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<br /> ` , ` . paymeau.whicH ure refemed to in Paragruph 2.or cha�►ge t6e amount of sush payments. Any excess pmoeeds a�+e�an ��` ,:�``.-
<br /> . � a m o u n t�q u i re d t o p a y a t l outstaad'ni g indebiedttess ander the Note and�his Secunry rnstiument shall be paid to the entity c, .;�.r �:,�-
<br /> . < " Isgally entitled theteta . ,
<br /> � � . ��� 8. Fas. Lender aisy collecti fees and chaages auttiorized by the Sectetary. , •, �`'-` �i
<br /> . ', 9 Graua�s eor Acceleratloa of DeIiL ` y��� - --.
<br /> `� -•� .° • (of llefaylL Lender may,except as lintited by re��ulatimis issued by the Secretary in the case af payment defauits. , ,:�� �"` Y _-
<br /> , � ' ' � � �equire immediaze paytaent in fiill of alI sums�ecu�ed trp ttis Securiry Instrument if: ° - '"--
<br /> • (�)Bormwer,defaulu by failing to pay i��iill any�onthIy PaYmeuut reclu�d bY t�is 5ec�aitY Instrument psior � � -
<br /> ��..�
<br /> to or on the dde date of the next m4nthty payment,or ' ���°1#� ,= n �-
<br /> , ..� ` - (ii)Borrower defauIts by failing.for a period of thirty days.to pert'orm any oiher obligataans con�in this . � �.�fi ---
<br /> . :.,x.��..�:�;�=.
<br /> ; ,� ,. : Securiry Instmncent . ,L� -
<br /> � • (b)Sate�dithoui Credit Appsoval. l.e�der shall,if petmiued by applicuble law and with the prior appmval of the ,� _ __
<br /> ht in fu11 of all the sums secuied b this Security Iasuutnent if• �'~,�
<br /> , • Sec�etary,recNire immediate payme Y �;a,,;-,
<br /> .�. , ...- . • - (i)Alt or part of the Ptopetty.or a beae�cial intemst in a aust owning all or pait of the Property,is soId or = _ ____-
<br /> .. otherwise tiansfer�(other than by devise or descent)by she Borrower.and , — _
<br /> • . (u�'ih�Pmprrty is nw oc:cupied by the purchaser or grantee as his os her prmcipal resid�tce,or ttie parchaser -v-==
<br /> a
<br /> _ ' .' • • or grantee dues so occupy the Property but his or her c�edit has not b e e n appmv e d in acco r Q a n c e
<br /> • with the requirements of the Seccetary.
<br /> " . .. " (c)F!o Weiver. If circumstances accur that woutd permit I.ender to require immeetiaze payment in full,but Leadet
<br /> � � •does not require snch pa�y� ments,Lender does aot waive its rights with respect to subsequent events. _- --- -
<br /> . (d)RegtilatEons oY HUD Sccretary. In many cir�umstances regulations issued by the Secretary will limit��S _-
<br /> . ' �. . .' � ` rights. in the case of payment defauIts. to reqvire immediate payment in full and forectose if no:pai . -
<br /> � . Securiry Instrument does not authorize acceteration or foreclos�ue�f not pe►mitted hy regulations of the Sesretary. _
<br /> �; `.,:. " .. ' (e)Mortgage Not fnsured. Borrower agrees that should tHis Sec�uity+Ins�ament and the note secUred thereby aat
<br /> � . he eligible€ar iasurance under the National Hmrsing Act within 90'OAYS ¢O��
<br /> ., �" * . ' h 9. wr immediate ent in
<br /> . . , date hereof.Lender may.at its option.and notwithstanding anyd►ing in�araB�P �9 PaY�
<br /> :. _ .,.. .. � fall_of ail sums secure8 by this Secm�ity Inshvmen� A wrirte�statenaent of any authorized agent of the Secretary
<br /> -- ----•--.----- , . datedsubsequentto� 90 DpYS froirittie�ateh�ieuf,-decliningtoins�ethis�Secutiry- -..--..--- --
<br /> . � inswment and tJie note secured theTeby,shall be deemed conctusive proof of such ineli�'6ility. Notwid�staad'mg
<br /> � the foregoing,this opdon may not be exencised by L.endes when the unavailabiliry of insmance is soiely due tv
<br /> � � Leader's failtue to remit a mortgage instuance piemiwn to the�Seccctary. _._.
<br /> , . . �
<br /> . � .. �
<br /> • -= -- . = - •. .: 10 .ReinstatemeaL Bomnwer has a right to 6e reinstated if Lxnder has required iauceediate payment in fa116ecause ,�,,,,,,_
<br /> • ` of Boirowers failute to pay an amount due under the•IYote or this Security Instrument '[i�is right:ap�lies evea after ���.� :.... :
<br /> " � fareclosure pmceedings are instituted. '[b reinstate the Security insnumen� Borrower shaU tender m a lump sum all .,���,
<br /> � r ' � amounts requued to 6ring Borrower's accouat cwmnt incleding,to the exteut they are obligations of Bonower under this . -�
<br /> � � Seeturity Instmment,forectosute costs aad reasonable and customacy attomeys'fees and expenses property assflciated with ��';"
<br /> ... .. �.. .`. "'
<br /> � the fo�closute proceeding. Upon n�instateinent by Borrower.this Securiry Instrument and the obligations cL�at it seeures• ,,,_:
<br /> • , shaU remain in effert as if I.ender had not required unmediate payment in fiill. However.Lender is not requued to pemrit `-` �
<br />' � • reinstatement if: (i) Lender has acccpted reinstatement after the commencemem of foreclosure proceedings within two
<br /> , years immediately preceding the commencement of a current foreclosuc�e pcoceeding, (u)reinstatement will preclude �
<br /> , � �,, � 4�° forectosure r�diffe�ent gmunds in the future,or(iii)reinstatement�vill advessely affect the&rieity of the lien cieated by -
<br /> . this Sec�iry lnstrumen� `� , . �
<br /> ' '" � -� --- 11. Bortawer NoL Reieased;•Fosbearance by Lender Not a Waiver. Fastension of the time af payment or ;F;<
<br /> �� modificatioa of amortizaaon of the sums secured by this Security Instrument granted by Lender to any sucoes.��m interest
<br /> . of Hotrower shall not operate to release the liabiliry of the original Borrawer or Borrower's successor tn ik':..�.st. 1.ender
<br /> . shall not 6e mqirited ta commence proceedings agaznst any successor in interest or refuse to extend time for payment or '.�� •
<br /> . .. -� otherwdse madify amottization of the sums secured by th�s Secuzitp lnstrument by reason of any demand made by the � , _�:`
<br /> � ' original Borrower or Borrower's successors in intemst. Any forbear�nce by l.ender in exercisisg any right or temedy shalt -
<br /> ' ••- � : _ . not be a waiver of or preclude the eaercise of any rigtnt or remedy. �,,,r�t�-`�'�;��
<br /> ••%"•.. 12. Snccessors and Ascigns Bound;Joint aacH Several Liability;CaSigners. The covenants and Mgseements of �",.��,/,Fi�r,�,;-
<br /> . ., �� • this Security lnstrument sha11 bind and benefit[he successors and assigns of Lender and Borro w e r.s u bj e c t t o t h e�S ro v i s i o a s - �:'��_ _
<br /> � ' of Patagrapb 9.b. Bo:tuwera covenants and ag�eements shull be jo�nt and several. Any Borrower who co-s�gns this ' r. °
<br /> r
<br /> • � - �� Seccriry�ment bus does not eaecota the Note: (a)is co-signing this Secw�iry lnsdument cuiy to mortgage,grant and `:�;; _ t���;�,
<br /> :' • '. � �_ conve y that Boaower's�tsrest in the Property under the terms of this Securiry Instrument;(b)is::at personally obligated to _ . ,,�.,�:�'�':-=
<br /> . �• pay the sums secured Cy�d:s Securiry[nstrument;and(c)agrees t hat L en der an d any o t her Borrower may agree t o e x t e n d, "''�'°�•'" - -
<br /> - �� � • � modify.forbear or make�y accommodadons with regard to the terms of this Security Instrument or the IVoie anthout that `��'���;k�
<br /> :i,�,:'!.:'�c. . Bolrower's consent ',°i►,'. • '"-
<br />� ; .,�;;� .
<br /> ; .; 13. Notiees. Any notice to Borrower provided for in this Security insvument shall 6e given by delivering it or hy "'r-
<br /> � . '� ' mailing it by first class mail unless applicable !aw requires ase vF another method. The notice shall 6e dirccted to the •_ . t�
<br /> ' �. .. � Property Address or any other address Borrower designates by notice t�Lender. Any norice ta l.ender shall be given by . . -.
<br /> first class mail to Lead.r's address stated herein or any address Lender designates by notice to Borrower. Any notice . ' .
<br /> ,� .� provided for in this Security Instrument shall be deemed to have been given to Sarrower or Lender when giv�as provided . • � .'�
<br /> � � in this paragraph. . . '
<br /> " ' � • 14�. Govemiag Law;Severabillty. 7fris Security Instrument shall be govemed by Federal taw and the law of the _ 3
<br /> � . ' '; jurisdictian in which the Property is located. In the event that uny provision or clause of this Securiry Insuument or the . - F
<br /> Note conflicts with applicable law,such wnflict shall not affect other pro�isions of this Secnrity Instrument or the Note ,
<br />- � which can be given effect withoui the conflicting provision. Tb this end the provisions of this Securiry Instrument and ihe
<br /> ' • •.� Note are declared to be severabte. �
<br /> � � 15. Borrower's Copq.Borrower shall be given one confonned copy of this Security Inswment. ,
<br /> • � � 16. Assignnment of Rents. Borrower nnrnndidonally assigns and transfers to Lender all the rents and revenues of the
<br /> „ Property. Borrower authorizes Lender or Lender�a agents to collect the rents and revenues and hereby direcu each tenant of • . .-
<br /> i ' � • the Propeny to pay the rents to Lender or Lertder�agents. However.prior to Lender's notice to Borrower of Borrower's �
<br /> ' � breach of any covenant or ag�eement in the Secwiry Instmment.Boirower shall collect and receive all rents and revenues of -
<br /> ' the Property as wstee for the benefit of Lender and�orrower. This assignment of rents consdtutes an absolute assignmcnt �"
<br /> � � � and not an assignment for additional security oniy. '
<br />-° �. • � . If l.ender gives norice of breach to Borrower. (a)all r�nts received by Boaower shall be held by Bomower as trustee :
<br /> for 6enefis of Lender only.to be applied to the sums secured by the Secunty Instrument:(b)l.ender shall be entitted to � �
<br /> • : collect and teceive all of the rents of the Property:end(c)�ch tenant of the Roperty shall p5y all rEnts due and unpaid to . �
<br /> ��'�• . . , _ Lender or l.ender's agent on Lender's written demand to the tenant.
<br /> � � . Borrower has noi executed any prior assignmen►of the rents and has not and will not perform any act that would
<br /> .t� �e, .,: _ ___ , . prevent Lender from eaercising its ngl�ts�mder tMs Farngraph 16. . '
<br /> - - • Lender shall not be required to enter upon.take wntro}of or maintain the Pto�srty 6efore or after giving nofice of .
<br /> - � breach to Boirower. However.LeRder or a judicially apPointed teceiver may do so at any time there is a breach. My .. • •
<br /> - , � application of rents shall nat cuie or waive any defauit or mvalidate any other right or.rcmedy of Lender. This assignment �
<br /> � � • qf rents of the Property shaU terminate�vhen the debt secured by the 5ecurity Insuument is paid m full.
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