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<br /> p�yments, which nre refcmd to in Paragraph 2,or changc thc amoum of such paymcnts. Any exccss procccds ovcr nn .
<br /> . amount rcquihd to pay ttll outstnndin�indebtedness under thc Notc and this Securiry Instnimcnt shidl be puicl to ehe cntity -
<br />-•,� . ,, 1sg111y cntitled¢hcrcto.
<br /> . S. Fees. Lender may collect fees and charges nuthorized by the Sccretnry.
<br /> 9. Grounals Por Accelerutton uY Debt. -:
<br />,;:+ (p)llefstult. Lender may,except as limited by n;gulutiuns i„uecl by the Sccrctary in the ca.�e of paynient defaults. : ,
<br /> s� '. , require immediute payment in fuU of nll sums securcd by this Security Instrument if: ���•
<br /> ,.: a?v;.
<br /> (i) Horrower defaults by failing to pay in full any monthly payment rcyuircd by this 9ecuriry Instrwnent prior ,,,s�..
<br /> • ro ar on the dus date of the next monthly payment,or
<br />-• ' (ii)Bo:rower defaults b failin ,for a eriod of thtrt da s, to erform an other obli ations contttined in this '�`�"`
<br /> Y g P Y Y P Y 6' ' :-i..-'•
<br /> ' Security Instrument. ' '�".'!�`�
<br /> � (b)Snle Witbout Cred[t ApprovuL Lender shall,if pe:rmitted by applicable law und with the prior approvul of the
<br /> � Secr�tary,reyuire immediute payment in full of all thc sums secured by this Sccurity lnttnimr.nt if: •
<br /> (i) All or part of the Property,or u beneficial interes[ in a trust owmng all or purt of the Propeny, is sold or � ,.�:�:�_
<br /> otherwise transferred(other than by devise or descent)by the Borrower,and �.. �';�:°-r�;_-
<br /> (ii)The Property is not occupied by the purchaser or grantee as his or her principal residence,or the purehaser •�,;.°:��,.-.
<br /> •• or grantee does so occupy the Property but his or her credit has not been approved in accardance �.���4,�:,,�;w�=�.
<br /> with the reyuirements of the Secretary. � '"j�'�rs"'�' -
<br /> a.,�_,--.. _.
<br /> (c)No Waiver. If circumstances occur that would permit Lender to require immediate payment in full,but Letldct .=r�r,r�"—
<br /> � ' , does not requim such payments,Lender does not waive its rights with respect to subsequent events. �::�-- ---
<br /> � (d)Regulaliuns oP HU��ecreiary. In many circ:umstances regulauons issued by the Secreta�ry will limit Lender's ��-�--__
<br /> rights, in the cuse of payment defaults, to rec�uire immediare payment in full and foreclose if not paid. This ��;`_:_
<br /> � .. Security Instrument does not authorize accelerauon ur foreclosurz if r.ot permitted by regulations of the Secmtary. --
<br /> (e)Mortgage Not Insured. Borrower agrees that should this Security Instrument and the note secured thereby not ` �`-
<br /> be elisible for insurance under the Nationul Housing Act within g ryp�thg from the �•r.4`-�--
<br /> � ° date hereof,Lender may,at its option and notwithstanding anything in Paragraph 9,require immediate payment in - ,..
<br /> ���
<br /> full of ull sums secund by this Security lnstrument. A written statement af any authorized afient of the Sect�etary _
<br /> „ dated subsequent to g �n�h$ from the date hereof,declining to insure this Security - -
<br /> Instrument and the note secured thereby, shaU be deemed concl�isive proof of such ineligibility. Notwithstanding .�,._-- _-
<br /> . the foregoing,this option may not be exercised by Lender�vhe�i the unavailnbility of insurance is solely due to — _
<br /> Lender's failure to remit u mortgage insurance premium to the Secretnry. �
<br /> 10. Reinstntement. Borrower has a right to be reinstated if Lender has required immediatc payment in full becnuse ����
<br /> oF Borrower's fuilure to pay an amount due under cne•ivoce ur ii�i�Sccuiiiy ;r�;t,-a���cai. T�:s Tlbtit »�3r:8� �:'=^ °-fr=T �
<br /> � foreclosure praceedings are ins[ituted. To reinstate the Securiry Instrument, Borrower shall tender in a lump sum ull �...�----�_
<br /> � amounts required to bnng Borrower's account current includin�,to the extent they are obligations of Bonower under this
<br /> � `', Securiry Instrument,foreclosure costs and reasonable and customary attorneys'fees and expenses propedy associated with ��
<br /> ' ' the foreclosure proceeding. Upon rcinstatemen[by Borrower, this Sccurity ]nstrument and the obl�gations that it secures __
<br /> ---�,--- --- ----'--- Shaii ii.�i�diii ii�Ci�fCCi�5:.Lcnder hsd r.CS C�:�:l7fL'a:!S2T°alptP rnvmqnt in fu7i However.Lender is not sequitecl to pe[mit W=-._-__--_._. .
<br /> • reinstatement if: (i) Lender has accepted reinstutement after the commencement of forectosure proceedings within twu
<br /> .���."' yeua�s immediately precedin� the commencement of a current foreclosure proceeding. (ii) rcinstatement w�ll preclude �,,,�;�`
<br /> foreclosure on different grounds in the future,or(iii)reinstatement will adversely affect the priority of the lien created by -
<br /> this Securiry Inswment. �_`�'�
<br /> Il. Dorrower Not Released; Forbeurunce by Lender Not a Waieer. Extension of the time of paymsnt or �="
<br /> modification of arrtonization of the sums secured by this Securiry Instrument granted by Lender to any successor in interest � -a
<br /> of Borrower shall not operate to releasc thc linbility of thc original Borrower or Borrower's• successor in interest. Lender
<br /> shall not be required to commenee proceedings aga�nst any successor in interest or refuse to extend time for payment or '�1
<br /> otherwise modify amortizntion of the sums secured by this Security Instrument by reason of any demand made by the
<br /> original Barrower or F3orrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall —_ _
<br /> • not be n waiver of or preclude thc exercise of any right or remedy. ��; �
<br /> 1Z. Successors and Assigns Bound;Joint and Several Liability;Co•Signers. The covenants und agrcements of ':�.:,`;�=T"-
<br /> . � this Security Instrumcnt shall bind und benefit the successors and ussigns of Lcnder and Borrower,subject to the provisiQns �•:Y.:�'�"
<br /> of Paragraph 9.b. Bottower's covenants and agrcements shall be joint and severaL Any Borrower who co-signs this -�-
<br />� �"�� Seeurity Instrument but does not execute the Note: (n)is co-signing this Security Instrument only to mortgage.grant und _ �
<br /> � " ° convey that Borrower's•interest in thc Property under thc terms of this Security Instrumcnt:(b)is not personnlly obltgated ro ��;;,r,_
<br /> pay the sums secured by this Security Instrument;und(c)agrees thai Lender and any other Borrower may agree to extend, •_w.W�-
<br />_ ' modify,forbeaz or make any accommodntions with regard to the terms of this Security Insnument or the Note without that ��"�"---�""
<br /> ;, Bonower's consent. ���`F
<br /> : 13. Notfces. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by , ����, _�n�,
<br /> , � " . mailing it by first class mail unless upplicable law myuires use of v►other method. The notice shall be directed ro the �:_
<br /> � Y:��::_,_"
<br /> Propeny Address or nny other uddress Bottower designutes by notice to Lender. Any notice to Lendcr shall be givcn by �
<br /> - • � first class mail to Lender's address stated herein or any address Lender designates by notice to Bortower. Any notice
<br /> _ providcd far in this Security Instrument shall bc dcemed to have becn given to Borrower or L.endcr whcn given as providcd „
<br /> in this paragruph,
<br /> 14. Governing Lnw; Severability. This Securiry Instrument shnll be govemed by 1=edcral luw and ihc law of thc .
<br /> ' jurisdiction in which the Propeny is located. In the event that any provision or clause of this Security lnstrument or the
<br /> �'' # Note conflicts with applicable law.such conflict shull not affect other provisions of this Securiry Instrument or the Note .
<br /> . which can be given effect without the conflictin£pmvision. To this end the provisions of this.riecurity Instrument and the
<br />- ' . Note are declared to be severnble.
<br /> . ' 15. Borrower's Copy. Borrower shall be biven one confortned copy of this Security Instrument. �
<br /> 16. Assignment of Itents. Borrower unconditionaUy ussigns and transfcrs to Lcnder all thc rents nnd revenues of the
<br /> • Property. Bottower authorizes Lender or Lender's agents to collect the mnts and revenues and hereby directs each tenant of
<br /> the Propeny to pay the rcnts to Lendcr or Lender's agents. However, prior to Lcnder's noticc to$orrower of Bo�rower's•
<br />- � ___ ___ ___ breach of anv covenunt or afireement in the Securiry[nstrument,Bortower shall collect and receive all rents and revenues of i
<br /> -__ - - - _ _. . . _ _ -
<br /> • the Property as trustee for the benefit of Lender and Horrower. i nis assignment o�rems cunsiiiuic�.tu uuwiuic uaiibiw.eTi� i
<br /> « � and not an ass�gnment for additional security only.
<br /> t If Ler.der gives notice of bmach to Borrower. (a)all rents n ceived by Borrower shaU be held by Boreower;u trustee �
<br /> - for bene�t of Lender only,to be applied m the sums secured by the Security lnstrument: (b) Lender shall be entided ro
<br /> ; . collect and receive all of the rents of the Property;and(c)each tenant of the Property shall puy all rents due and unpaid to 1
<br /> i Lender or Lender's•agent on Lender.l•writtcn dcmand to thc tenunt. ;
<br /> Borrower has not executed :iny prior assignment of thc rcnts and has not snd will not perform :my act that would �
<br /> � prevcnt Lender from exercisin�its rights under this P:uagraph 16.
<br /> �" Lendcr shall not bc reymrcd to entcr upon,takc contml of or maintain the F'roperty befon or:if'tcr giving noticc ot'
<br /> . �. brc:ach to Borrower. However, Lender or a iudicially apQointcd rceeiver may do so at any time therc is a breach. Any
<br /> application of rents shall not cun:or waive any defuult or mvalidatc any othcr nght or mmedy of Lrndcr. This assignmcnt ;
<br /> � of mnts of the Property shall terrninute when the debt secured by thc Srrurity Instrumcnt is paid in full.
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