not re�uired immediatc:payrnent in full. However,Lender is not required to permit .-:
<br /> reinstatement if: (i)Lender has accepted reinsuitement after the commencement of foreclosure prceeedings witlim two
<br /> years immediately preceding che commencement of a wrrent foreclosure proceeding, (ii) reinstatement w�ll preclude ..
<br /> ., .• foceclosure on different grounds in the futum.or(iii) reir►siatement will adverscly lfiect the priori.ry of the lien cranted by `��:.
<br /> V•
<br /> this Securiry Instrument. ,''
<br /> Il. Borrower Not Released; Forbearonce by Lender hoi a Ws+iver. 6xtension of the time of payrnent or
<br /> �� � madification of amortization of ehe sums secured by this Sceurit�Instnement granted by Lender to any successor in inteicst
<br /> � of Borrower shali not operate to release che liability of t�c origmal Borrower or Borrower's successor in intemst. Lender
<br /> • shull not he rec�uimd to commence proceedings against anX successor in intere.st or refuse to extend time for payment or
<br /> �'^"�` ' � othenvise modify amortizatien of the sums secured by this Security Instrument by reason of any demand made by the
<br /> ,� �. . � , � ori�innl Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall
<br /> not be a waiver of or preclude the exercise of any right os rcrtzedy.
<br /> ���� � ' '�� � 12. Suceessors and Assigns Bounfl;,oint nnd Several Liabtlity;Co•3igners. The covenants and agreemcnu of
<br /> . . � this Security Instrument shall bind and A�ene�t the successors and assi�ns of Lender und Bonower,subject to the provisions
<br /> of Paragaph 9.b. Borrower�s covenants and agreements shaq be joint and several. Aay Borrower who co•si�ns this
<br /> Security Instrument but dces not execute the Note: (a)is co-signing this Security 9nstrument only to mortgage,�rnnt and
<br /> � convey that Borrowcr`s interest in the Prope►ty under the tenns of this Security Instrument;(b)is not personally obiigated to
<br /> pay the sums secured by this Security Instrument:and(c)agrecs that Lcnder and any other Borrower may agrce tm extend, „
<br />=5�!.': modify.forbear or make any accommodations with regard io the terms of this Sccuriry Inswment or the Note without that
<br />,Y.,,,:.
<br /> :;�:.' Borrowcr's consent.
<br /> ,,-: 13. Notiees. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by
<br /> �,-� ; • ' mailing it by first class mail unless applicable law requircs use of another method. 'Ihe notice shall be direct��o the
<br /> :-k,�: Property Addrcss or:u�y other address Borro�ver designatcs by notice to Lende:. Any notice to Lender shall ac�ivcn by
<br /> `'=�' • ficst class mail to Lender's ndd�ss stated herein ur any address Lender designates by notice to Borrower. Any notice
<br /> =- • Qrovidcd for in this Security Instrument shaU be deemed tohave becn givcn to Borro�vcr or Lendcr when given as provided
<br /> ? , m this paragr.iph.
<br /> � 14. Governing Law; Severa�ility. This 5ecurity Instnimen[shall bc govcmed by Federal law and the law of the
<br /> � ., ;arisdiction in�vhicf�the Property is located. In the event that:uty provision or clause of this Security Instrument or tlte
<br /> Note conflicts with applicable law,such conflict shall not affect other provisions of this Security Inshvment or flhe Note
<br /> � • � which can be given effect without the conflicting provision. '[b tF�is end the provisions of this Security[nstn�ment and ihe
<br /> � ' Notc are dcclared to be severable.
<br /> I5. Borru�vcr's Copy. k3�rmwcr shall bc given oneconfurmed copy of thi.Srrurin•In.trumcnt.
<br /> �� 16. Assignment of Rents. Borrowcr unconJitiunslly a::.igns anJ transfcr w Lcnder all thc rcnts:ind revenues of the
<br /> 3' Property. Borrowcr authorius Lcnder or Lender's agents io collect the rents and rcvenues and hereby directs cach[enant of
<br /> �, the Property to pay the rents to Lender or LcnderS agents. However,prior to Lender�s notice tu soerowcr of Borcowcr's ,
<br /> �F� breach of any covenant or asreement in the Sccuriry Instrumcnt,BoRO�ver shall collect and rcceive all rents and revenues of
<br /> ..� .
<br />-� __ ______ __ tlie Propeny as tn�stce for the benefit of Lcnder and Borrawcr. This usignment of rents cunstitutes an absolute assignment �
<br /> � - � apd not.an:usignmcnt for additional securiry oniy.
<br />'"� If Lendcr 6ives notice uf breach to Borro���cr: (a)all n�nts receivcd by Borro�ver shall be held by Aorrower ac trustee �
<br /> T for benefit of Lender only, to be applied tu Qie sums secured by dte Sec:unty Instrument; (b) Lender shall be entiUed to l
<br /> �. collect and rcceive all of�he rents of the Property:and(c1 euch tenant of thc Property shall pay all rc�ns due:�nd unpaid to ,
<br /> � Lcnder or Lcnder�s agent on Lcndcr;writtcn demand to thc ten;u►t. i
<br /> {iorruwcr has not caccuted any ptior assegnment uf ttac Rnts and has not ;md will nut perform :my act that would i
<br /> � pmvcnt Lcndcr from exereisin�its ri ts undcr this P.va n h IG.
<br /> 1" Lcndcr shall not bc rcyu�nd t�ntcr upon.I:ilcc ontrol of or maintain thc f'roperty lx:fom or after giving noticc of �
<br /> - bmach to Borrowcr. Huwever,Lender or a judicially apPo�ntcd rcceivcr may do so at uny time therc is a bmach. Any i
<br /> i applirativn of n:uts shall not curc or wai��c nny dcfault or mvalidatc w�y uthcr ri�,ht ur rcmcdy of l,cndcr. 7'his assignmcnt
<br /> - ., of rcnts of the{'ropcny�h:�ll�ctiininatc�vhen ihe debt sec.urcd by the 5ccurity Instniment iti paid in full.
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