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<br /> , pnyments, which nre rcferrcd to m Paragmph 2,or changc thc umount of tiuch puyments. Any exccss procccdti ovcr an
<br /> amount required to pay all outs�urtding indcbtcdness under the Notc unu this 5ecurity Inswment shall bc paid to thc entity
<br /> legaliy entitled thcrcto.
<br /> 8. �ees. l.ender may callect fces and chnrges authorized by the Secretn�y. •
<br /> 9. Grounds for Acseleration of Debt.
<br /> (A)Default. Lender may,except ns limited by regulations issued by the Sccn:tary in the catic of p�yment dcfnults,
<br /> requirc immediute pnymcnt in full of nll sums secured by this Se:curity Instrumcnt iF:
<br /> (i)Horruwcr defaul4�by fuilins to pay in full any monthly paymcnt rcquircd by this Sccurity Instrumcnt priur
<br /> to or on the due date of the next monthly payment,or
<br /> (ii)Horrower defauiGs by fuiling,for n periocf of thiny duys,to perfomi any other obligations contoined in this
<br /> Security Instrument.
<br /> (b)Sale Wlthout Cred[t Approral. Lender shall,if permitted by npplicnble law and with thc prior approvul of thc :•
<br /> Secretary,require immediate puyment in Pull of all ihe sums secured by this Security Instrument if:
<br /> (i)All or part of the i'roperty, or u bcneficiul inter�st in a trust owning all or part of thc Property, is sold or
<br /> otherwisc transfernd(other than by devise or Jescent)by ti�e Borrower,und
<br /> (ii)The Propeny is not occupied by the purchuser or grantee as his or her principal residence,or the purchaser
<br /> or grantee dces so occupy the Property but his or her credit has not been approved in accordance -
<br /> with the requirements of the Sccretary.
<br /> (c)No Waiver. If circumst��nces occur thnt would pennit Lender to require immediate payment in fuli,but Lender
<br /> dces not reyttin such payments.Lcndcr daes nat waivc its rights with respect to subscquent events.
<br /> (d)Regulations of FIUD Seeretury. In many circumstances regulaaons issu�d by the Secretary will limit Lender'.s
<br /> rights, in the cs►se of payment defnults, to requirc imme,�iiate payment in full and foreciose if not paid. This -_
<br /> Seeuriry Inspument dces not authorize accelemtion or forectosure if nut peiruilted Uy re�ulutions of the Secretary. �;��_=_
<br /> (e)Mortg�ge Not Insurecl. Borrower agrees that should this Security Instrument and the note secured thereby not �;-
<br /> be eligible for insurance under the National Huusin�Act within 8 trar�t�s from thc
<br /> date hcreof,Lendcr muy,at its option and notwithstnnding anything in Paragrap require immediate payment in �
<br /> full of ull sums secured by this Security lnsuument. A written statement of nny nuthorized agent of the Secnetnry F
<br /> duted subsequent ta �from thc datc hercof,declining to insure this Sc�curity r•''''`
<br /> Insuument nnd the note seScu°r�°c.��i�i-seby,shull be deemed conclusive proof of sucb ineligibiliry. Notwithstanding -
<br /> the fomgoing,this optiom m�y not be exercised by Lender when the un�vailability of insurnnce is solrly due tn __
<br /> Lender�s failurc ta remit a mortguge insurance prcmium to the 3ecretary. '""''
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<br /> 10. Reinstatemen� Borrower has u right to bc remstatcd if Lender has required immcdiatc payment in full because �.
<br /> of Bo�rowcr'.s fuilure to pay an amount duc under the•Note or this Securiry Instrument. This right applies evcn after =`""
<br /> foreclosure proceedin�s are instituted. To reinstate the Security Instrument, Barrower shall tcndcr in n lump surn ull
<br /> amounts required to bring Borrower§account curmnt including,to die extent they are obligutions uf Horrower under this o
<br /> Securiry lnstrument,-foreclosum costs and reasonable and customary attomeys'fces nnd expenses properly associated with -
<br /> the foreclosure pmceeding. Upon reinstatcment by Borrower,this Securit Instrument and the obl�gatiuns that it secures Ey�
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<br /> shaU remain in effect as if Lender hud not reyuired immedinte payment in full. However,Lcnder is not required to�eemit '°="
<br /> neinsUstement if: (i)Lender has accepted remstatemenc after[he commencement of foreclosuee praceedinss withm two
<br /> years immedintely precedin� the commencement of u current foreclosure procceding, (ii) reinstatement will preclude =
<br /> foreclosure on different grounds in the future,or(iii)reinstatement wAdl udversely i►ffcct the primrity of the lien crcated by =__
<br /> this Securiry lnstrument. "
<br /> 11. Borrower Not Released; Forbearance by Lender Not a Waiver. Extcnsion �f the time of payment or �:_.-
<br /> modification of amonization of the sums secured by th�s Security Instrument granted by Lender to nny successar in interest �'i�_
<br /> uf Uorro�vcr shall nut operntc ro rclease the liability of thc original Borrowcr or Borrower's successor in interest. Lende�• _
<br /> shall not be rec�uired ro comnnence proceedings:+guinst.my successor in interest or refuse to extend time for�ayment or _
<br /> othcrwise mod�fy amanizativn of the sums serurcd by thic Securiry Instniment by rea,rni of any d�mend made hy the �__
<br /> original Bo�rower or Borrower�s successurs in interest. Any forbearnnce by Lender in exercising any right or rcmedy shall _
<br /> not be n wAivcr of or preclude thc exercise of any right or rcmedy. �:_
<br /> 12. Successors and Assfgns Bound;Joint ared Scvcral L�ability;Co•Si�ncrs. 'Thc covcnants and agrcements of .r.---
<br /> this Sccurity Instrumcnt shall bind amd bcncfit the successors and assigns of[.ender+�nd Borrower,subject to the provisions
<br /> of Puragraph 9.b. Dorrowert covenunts and agrcements shall hc joint and scvcral. Any Bc,rrower who co-signs this –__
<br /> Security[nstrument but does not execute the Note: (n) is co-signeng this Security Inswment only to mortguge,grunt and --
<br /> convey that Borruwcrt intcn�st in the Property under the tem�s of this Security Instrumcnt;(b)is not person:►lfy obli�uted to =_-
<br /> pay the sums secured by this Security IInstrument;and(c)agrees that Lendcr;md an�+other Borrower may agree to extend. �:,
<br /> modify,forbear or make nny accommodntions wid�mgard to the tertns of this 5ecunty Instrument or the Note without that y"°
<br /> Borrower's consent. ��'-'
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<br /> 13. Nottces. Any notice to Horrower provided for in this Security Instrument shall be�iven by dclivering it or by �-•=-
<br /> muilin� it by first class muil unless upplicuble luw requircs use of nnother method. Thc no¢ice shall bc directed to tlte
<br /> 1'roperry Addmss or any othcr addrcss Bunowcr designates by noticc to Lender. Any noticc to Lender shnll bc givcn by
<br /> first clnss mail to Lenderl addrcss stcited hercin or nny addmss Lender desigt�ates by notice to Borrower. Any notice .
<br /> �rovided for in this Sccuriry Instrument shall be decmed tu havc be:en givcn to Borrower or Lender when givcn as provided ��
<br /> m d�is paragraph.
<br /> 14. Governing Law;Severnbi8ty. This Security Instrumem shc�ll be govemcd by Fcderal law and thc law of the,
<br /> jarisdicti�n in which the Property is located. In the cvcnt that any provision or clause of this Sccurity Instrument or the `
<br /> Note contlicts with applicable law,such conflict shall not affect other provisioris of this Security Instcumcnt or the Notc
<br /> which can be�iven effcce without thc conflicting provision, To this end thc provisions of this Security Instrument ond thc
<br /> Note are dcclnred to be sever.�ble. '
<br /> 15. IDorrow•er's Capy. Borrawer shall be given one confomied copy of this Security Inswment.
<br /> 16. Assignmeat of�tents. Horra�vcr uncondition:dly nssigns and transfers to Lencicr;all t6tc��ents and revenues of the
<br /> Property. Borrower autho�ices Lender or Lenders a�ents to collect the rents and revenues und hcreby directs each tenant of
<br /> the Prop�rty to pay the rents to Lender or Lendcr's agents. Howevcr,prior to l.,endcrt notice to Bormwer of Borrowers
<br /> breach of nny covenant or agreement in the Security insvument,Borrowcr shall aollect und neceive aU renu and revenues of
<br /> the Property us tnistce for the bcneft of Lender and Borro�vcr. This assi6nmcnt of rcnts constiwtes an aFssolutc nssignment
<br /> anJ not an assiuunent for nddidonnl securitv onlv.
<br /> If Lendcr gives notic�of brcuch to Borrowcr. (n)all r:nts reccived by Borrowcr shall be held by E3onnwer as trustcc �
<br /> for benefit of Lendcr only,td be applicd to the sums secu�d by thc Scr,uriry (nstrmuent; (b} Lcr�dcr shs!! l+!��•nriNed to �
<br /> collect and rcceivc all of tl�e ronts of the Property;an�(c)cach tenant of thc Property shall pay all mnts duc:uid unpaid to j
<br /> Lcnder or.Lcnder'�agent on Lender's writtcn dem�i.i to the tenant. I
<br /> Borrower ha5 aot exccuteJ any prior assiZ;nment of die rents and has not und will not pertorm :my uct tltat would �
<br /> prevcm i,cnuer irvm exen:iain�iw�iy,i�w w�uer inis['�ragrnph 16. � �
<br /> Lcndcr shall not bc rcywn:d to enter upon,tnkc control uf or maintain thc Property txfore or aftcr};iving nutirc of
<br /> breae:h to Borrowcr. Howcvcr,Lcndcr or a judicinlly up�intcJ rcceivcr may do so at any tirne thcrc is u brcach. Any �
<br /> apPlication uf rcnts shall nut cun:ur waivc nny dcfu�lt or mvalidatc.uiy othcr nght or n�rncdy of LcnJcr. 71iis ussignmcnt
<br /> of rents uf the Propeny shull tertninme when the debt secured by tlte Security Instrumcnt iti paiJ in full.
<br /> r��a�,e 1��f d p�iqer)
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