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<br /> • payments. �shich nre �cfcrred to in I'araUraph 2, or chungc thc amuunt uf such p�ynuntti. Any cxcetis prucceds uvrr nn ., a�:�,,�:
<br />� ' • amount required to pay all outstanJing indcbtcdncss under tl�e Notc and this Securiry Intimuncnt shall bc paid to thc cntiry =
<br />_ . . lcgally entitled thcreto. _—_
<br /> " �� 8. ree�. Lender mny collect fees and chnr�es uuthorized by the Secretary. .. _
<br /> , 9. Grou��Us Ya� Accclerntion oP DEbt. . - -
<br />__�.: ,;' (n)pefault. Lcndcr may,cxccpt as limited by rcgulntions istiucd by thc Sccrcuiry in thc ca+c c�f paymcnt defaults, �'�'"_-
<br /> � require immediate payment in full of�II sums secured by this Securiry Intitrument if: ., -
<br /> (i)Borrowcr dcfaulcti�►y fniling to pay in full any monthly p.rymcnt rcyuin:d by this Sccurity Instrumcnt priar ( �.;y;.=
<br />�;� to or on thc duc datc of thc ncxt enantlily paymcnt,or ��7
<br />_ .. - (ii)Sarrowcr dcfaults by fniling,for a periad uf thirty duys,to perform any othcr obligntions conti�ined in this I ., 1�„"T`;r,
<br /> Securiry Instrument. 7'"r
<br /> (b)Sule Without Credit Approvnl. Lender shiill,if permitted by applicable law and with[hc prior approval of thc +►�w
<br /> . Secretary,rcyuire immediate pnyment in full of All the sums sccurcd by this Securiry Instrument if: a .w
<br />' " (i)Alt or part of thc Property,ar n bcneficiul intcrest in a trust owning all or part of[he Pruperty,is sold or
<br /> othcrwise transferred(uthcr than by dcvisc or desccnt)Uy thc Borrower,and �,^,
<br /> (ii)Thc Pruperty is not occupied by thc purchuscr or grantce us his ur her principal residencc,or the purchnscr
<br /> ' or grantee d�es so occupy the Property but his or her credit hati not been approved in uccordance � "°+�
<br /> ' with thc rcquircmcncs of the Sccrctary. '
<br /> (c)No Wniver. If circumstances occur thnt would pemiit I.endcr to rcyuirc immcdiate payment in full,but Lendcr .
<br /> ' ' , . docs not rcquire such payments,L.cndcr slocs not wu�ve its rights with respect to subscyuent events.
<br /> : (d)Regulntlons of HUD Secretnry. [n many circumstances regulutions issued by ihe Secretnry will limit Lender� -
<br /> ri�hts, in the casc of ptryment detaults, ro rcquirc immcdiutc paymcnt in full and forcclosc if not paid. This .•'
<br /> ° Security Instrument dces not uuthorize ucceler.ttion or fomclosure�f not perm itted by regulations of the Secretary. �
<br /> � (e)Mortguge Not dnsured. Borrower agrces thut should this Sccurity Instrumant and the note sccured thereby not I *k��•
<br /> be cligiblc tor insurancc undcr thc National Housing Act within 90 DRYS from thc
<br /> datc hcrcof,Lcndcr rnay,at its option�tnd notwithstunding anything in Pangraph 9, rcyuire immcdiatc payment in + �
<br /> ' ' ` full of all sums secured hy thiti Security Instrument. A written statement of any authorir.ed agent af the Secretary +�—
<br /> ' dated subse uent to from ehe date herenf.Jeclinin ro insurc this Securit � r
<br /> y 90 OAYS E Y _ �,;
<br /> instrument and the note secured thereby,,hnll be deemed wnclutiive proo(of,uch ineligi6ility. Notwithst�snding
<br /> the fareboin�,this option muy not bc excrciscd by Lender when the unavailabiliry of insurance is solely due to '.� .� rs`-
<br /> . " Lender's•failurc to remit a mortg.�ge insurunce premium to the Secretary.
<br /> 10. Refnstutement. Iiorrowcr has a right to bc rcinstatcd if Lcndcr has rcquired immediate paymcnt in full becausc ° ,�'�—
<br /> �� ' �f Borrowcr+ failure ro �ay an amowit due under thc Note or this Sccurity Im�rument. This right applics cven after ,,.�� °�
<br /> . foreclosure procecdings are instituted. To reinstate the Security I�strument, E3orro�ver sh.dl tendcr in ii lump sum all ��'.� -
<br /> _ ___ _ �sr.�snts m�,�u�r��,�rn hrin�� Rorrower'ti account curcent includine.to thc extent thcy arc oblieations of 8orrowcr undcr this � °
<br /> Sceurity Instrument, foreclosure costs and reasonuble and customury�ttto���yti'f'ees and expenses prope�ly associated with r �}
<br /> . th�foreclosure proceeding. Upon reinstatement by Borro�ver,thix Security Instrument :md the ubligationti that it secures
<br /> shall remnin in effcct .is if Lender hud not re�uircd immcdi�uc payment in fulL However,Lender is not reyuired ro Pcmtit . � '
<br /> reinstatement if: (i) Lcnder has acccptcd remstutcment aftcr thc commcnrcmcrn��F foreclosurc proccedings wuhin two �� .
<br /> „ � years immedixtely preceding the commencement of a current foreclotiure procceding, (ii) reinstatement will preclude .� . .
<br /> �� foreclosurc on diffcrent�rounds in thc futurc,or(iii)reinxtatemcnt will ad��erscly affect thc pri��riry of thc licn crcatcd by
<br /> this Security Instrument. ' � ' '
<br /> I ' -���
<br /> • 11. Borrower Not Releused; Forbeuronce by l.ender Not a Wulver. Ex�ension of thc time of paymcnt or �. � .
<br /> modification uf nmortiration of the sums securcd by this Securiry Intiu•umrnt gr.inted by Lendcr to uny successor in interest ' b�: �
<br /> of Borrowcr shull not operatc ro relcasc thc liability of thc original I3urrc�wrr ur f3orrowcrti succ��swr in intcrest. Lcndcr • � '
<br /> shnll not be reyuireJ ro commence procecdings agu�ns[ :uiy succetiwr in interese or refuse to extenJ time for payment ur "
<br /> " othenvisc modify amortiiatian of the sums sccured by this Sccurity Intitrumcnt by reason af any demtmd m�idc by thc !
<br /> original Borcowcr or E3orro�ver s successor�in inteRSt. Any forbcaruur by Lender in exercising any right or remedy shull l . . � `�
<br /> not be a w.iiver of or preclude the exercise of any right or remedy. . t'�',•' --�
<br /> 12. Successors und Assigns Bound; Joir.t and Scvcral I,Inbillty; C'u•Si�;ncrs, 'ftic covcnants ;uid agrccmcnts uf � �'� °
<br /> �� .. this Sccuriry[nstrumcnt shall bind and bencfit[hc succcssurs�and assigm of Lrndcr und Burrawcr,subjcrt tu thc provisions 'y
<br /> of Puragraph 9.b. Borrowcrk covcnnnts �nd agrccmcntti •hull bc joint und �evcr.�l. Any Hc�rrower who co-tiigns thia -
<br /> Securit y lnstrument but does not exccute the Note: (u) iti co-signing this Security[nstrumcnt only to mortgage,grant and J�� 'h,
<br /> � convey thut Hottower's interest in the Property under the tertns of this Security Instn�rncnt;(h)is not personully obligatcd to , `.:�A �
<br /> pay the sums secured by this Security Instniment:and tc)agrecs thut Lcndcr and any othcr Borrowcr may agree to cxtcnd, ' F '
<br /> modify,forbaar or mukc any accommodutions with regunl tu►hc tcrmx of Ihi.Security Inslrumcnt ur thc Nutc wilhoul that � . .'�,t•
<br /> h Borrowcr;conscnt, i �'� �•; ;'*
<br /> 13. NoNces. Any notice ta Rottowcr provided for in this Sccuriry Instrument�hall he given by dclivering it or hy ' `i�.; -
<br /> , mniling it by fint class mail unless applicuble Ixw reyuires use of another method. The notice tihall be dirccted to the ; �t, ,�
<br /> '.. , - , F'rop:rty Address or uny other xddress Bo►rowcr dcsiFnatcy hy noticc to Lcndcr. Any notice to Lender shall bc givcn by , -
<br /> ^ 1ir�t :I�ss muil to Lender's•addretis statcd herein cir any addn:x, l.cndcr designatcs by notice to Burrower. Any noticc
<br /> " �ru�•ided for in this S�curiry lnstrumcnt�hall bc decmcd to havc becn givrn to Bo�TOwcr or Lcndcr when givcn:is providcd ; �:
<br /> � m this para�raph.
<br /> 14. Govtrnin� Law;�evenibllity. This Sccurity In�tniment xhcdl h,c guvcmcd hy Federal I�nv and Ihc law uf thc i i
<br /> " jurisdiction in which the 1'roperty is located. In the event that any provisi�m or cluuu of thi�Security Instn�ment or thc i x
<br /> � Note canflicts with.ipplicable law,such contlict+h.dl not affect other provisions of ihis Securiry Instrument or thc Notc i .
<br /> ' which can be given eifert without the con0icting provixion. To this end the provisic�ns of this Securiry Inrtrument and the I �
<br /> Note i►re declurcd to be sevcr.�blc.
<br /> � IS. Borro�ver's Cop,v. Barrower shall tx�given onc conformed c:opy uf this Security hi•;trument. '
<br /> 16. Assignmcnt oF Rcnts. Borro�vcr unconditiunally ati.iLn�and tran,fcrs lu Lcndcr all the rcnts:md n:vcnucs of'thc
<br /> Property. Dorrowcr axtQiorizes Lcndcr or Lcnder s at;ents to collect thc rcnts and rcvcnucs and hcreby di►ncts c;ich tcnant of �
<br /> thc I'roperty to pay the rcnts to Lendcr or Lcndcr:s agcnts. Howevcr.prior tn Lcndcr's notirc tn f3orrawer of Borcowcr'ti '
<br /> . � hmach of amy covenant or ugreement in the Securiiy In+trument,[3orrower,hall collect and n:reivc ull rents:tnd revenues oF ��
<br /> � , �� thc Pmperty ax tn�stce for thc henefit of Lcnder auJ Burrowcr. This astiignment of rcnts constitutcti an absolutc:�.csignmcnt � -
<br /> ,
<br /> ► nnd not an assignmcnt for adciitional sccuriry oiily. � ..
<br /> . �-. -,._._:_-- _ .-.- .-_ IC t.....l..�..:....., ...a:..n..0 hnaorh tn Rnrmwnr• Inl��II n,ntc rn.v.ivnd hv p.�rrnwnr�h�all hn hnlrl hv ilnrrnwnr n.�n�.�.... L __'_ '
<br /> .._.___._____.__-_.__ . u ......ve. .-.__.._......"'..___ , .
<br /> t . 8...,� ...,............_�..._ __......_.. � __......_....._..__.._._..� _........__ �.__...__ ...
<br /> for benefit of Lcndcr only,to bc applicd ro thc sums serurcd hy thc Securiry InsirumrnC (hl Lcndcr shall hc entided to
<br /> � collcct and rcccivc all of thc rcntti ot thc Property;�md(c)cach tenant of thc I'roperty�hall pay all nnts Juc and unpaid to ,
<br /> :. Lender or Lendcr�agent on Lcndcr's written dcmand to the tcnnnt.
<br /> �. Ciorcowcr has not exccuted any prior assit;nmcnt of thc rentx ,md hus not ;md will not prrfortn any act that would
<br /> �� ., prcvcnt Lcndcr from cxcrcising its rights undcr this Paingr,tph I(�. ,
<br /> � Lcndcr shall not hc reyuirod to cntcr upon,t�ilcc rontml of or maintain thc Nrci�rcy hi:fnrc or;dtcr�;iving noticc uF ,
<br /> bnach te Dorrowcr. Ftuwcvcr. Lcndcr ur a judicially appoiutcd rccrivcr may do.0 at any iimc thcn� is ;i bmarh. Any '
<br />- , npplicution of rcnts shal!not cum or waivc:sny dcfauU or inv,ilidatc any othcr ri�,ht ur rcmcdy uf Lcndcr. This as.iNnment
<br /> uf rcnts of the Prv�perty shaU tenninatc whcn thc dcbt securcd by thc Sc�:urity Intitrum�nt iti paid in t'ull. �
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