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<br /> paymcnts,whicli nrc rcfcrr�d to in Pura�ruph 2,or cluuihc thc urnount oi',ucli paymcnts. Aoy cxu:ss prcuc��dti ovcr nn
<br /> q� c�m�unt rcc�uircd to p,ry all uutstundin� inciclitcdncss undcr thc Notc nnd this Security(psh'ument shnll bc paid to dic cntity
<br />�; Ic�n�ly entuled thcreto. .
<br /> � „ � H. �'ees. l.ender may collect fees nnd ch�tges nuthorizcd hy the Sccrctnry.
<br /> ° 4. Grounds Por Acecicrntlon oP Debt. .
<br /> (a)Detnult. l.endcr may,cxcept uc limitcd by regulutionti issued by thc Sccrcuu}�in the cnsc��f payment dcluults, ;���_
<br /> mquire immedinte payment in full of ctll sums secured by this Securi:y Instniment if:
<br /> , (i)Rorrower defaults by fniling to pay in full any mantldy p�yment rcquircd by�hiti Secu�ity Iu,t�wneut pfiu, ,
<br /> ta or an thc due dnte of the ncxt monthl 1 mcnt,or �°J��
<br /> YP•Y
<br /> (ii)9orrowcr dcfaults by fniling, far:► period af thiny days,to perform any othcr obligntions contuined in this ��{�=T
<br /> Sccurity Instrumen�. '`-�
<br /> (b)Snle Without Cred[t A rovnl. Lr.nder shall,if rtnit�ed b n licublc IAw und with the rior n rovnl nf thc ';�
<br /> PP Ix Y Pp P PP �,.
<br /> Secretary,requine immediate payment in full of all the sums securcd by this Security Insaument if: • _-
<br /> ' , (i)All or part of the Propeny,or a bencficinl intcrest in u trust ownin�ull or pnrt af thc Property, is sold or �Y�'r•
<br /> , otlierwise tra�isferred t�ther dii►n by devise or descent)by the Battowcr,and �-;�`'�`
<br /> . • (ii)The Property is not accupied by the purchaser or�rantee as his ur her principal residcncc,or the purcttnscr _ �•_
<br /> - or grantee does sa occupy the Propeny but his ar her credit has not been approved in nccardance ���_
<br /> ' with thc requircmcnts of thc Sccrctary. �.!'_�.-:��
<br /> (c)No W►tivcr If circumstances occur that would permit I.cndcr to reyuirc immediate paymcnt in full,but Lcnder r�.�;,�,._
<br /> • " daes not rcquire such paymcnts,Lendcr docs not wuive its rights with respect[o subscquent evcnts. G°:�`°
<br /> ' (d)Regulatlons of HUD Secretnry. In muny circumstances regulations issucd by the Secretmy will limit LendGr'.s 4'""
<br /> . • rights, in the casc of payment defaults, to rec�uirc immediatc paymcnt in full and foreclose if not paid. This =-_
<br /> ; Security lnsnument dces nat uutharize accelcration or forcclosurc if not permiited by re�ulations of the 3ecretary. �
<br /> • (e)Mort�uge Not Insured. Borrowcr agrees[hat should this Security Instrument and the note secumd thcreby not -°-
<br />�; ' bc cligiblc for insurancc undcr thc Nationul Housing Act within 90 DAYS f'rom thc �,
<br /> • date hcreof,Lendcr may,at its option and notwithstanding anything in Paragraph 9,require imn�edinte payment in �` �
<br /> �. full af all sums securcd by this Security Instrument. A wriiten statement of uny authorized agent of the Secretary --
<br /> datcd subscquent to 90 DAYS from the date hercof,declining to insttrc thes Sccurity __
<br /> Instrument and the note secured thereby,shall be deemed conclusive proof of such ineligibility. Notwithstandin� �
<br /> , - the famgoing, this option may not tic cxcrcised by Lendcr whcn the unavnilabiliry of insurance is solely due to -
<br /> ' " Lender ti fnilure to remit u mortgag�insurance premium to the Secrstary. —
<br /> 10� Neinstt►tement. Borrowcr hns a right to be rcinstuted if l.endcr has rcyuircd immedintc payment in full because
<br /> ' of Borrowerk failurc ro pay an runount due under thc�Note or this Sccurity Instrument. This right applies eveu after
<br /> _ _
<br /> � � foreclosure proceedings ,ve instituted. 'R� reinstate the Security Instn�mcnt, Borrower shull tender in a lump sum all ---
<br /> amounGs rcqwrcd to bnng tiorrowcr's nccount currcnt incluAing,to thc extent titey are obiigations of Borrower under this �.
<br /> 5ecuriry Instcument,foreclosure costs and reasonuble and customary anomeys'fees und expenses properly associated with --
<br /> the forcclasure proceeding. Upnn reinstatement by Borrower,this Security Instrument and the obligntions thut it secures --
<br /> shall mmain in effect as if Lendcr had not rec�uin�d immediate payment in f'ull. Howevcr,Lender is not required to pertnit
<br /> • reinstntement if: (i) Lender has accepted re�n�tatement after the commencement of foreclosure proceedings within two ��
<br /> � • yenrs immediately preceding the commencement of u current foreclosure proceeding. (iil reinstatement will preclude °�;F;;
<br /> foreclosurc on different grounds in the future,or(iii)rcinstatcment will udversely affec[the priority of the lien crented by
<br /> this Security Instnimr.nt, --
<br /> „ 11. Iiorrower Not Relensed; ['orbe�rnnce by Lender Not a Wniver Extension of thc timc of paymcnt or _
<br />- modification oF amortixation of the sums secured by this Securiry Instrument granted by Lender to any successor in mterest
<br /> of Bortower shnll not operutc to releasc thc liability of the original Borrowcr or Borrowcr's succcssor in intcrest. Lender '�•,�.
<br /> sl�ull not be required to commence p�nceedings ngninst any successor in interest or refuse ro extend time for payment or �n.
<br /> " otherwisc modify amortization of thc sums sccurcd by thiti Sccurity Instrumcnt by rca�on of any dernand mudc by th� �
<br /> original Borrower or Bonower's successon in interest. Any forbeurance by Lender in exercising sny ri�lit or remedy shall �
<br /> not be a waiver of or preclude thc exercise of uny right or rcmedy. -
<br /> 12. Succe�.sors and Assi�ns Bound;Jolnt und Several C.iability: Co-Signcrs. Thc covennnts 1nd ngrcements of ''•
<br /> " this Security Instrument shall bind and bencfit the successors nnd:►ssi�ns of Lcndcr and Dorrower,subject to the provisions •�''
<br /> , ' of Pnragraph 9.b. [ionou�er's covenunts and agreementz tihull be joint AO(� several. Any Borrower who co-signs this
<br /> Security Inst►umcnt but docs not exccutc thc Notc: (a)is co-signing this Sccurity lnstrument only to mortgngc,grant and
<br /> convey that Botrower ti interest in the Property under the terms of thi� Sccuriry Tnstrwnent;(b)is not penonally obligated to
<br /> pny the sums secured by this Security lnstrument and ;c)ngrees that Lender and uny other Borrower may agree to extend, �
<br /> modify, forbe:tr or muke any nccommodntions with regard to the terms of this Security Instrumcnt or the Note without that
<br /> e Borrowcr'.s conscnt. „
<br /> 13. Notices. Any notice m Borrower provided for in this Sccuriry Instrument shull be given by delivering it or by .
<br /> �� mailing it by first class mail unlcss applirablc li►w rcyuires usc of anuthcr mcthod. Thc noticc shall bc dircctcd to thc ,
<br /> Property Address or any�ithcr address Dottowcr dcyignatcs by noticc tu Lcndcr. Any noticc to Lendcr shnll bc givcn by
<br /> fint class muil to Lender`s address stated hercin ur any address Lender designcucs by notice to Borcowc►•. Any notice I
<br /> „ , �rovided for in this Security Instrumcnt shall bc dcemcd to huvc bccn given to Horrowcr ar Lcndcr whcn givcn as provided
<br /> in this pamgruph. �
<br /> , 14. Uovernin� Lmv; 3everabiiity. This Sccuriry [nstrument shall lx govcrned by Crdcral luw and thc law of the
<br /> jurisdiction in which thr,I'ropcny is locatcd. !n thc cvcnt th�t any provision or clausc of this Sccurity Instrument or thc I
<br /> F • ' Note conflicts with applicable Inw,such conflict shnll not affect othcr provisions of this Sccuriry Instrument or thc Note
<br /> which can be given effect without the conflicting provision. 'Ib this end the provisions of this Sccurity ]nstrument and thc i .
<br /> Note aire declured to bc severable.
<br /> 15. Dorro�ver's Capy. t3ono�vrr shall tx given one cont'ormeJ cupy of this Securiry lntitrument. �
<br /> 16. Assi�;nment of Rents. Borrower unconditionnlly assigns and iransferti to l.rndcr all thc rcnts:�nd revenuct��f thc
<br /> : F'roperty. Borniwer�tuthorites Lender or Lender+agents to collect Ihe rentti and revenuex and hercby dirccts cach tenant ot� '
<br /> the F'ro}xrty to pay thc rents lo Lcndcr ur L�ndcr's agents. Howevrr,prior to Lcndcr's noticc to Horrower of Borrower's �
<br /> ' , brcach of uny covennnt or ugmement in the Securiry Instrument,Borcoa•er shull collcct:md reccivc all n:nts and rovenueti of �
<br /> thc Property us tnistcc for thc bcnefit of Lendcr and Burrowcr. '1`his a,si�nment of rcnts conscitutcs.ui absolutc assignmcnt �
<br /> _� and not an ussignment for udditionid security only. i
<br /> - - It l..cnder grves not�cc ot brcnch to Borrower: (a)all n:nts rc�cc�vcd hy Borrowcr shull bc held by Borrowcr as tcustec '
<br /> i • fo►• bcncfit of Lendcr only, ro bc upplicd to thc sumx sccured by thc Security Instrumenr. (b) Lcndcr shall bc cntiNcd to �
<br /> , collect and receivc:dl of the rcnts of thc Property; and (c)cach tcnant of thc Pmperry zhall pay i�U rcnts due and unpaid to
<br /> ` Lender or Lender�ugent on Lendcr's written demund to thc tcnimt.
<br /> � � I3otrowcr has not executcd any prior assignmcnt of'thc rcnts and has not :md will not pertorm ;uiy act that would
<br /> , pre�vent l,ender from exercisin4 ih rights under this Par.�gr.iph 16.
<br /> t Lcnder shall not bc mywred to entcr upon,takc rontrol of or maintain thc Property hcforc or aFtcr giving noticc uf �
<br /> r, brc:uch to Borrowcr. Howevcr, Lendcr ur a judiciidly apPointcd re�-civcr may do so at any timc then: is u brcach. Any
<br /> application of rtnty shatl not cum or waivc any dcfault or mvalidatc any othcr right or remcdy of Lende�. 7'his ussiEnmcnt
<br /> � of mnls of thc 1'rupeny xhall tcrminatc when thc debt securcd hy thc Sccurity Instnnnent ix paid in f'ull.
<br /> . � f/�uRr 3,�f 4 paxt�l
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