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<br /> �� � payments.�vluch ate tefe�d to in Fata h 2.or change the amaunt of such paymeatR. Any excess Qrrooeeds ovet an r``;� �-�..c-�' �•..
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<br /> —=-_=-�:'� • am�vnt re4uired to pay all autstaading' tedness under the Note and this Secunty Insuument sI�a11 he paid to the eniityr ;,.. � , .�;�r.,_'
<br /> —���:` (Egally ClltttlEd thC72t0. : ' . 1„�r'u�.:,-
<br /> - -� p �. Fee9. Lender may collect fees am�i charges authorizQd Dy she Secretary. � <' .: ,
<br /> `�-- =.:=� 9 Ctrotutds fos Ar�tton of De�� • ' ;. •
<br /> —=_ � . (a�Defat�t. Lender may.excepi as limitea i�y regulations issued by the Secretary in the case af payment defaults. ' � •. _�,;� �;;:�4�s..
<br /> — r�q�e immecliate payanem in full of all sums secured by this Securiry Instrument if: . . _ �r
<br /> �_����;`., f)Bormwer defauIts�y failiag to pay in full any monthiy paymeat requireed 6y thig Security Iasuument priar ' , �.
<br /> -= to or on the due date of the next monthly paymen�or . t• . . �
<br /> ,::� (ii)Bmrower defaults by failing,for a period of Hufty days.to perform any oiher obGgations contained in this , < <
<br /> Sec�niry pnsuumea� '
<br />_ _ �"s� _-- (b}Saie�ant Credit ApprovaL Lender shail.if permitted bY aPp�ca�te taw and wid�the priorappravai of the . :;;� <.�
<br /> Secretary,re4uire immediate PaYment m full of all the sums secured by this Secvrity Iastnunent if: . . f ,
<br /> ; �a- (i)All or part of td�e E'ivperty.or a beaeficia!inserest in a trust owning all or part of the Ptaperty.is sold or �' ' ` ''
<br /> otherwise uansferred(other than 6y devise or descent)by the Basrower.and , : • : `•- '•
<br /> .,�. (ri)The Property is nat ocxnpied by t6e pvcohaser or granEee as his ar her priucipal residence.or the pFU�c�aaser , _•��:- •-r-:_.
<br /> .�. or grantee does so occapy the Property but fus or her credit has not been appm*red in accardance . , ,
<br /> with the reqnir�me�of the Secretary. �
<br /> (c)No Waiver. If�_��ces occur that vaould penmit I.ender w require immediate payment in full,bnt Lender :�t-�>-.-
<br /> • , dpes not�qaue sacfl pa ents,Lender does not waive its rights witb�+espect m subseqtteat eveuts. . ' '`� ' '
<br /> _ t (t�Regulatioiis of Sec�eiary. In many cin.vmstazices regulations issued by the Secretary will limit Lender's . � *.
<br /> _ � rigf�ts, in the case of payment defaults.to require immed'eate pa}lnnent in fall and fomclose if uot paid This • _ , :-
<br /> Security Insuwnent daes not anthorize acceteration or foreclosure if not pemtitted by regutations of the Secretary. .
<br /> J� (e)Mortgage Not Insured. Harmwer agrees that should this Security Inswment and the note secured thereby rtot ,�;.. � �
<br />=T`�. �� 4� be elip'ble for insivance under the National Housing Act within 8 mantt�s ���e •
<br /> __� y�,.. . ' , � � , ..
<br /> �e hereof,I.ender may,at its option and notwiWstanding anything in P�ra�caph 9,requrce immediate payment in , . � .
<br /> �� - ' , faD of all soms seciued by this Secarity Instramen� A wsitten statement of aa}+autfiorized agent of the Secretary •- '
<br /> � ,.,
<br /> �' . . _._. .d�d.�ubsequet�ito...._ .8.m�ntf�s... .... .. . .. .. ... .. from the date h�reof,dec[ining to ins�.this SecoritY . ..__ =`- -;:
<br /> .. � _. _.. ._... --- - -- • . �,
<br /> . '• � � - Instrument and the note secw�ed thereby,shall be deemed conclusive proof of such ineligibiliry. Noiwit6standing ' ° {
<br /> �`` the foregoing,this opuon may nat be exercised by Lea�►er when the unavaitab�ity of iasurance is so2ely due w � ���1�,f'
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<br /> � Lenders faiI�ue w remit a mortgage insurance pnemium to the Secretary. , :;:,
<br />_� � '�i- ' 10. lteta�tatemen� Bormwer has a right to be.reinstated if Lender has tequired immediate payment in fuU 6ecause ;:�.
<br /> -�„ • of Borrower's failuze_to.pay.an amount due unde�the•Note or chis Security Insmunen� This dght applies even.after _. .; '' �
<br /> •� . ` � foreclosiue proceedings are ins6tuted. Tb reinstate the Security Instrumen�Borrower shall teader in a lump swn all ;.: �:
<br /> :v;�; .�.i:. .�:;,i;::.�_ • amounts required to Dring Bonower's acconnt cumnt including,to the ement they are obligations of Borrower under this � F
<br /> -,;, . �,���=�°''�" Security Insuument;fareclosure costs and�rasona6le and custom.�sy attomeys'fees and expenses praperly associated with �4•;. •
<br />-!►�' � ,��:��;`'"� •• the foreclosure pmceeding. Upon ceinstatement by Borrower,thss Security Instrument and tke obligaiions thac it secwzs . ..
<br /> '� °` �. �:.>��. shall remain in effett as if Lender had not requir�ed immediate payment in fiill. However.Lender is not cequiried to permis �,, .. ;,.,,�:+�; =
<br />;�,-r - :;.. .,7..,� reinstate�ent if: (i)Lender has acce pted reinstatement after the commencement of forecios�+e p roceedin gs withui two . •
<br /> �. ��..�;,,,�� .<<, u , •. .�� .
<br /> ,. yeais immediately preceding the commencement of a current foreclosure proceeding, (u) reinstatemeat will preclude , �r� .
<br /> � fOICCI0511I'��OD d1�CIEIIL gi01II1d51I1[IlE f71ItlI�,or(ui)reinstatement will adversely affect the priority of the lien cceated by �' :�-;'��
<br /> -. , :•` this Sewriry Instrur�tEnt. ; :?s:��.i
<br /> f? ''��' �s iL Borrnwer 1Vot Re�eased; Fosbearance by Lender Not A Waiver. Extension of the time of payment oz � • ,.�?''1
<br />_-;� ,�t �inoddficaiion of amordzadon of the sums secured by this 5ecnrity Instrumant ganted by Lender to any successor m interest - -�� ��
<br /> •� ••� ,�, of Bomower shall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender . , ., r,.�
<br /> ,,�G.� ';�5- s�!1 noi be required ro commence proceedings agamst any successor in interest or refirse to extend time for payment or F..= -
<br /> � ��:::;
<br /> . �� atherwise modify amv�tization of the sums secumd by this Security Inswment by reason of any demand made by the , � ;�, .
<br />� original Bormwer or Borrower's saccessoss in interes� My forbearance by Lender in exercising any rigfit or remedy shali ;�;�.%:
<br />�, not be a waiver of or preclude the exercise of any right or remedy. •
<br />;:,;. •a 12. Sua�sssors and Assigns Bonrtd;doint and�everal LsaDIlity;Co-Signers. The covenants and ageements of _ •• .
<br /> this Securiry Insirument shall bind and i�enefit the successors and assigns of Lender and Borrower.subject to the provisions
<br /> y_� of Fazagraph 9.b. Borrower's covenants and agreements shall be joint and several. My Borrower who co-signs this '
<br />-- Security Insuument but dnes not execute the Note: (a)is co-signing tlus Securiry Instrument only to mongage.grant a�td � .�
<br />—"` -� convey that Borrower�s interest in the Propert}�md:r e:ie tem�s of this Securiry Inswment;(bl is not personally obtigaud to � '� � '-�`�:� �
<br />__��G' '° pay the sums secured by this Securiry tnstrumeni;and(c)agrees that Lender and any other Berrower may agree to eatend,
<br /> �` modify,forbear or muke any accomcnarla4ions with regard to the tertns of this Securiry Insmanent or the Note without that •, �.��'".• ��
<br /> '.:'',,:"„�s;.;',� Borrower'sconsen� � .
<br />- ` . �E 13. NoHees. Any notice to Boaower provided for in this Security fnswment shall be given by detivetin�it or by �. ,
<br /> ..��f;:��' _ mailing it by fust class mail nnless applicable law requires use of another method. The notice shall be directed to the '
<br />_ . Ptoperty Address or any othec address Borrower designates by notice to Lender. Any notice to Lender shall be given by �' ' -�' ' �
<br /> .:_a�.�. ,_.
<br /> _ - �� � first class mail to Lender's address stated herein or any address l.ender designates by notice to Borrower. Any norice �
<br /> providec�for in this Security Inswment shall be deemed to have been given to Borrower or Lender when given as provided
<br />-: in this patagraph. � _ .
<br /> � 14. Governing Law;Sevesabilit}. This Securiry Instrument shall be govemed by Federa! law and the law of the . . �
<br /> jurisdiction in which the �s located. In the event that any provision or ciause of this Securiry Inswment or the _. . . •
<br />- - Note conflicts with applicab e law.such conflict shall not affect other provisions of this Security Inswment or ttte Note � •
<br /> - � ; which can be given effect without the conflicting prov�sion. 7b this end the provisions of this Securiry inswment and the -
<br /> Note ere declared to be severable. • . .
<br />- 15. Borvower's Copy. Borrower�h�il be given one conformed copy of thls Security Instrument. ,,: ,
<br /> _ �� 16. Asslgnmeat of Rents. Borrower uncond►t�ohally assigns and transfers to l.ender all the rents and revenues of the . �
<br /> � -'�i Property. Bormwer authorizes Lender or Lender's agents to wllect the rents and c+evenues and heceby directs each tenant of
<br /> ��°���`� =�� the Property to pay the rents to Lender or I.ender's agents. However.psior to Lender's notice to Borrotver of$orrower's
<br /> -�`����,�� bteach of any covenant or agnzement in the Secutiry Inswment,Borrower shall coltect and neceive ail rents and revenurs of • � '
<br /> - � --- the Property as ttustee for the 6enefit of Lender and Borrower. This assignment of mnts constitutes an absoIute assignment � '
<br /> and not an assignment for addirional security only.
<br /> ' If Lender grves nottce of breach to Borrower. (a)all renu received by Borrower shull be held by Borrower as trustee � �
<br />—�.n::�'�_
<br /> - _�.,;•r;..c for beneflt of Lender only.to be applied to the sums sccuned by the Security Insmcmenr.(b)Lender shall be entitled to
<br /> A...�....�,.�.:�.��
<br /> _ti—z,; ••,;= •� wllect and receive all of the renta of the Pt+opeity;anA(c)Q,ch tenant of tAe Roperty shall p�y all tents due and unpaid to � � .
<br /> �--���*!�`?=� Lender or Lender�s agent on Lender�s written demand to the tenant .
<br /> ���;�-;�� Borrower has noi executed any prior essisnment of the rents and has no�t a�d will not perform ssny sct that wovld ' • �
<br /> =��:4-`'�. �-9:� prevent l.�ader.fiam exe •cinn lts rights under tHis Paragrapi�16. • •
<br /> ader
<br /> `�-� � Lender shaU not be uued to enier n.take controf of or tnaintain�he pro '
<br />_�.��,M,,r_�:.� req upa Qerty before ar after giving notice of .
<br /> ;��,.,��- b�casA to Bmrower. However,Lender ar e judiciaUy ap�ointed receives may do so at any time there is a bmach. My
<br /> �� , .,ti��:°�` applicarian of rents shall Rat cure or waive any default ar mvalidate any other right or remedy of I.ender. This assig�ment . , .
<br /> •a,;_.�;�,,..*o_,,�.i.�:�, of rents of the F�roperty shall tetminate when the debt secured by the Securiry Instniment is paid in full. .
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