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<br /> .. . . RE•RECQRA�IJ =====-
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<br /> " �►�-.�.��°� �p ����4 ���� -• `�.f)l��(�� �:,
<br /> � ��►mount of such pnyments. Any cxcess procec s�ver nn ��Y"
<br /> • •� payments, which arc referrcd to in Paru�,rapli 2,dla�►� T---
<br /> �-�>��� nmount rcquired to pay:�II uutst�inding indebtedncss undcr thc Note t�nd chix Securiry Ir�strument shall be p3id to thc critity
<br /> �'`--`,�,,..T, •` Icgnily entiticcl thcreto, �
<br /> `-'.�-�. �� H. Fees. l.ender muy calicct fecs and chargc�auAiattied by d�c Sccretary.
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<br /> --'-"'°��� 9. Grounds for Accekrptlon of I)ebf.
<br /> „-L:�_=-.�._. (n)Aefault. Lender mny,except us Qmitcd by eegulntion9 issucd by the Secn:tary in the cnse of payment defaults,
<br /> -,�,.,;�,,Y� rzc{uira immcdiutc payntcnt in full of tslt surns sesuted hy tliis Security Instrument if: � -
<br /> -_ --�� (i)Horrower de fau lts by failing to pay in full an y manthly pnyment requircd by this&ccuriry Inatnm�eni prior
<br /> rs���.1r.;a��
<br />::�::;:�-�:-„-- ta or on thc due date of thc next manthly payment,ar
<br /> -�_•,�� (ii)@orrower dcfnults by failing,for a periad af thirty dnys,to perform�ny othcr abligauons containcd in this
<br /> ,.�— , Sccurity[nstrumcnt.
<br /> ,,i�- (b)Sale Without Credit Approval. I.citder shull,if permitted by uppflr,itblo Inw and�vith the prior npp�uval of tt�e
<br /> �� Secmtary,mquire immediatc payment in fu71 of all the sums securcd by tliin 5ccurity Insuument if:
<br /> ��� ,�;', , ''-t•'�, (i)All or pzist of the Property,or u bencficial interest in n trust ownin�nll or part of the Property,is sold��r
<br />•����,� ., � otherwise transfcrrcd(ather than by dcvise ar descent)by the Borrower,and
<br /> _..�.�Y�
<br /> . ._�::�•,...�,: • (ii)'Ilie Propeny is not occupted by the purchaser ar grantee as his or her principal residence,or the pu�hnser
<br /> '� ' ' '"�:�• or grantee dues so occupy the Property but his or her credit has noi been approved in accatdance
<br /> � �'f""`�." '�' with the re uiremen�s of the Secrctu
<br /> ,_ ,,,,..i.� �I ry.
<br /> .,._.�•�F,�4,; >.� (c)No VYa3ti•ec lf circumstances cecur thnt would pertnit l.endcr to require immediate payment in fuli,but I.ender
<br /> ,_ ;,., 4 � does not reyuire such pnymenta,I.ender does nat wntve i4�dghts with respecY to subsequent events.
<br /> - -��•� (d)RegulaQiuns�f HC1D SeereWry. ln many ciccumstances regulations�ssucd by the Secretary�vill limit Lender i+
<br /> �-��'�'r��i� �ighls, in the case of�ayment defaults, to rcquin; immedinte payment in Pull and foreclo�ee if notpatd. Thia
<br /> �;-:�. .,�
<br /> u. �.I.�.'_ • Security Instrument does nat nuthorize acceleration or foreclosure if nat perntittcd by rebuladons af the 5ecretnry.
<br /> -:��.��n�„���-, (e)Morzgnge Not Insured. 8onower agrees that should this Security Instrumcnt ond the note sccurcd thereby not
<br /> . . .�_ from the
<br /> be eligible far insur,�nce under thc National Housing Act within 8 �onths
<br /> � �^�"^'�� dute hercof,Lender muy,at its option end notwithst�nding anything in Warn�ruph 9. requjtc immediate paymant in =
<br /> . � • ;_ •��: :i �
<br />.�x•, �. ,;; full of all sums seturecl by this Secu�ity InstNment. A written stacement of any authorized lgent of the Sscretary
<br /> -�`-'�"� '` dated s�bsequent to g ��4hs from the dute hereof,declining to insure this Security
<br /> .'` �•` '�'':';k�
<br /> ��,�. , �;},�Z•�, Instrument and the notu secured thereby,shall be deemed conclusive proof of such ineli�ibility. Notwithstnn�ling
<br /> s.•.•.
<br /> the fomgoing,ehis option may not Ue excrciscd by [,ender when the unnvailahility of ins��r.ance is solely due to
<br /> Lender's faielurc to remit u mortgage insurunce premium to the Sccrctnry.
<br /> ` " 10. Reinstut�men� Borrowcr hes a right to be r�instated if L.ender hss rcquircd immediatc payment in fuq 6ecause
<br /> ," '" `' "'� of Borrowcr+s failure to pay an nmount due under the•Note or this Security Instrument. This nght applies even a@er
<br /> P,� _ ruiu:tObufc Nfva.cEtTiiigS :u:, ii:F2:Ci32��. � S:2^:S�S:r�':C s°f!!f!w T.,c�n�m�nt; Rnrrower uhall tender u� a lumo sum all
<br /> , ° ,�I�,� amounGs requ�red td bring Dorrower's uccount current including,to the extent they are obligaaous of Borrower under thls
<br /> Security instn�n3ent,foreclosttre costs und reusonnble nnd customary nttorneys'fees und expenses properly associatcd with
<br /> • . .�`,_ the foreclosure �oroceeding. Upon reinstatement by Borrower,th�s Security Instrument.�nd the obligations that it su:ures
<br /> shull remain in effect as if L.endcr had not required immcdiate�ayment in full. However,Lcnder is not required ta�cm►it
<br /> �•'�4'��•• reinstatement if: (i)Lender h�s ziccepted reinstatement at'ter the commencement of foreclosure praceeding�within two
<br /> � ����r' t years immedintely precedin� the commencement of a cunent foreclosurc proceeding, (ii) reinstatement w�ll preclude
<br /> � ' `���1��"������'�� foreclosurc on different grounds in the future,or(iii)reinstt�tement will udversely affect the prioriry of tiie lien crented Uy
<br /> `�`�•'�'•�'`'���'' this Security Instrument.
<br />' -'�''' �-�� 11. I3orrower Not Relensed; Forbearance by Lendcr Not n Waivcr. Eixtension af th� time of payment or
<br /> �•>.*• •� Y,�.�,.�' modification of amortization of the sums secured by th�s Sccurity Instrument gr.u�ted by Lcndcr to any succcssor in mterest
<br /> .� � of Borrower shall not operate to rele�.tie the liability of the originnl Borrower or Bor,ower'ti successor m interest. Lcnder
<br /> � "';� shall not be n:quir�ed to commence proceedinfis a��msY any ;uccessor in interest or refuse to extend dme for payment or
<br /> ';: ..•„ :,'.:i'"� otd�cnvisc modify amortizatiot► of the smns :;ecurcd by th�s Security Instrumcnt by reason of nny demttnd ma�e by tNe
<br /> .�.•� �� originul Horrower or Borrower's successors in interest, Any forbearancc by Lcnder in cxcrcising any right or remedy shall
<br /> �.--�,.*F.-• -'.�•" nat be a waiver of or preclude the exercise of uny sight or remedy.
<br /> .-,;�»•���,��..: 12. Successflrs nnd Assigns itound;Ju4nt and Several Liabillty;Co•Signers. 'Ihe covenAntc und c�grcements of
<br /> �, ..,.�;•;,,;�a, th�s Security Inytrument shall bind und benefit the auttc:ssars und assigns of Lendcr nnd Borrower,subjcct to the provisions
<br /> k '.,;��:.;;:�;1 oY' Paragraph 9.b. Fiurrowers covenants und agreemems shall be joint and several. Any Borrower who casigns iltis _
<br /> � • �����" 5ecurity Instrument but does not execute the Note: (n) is co-signing this Security Instrument only to mortgage,�ant and ___
<br /> . =' : convey that Borrower's intcrcst in thc F'ropetty under thc tcrtns of this Security Instrumenr,(b)is not personAlly obligated to _-•
<br /> . '' puy die sums secured by this Security lnstrument; and(c)agrees that Lender and uny other Borrower may ugrce to extend, ��
<br /> �..�_. •_ ,�'. modify,forbcnr or makc any uccommodutions with rcgard to thc tcrms of this Sccuriry Instrument or the Notc without that ¢_.
<br /> - ' . Rorrowcr's•consent.
<br /> ' � ,:..s 13. Notices. Any notice to Borcower p�bvided fur in this Security Instrument shnll be given by delivering it or by �,��`�_-
<br /> f;' ° , ':rS mailing it by �nt class mail unlcss applicublc law myuires usc of nnothcr method. Thc noticc shall bc dircctccl to thc -
<br /> „ Property Address or cu�y othcr address Borcower dcsignates by noticc to Lendcr. Any notice to Lendcr�halt be�iven by �''=
<br /> ' first class mail to Lcndcri ,iddn;ss xtated hcrcin or any address Lendcr dctiignates by noticc to Borrowcr. Any notice
<br /> ' _,•;:_ , Qrovidcd for in this Security Instrument shall bc decmed to havc bccn given w Eiorrower or Lcnder whcn�iven as providcd
<br /> m this parngraph.
<br /> , �,. . �: l4. Governiet�Luw;Severability. This Sccur�ty Instrumcnt shall be govcrncd by Fcderal law und the law of thc
<br /> _ �%;';� • jurisdiction in which the Property is located. In the evrent thtu any provision or clause of this Security Instrument or thc
<br /> ''',` Note conflicts �vith upplicable law,such conflict shnli not ufFect i�ther provisions of this Security Insnument or the Notc
<br /> . „ , which r.ui be given effect without the conflects�g�vrovision. To this end the provisions uf this Security instn�ment und the
<br /> � . - Nnte are declarcd to be scvernblc.
<br /> . , �� :� 15. Dorrower's G�py. Bormwer shaU be�iven one cunformed copy of this Security Instrument.
<br /> 16. Assi��ment of Itentn. Borrowcr unconditionally assi�,n�:�nd transferrc to LenJcr:�II the rcnts ar d n:vcnues of thc
<br /> - '' ' . :� 1�-ageriy. Bnrmwer authorizes Lender or Lender'.s agent+to coUect the ronts and nvenue}und hercby din:cts each ecnnnt of
<br /> ' ,_ thc Property to pay the rcnts to Lcndcr or Lcndcr's agents. Howcvcr,pri�rr to Lcndcr's noticc to Borrowcr of Bortuwcr's
<br /> . •''• � � breach of any covenant or ngreement in thc Securi.y Instniment.Eiorrower shull cullect und recerve all rcnts and mvenues of
<br /> , ;��� the Propeny as tnistcc for the lxnefit of Lendcr and Bortvwcr. This assignment of nnts constitutcs an ubsolutc assignment j
<br /> . .�_ _a.,:. _�. .,�„ �
<br /> -�-.--.-..;,�„�---- _-- .niu itvi dn 6�iibimtciu.vi n..o..'..:u.,.�..::::j:..y. �
<br /> If Lcndcr�ivcs noticc of brcuch ro Barcawer: (a) all ronts rcrrivcd by Bo�owcr shall bc hcld by Dotrowcr as tnistce r
<br />- - , `k��`` fur benc�t of Lcndcr only,to lx up�licd to thc�wns sccun�d by thc Security Instrumenr. (b) Lcndcr shall lx entitled to �
<br /> ' • • • collect and receive�dl of the rcntti ot the Property, �nd (c)euch tenant of the!'ropeny shall pay:�Il rents due und unpuid ro i
<br /> ,. �� Lender or I.endcr's ngcnt on Lender ti writtcn dcmand to the tenant,
<br /> : ; fiorcuwcr has not cxcrutcd uny prior assi�nment of thc rcnts �uid has not and will not perfomi any act thnt would I
<br /> _-- � r-° :,-; � prcvcnt Lcndcr troni cxen:�sm�us nghts undcr this{:�r�gr.►ph 16. I
<br /> - Lendcr sl�all not bc n:ymrcd to cntcr upon, t�kc rontml of or maintuin thc Property befon:or uftcr giving noticc of
<br /> bnuch tc� li�rrowcr. Nowevcr. Lcndcr or a juJicially appointcd reccivcr muy do sv at any Hmc thcrc is:i breuch. Any i
<br /> ,. ,ipplicution of n�ntti�hall nut cure c�r�vaive uny defnult or invalidate any other right or rc:medy uf Lender. This astiignntent !
<br /> uf rents of thc 1'ropcny shall tcnninntc whcn thc dcbt scrcured by the Sccurity Instnimcnt is pai�i in full.
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