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<br /> ti� _ ,',` paymenu,which aze refeaed to in Paragiaph 2.or change the amouat of such payments. Auy e�ccess prooee3s over an . -
<br /> amowtt tequired to pay�Il out�tdm�mdebt�e�s uader the Note and this Security�nst�ment shalI be paid to the entity • , -
<br /> � Ie�ailY entitted thereto. � . , `:`
<br /> , 8. Fees. I.end�r may collect fses and charges anthori7ed by the Secretary- . � �
<br /> ` � ' 9 Grounds for AoceleratIon of Debt � ` � . -
<br /> -- � ;� � (a)1JeYnWl. Lender ma .e t as limiied b uons issue�b tt�e m the case of ent defaults, , `. �`
<br /> ��� ' Y �P Y�a� 9 Secreta�Y� PaW! . , �.
<br /> . . : r• ', require immediate payment in full of all sutns secuted by this Security Instrument iF � . . • -
<br /> - ' • `(ij Bbtmwer defaults by failing to pay in fiiH any montltlY Payment r�uir�bY this Secmity Insm�ment prior . . . .
<br /> -• � `�°z`�' � to ar on the due date of the aext monthly payment,or , .. �.
<br /> _ • .. " ` (u)Borrower defaults bx faiiing.for a pesiod of thirty days,to gerform any other obligations contained in this. _ °' ` '
<br /> - 4 �_� Security Insuvmeut. • _
<br /> � —. (b)Sate W€tftoat Credt�Appr�val. Lender shalt,if permitted by applicable law and with the prior approval of the '"-`' `'"�` �' �
<br /> ` Secretary.r�equire immediaze payment in fall of all the snms se�ed by this Security In�*R+�+if: . . . ' <r, •
<br /> ,. C2 Alt or part of the Property,or a beneficial intemst in a uvst owning a1I or part of the Y'roper[y,is sold or ' .' •. < :
<br /> �. :l' � �`.� '�� otherwise uansferred(other than by devise ar descent)hg the Borrower,aad , - � .
<br /> ... •- ° ' �.�:� . (ii)The Property is not.occupied by the purchaser or gtantee as[us or her principal residence,or the purchaser . .�`;
<br /> _:. : . _ . .� or grantee does so oecupy the Property but his or �er credit has not been appraved in accordance - " , �' . .. : ,.s
<br /> ' ` with the requuements of dte Secretary. .•'. � '.
<br /> . �.'•`. (c)No Waiver. If circumstaaces occur that would permit Lender to reguire anmediate payment in full,but Lender •, `�.� .'
<br /> •<`� � does not tequue such payments.i.ender does nat waive its rigins with respect to subsequeni events. ' -;���'r_
<br /> _ • (d)RegulatIons of HIJD Secretary. Ia many cir�cumstances regr.tations issued by the Serretary will limit Lender's °. . " -
<br /> .�.+,r----
<br /> - " � • rights, in the ca_�e of paymeret defaults. to require irnmediate paycnent in full and foceclose if noi paid. This .. •'_�_~-�_"
<br /> : -�3 �` Security Instrument daes not authorize acceterarion or fo:eclos�ue if not permitted by regulations of the Seccetary. �;�'=�'ss;_:=�
<br />- � x (e)Mortgage Not Insured. Borrower agrees that should this Securiry Lisuument and the note secumd thereby not ' ,`' . '��n�==-=�
<br /> -��� 6e eligi62e for incnransp under the N'ational Housing Act withitt 8 m�ntt�s from the � ',��`=-'_--
<br /> ��, a .. daze hereof,Lender may.at its option and notwithstanding any[hing in Paragraph 9.require iimaediate payment in � � -- � =
<br /> - . � full of all sums sect�red 6y this Security�ment A written statement of aay authorized agent of the Secretary -�'��'°' '=
<br /> _. :. . . ;. . . . . . . _ -
<br /> -� ', --_- -_:_ . ••_ ..... . . . _dated subseqaentto.- - -8-months- . - -. - ---- . fmm the date hereof decLning.tainsurel�us Se�un�}e-.--.----.-. � r -�"- -
<br />-''' �_ � � Instrument and the note secured thereby,shall be deemed conciusive proof of such ineligi'bility. Norivithstanding , J'�
<br /> . ' � ' ' . the foregoing,this opuon may not be exercjsed by Lender wheq the unavailability of insutartce is solely due to - � .. --
<br /> • ,:, ,. . Lender�faiiureto remit a mortgage insurance premiiun to the Secretary. _ � : —
<br /> _ � .. _ lU. Reiastatemen� Boma�ver has a right to bc reinstated if Lender has required immediate payment in full because �� '`�
<br /> �y , ----- . • • of Borrower's failure to gay an a�nount due under the�IVote or this Secwity Inswmen�- 71us nght_ap�lies.even after..._. _. .._
<br />__ . foreclosure prnceedings are insatuted. To reinstate the Security InsUument, Borrower shall tender in a Iump sum all
<br /> � '• ' � amoturts required to bring Borrower's accou�rt cwient including,to the ex[ent they are obligations of Borrower under this .
<br /> _ .. .. Security Instrumen[,foreclosure costs and reasonable and customary attomeys'fees aad expenses properly associated with =
<br />, . ' the foreclosure proceeding. Upon reinstatea[ent by 8arrower.this Security Inswment and the obligations thai ii secures � �;�
<br /> �- .� � - shall remain in effect as if Lender had notrequited immediate payment ir�fuU. However,Lender is aot mqnired to�ennit
<br /> . • , reinstatement if: (i)I.ender has accep'.ed semstatement after the commencement of foreclosure proceedings withm rivo �•�,�'.
<br /> � •- years immediateiy preceding the commensement of a current foreclosure proceeding, (ii) reinstatement will preclude . • - . ,�
<br /> � r : foreclosure on diffe�nt grounds in the future.or(iii)reinstatement will adve�sely affect the priority of the lien created by . � s"
<br /> . , this Security Insuument • • f�' _
<br /> 3L Borrower Not Released; For6earance b� Lender No! a Waiver. Extension of the time of payment or i- �..�
<br /> � - -- -` modif'ication of amorpzadon of the sums secured by th�s Security Instrument granted by Lender to any successar in intetest :. '_`K�
<br /> � � ` of Borrawer sha11 not operate to release the liability of the original Borrower ar Borrower's successor in interest L.ender
<br /> � .� � shall noY be required to commence proceedings against any succxssor in interest or refuse to eatend ume for payment or �' � �'"�� ��
<br /> otherarise madify amonization of the sums secured by this Security Instrument by ceason of any demand made by the ,,.y�'�.�: ,
<br /> • "�� • �- original Bormwer or Borrower's successors in interest. Any forbearance by Lender in eaercising any right or remedy shall .:��...��/�''
<br /> ' „ • not be a waiver of or preclude the exercise of any right or remedy. ' • ''y-�M►:-Y
<br /> • � " • " 1 2. S u ce e s�ors and Asst g ns Bound;Jolnt and Several Liabili t y;Co-Si g r iers. The covenants and a g r e e ments of • ' '
<br /> . . this Security Inshvment shall bind futd benefit the successors and assigns of Lender and Borrower,subject to the provisions ' '
<br /> u
<br /> . , � of Paragrtph 9.b. Borrower's covenants and agreements shall be joint ar:d severnl. Any Borrower who co-signs this �
<br /> � . ' Securiry Insmiment but does not execute the Note: (a)is co-signing this Securiry lnstrument only to mortgage,grant and � � •� .
<br /> � .�' convey that Borrower's interest in the Property under the terms of this Security Instrument:(b)is not personally obligated to ._ •°r'� :`
<br /> � � �. . - ' : pay the sums secured by this Securiry Insuumenr.and(c)agTCes that Lender and any other Borrawer may agree to extend, • • � :�-
<br /> • . . �;.. modify.forbear or make any accorrtmodations with regard to the terms of this Securiry Inswment or the Note without that • . �• .' '
<br /> � ' � � Borrower's consent. � �"
<br /> � ,, � . I3. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by ' , �
<br /> ,� .. • _ ., mailing it hy first class mail unless applicable law requires use of another method. The notice shall be directed to the _ ,
<br />_ . • Property Address or any other address Boaower designates by notice to Lender. Any notice to Lender shall be given by
<br /> .-f - fis�t class mail to Lender's add:ess stated herein or siny address Lender desig�ates by notice to Borrower. Any notice � � '
<br /> ' ; _ ' provided for in this Security Instrument shall be deemed to have been given to Horrower or Lender when given as pmvided . : •
<br />- �` ' � . � in this paragraph. �. -
<br /> ' . . . � . 14. Goveming Luw;Severability. This Securiry ►nstrument shall 6c govemed by Federal law and the law of the �- . �. .
<br /> ' jurisdiction in which the Property is tocated. in the event that uny provision or clause of this 5ecurity Inswment or the • � �
<br /> � Note conflicts with applicable law.such canAict shall not affect other provisions of this Security Instrument or the Note , . ' .
<br />- ,. � which can be given effect without the conflicting pruvision. 1b this end the provisions of this Security Inswment and the '
<br /> "r � Note are declared to 6e severable. � �
<br /> � • 15. Borrower's Copy. Borrower shail 6e siven one confortned copy of this Security Inswment. � � � � '
<br /> � . . � 16. Assignment of Renta Boaower unconditionally assigns and transfers to l.ender all the rents and revenues of the �,.� ' , �
<br /> • • Property. Borrower authorizes Lender or Lertder's agenu to collect the cents and revenues and hereby directs each tenant of € . •
<br /> the Pcuperty to pay the tents to Lender ot Lender's agents. However.prior to l.ender's notice to Borrower of Borrower's `�- - � - . .. --
<br /> y`� ' . � breach of any covenant or agreement in the Security instrument.Bonower shall collect�nd receive all rents and revenues of � •
<br /> . "�� the Property as ttustee for the bene.fit of Lender und Borrower. This assi�nment of rents constitutes an absolute assignment f �
<br /> . ` and not an assi�nment for additional security only. ; �
<br /> ]f Lender gves notice of hreach to 8orrower. (a)all rents received by HoROwer shall be held by Sorrower as m�stee �
<br />- • � for benefit of Lender on1y.to be applied to the sums secured by the Sccuriry lnswment:(b)Lender shall be enfiued to ' ° �
<br /> • .. col(ect and receive all of the rents of the Property;and(c)each tenant of the Property shall pay all rents due and unpaid to ; � '� �
<br /> `' .' , Lender or Lender's agent on Lender�s written demand to the tenant. E •
<br /> • � Borrower has not executed any prior assignment of the rents and has not and wiU noi perform any act that wouid r � • • .
<br /> � pievent Lender from exercising its righu under this Faragaph 16. •
<br /> _ . � _ Lender shall not be required to entet upon.take control of or maintain the Ptoperty before or afier�iving notice of � .
<br /> � � . . : breach to Borrower. However,l.ender ar a jndicially appointed receiv�:r may do so at any time there is a breach. Any '
<br /> application of rents shall not cure or waive any default or invalidate any other right or remedy of I.ender. This assignment ` �
<br /> ., of rents of the Property shaU terminate when the debt secured by the Serurity Instrument is paid in fu�l. ; . . . .
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