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<br /> ?� °� - payments�which are cefe�ed m in Farag�aph 2.or ehange the amount of such paymenu. An�k�J�l��l�ia.v over an ` . h=
<br /> ' amonnt req�ured to pay all outstanding indabtedness uadzt the Note and this Security Insuument sha}16e paid to the enuty� _ •'�
<br /> - '�°<' . : . tggally entitied tlleteto. ' <`` .;�':
<br /> - 8. Fees. I.ender may collect fess and charges authorized by tfie Sec�etary. . . '" . '� ��
<br /> -}�:-,'. i 9 GPOUnds for Aooe2eratloao4De4� �: ` .' .`��
<br /> .w:i,.y,.;`; �. (a)Defau{� ixt►der may.except as limited bx regulations issued by che Secretary in the case of paycaent defaults. f
<br /> . � ' zequine immediatepaymem in fiill of al!sums secuted by this Secunry Incwment if ^ . ° . t:r_:
<br /> ' .'.•z' (i)Borrower default4 try faiting to pay ia fiill any neontlily payment required by this Security Insuument prior � , .
<br /> ' � � � � • ' to os oa the due date of the aext mon t t uy paymen�ar . "
<br /> ' � �, .�•-. , (u)Bom►wer defaults 6y failing,for a penod of th�rty dnys.to perform any ather obligarions cantained in this _ __
<br /> -- �-^--�'#.t . Security Insm�*++ n _..- -
<br /> � .�� (6)�ate WlUwut Credit Appmvaf. Lender shall,if permitted bY applicable law aad with the prior appravai of the .
<br /> • . Secretary,re9uue immediaie paymeat in full of all the swnc secuned by this Security inswment if:
<br /> .. ' • • (i)A11 ar p�t of the Property.or a beneficial int�erest in a tnut ov�ming all or part of thc Pmperty,is soId or .
<br /> - atherv�ise uansfemd(other than by devise or descent)by the Borrower,and - �- - _ -
<br /> _ - � � - ° (ri)The PropeRy is not occapied by the punhaser ar grantee as his or her principal residence,or the purchaser .
<br /> : � , , ` or giantee does so occupy the Property bnt,his or her credit has not 6een appmved in accardance ' . . . .
<br /> '�- r with the reqnitements of the Se�tetary. ` ' •� �
<br /> '-r_"_;.: :,.�° , (c)No Watver. �f circumstances accur that would permit Lender to�equire immediate payment in full.6ut Lender ' . •A,'._i`,',:�,.:,
<br />- `� .• . . ' . does not reqaire snchpayments,Ixnder dues not waive its righis with respect to subsequent evems. . . ;
<br /> • (d)Regalatlons of HUD Secretary. �n many circiunstances regulations issued by the Seccetary w�l limit LenderS� V,,- �_�
<br /> . n �.._
<br /> rights,in the case of payment defaaiu. to requise immediate FaYment in full aad foreclose if not paid. This . : , . _ •"� -_--•-
<br /> •` '� , Security Inshument does aot authorize acceteration or foreclosure if not pemutted by ieguladons of the�ecletazy. � `:�`�"�_�=
<br /> � , ,,.
<br /> . , {e)Mortga�e Not Insared. Bmmwer agnes that s6oWd this Security 1ns�vment and the note secured there[ry not ���Y r
<br /> _ ` ,, " be eligi'ble for insuraace under the National Housing Act witlun g mp�� �O�� ' ' '_�;�.�=�"
<br /> - � � . �^ • - date hereof,Lender may,at iu option and notwith9tanding anydting in Paragraph 9,teqaire immediate payment in ; ;M�-,�...—-
<br /> � full of all sums seeun�d by t}ris Seturity Instriiment A written statemem of any authorized agent of she Secretary w��'s=-
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<br />-� 'r_.:.:...::�,..:�w�.. . • • in,�are - - �--
<br /> , .;.;_ - : ..---.--. .. ..._ ._._ -dated-subsequentto-- --�-$-vynnths--. .. .. .. . fmm Ih�.�tate hereof�decluung to.- --- th�s Secunty_._ ._....... __. :.'I�;__��,-T_
<br /> �._�.:�•. •.. e....: r...
<br /> - � }.,. _ Instiumeat ami the note secured thereby.shaU be deemed conclusive proof of such ineligibility. NotwiWstanding '�. .�'���
<br /> �_. the focegoing,this opuon may not be exercised by Lender when the anavailability of inswanc�is solely due to ,-•s~�!s�'`
<br /> .Y�Y.F,f•- i�..
<br />- � • ••" �• Lender's failure to remit a mortgage insurance pcemiwn to the Secretary. • ' ,�
<br /> •_ .i, : • ': .,�:;;..
<br /> � . .,�... . 10. Reinstatemen3. Burrower has a right to be�einstated if Lender has iequind immediate payment in full because ; �{
<br />- . -"� .� of Bornower'.s failute w-pay an amount due ander the•Note or-this Security.Insuument This_ng�t appaies even after_ , _ .�, _
<br /> fo�ectosure proceedings are instituted. 1b reiastate the Security Insuument,Borrower shal! tender in a lump s�m all ��'�`�
<br /> t'��� "'��� arnounts reguired to bring Bomower's account car�ent inciuding,m the extent they are obligations of Boirower uncter this � :� .
<br /> i� Secutity L�strument,foneclosuie costs and reasonable and customary attomeys'fees and expenses prc�perly associated aritt� i�:Y
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<br />_ • the fos�closure pmceedin& Upon reinstatement by Borrawes,this Security Instrument and the obL'gations that i�secures , • . �
<br /> � shall r�main in effect as if Lendet fiad not rec�uired immediate payment in fisll. Hawever,L.ender is not required to pem►it �:�� -
<br />_�.,. - � ...� � reinstatement if: (i)L.ender has accepted remstatement after the commencement of foreclosure proceedings_withm two `
<br />- . • . years immediately preceding the commencement of a cwrent forectosure proceeding. (ii) reinstatement vinll preclude ��r
<br /> � � � foreclosuse on different grounds in the funue,or(ui)reinstatement will adversely affect the priority of the lien created by ���•�'w
<br /> ��''` : • this Secauity Instrument.
<br /> :!A. � �
<br /> � • • ll. Borrower Not Reieased; Forbearance by Gender Noi a Waiver. Extension of the time of payment or �
<br />-_ ,' � madifrcation of amort,izadon of the sums secured by this 5ecvrity Instrument granted by Lender to any successor in intere.st �=�- -
<br /> • • � of Borrower shall not o p erate to release the liabiliry of the original Bonower or Borrower's successor m interest Lender _
<br /> ' • ...•'
<br /> ' ;� � shall not 6e required to commence proceedings aga�nst any successor in interest or refuse to extert d dme for payment or .. �;: ;,,��
<br />�'� � othenvise modify amortizatioR of the su�ns secured by thia Security Inswment by reason of any demand made by the - _� �,�
<br />�s�a ; ori ' al Borrower or Bonower's•successo�s in interes� My forbearance by Lender in exercising any right or remedy shall . � -�
<br /> . not be a waiver of or preclude the exercise of any right or remedy. '� �`"
<br />�'� � 12. Saocessors and Ass i g n s Boun d;Jo in t an d Severa l L i a b ll i t y;C a S l g n e r s. T h e c o v e n a n t s a n d a g�e e m e n t s o f ' � ' ��'��'
<br /> � _ . .,�=��.:.
<br /> • ',�� this Securiry Insuument shall bind and benefit the successo�s and assi�ns of Lender and Borrower.subject to the proviscons . � :��� _,:
<br /> �-�:...:`_ .. -
<br /> u. '.. :� a f P a r a g r a p h 9.6. B o a m w e r's c o v e n a n t s an d a g r e e m e n t s s h a l l b e�o u�t and several. M y Bortower who co-s�g n s this _; � ��:�
<br /> Sec+�riry Instrument but does not exec�te the I�Tote: ta)is co-signing this Security Instrument only to mortgage,grant and '-� � �4 ' _
<br />--; , � convey that Borrower's interest in the Property�under the terms of this Security Instrument;(b)is not personally obUgated to `'..: I•• ��:`�:�;fl.,.
<br />-� . .. ' = pay the sums secuced by this Security Jnstrumen�and(c)agrees that Lender and any other Boaower may agee to extend. 3. '• �� .•.,,;-
<br />_ � ' modify.forbear or make any accommodations witf�regard to the terms of this Security Inswment or the Note withont that .:�,�!,- ,
<br /> • . ., Borrower�s consent. . � ' :r�,: �`
<br /> • _ � 13. NoHces. Any notice to Borrower provided for in this Security Insfi►ment sh�il be given by delivering it or by . �
<br /> ' mailing it by first class mail unless applicable !aw requires use of another method. The nouce shall be directed to the �
<br /> ��..•{�- �A � Property Address or any other address Horrower des�gnates by notice to Lender. Any notice to Lender shaU 6e given by •
<br /> ' first class mail to l.ender's address stated herein or any address l.ender designates by notice to Borrower. My notice •
<br /> • pmvided for in this Security Instrument shall be deemed to have been given to Barrower or Lender when given as provided .' . :' ,
<br />�_ ' - . . . � . in this paragraph. . :, ' . . '
<br />_. • . , 14. Governing Law;Seversibility. This Securiry Instrument shall be govemed by Fedetal!aw and the law of the . .
<br /> �, . •��.�;-. � � jurisdiction in which the Property is located. In the event that any provision or clause of this Security Inswment or the . : _. . . _ _
<br />- � Note conflicts with applicable law,such conflict shall�ot affect other pmvisions of this Securiry Inswment or the Note _ . ..
<br /> ; ' ;� ' which can be given effect v�nthout the conflicting provision. To this end the provisions of this Security Inswment and the � � • . •
<br />-;�� . �� Note are declared to be severable. • �
<br /> �} 15. Borrower's Copy. Bntrower shall be given one wnfonnedcopy of this§ecurity Insnument. ' �
<br /> ,� � . � � 16. �S��ument of Rents. Borrower uncond�uonally assigns and transfers to Lender all the rents and revenues of the •
<br />�•�:� Y Property. Borcawer authorizes Lender or l.ender's agents to collect the rents and revenues and hereby directs each tenant of � �
<br /> ..�'��
<br /> �. the Property to pay the renu to Lender or Lender's agents. ldowever,prior to Lender's notice to Borrower of Bonower's
<br />;�:_ . . '' breach of�any covenant or agreement in the Security Inswment.Bonower shall coltect and receive all rents and revenues of .
<br /> ��::�' the Property as wstee forthe benefit of Lender and Bortower. This aqsignment of rents constitutes an absolute assignment � �
<br />,'::�.,.��"�'��' and not an essignment for additional secarity only. � . � „
<br /> __�''�'��� � If Lender g,�ves notice of bresich to Borrower. (a)aU rents received by Borrower shall be held by Boaowet as wstee
<br /> ' re
<br />�.� �` ��r.; � -�� � for benefit of Lender only,to be applied to the su►ns secured by the 5ecurity lnstwnent:(b)Lender shall be en+.itled to ..
<br /> �i- � ' .�` •;, cotiect and receive all of the rents of the Property;and(c)each tenant of[he Property shall pay all rents due and unpaid to _
<br />`�;.. � � ;`.•s, L.ender or l.ender§agent on Lender's written demand to the tenant. '
<br /> f Borrower has not ex�cuted any prior assignment of the rents and has not and will not perform any act that would . ,
<br /> prevent Lender from txercising its rights under this Yatagraph 16. • �
<br /> �`. Lender shall not be required to enter upon.iake control of or maintain the Property before or after�iving nodce of � �
<br /> - �. , bmzch to Borrower. However.Lender or a judicaai�y appointed receiver may do so at any time there is a bmach. My � _ ,.
<br /> . � application of rents shal!not cure or waive any defauft or mvalddace any other right or remedy of Lender. This assignment
<br /> • •' . � of rents of the Praperty shall tetminate when the debt secured by the Security Instrument is paid�n f�ill.
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