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<br /> payments,wh3ch ar� �•eferred to in Parn�raph Z,or ch�uige the axnonnt of such paynients. Any oxeess proceecis over un
<br /> amount req�ired to puy nll outstnnding indebtedness ur.der thr.Notr,nnd this Security lnstrument shall be paid to the entity
<br /> lcgnlly entftled thereto.
<br /> 8. Fe�. Lender may collect fecs and charges nuthnrer,F:d by tl►e Sceretary.
<br /> 9, Gro�nds for Acceleration ot[Iebt.
<br /> (a)Default. L{:nder may,except us liniitr.d by re�uintions issued by thc Secretary in the c�.se of paym�nt defn►�Its,
<br /> req4;re immediate payment in fuU of all�iums secured by chis Security lus[�uniem i:: �-
<br /> (i)Borrower defaults by failinp w pay in full nny monthly puyment required by this Security[nstrument pri.or
<br /> to or on the due date of ti�e next monthly payment.or
<br /> (ii)Borrowcr defnulu+by fuiling,for u period of thirty duys,to perform m►y other o[�ligatlons cnntuincd in�,#�IK
<br /> Security Instn+mr,nt.
<br /> (b)Sale Witlnvut i:redEt Approval. Lender shall,if permittcd by npplicnble law und�vith the prior upprov:►l af�1u:
<br /> SecrcUvy requim immediate payment in full of ull the sums secured by this Security Insuument if:
<br /> (ij All or pArt of thc Property.or u bene�ciul interest in a trust owning All or pnrt of the Property,is rnld�s �,_-._
<br /> othcrwisc transfemed(othu iha�i by dovisc or Jescent)by the Borrower.and
<br /> (ii)Thc Prapacty is nou dC�apied by the purchaser or grantee us his or her principal residence,or thr,nur.hnrr�*
<br /> or ge�antec dc�es.�so occup�thE pro�eny but his or h�r cre�it has nor hPen Approved in acr.or!anr.e
<br /> with the require�te�iCs�iJf►TIiD��k�tihy�'�1b.' —
<br /> (e)Na Waiver. If circiim'stariees occu"r fhat'wauld permit Lender to require imme�iate pnyment in full,but L:nder
<br /> dces not nequire such payments,Lcnder does not warve its rigNu with respect to subsequent events.
<br /> (d)Regulatfons ot HUD Seeretary. In►nany circumstances regu(atians issued by the Secretary will limit L.ender�
<br /> rights, in the cuse of payment default�, to reyuire i�i�m�diatc payment in full and fonclose if not �aid. This
<br /> Security Tnstrument does not uuthorize accelernnon or foreclosure if not permitted by regulations of the Secretnry.
<br /> (e)MoMPnge Nat Insured. Bonowcr ag:•ees that sh�uld this Security Instrument and the note se.cured[herGby not
<br /> be eligible for insurance und�sr the National i�iousins Act within 8 �ths from the
<br /> d?!e hereof,?�ndPr may.nt its ontion and not�vithstandinR anything in Paragraph 9,require immediate payment in
<br /> full of all sums secured by this Se�:urity Insuument. A w+ritten statement af any authonzed ugent ot the Secretnry ---
<br /> dated subsequent to �n }� from tlie date hereof,declining to insure this Sccurity
<br /> Insuvment and the notc secuSred thetre-by,shalt be de�med conclusive proof of such ineli�ibility. Notwithstanding
<br /> the fore�ou�g,this option muy not be exercised by Lender when the unavuilability of insurance is solcly due to � _
<br /> Lender�failure to remit a mortgage insur►nce premium to the Secretary.
<br /> 10. Reinstatemen� Borrowcr hus u right to be reinstated if Lcnder hus required ire�mediatc paymant in full bccnuse
<br /> of Bo:rower's failure to pay �n amount due under the•Note or this Security Instrumcnt. This nght applics even after
<br /> foreclosure proceedings are instituted. Tb reinstate the Secunty instrument, Borrower snuii ICIIUCI iu u iu���p snr� a=! _
<br /> amounts required to brin�Borrower's account current including, to the extent they ure obligations of Borrower under this _
<br /> Security Instrument,foreclosure wsts and rensonable and cusrontary attomeys'fees and expenses properly associated with `��.,�
<br /> ttie foreclosure proceeding. Upon reinstntement by Borrower,this Security instrument and the obligauons that it secures -
<br /> shall remoin in effect ns if Ler►der had not m.c�uired immediute payment in full. However.Lender is nat ecquired to permit =
<br /> reinswtement if: (i) Lender has accepted retnstutement after the cammencement of fonclosure proceedings within two �"
<br /> years immediately preceding the commencement of n current foreclosure proceeding. (ii) reinstutement w�ll preclude �•
<br /> foreclosure on different grounds in the futute.or(iii)reinstatement w�ll advenely affect the prioriry of tt�e lien created by
<br /> this Sec:urity Inswment. ���
<br /> Il. Horrower Not Relensed; Forbearunce by Lender Not a W�iver. Extension of the time af payment or �;;.
<br /> modification of amortizution of the sums secumd by this Security lnstn►ment granted by Lender to any successor in interest ` ,
<br /> of Borrowcr shall not operate to releuse thc liability of thc original Borrowcr or Borrower's•successor in interest. Lender '�?..;
<br /> shall not be required ro commence proceedings agamst xny successor in interest or refuse to extend time for payment or t .
<br /> otherwise modify amonization of the sums secured by this Securiry Instrument by re:ison of any demand mude by the ','�'
<br />- original Borrower or Bonower'.s successors in interest. Any forbearance by Lender in exercising any riglit or remedy shall _r.
<br /> . not bc a waiver of or preclude the excrcisc of any right or remedy.
<br />- 12. Saccessors and Assigns IIovnfl;�oint and Severnl l.iAbility;Co-Slgners. The covenants nnd agrcements of
<br /> this Securiry Inswment shall bind und benefit the successors and assigns of Lender;u►d Bonower,subject to the provisions
<br /> of Pamgraph 9.b. Borrowcr ti covenants und ugreements shall be joint nnd sevcral. Any Bunower who co-signs this
<br /> Secuaty Instrument but does not execute the Note: (A)is co-signing this Securiry Instrument only to mortgage,grant and
<br /> convey tiiat Borrower's interest in the Property undcr the terms of this Security Instrument;(N)is not personally obligated to .,
<br /> pay the sums securcd by this Security Instrument:and(c)agrees that Lender and any other Borrower may agree to extend.
<br />_ modify,forbenr or make any accommodations with rsgard to the terms of this Secur�ry Instrument or the Note without that
<br />= Borrowcr s consent.
<br /> 13. Notices. Any notice to Bocrower provided for in this Sccurity Instrument shull be given by delivering it or by •
<br /> mailing it by first class mail unless npplicnble law requires use of another method. The notice shull be directed to the
<br />- Property Address or any other address Bonower designates by noticc to Lcndcr. Any noticc to Lender shall be givcn by
<br /> first class mail to Lender's nddress stated herein or uny address Lender designutes by notice to Borrower. Any notice
<br /> �rovided fur in this 5ccurity[nstrument shall bc dcemed to liave bcen givcn to Borrower or Lcndcr when given as provided
<br />_ m this pnragriph.
<br /> 14,. Governing Law;Severnbility. This Security Instru�nent shull bc govemcd by Fedcral law und the law of the
<br /> jurisdiction in which the Property is located. In the e��ent that uny provision or r.lsusc of this 5ecurity Instrument or the ''
<br />.= Note conflicts with applicable law.such conflict shnll not uffect other provisions of this Security Instrument or the Note
<br />- which can be given effect�vithout the conflicting provision. Tb this end the provisions of this Security Instrument and the
<br /> Nnto urc declm�ed to be severablc.
<br />= 15. Borrower's Copy. Borro�ver shall be given one canforrned copy of this Security Instruenent.
<br /> 16. Assignment of Rents. Borrowez unconditionally assigns;�nd transfcrs to Lender ull the rents nnd n;venucs of thc
<br /> Properiy. Borcowcr authorizes Lcnder or Lender's agents!o collect the rcnts and revcnues and hereby directs euch tenant of ,
<br /> - the Property to pay the rcnts to Lender or Lendc;r's agents. However,prior to Lender's• notice to Borrowcr of Bo�rower's
<br /> brcach of any covenant or agrcement in the Securiry Instrument,Bocrower shall co7lect and rcceive�Il rents and revenues of f.
<br /> �tu•�,�,:r.r�ns nviceec fnr thc Ixne6t of Lender nnd$orro�ver. "This nssi�nment of rents constiwtes an absolute assignmcnt �
<br />= nnd not nn assignment for udditional security only. j
<br /> : [f Lendcr gives notice of breach to Borrower: (u)all rents received by Borrower shall be hcld by Bortower as tnistee i
<br />.1 ior l�nefit of Len�er only,to be upFlicd to the�ums�^c+�md hy N,P Crr�tritv lnst��ment: Ihl Lender shall be cntitled to
<br /> = collect and�ceive all of the rcnts of the Property;and(c)each eenane of the Property shall pay all rents due and unpaid to � .
<br /> - Lendcr or Lcnders agcnt on Lender's written demand to the tennnt. I
<br />= BoRC►wcr has not cxccutcd nny prior assignment of ihc rents and has not and �vill not perform any act that would
<br /> - p�vent Lender from cxcrcisinE its rights under this P.�rogr.�ph IG.
<br />�'i Lendcr slinll e�ot be reyuircd to enter upon,take control of or muintain the Propeny bcforc or aftcr giving noticc uf �
<br /> 9 breach to Borrower. Ho�vever,Lendcr or n judirially nppointed receiver may do so�t any time there is a breach. Any � .
<br /> " npplication of�nts shall not curo or wnive iiny defc�ult or invalidate any uther right or remed�of Lender. This assignment
<br /> •� of rents of thc Property shuU terminate when the dcbt secumd by the Security Instrument is paid in Full. I.
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