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<br /> 1 �,'_ a which are refened to m Faragraph 2.or chaage the amoimt of such payments. Any excess pro flver aa . • ` � � 4 '
<br /> _ � �,�� . p.Y��. • -
<br /> ����-;-`'� amovnt rec�ui�d w pay all outstand'mg indebtedaess under the Note and tflis Sec�cy Instrument shall 6e Pazd�o the entity .
<br /> -.Y�'"��. � - �� Iegally enritted thereto. , , • • � ` �:;: �
<br /> :_.�:�; - - . S. F�es. Lendes may col�ect fees�d cbarges suthor'ried by ths Secretary, , . , • . `� . ' --
<br /> _, , t
<br /> �> � y�• 9 Gsouads for AcceEerattQn of DebL � . =
<br /> �'�;,y�� `�' (a)DefaWL I.ender may,exceE;t as limited by regu�ations issuzd by[he Seccetary in the case of payment defaWts. , ' s
<br /> -:�-:;�:.��"j� �:. • require immediate payment in full of all sams secuied by this Securiry jnstrument i� � . , -
<br /> ` ;: . �= (i)Bariawer defaWts by fa7ing w pay in fiill aay mnntl}ty paym�n�raquired by this Sec�sity Iaswment prior „ .
<br /> ` :T -,_:.. ' to or on the due date of the uext monthlY Payment,ar
<br /> =:` • �:i. -- (n�Borrower defa[tlis iry fa�ing,far a peiiod of flvrty days.to perform any other obIigations cantained in this
<br /> - k:;r'�''r Secusitty Insttumetl� . , ,
<br /> ��-_ 'ued b hcable law and with the prior agproval of the -
<br /> �'_ . (b)Sale�V'l3hout Ceedlt ApproraL L.end..ar s8all,if peun� Y aPP , . ,`4
<br /> - - Seccermy,re4uue immediate payment in fiill of aIl the sums secuted by th�s Security Instrumeat if: . .
<br /> . � r .
<br /> �= .:a,�`,•. . -�• (i)E'+ll or part of the P�uperty.or a beneficial inteiest in a trnsG owning all ar part of the Praperty.is sold or . ,
<br /> • -,r . � otherwis:.uansferred tother than by devise or descent)6y the Borrower,and ` . _
<br />- � - - [ri)The Property is not occupied by the purchaser or grantee as his or her principal residence,or t&e pu�chaser .� � _:y�,.� .
<br /> , .'.: or giannte� does so occapy the Propen.y 6ut Ins or tter credit has not bcen approved in accordance '"° . , . '
<br /> ` , a .
<br /> � '� with the reg�ements of ths Secretary. ` �
<br /> ' � �� �- ` (c)No WaIver. If c�mstances occur that woutd permit Lender w requue imm e d i az e payment in f u ll,but Lender �� ;r , .-
<br /> : :`: -:. ..
<br /> `;'�'�" ��` ::;. ' does not iequire snch payments.Iander daes not wuve its rights vnt6 mspect to su6sequent events. . , ,�. .
<br /> (d)RegolatIons uf HLiD 5¢tretary. I n man}r circ u m s t a nces r e g u l a t i o n s i s s a e d b y the Secre t a ry will limii Lender's . . .
<br /> • •:�',:. rights,in the case of payment defaults, to cequire immediate payment in fiill and foreclose if not paid This . . , . .
<br /> .. ' -. . • Security lnsriumeat does not authorize acceleratioa or foreclosu:e if not pennitted by reg�ilations of t&e Secretary. , . •
<br /> �.. :.
<br /> - (e)Mostgage Not Insured. Sorrower agrees that should this Security Insuament and the note secured @tereby not � �
<br /> ', be eligi'ble far insutance undes tite National Housing Act within 8 months fram the . <..
<br /> . ' • ` date heteof,Lender may,at its option azsd notwithstanding anything in Paragraph 9,require immed�aze payment m� ,, '•-
<br /> �� full of all sums sec�ued hy tbis Secvrity instrwnen�. A written statement of arry authoiized agent of the Secretary �� ''; �:
<br /> • ,. ..
<br /> :,�:.._.-.-.:�.:,�--+��-. . , from the date hereof,dectining to insw�e this S�ty _
<br /> '' , .,._ � ---..._ .._ ..._—..---.dated . ._._. "�`-
<br /> , ., .. . . � subsequent to--��----- - . ..... _ _ ..... ...- -- - _. .
<br /> $�munihs.- �
<br /> � Insvument and the note secured thereby,shall be deemed�conclusive proof oT sacii Tnelig�bilii}r:�•'�Ibiwith�iarrding ��� . . �• a.'.�,;
<br /> - ' �".�� the foregoing,this optian may not be exercised by Lender when the unavailability of insurance is solely dus to . �'
<br /> .�/_'�
<br />. i� - :���. ) Lender's failure to remit a mortgage insuran¢e pmmium to the Secretary. ' ��r....
<br /> •:-�� 14. Reinstatement Bonower has a nght to be reinstated if l.ender has required immediate payment in full because '.;=J.�: ,
<br />.�' ,---- --'y _. . of Bmrower`s fe7ure.to pay sn.amount due under the•I�Iote or this Security Insuument This right applies even afrer . .- �"i'^.;
<br /> =_r•� --.;.• . �.;,�,. £oreslosune proceedings are utistituted. To reinstate the �ecurity Instrument,�oaower sh�ll tettd�i�e a lump sum aIl , :.
<br /> _�. amonnts requimd to bnng Borrower's account current including,to the extent they are obligarions of Borrower under this .
<br /> � . ;,� Seciuity Instrument,forectos�ue costs and redsonable and customary attomeys'fees and eaoenses pmperly associated with .=
<br /> - • .�•�:. the foreetosure pmceeding. Upon reinstatement by Borrower,this Security Inswment and the obligaaons tbat it secures` , . �.�' :�
<br /> ` sha11 remain in effect as if l.ender had not required immediate payment ia full. However.Lender is not required to peimit , ;'.•�+ •
<br /> � reinstatemenr iF (i)Lender has accepted icinstatement after the wmmencement of foreclosure proceedings within two "
<br /> � ;.,`�. � yeaYS immediately preceding the commencement of a curcent foreclosure proceeding. (ii) reinstatement w�U pieclude � ,:rj.^,,:
<br /> � foreclosura on different grounds in the future.or(iii)reinstatement a+ill adve�ely affect the prioriry of the lien created by . ,. :
<br /> • � ' this Security�nsuiiment ` , . •,.% .��
<br /> • �• • � � 1L Barrower Not Released; Forbearance by Lender Not a Watver. Extension of the time of payment or
<br /> - � •• madificatio�t of amortization of the sums secuned by this Security Instniment granted by Lender w any successor in intenst __ ____'.` . �'
<br /> `�' � � : of Borrower shall not o�erat�to release the liability of the original Borrower or Borrowec's successor m interes� Lender � .
<br /> , � • shall noi be required to wmmence proceedinSs against any successor in interest or refuse to extend tune for payment�or • ' :.
<br /> � otkerwise modify amortizadon of the sums secured by this Securiry Insmiment by reason of any demand made by the ., . . +s'%t
<br /> ,y . , �' '
<br />_ original Bosower or Horrower's successors in interest..Any forbearance by Lender in exercising any right or mmedy shall ��f��
<br /> r � � , not 6e a waiver of or preciude the exercise of any right or remedy. ' 9�, � .
<br /> *��`��' .•�'� f�� 12. Successora aad Assigns Botmd;Joint and Several Liabll[ty;Co-Sigtters. The covenants and agceements of , :
<br /> - ,�k.
<br />- - -,�,:�..�, . ••.;',;p� this Security Insuument ahall bind ar�d benefit the successors and assigns of Lender arid Borrower.subject to the provisions . , _
<br /> ,.,t of Pa:ageaph 9.b. Baaower's covenants and agreements shall be joint and several. Any Borrower who co-s�gas �d
<br /> - • .� � - _ Security Instrument but does not execute the Note: (a)is casi�ning this Sec�ity Insaument only w mortgage.�t
<br />_ � `- . convey that Borrower's interest ur the Prnperty under the terms of this Security InsUVment;(b)is not pefsonally obligated to .. __ .. . ,_- �_ •
<br /> pay the sums secured by this Se�.-urity Instrument;and(c)agrees that lxnder und any other Borrower may agee to extead. � ,
<br />-� ;�,� ., � ` ,,�' modify..forbear or make any accommodations with regard to the terms of this Secunty Instrument or the Note without that ''�►�. .':'
<br /> ,
<br />-� ' � � Borrower's wnsen� . �. -
<br />- � 13. Not�ces. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by �
<br />_ •. ' � • � ' mailing it by fi�st class mail unless applicable law requires use of another method. The norice shall be directed to the . .
<br />_ ;.• . Property Address or any other address Hoaowes designates by notice to Lender. Any notice to l.cnder sha116e given by ` _
<br /> . � first ctass mail to Lenders address stated herein or any address Lendcr designates by notice to Borrower. Any notice
<br /> � �� � .� `� provided for in this Sec�u�ity Instrument shall be deemed to have been given to eorrower ar I.ender when given as provided .
<br />�'^ • °' in this paragtaph. ' '
<br />- "- - � - � �•_� 14. 4overning Law;Severabilitq. 'iUis Sec�u�ity Inswment shall be govemed by Federal law and the law of the
<br />-_ � •�:��,. � jurisdlction in which the Property is located. In the event that any provision or clause of this Security Instrument or the . .
<br />".� ' _ Note conflicts with applicable law,such conflict shall not affect other provisions of this Security lnstrument or the Note
<br /> J � . . which can be given effect without the conflicting provision. '!b this end the provisions of this Security lnstrument and the . . . _
<br /> 3• ,,, Note sue declared to be severabte.
<br /> �,, ;,_•� " 1S. Borrower's Copy. Borrower shall be given one conformed copy of this Securiry InswmenG . .
<br />=�� � ; � 16. Assignment of Renta Horrower uncond�uonally assigns and transfers to Lender all the rents and revenues of the .
<br /> �'�` ��•��.. '� •�.+ . Property. Borrower authorizes Lender or Lender's ugents to collect the rents and revenues and hereby direcu each tenant of
<br /> -'i' � ' • ' the PropeRy to pay the rents to L.ender or LenQer's agents. However.prior to Lender's norice to Borrower of Botroi,ver's
<br />;� ' breach of any covenant or agreement in the 5ecurity lnsuuinent.Bonower shall collect and receive all rents and revenues of .
<br />--r,;�.�f_' '.y�:�'��'-�.. the Properry as trustee for the benefit of Lender and Borrower. This assi�nment of renu constitutes an absolute assignment
<br />,�R;:a r - . and aot an assigament for udditional security only. . ..
<br />-n --� � _ - . If Lender gives notice of breach to Boirower. (s�)all rents received by Borrower shall6e hetd by Horrower as trustee ,
<br />-�' - • for benefit of Lender only.to be applied to the sums secured by the Security instrumen�(b)Lender shall be entitled to ,
<br /> � collect and receive all of the renu of the Anperty;and(c)each tenant of the Property shall pay alf reNls due and unpaid to .
<br />_ ��s: • Lender or Lender�agent on Lender's written demand to the tenant.
<br /> -�- .� - Boaower has not eaecuted any priar assignmeat of the rents and has not and will not perfonn any act that would � �_, :
<br /> . . prevent Lender from exercising its rights under this Faragraph 16.
<br /> . ' � Lender shall not be reguired to enter upon,take control of or maintaan the Property before or after giving notice of .
<br />=,s •�-��� . breach to Borrower. However.Lender or a judiciai3y appointed receiver may do sa at any time there is a breac6. Any ( • .
<br />- = applicatian of rents shall not cure or waive any defautt or invalidate any other nght or remed�+of Leader. This ussignmept I
<br />� ' . � . of nnts of the Property shall terminate when the debt secured by the Sec�uity lnsmiment is pard in fnll. ,
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