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<br /> payments, which ure referred to in Parabraph 2,or chunge thc anwunt of tiucii pa�iments. Any exce�s proceeds over.+n .
<br /> nmount rec�uired to pay ull outstanding indebtedness under thc Natc and this Securiry Instrument shnll bc paid to ihe cntily �
<br /> • . Icgnlly cnnHcd ihcrcto. , _-
<br /> � S. Fees. Lcndcr mny collcct fces i�nd charges authorized by thc Sccretary. �
<br /> �� 9. G�•ounds fbr Acccicrntion uf Debt. �-
<br /> (n)Det'nult. Lender mny,except as limited by regulntions issued by�he Secretury in the cnse af payment defaults. _
<br /> �' reyuire immediate payment in full of ull sums secured by thi5 Security Instrument if: `���-
<br /> ° (i)Bonower defaults by failing to pay in full any monthly payment requircd by[his 5ecuri�y Insuuiueut prior ; ,. _
<br /> to or on the due dute of the next monthly payment,or - �
<br /> (ii)Barrowcr defaults by fafling,for a period of thirty duys,to perform nny othcr obligations contuined in this „ -. ___
<br /> q.ay.._.
<br /> Sccurity Instrument.
<br /> (b)Snle Without Credit Approval. Lendcr shaU,if permitted by applicable I��w and�vith thc prior approval of the " �
<br /> Secrctury,rcquire immedinte payment in full of all thc sums secured by this Security Instrumcnt�f: , ^"°
<br /> (i)All or part af the Pr�peny, or a beneficinl interest in a trust owning all o:psrt�f the I'roperty,is sold or �
<br /> othenvise transferred(other thun by devisc or dcscent)by �i�a Borrower,and � -
<br /> (ii)The Property is not occupied by the purchuser or graatee as his ur her principal residence,or the putchuser �;��..,.1 f� -�
<br /> � or grantet does so occupy the Property but his or her credit hns not becn approved in accordana: : ..t,.,, . �
<br /> with the requirements of the Secretnry. ".`�•��`� �
<br /> ���
<br /> „ (c)No Waiver. If circumstances occur that would permit Lender to require immediate payment in full,but Lender � 'y',:'` `.-�.=r�;�_
<br /> , does not require such payments,Lender docs not waivc its rights with respect ta subsequcnt cvents. - � `� ' �'
<br /> y�.._15`,"'!��'-��.�
<br /> � (d)Regulations of HUD Secrett►ry. In many circumstances regulutions issued by the Secretary wiU limit Lender!s "_ri-;y-„�„�_
<br /> dghts, in the case of payment defaults, to rcc�uire immediate payment in fuU und foreclose ►f not paid. This �:.- -
<br /> Security Instrument does not uuthorize accelerahon or fomclosure�f nut pennitted by r�gutations of the Secrct �""�` ---
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<br /> (c) Mortguge Not dnsured. Borrowcr agrces that should this Security Inswment and the notc secured thereby not �"-`""��-
<br /> bc eligible for insurance undcr the National Housing Act within from the
<br /> 8 rr1onths . � -�-,.---
<br />_ date hereof,Lender may,at its option and notwithstanding anything in Paragraph 9,requue immediate payment in =_--=
<br /> full of all sums secured by ihis Secumy In�uument. A written statement of any authorized agent of the Secretary ���,�_�-___
<br /> dated subsequent to 8 mpnths from the datc hemof,dcclining to insure this Security �---- __
<br /> ' Instrument und the note secured th�reby,shall be dcemed conclusive proof af such ineligibility. Notwithstanding
<br /> „ the foregoing,this option may not be exercised by Lender when the unavailability of insurance is solely due to
<br /> l.ender'.s failure to remit a mortgage insurance premium to the Secretary. ""'��°_
<br /> 10. Reinstatement. Borrower has a right to be remstated if Lendcr has requircd immcdiate payment in full because _ _
<br /> of Borrawer's failure to pay an amount duc under thc•Note or this Security Instrument. This nght applies even after -'—"s
<br /> foreclosure proceedin�s are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum aU ���_
<br /> � amounts required to bring Borrower'.s account current including,to the extent they are obltgation5 ot tiorrower under cnis - _
<br /> Securiry Instrument,foreclosure costs und reasonable and customary attomeys'fees and expenses properly associated with ��=
<br /> the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures
<br /> shall remt►in in effect as if Lender had not mc�uired immediate payment in full. Howevcr,Lcnder is not required to�ermit ��
<br /> reinst�tement if: (i) Lender has accepted remstatement after the commencement of foredosure proceedings within two
<br /> yeurs immediately preceding the commenctment of a cunent foreclosuce proceedin�, (ii) reinstatement w�ll precEude .
<br /> foreclosure on different grounds in the future,or(iii)reinstatement will advenely affect the priority of the lien created by •
<br /> � this Security Inswment. . ;,�'•�'
<br /> I1. Borrower Not Released; Forbearance by Lender Not a Waiver. Extcnsion of the time of payment or • _
<br /> modification of amortization of the sums secured by this Security Inst�ument gr.inted by Lender to any successor m interest 1 �
<br /> „ of Borrower shall not operate to release the liability of thc original Borro�•�r or Borrower's successor m mtemst. Lender
<br /> ' " shull not be required to commence proceedings agninst any successor in interest or refuse to extend time for payment or �+
<br /> � ' otherwise modify amonization of the sums securcd by this Security [nstrument by reason of any demund made by the
<br /> original Boaower or Boerower!s successors in interest. Any forbearnnce by Lender in exercising any right or remedy shall , •
<br /> • not be a waiver of or preclude the exercisc of uny right or rcmcdy x�+•-�:
<br /> „ 12. Successors nnd Assigns Bound;Jolnt nnd Several Linbility; Co-Signers. The covennnts and agrcements of •'�" _
<br /> this Security Insavment shull bind and benefit the successors and ussigns of Lender and Borrower,subject to the provisions :"'"�•.,.
<br /> of Pnragraph 9.b. Borrowcr's covennnts and agreement, shall be joint and sevcral. Any Bortower who co-si�ns this ""� '""�
<br /> Secwiry Insuument but does not executc the Note: (a)is co•signins this Security [nstrument only to mortgage,grant and ;�� �; i�.G--
<br /> „ � come that 6orrower's interest in the Pro e,rty un�ler the terms of this Securit Instrument;(b)is not ersonall obli ated to • � t���
<br /> Y P' Y P Y � ;. . �;
<br /> • pay the sums secured by this Security lnstrument;and(r)ugrces that Lender and any other Borro�ver may agree to extend. - - • ��.
<br /> modify,forbeur or make any accomrnodations with regard to the tertns of this Security Instrument or the Note without that . ��
<br /> Borrower's consent �r:�* ° .. ':%--
<br /> 13. Notices. Any notice to aorrower provided for in this Securiry Instrument shall be given by delivcring it or by T:�,�,A,,
<br /> mailing it by first r.lass mail unless applicable law rcyuires usc of another method. The notice tihall be directcd to the ��`• �� :•
<br /> Propeny Addrcss or any other addresx Rorrower designntes by notice to Lender. Any notice to Lcnder shaq be given by ��" �
<br /> , fint class mail to Lendcr's address stuted hcrcin or uny uddress Lendcr designates by noticc to Bonower. Any notice t�
<br /> provided for in this Security lnstrwnent shall bc deemed to havc been given to Borrower or Lcnder when given as providcd ��
<br /> ^ in this para�ph. .:
<br /> �� 14. Governtn�Law;Severabi0ty. This Sccurity Instrument �hall be govemed by Federal law and thc law of the _ ;�
<br /> � jurisdiction in which the Propcny is located. In the event thut any provision or cluuse of this Security Instrument or the
<br /> Notc conflicts with applicable la�v, such conflict shall not affect other provisions of this Security Insuvment or the IVole �'�,!•:
<br /> which enn be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the -'�-4{ :
<br /> , Note are declurcd to be sevcrable. ; , ., �`
<br /> „ , 15. I3arrower's Copy. Borrower shall be given one conformed copy of this Sccuriry Instrument. .
<br /> 16. Assignment of Rents. Borrower unconditionally assigns and transfen ro Lendcr all thc rcnts and rcvenues of the �
<br /> Property. Borrower authorizes Lender or Lender's•agents to collect the rcnts and revenues and hemby directs each tenant ot' �'
<br /> the Property to pay the rents to Lettder or Lender;a�ents. Howcver,prior to Lcnder'x notice to Borrowcr of Borrower's i..��S
<br /> breach of any covenant or agrcement in the Security Instrument,Borro�ver shall collect and rcceive all rcnts and revemies of , '
<br /> thc 1'roperty as tn:stee For the benefit of Lender and Bormwcr. This:�ssignmcnt of rcnts constiwtcs an absolute assignment I ,,;�,
<br /> - --_ - --- and not nn�+sienment for additional sccuritv onlv. l •
<br /> __T n_ _ - -- - - -
<br /> If Lender gives notice of b�rach ro Borrower: (a)all rents receivcd by Borrowcr shall be held by Borrowcr as trustce
<br /> for benefit of Lcndcr only,to bc applicd to thc sumr sccund by thc Sccurity Intitrumcnr, (b) Lendrr�hall bc entided to
<br /> collect and rcceive all of the rents of the Propeny;and(c)cach tenant of the Property shall pay all rcnts due and unpaid to �
<br /> t Lender or Lender s agent on Lendcr's written demand to thc tcnant. i a�
<br /> �. Borro�vc►•h:u not exccuted any prior ussi�nment of the rent, and has not and will iw� perforni any act that �voulc± � �
<br /> �, pmvent LenJcr from excrcising its ri�;hts undcr�his Paragr.iph 16. i ' �
<br /> Lcndcr shall not bc rcyuircd to rntcr upon, tc�kc cuntrol uf or rnaintain thc Property brforc ur aftcr giving noticc ot' � �
<br /> ° brcach to Bo�rower. However,Lender or a judicially appointed receiver m:ry do u�:u :my timc there is a brcach. Any � '
<br />' � appl:catinn of rents shall not curc or�vaivc any drfault ur invalidatc any othcr right or mmrdy uf Lrndcr. '1'his assignment ' �
<br /> iof rents of the F'roperty shall terminatc whcn d�c dcbt tircurcd by thc Sccurity Instrumm�t i�paid in full. �
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