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<br /> :R..'�!`_.,�;"u�.,,.'�IL ���v;..� �A'+ti!. �;.�*�r'.;4,"` _ A°r�q. •� . ,.fi!� ,11�=�N�!Yrt�; 4y�.f�1���.__._,... -
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<br /> payments, ��liich �re referred to in Pnre,�rnph 2,ar change the umount of such plyments. Any excess procecds c�ver nn • z�- -
<br />_ _��;� ���+�.�: nmount rcquired to pay nit outstanding indebtcd��ess under the Notc und this Sccu�ity Instrument shall bc pniJ to the entity „ ,. � �``�
<br /> :':;� �•. ..
<br /> .:..-�,;.�.,.�.�;�,.a legaUy entiUed thcreto.
<br /> ""`�"F°�"��'�'"� 8. Fees. l.ender mny callect fecs nnd charges autharii.ed by the Secretury. �
<br /> �. , �
<br /> ;"-�`�`�'�"�-� 9. G�•oundstorAccclerutto;�ofDcht.
<br /> t.�,� 1�,.#,.� (a)llefAUlA L.ender may,except as limited by regulations issued by the Secretary in the rnse of p�yment defnults, •
<br /> , r�t,. require immedime payment in full of all surns secumd by this Security Instrument if: • , ;" �'•-•-"'
<br /> ''�"�'�T� (i)Rnrmwcr defnults b failin.to � in full on monthl a mcnt rc uircA b this ticcurit Instnrment rior
<br /> - •,,;��s� Y C P�Y Y Y P Y N Y Y P . ==
<br /> _ __ _-� to or on the duc date of thc next montnly p�yment,or .Y`
<br /> �-1:--�:�-- (ii)Horrower de fnu lts b fai lin . for n r i o d o f t h irt da s,to r fom�:+n ot hcr o b li ntions contuinc d in t his ' �� .. `
<br /> .:,:..`",.��'�..��;n' Y S P£ Y Y P� Y S .
<br />_ Sccurity Instrument. �
<br /> -a��:,." ',�.,•:,. (b)Sale Wilhout Credit Approvul. Lender shap,if permiucd by upplicublc law and with�hc prior approvnl of thc �-
<br /> �'. ,, — -
<br /> �,�,: -. �
<br />__ . ��;;� .. Secretary,re.quire immediute payment in Full of all the sums securcd by this Sccurity Instrument iE
<br /> -� '�'• ,' (i)All or pan of the Propeety,or a beneficial intemst in a trust owning all or part of thc Property,is sold or ;�
<br />- -�"'''�;" ^ othcrwisc transferred(othcr dian by devise or descent)by the Borrowcr,and • _ -
<br /> �=-;;;,•��`,:s:<;:.. ,,:'� (ii)The Plroperty is not occupied by the purchnser or grnntee as his or her pnncipal residence,or the purchaser „ � ;�:
<br /> -��t_`:.��`,'''''i or grantee does m accupy the Property but his or her credit has not been approved in accordance • • � ��: ,�,
<br /> t� : with the requirements of the Secretary. , �
<br /> (c)No Waiver. If cir�cumstances occur that would pennit Lender to require immediute payment in full,but Lender �,�'`
<br /> :....' .,�� ... . ,.
<br /> "` `•' ` �'`' ` � does not re;yuire such p�yments.Lender does not wnive its rights with mspect to subsequent events. °
<br /> �'��`�'-'~"•�•�=�� (d)Regulatlons of HUD Secreta�y. In many circumstunces regulations issued by the Secretnry will limit Lender's � �
<br />--=;tr�. �, ;,a';} `.^�;•.
<br /> �`� rights, in the case af payment defaults.to reyuire immediate paymcnt in full und foreclose af not paid. This 4.��:��'� f
<br /> .:;x°•�;�::_.;:"I.. .. . :r
<br /> , .h.-.• �•.�,' Security Instrument does not authorize acceleranon ar for+eclosure if nut permitted by regulations of the Secrctary. . „��,'.••�+K=���
<br />- �� � �• ' • (e)Niurtgage Not Insured. Boaower agrees that should this Srcurity[nstrument and the note secured thereby not '' '�� �'"---
<br /> ....�c.,..
<br />_'"''°z�` � '.' be eligible for insurancc under the Netional Housirtg Act�vithin 8 mon�hs from the • �'�t�.
<br /> � dnte hereof,Lender may,at its option and notwithstanding anything in Paragraph 9,rcyuire immcdiate payment in ,��.
<br /> -'"'T" � • full of all sums secured by this Securiry Instrument. A wriuen statemcni of any authorized ugent of the Secretiry •Ffi,,�y. ;�y
<br /> _;c.�:H�::•;:,. ::; ,
<br /> •s�. .
<br /> ' dated subsequent to 8 months from[he datc hcreof, declining to insu�this Sccurity . � ��
<br /> - ^.:�^;'�"� •, Instrument ans�the note secured thereby,shall be deemed conclusive proof of such ineligibility. Notwithstanding � ' � ��
<br /> ° .:�,:-:`°—
<br />�',�._;,,: , . thG foregoing.this aption may not be excrcised by Lcndcr when the unavuilability of insurance is solely due to � ' �•,,,.•����-
<br /> ' ' Lendert failu►�e to remit n mortgage insurance premium to the Secretary. •` �� ._
<br /> ''r.; : .. � 10. Reinstatement. Borrower hus a right to bc rcinstated if Lendcr hati mquired immcdiate payment in full because � ,
<br /> . - of Borrowcr§ failure to pay an urttount due under the-Note or this Sccuriry Instrument. This right npalies even after
<br />_ �' ,. foreclosure pra;eedings are instituted. 'Ib reinstate the Security Instrument, Borro�ver shall tender in a lump sum all ; �• -
<br /> mm�unts�enuired tn brinw Rormwerc nccount current includine. tn the eztent Ihev ane oblioations of Rorrower undev thic �� ' �-��� -
<br /> - '' � ^� Security fn.stntmcnt,forcclosun:costs and reasonable nnd customary aitomeys'fees and expenses properly associated with � �
<br /> , ':` `' the fonecfosun prcxeeding. Upon reinstatement by Borrower,this Securiry Instrument and�he obligapons that it secures . �• 4.
<br /> _ shall remuin in effect as if I.ender had not required immediate payment in full. Howevcr,L.cnd,.e is not rcquired to permit ��, •p '
<br /> ' �r'• reinstntement if: (i) Lender has accepted reinstatement after thc commencement of fomclosure proceedings within nvo ,
<br /> , . - �'' years immedintely preceding the commencement of a current forcclosure proceeding, (ii) reinstatement will pmclude _
<br />-. . : ; �` ° foreclosure on different grounds in the future,or(iii)reinstatement will adversely affect the prioriry of the licn cmated by '
<br />_ . • � .• this Security Instrument. �
<br /> °"•:� � �'' I1. Burrower flot Released; Forbearanar Ib Lender Not � Wniver. Extension of the time of a ment or . � ��` .��.
<br /> �. .��,.,.,.:.i.�.�-- Y P Y ..
<br /> T_,.,n,��.�,_.. modification of amoiti7a►don of the sums secured by this Security Instrument granted by Lender to any successor in interast ..�: ,
<br /> —_n;�;,�,,.. ,•. • of Borrower shall not operatc to release the liability of the original Barrowcr or Borrower:s successor in intcrest. Lender
<br /> �-�.:,,!«..-,.-, ;.` shall not be recluired ta commence procecdings against an�+ successor in interest or refuse ro extend time for payment or � •.ri,�
<br /> �;� , ., othenvise mod�fy amortization of the sums secured by this Security Instrumcnt by rcason of any demund made by the '
<br /> � ��•� original Borrower or Borrower'.s successors in intercst. Any forbearance by Lender in exercising any right or remedy shall � , } '
<br /> ,j•..�J.�<�'F,�4`:f�w . \'"__. _
<br /> �',:;,:n,.t.:,,�,;. .. not be a waiver of or preclude the exercise cf any right or remedy. .,:,,,.,���'..�
<br /> .. :..._,,„�. , 12. Succcssors and Assigos Bound;Joint and Several Liabil€Yy;Co-Si�ners. Thc covenants and agrcemcnts of _• y;- �`�-
<br /> __�_. _ . ", this Sccurity inswment sh;ill bind and benefit the succcssors und assigns of Lendcr and Borrowcr,subjezt to thc prov�sions I �..�,., • ,. ,
<br /> - • of Pnragraph 9.b. Borrower's covenants and agreements shall bc joint and several. Any �orro�ver �vho co-signs this � -
<br /> .:. • Security Inswmer►t but does not execute the Note: (a)is co-signing this Security Instrument only to martgage,grant and � _ �-�►-_
<br /> convey that Borrower's intercst in the Property under the tertns of this Security lnstrument;(b)is not personally obligated to �' , �i�;
<br /> • . pay the sums secured by this Security Instrument;urid(c)agrees that Lender and any other Borrower may agree to extend, �! �_�
<br /> � modify,forbear or make any accommaiations with regard to the tertns of this 5ecunty Insuument or the Note�vitltout that � �'Y
<br /> - Borrowcr�s consent. ���_
<br /> = 13. Notices. Any notice to Borruwcr provided for in this 5ecurity Instrument shall bc given by dclivering it or by ° '�. � '�'
<br />__ ' mailinB it by first class mail unless applicable law it;quires us� of:inother metriod. 'Ihe notice shall be dineted to the i� '� '
<br />- • Property Addness ur any other address Borcower designates by notice to Lender. Any notice to Lender shall be given by � � .
<br /> fir�t class mail to Lem:ler's• addmss stated hemin or any address Lender designates by notice to Borrower. Any notice " ..��
<br /> �� Provided for in this Security Instrument shall bc dcemed to h.ive becn given to 8orrower o�•Lcndcr when given as provided '
<br /> ''�_� . ;` m this para�raph. l t`
<br /> `-,� 14. Governing Lnw;Severnbility. This Sccurity Instrument shall 6e governcd by Fedcr.il law and the law of thc ; ,� ..J '
<br /> jurisdiction in tivhich the Property is located. In the cvent that any provision or clausc of this Security Instrumcnt or the ; : � ,
<br />-� Note conflicts with applicable law,such conFlict shull not a�'fect other provisions af this Security Instrument or tlie Note t;' �
<br /> wbich ewi be given effect witFtout the conflicting provision. Tu this end thc provisions of this Security Instrument and the i ; x,�
<br /> s' Note nre declarcd to be scverablc. ,. '
<br /> Y � . 15. Borrower's Copy. Borrower shall bc given onc confomied copy of this Sccurity Instnimcnt. � �.
<br /> �� 16. Assig,nment oi Rents. Borrower unconditionnlly nssigns and transfcrs to Lcndcr all thc rcnts:uid revenucs of the s�
<br /> Propeny. Borrower authorizes Lender or Lendcr�ugents to collcrt thc rcnts and revenucs;nnd hcrcby dimcts cach tcn:uit of _ d,
<br /> � " thu Property to pay ti�e rents to Lendcr or L.endcr's agcnts, However,prior to Lender'.s noticc to Borro�ver of l3orrvwer's �' °
<br /> , breach of uny covenant or agmement in the S��curiry[nstrument.Borrower shall collect and meeive all rents artd mven�ces of �',•f;
<br />` �tte Y►�perty�es tntstcc for the banefit of Lender and Borrowcr. 'lliis a�.�i�nment of rcnts constitutes an absolute axsignment �
<br /> • .... ,
<br /> '� and not:u�assi�nment for additional sccuriry only. � E. .i
<br /> �__'.. .-_ _--..- _. IF 1 wviu.�o:vm....�:ro..i l.nunnti�..An.w•wu.. (.al oll.wnt�.r..v.:..al 0... Cl....�.-....w..1..1� 1.�1...1.�1...0....�....................�.. '-_ —'.
<br /> .$ ____ ._`,__- _ ���..�.p................................ ..........�.. �..�.....�.......�....�-....� .....�...... ........ .o � �. • —__—. ....__ . __.
<br /> " , for bcnefit of Lendcr only,to 6e applicd ta thc sums secured Uy thc Sccurity Instr�nunt; (b)�LcnJcr shall be entitled tu � Ir
<br /> °� ., collect 3nd r�eceive all of the rents of the Proper�y;:md(c)each tenant of the Property shall pay all rcnts due and unpaid ro � �
<br /> Lcnder or LcndcrS agent on Lender�s wrinen demand to the tenant. � • �
<br /> Borrower has not executed any prior assi��ment of the rcnts:►nd has not and .vill not perfom� any act that wou1J i . p
<br /> pr�;vent l.ender from exercising iu rights under this Pangr.�ph 1 fi. � � '
<br /> Lcitder shall no1 bc nequired to cnter upon,take control of or maintain tlu Property bcforc ar aftcr giving notirc of ; • ,
<br /> breac6 Ro Horrower. However, Lender or a judici:illy a��ointed rcceiver may do so at any�ime there is a bnacl�. Any �
<br /> applicalion of rsnts shall not cune or waive any default or mvalidatc any other right or rcmedy of Lcndcr. 1'his assignmcnt '
<br /> of rents of the Pro�eRy shall tcrminate�vhcn che dcbt sccurnd by thc Securiry Intitrument is paid in full. � �
<br /> �� , .. IptgPluJJlw.4lJI � � •,
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