|
_ , .� .� ` . . 1 ..t .�C ., c � . � • .. . �_
<br /> -irr .. _ . . a• . _ �z . , - - _ .c" �%- a
<br /> fa ... 4-� '1 ° . � ' ' ;. • t ti, n.s . t . `- �. , ri-
<br /> � ,F �.L ti ' �r. ' ' ' • ' ..,;,r�Fi�.;C _"
<br /> - �F �F - i F �k`'� .. f. .F -_.
<br /> �` � �� �t��;��D'� =
<br /> .<�-< � - t�
<br /> - ., . , ,
<br />�e � . . ,` . : f' _.
<br /> " ' � paymenu,which are refemed to in Paragraph 2,or change the arr.ount of such payments. Any excess pmaeeds over an .° .
<br />-=� ' , � ' . ,� t ` amaimt iectuaed to Pay al!outstand'mg n►d�b�edaess uader the Note and this Secariry Y�uavmens shail 6e paid to the earity :��,
<br /> �, �. . , I�gaUY�entitl�thei�to. � <_
<br /> 8. Fees. I.ender may wllect fees and charges authorized by the Secretary. �.
<br />_} . . 9. Gmuads for Acc�eleration ot�ebti - . . : �`=-"
<br /> t.� :�" (a)Uefanl4. Lender may.�xcept as limited by regcilations issued by the Secretary in the case of paymecrt de�Faults. � ' "h��`�-�h
<br /> , Q .
<br /> . • � mquiie�n,,,,P�t;arP payucent in fufl of all svms sec�red by this Sec�trity Ins�unent if: ' �,a y'�` '� -
<br />- � . (i)Horrower defauIts by failing to pay in fWl aay manthly payment requir�ed 6y this Securiry Inst�vment prior __ _---
<br /> � � ', to or on the due date of the next montWy pay�ent,or `'� - - -
<br /> - .: , ' ' • • (ii)Barrower defaWu by failing.for a peiiod of thiny days,to perform any other obligatians cantained in this • -
<br /> - ��•;�-::�-
<br />- - � � � Security Instirument �::-,�._ -
<br /> =-r------=. �(b)�a2e�'YfE�ant t�'edtt�pprtgvat. Lender sl2afl.if permitted hy appfirah2e law and witt:the piiar appraval of the• �._,
<br />_ • �. , � Secretary.requue immediate payment in full of alI the sums secured by this Secwity[nstrument�`: __—
<br /> ' , � (i)AU or part of the Property.or a beneficial interest in a mut owning all or part of the Pra�erty.is sold or -
<br /> � ' , • otherRrise dansferred(other than by deviss ur descent)by the Borrower,at�d ' • —
<br /> , .' • (ii)7he Progerry is not occu�pied by the punchaser or grantee as tus ar her princi�al tesideacc.or the purchasea —
<br /> .- - . . or grantee does so accupy the Propetty but his or her credii has not bcen approved in accordance =
<br /> • .,. with the requuements of the Secretary.
<br /> ' (c)No Walver. If cinumstances occur that would permit Leader to require immediate payment in full,but Leader
<br /> -� ' does not requin such payments,Lender dces not waive its�sghts wit�respect ro subsequent events.
<br /> • • `:}.:. (d)Regulattons of HUD SecreEary. In maay circamstaaces regWations issued by the Secretary will limit L.endet� ---
<br /> _ . : rights. in the case of payment defanits,to require immediate payment in full and forectose if nut paid. T6is
<br /> _ � . � • '. Sectuiry Insuument daes not authorize acceteration or foreclosuie if not permitted by regulatians of the Sectetary. _____
<br />� �' (e)Mortg,age Not Iasured. Borrow-er agcees tbat shoutd this Secvriry Instru�risnt aad the note sec�ued thereby noi ==-'
<br /> ' � , be eGgible for insurance under th�lN�i.�ai Housing Act within R �nt�� from th�
<br /> y',.. : • date hereof,Lender may.at its c�scin"and rtoiwitbstanding anything in Fa�agapR�l,req�se immediate paytnent m..., . ----
<br /> . r•,. . , fuIl of all sums secured by this�ecurity tnsuumen� A written statement of any authamsd a�ent oF the Ses�etary°.'� �::_-
<br /> • _ - � � ' dared sabsequent to �8 tna }}�s from the date hereof,decIPai�ra iasuse Ehis Security . .�
<br />_ _ Instrument and We note sec�ace��iereby,shall be deemed conetusive proof of such ineligi"in;iiy_ �'otwithstanding � �,��_-
<br /> - . . , . the foregoing,�his option may not be exencisea iry Lender when the�navailability of insurance�s�lely due to ��-
<br /> , . , Lender's failute to remit s►mortgage insvrance piemium to the Secretary. �=�
<br /> . 10 Reinstatement Borrower has a right to be reinstated if Lender has required immediate payment in full because _-
<br /> � , '. of Bomower's fail�me to pay an amoant dne ander tlie•Note or this Security Insaament. Ttiis right a�Hes even after �
<br /> • , . , foreclosace proceedings are institated. To reinstate the Security Instrumen� Borrower shall tender �n a tump som aU �'''�---
<br />- • ' � , amounts reqaired to bring Borrower's account c�urent inctuding,to the extent they are obligations of Borraaec ander this �;,,
<br /> ' � � Secwity Ias�amen�foreclos�re costs and reasanable and customary attomeys'fees aad expenses properly « ' with . __-
<br /> � . � the foretlos�e pror.eeding. Upon�instatement by Borrower.this Securiry Instrument artd the obligatians di�it secates -
<br /> .. • ' . � shall remai�n in effect as if Lender had not tequired iFnmediate payment in full. However.Leader is not req^..�to peim:*t �*;=`
<br /> • � zeinstatement if: (i)Lender has accepted re���a+s*nent after the commencement of foc�eclo�proceed'ntgs within nvo ,�?'... '
<br /> � . � yeais immediateiy preceding the comffsancement of a current foreclosure proceeding, (ri) :rt.zstatemeut arill pieclade
<br /> . � � foreclas�ue on different grounds in the fudne.or(iii)reinstatement will adversely affect the priarity of the Iit-a cteated by � _
<br /> . • this Seeurity Instrmnerc� -
<br /> � , 1!. Borrower l�Iot Reteased; Forbearance�iy Lender Nof a Waiver. Extension of the time af payment or ��•���' _
<br /> --�-- . . -�� - , . modification of amortization of the sums secuc�ed by this Security Insuument granted by Lend�r to any successor�n mtetrst � _-
<br /> _ ' of Boaower shall not operate to release the liability of the original Borrower or Borrowet�s successor m inteiest. Le�tder �=• r-�-
<br /> �;r ..`.•>t'm.
<br /> .. ' shall noi be required to commence proceedings against any successor in interest or refuse to e�ctend time for payment or -
<br />" _ otherwise modify amortizadon of the sums secured by this Securiry Ins�trument by reason of any demand made by We - _4� '
<br /> , :;.,.: original Brnmwer or Bo�rower's successors in ittteses� My for6earante Iry Lender in eacmcising asiy rigfit ar temedy shall =
<br /> . ,',�,;,• � ' not be a waiver of or preclude the exercise of any right or remedy. � —
<br /> . . �' lZ. Su�ors and Assigns Boand;Jotnt and Several Lia6iltty;Co-Sigaera. The covenanu and agrecments of �. .��=_ � __
<br /> _ , , ' this Security Insuument shall bind and trenefit the successors and assigns of Lender and Borro��t.�6,�ctw the pmvisians ' �----
<br /> . ' of Paragmph 9.b. Borrower's covenants and agreements shall 6e joint and several. My Hor.�xer who co-signs this ';�.,,,��
<br /> � Security Insuument but dces not execute the Note: (a)is casigting this Securiry Instrucnent oniy to mortgage,grant and ;,.�{�;,_
<br /> � .,:;.:r'��. � convey t h a i Bormwer's m t eres t in t he P t o p erty tut der t he terms o f t fiis Security Instrument:(b)is not Qerso n a l ly o b i]'g a te d to - -
<br /> .. , `;�� _ . pay the sums secured by this Security Instrument;and(c)agrees that Lender and any other Barrower may agr8e to eatend, ��,�r��.._—
<br /> • • modify.forbear or make any accommodations with regard to the terms of this Security Instrument or the Note wiihout thut -
<br /> � i • Borrower's consen� .':" ��-
<br /> . �� � 13. Notices. An notice to Borrower rovided for in this Securi instrument shaU be ven b deliverin it or b ���. .
<br /> Y P tY � Y g- y .:,>�`�:.i,�,�-;"_:_
<br /> � . • : mailing it by first class mail unless applicable taw reyuires use of another method. "Ihe notice shall be directed tn the .. r-
<br /> Property AdAres9 or any other address Bomower designates by notice to Lender. Any notice to Lender sliall be given by ���
<br /> . fitst class mail to Lend�:z's address stated herein or any address Lender designates by notice to Borrower. Any notice �,':_
<br /> ,�i�i,':. . ,
<br /> . • . provided for in this Security instrument shall be deemed to have been giveq to Borrower or Lendcr when given as provided � �•
<br /> ..;'t� � in this paragtaph. . . • �-=
<br /> �'`'���-v��� 14. Govemin Law;Severabfll This Securit Instrument shall be ovemed 6 F'e:erai law and the Iaw of the -
<br /> . -..i,:,it::. � tS- Y B Y , . ��
<br /> :, jurisdiction in which the Property is located. /n the event that any provision or clause of this Securiry lnstrument or the . `�,
<br /> � . . . . Note conflicu with applicable law,such ca�flict shall not affect other provisions of this Security lnstrument or the Noie --
<br /> . '. .� , which can be given effect without the conflicting provisio�l. To this end the provisions of this Securiry Instnunent and the � � .. �:�
<br /> Note ane declured to be se�-erable. '
<br /> �" • •. ` 15. Bonrower's Capy. Borrower sisal!�e�ven one conformed copy of this Security InstrumenL '_ , � . -
<br /> - � :•�°�;:• 16. Asslgament of Renls. Borraxer unconditionally assigns and transfers to i.ender all the rents and revenues of the � • -
<br /> • . Property. Borrower autftorizes Lender or Lender's agents to wllect the rents and revenaes and hereby directs each tenant of � � . ��
<br /> � � � the Property to pay the rents to Lender or Lender's agents. However.prior to Lender's nodce to Borrower of Botrower's . s� ,�•;
<br /> . , brach of any wvenant or ag�eement in the Security instiument.Borrower shall collect and receive all rents and rewenues of � �;. �
<br /> • 1he Property as wstee for the benefit of Lender and Borrower. 'i'his assignment of rents canstitutes an absolute sLSSignment � ' '
<br /> ' � . und nat an assignment for additional securiry only. .
<br /> � . ..
<br /> � • lf Lender grves notice oF bneacb to Borrower. (a)all mnis received by Boaower shall be held by Bormwer ac Wstee ,
<br /> • . _ for benefit of Lender only.to be applied to the sums secured by tfie Securiry /nstnunent:(b)l.ender shall be entitled to • �
<br /> , .' • , coliect and receive all of the rents of the Property;and(c)each tenant of the Property shall pay all rents d�e and unpaid to .
<br /> . , Lender or Lender's agent on Lender's written demand to the tenant. � � '
<br />-• • �orrower has not executed any prior assigament of the rcnts and has not and wi11 not perform any act that wonld � • .`.•
<br /> _• . • prevent Lender from exercising iu rights under this Faragraph 16. � ! . _«.�
<br /> - � Lender shall not be required to enter upon.tatce control of or maintain the Property befom or after giving natice of � �
<br /> �,. • � breach.to Borrower. Howevet,Lender or a judicially appointed receiver may do so at any time there is a breach. Any
<br /> • . � � . application of renu shall not cure or waive any detault or mvalidate any other right or remedy of Lender. This assignment i� •
<br /> •• . of rents of the Ptoperty shall tzrtninate when the debt secured by the Security Instrument is pa�d in full. . . :
<br /> ; . , • . .
<br />_ . , . � .
<br /> . , . . ;
<br /> --�=- ' - - � - --- -
<br /> , � . . .
<br /> -. --- - . r�gr3�3epagca3 �...__,,_...__._.. —
<br /> ;� .. • . ., i J ,
<br /> . , . �
<br />
|