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<br /> E��iuE:if�al. /►nY t'Pplic:.tii�n <�,lit^ pt�a�c,.+�; !u lir; �tir+us:ir�al t.h;�ll nut cx[Cnii or �m•.':,�r�rc i�,: :��;; :!��:, ::, t{::� tttr,�:°lil, -I..
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<br /> nmou�u rtaiuirccl ta pay all 4utst�mding ittcicbcedne:cs u►�cter��he N��te shall Sx;��aid tn�i�e entity Ie�;a�iy entitt�cl aheret�.
<br /> �. Nees. LenQer may coU�ct fees nnJ charges aiuhn•rized hy the Secretary.
<br /> 9. Grounda for Ac�.Ykrntk►n af l3ebt.
<br /> (A)Def�ul� l.etidrr ntay,ex�:ept as limited Uy regulntians issued by�tlie Secretary in the case of paynient deS'auli�,
<br /> require immediatc puyn�t in full of alf sums secu��ed by this Security Instcument ii:
<br /> (i)8orrower dcfaults by fniling to pay in full any mantltily Naymcnt rcynircd by this Sccurity lustrunx:ttt prior —
<br /> tu ur ou die due date u�ti�e�ie�t u�oiitiily��aynunt.ur �
<br /> (ii)BnrroN�er dcfaulG�6y failing,for n period af thirty dayx,to Fx.rform nny other obligations contained in thly
<br /> Security Instrument,
<br /> (b)SAk Witlpf�R Credfl Appraval. Lc�dc�shnU,ef pc:rmitted by upplicablc 11w nnd with thc prior npproval of thc
<br /> Sc:retur;,�.;ui:��tr';nrd'e�t^_ps�ment in full of al!Ghe�+!m.s cecorecl hy�hiti Security Inswment if:
<br /> (i) All ar part of Ihe Property,or a br.neficial interest t�a trust ownino nll or part af thc Nroperty,is sold or
<br /> ot4�cnvese transfcncd(other than by�dcvisc or descent)by thc Boirower,and
<br /> (ii)Tl�u Pi�upe�ly is nut occupied by the purchaser or gr�ntec ns his on c�r principal r�idence,or the�urcl�asa � ---
<br /> or �,�:►ntee daes so occupy d�e Property t�ut his or her credit hus not bcen appravcd in accordance
<br /> with the reyaircmenGti of the Sccretary.
<br /> (c)No Waiver. If circumstances occur that would pern�it Lendcr to require immediate payment in full,but I.en�lcr
<br /> doas not reyuire such paymcnts.Lcndcr docs not waive iGs righ�+with respcct to subscquent cvcnts.
<br /> (d)RegulAtluns of HUD Seccetary. In many circumsk�nccs rcgulldons issucd by the Secrctary will limit L.ender's
<br /> rights, in the casc of payment dcfuul�:, to require itmneciiate payment in full and foreclose if not paid. This
<br /> Security Inswment dces not uuthorizc accel�rauo;�or fnreclosurc if not permitted by rcgulations of'd�c Secrctary.
<br /> (e)Mortgage Not InsurPd. Borrower ug�ces that shoutd this Security Instrument und the note secured thereby not �
<br /> he elioihlr.F�r insuranre under the Na.tinnal Honsine.�ct within from the
<br /> �•-
<br /> date hereol:i.ender may, ut iG,optiun wid nutwith,tnnding anything in Par�Agla��cquire immcdintc payment in _ .
<br /> full ol ull sumc secured by this Su:urity Insmmicnt. A wriucn statcnunt of ar►y authoriud a�cnt af the Secretary �_
<br /> dated subsequent to from the d.ue hercof,declining to insun:this Secucity
<br /> Inswment und the note se��rt}�t.�iL�y,sha!!be cieemed conclusive proof of such ineligibility. Notwithstunding
<br /> thc forcgoing.this option may oot bc exercised by Lcnder when thc unavailability of insurancc is solely dac ta _
<br /> L.ender s failure to rcmit a mortgage insurnnce premium to the Secretury. ---
<br /> 10. Reir�statemenG Borrawer has a right to be reinstated if L.ender has rcquired i�nmcdiutc p�yment in full b�;cause of
<br /> Bnrzower's failure to pay an urnount due undcr thc IVote or this Security Inswmcnt. This right applies even iiftcr forcclasurc
<br /> proceedings are instituted. To rcinst�te the Securi�t�ty Instrument,Borrowcr shall tender in a lump sum all amoun�,reyuired to
<br /> oring Burruwer'�ac�wui wi�ciii iti�tii�ii�b, iv Ut4 4JIZVIIt I�t�:y i1TL vY'i{Ibdii�iiS vF L'vi7'3:�'�:i:i:.a.CS'i.�i, y�JTtt� Si2::YSlSTSC.^.:, _
<br /> foreclosure cos�c and reasonable nnd customary attorneys' fees and expenses properly associated with the foreclosure
<br /> p�oceedin€. Upon rcinssatement by Borrower, this Security Inswment and the obligations thac it secures shall remain in
<br /> effect as if l.ender had not rcquired immedinte paymcnt in full. However,Lc:aJer iti not rcquircd to permit rcinstatcmcnt if:
<br /> (i) L,ender has accepted reinstatement ufter the commencement of foreclosure proccedings within hvo years immediately _
<br /> preceding the commencement ot'a curcent foreclosure proceeding. (ii)reinstutement will prcclude foreclosure an different °—
<br /> grounds in tho future,or (iii) rcinswtement will adversely affect tlie priority of the lien created by this Secm•ity losuument. _�_
<br /> 11. Borrower Not RcleASed; For6curance bv Lendcr Not n Waiver. Extension of thc time of paymcnt or a_-
<br /> modificadon uf amortization of the sums secured by this Securiry Inswment granted by[.ender to any succcssor in interest
<br /> of Borrower shnll not operute ro rcicase thc liability of thc originul Borrowe►•or Borro�ver's succcssor in intcrest. L�:nder �_
<br /> shall not be required ro commence proceedings against any succcssor in interetit or refuxc tu extend time for puyment or s,,.,..
<br /> otherwise modify wnortization of thc sums secured by this Sccurity [nstrument by rca.eon of any demand madc by the {v,•_::
<br /> original Borrower or Bon�ower s succcssors in interest. Any forhearuncc by Lender in cxcrcising uny right or remcdy shall ;",'
<br /> �+,�
<br /> not be a waiver of or preclude the exercise of any right or remcdy. ,� -
<br /> 12. Successors nnd Assigns �ound;Joint and Several Liability;Co•Signers. The wvenunt,und ngreements of this �:_;,..
<br /> Security Instrument shnll bind and bcnefit thc successors and assigns of[.ender iind Borrowrr.+ubject to the provisions of �,..-
<br /> Parngraph 9(b). Borrowcr x covenunts and agreement+sh:ill be joint und several. Any Bnrrower who co-signs Uiis Securiry �---
<br /> [nstrument but docs not exccute thc Note: (a) is co-signing this Sccuriry Insaumcnt only to inortgagc,grant.ind comcy that F;�`°'
<br /> Borrowcr's int�rest in thc Propeny undcr thc tcrms oF this Securiry Instrument;(b)ix nut pertionully abligated to puy thc sums �;"'�,
<br /> secured by this Securiry Instrument:und(c)agrees that Lender and uny ather Bo�rower may agree to extend,mcxlify,forbcar �`-
<br /> or make any accummod:�tiortz with rcgurd to thc tcnn of this Srcurit}� Instrumcnt or ihc Notc wilhoul thut Borruwcr's '�-
<br /> cansent. � ��x:`
<br /> 13. Notices. Any noticc to Horro�ver providcJ tiir in this Secnrity Instrwnent shall be givcn by delivering it or by -=
<br /> mailing it by fint cla�s mail unlcss upplicublc Iriw rcyuires usc of anothcr mcthod. Thc noticc ,hall be directtid w the �
<br /> Propeny Address or uny othcr addres.r•Borro�ver dcsignates by natirc to L�ndcr. Any noticc to Lcndcr tihall bc givcn by first
<br /> class mail to L.endcr'�address stuted hcnin or any uddress I.cndcr dcsignatcs by noticc to Borrowec Any noticc providui •
<br /> for in this Securiry Instrumcnt sha116e dccmcd to hnvc hecn given to Borrowcr or Lendcr when givcn as provided in this �
<br /> paragraph.
<br />� 14. Governtng Law: SeverubIlEty. This Securiry [nstrum�nt shaU bc guvcrncd by F��deral law and thc luw uf th�
<br /> jurisdiction in which thc Properry �s locntcd. In the event that any prrnision ur clauxe of this Sccuriry Instrumr.nt or the Nrne
<br /> conflicts with applicablc law, such conflict shall not afl'cct othcr ptovisiunti of this Sccuriry Instrumcnt or thc Note ���hich can
<br /> be given effcri without thc conflicting provision. To this cnd thc pri�vitiiom of this Suuriry Instruinent and thc Notc arc
<br /> declived to be severuble,
<br />_ 15. 13orrower'g Copy. Borrower shall bc given one conformed copy of this Srcurity Instrumcnt.
<br /> DG. Assignment of l�ents. Borro�ver unconditionally ussignti and trcrosfcrs to LrnJcr ull thc rents and r���cnucx c�f thc
<br /> �•operty. Borrower authorizes Lender or Lender's agents to collect the rcnts and revemics and hercby directs cach tenunt of �„ ,
<br /> the Property to pay dic ren4� ro Lcndcr or Lcndcr s uEents. Howcvcr,prior ta Lcndcr's noticc to Borrowcr of Bo�ro�v�r'r '�
<br /> breach of any covenant ar abrecment in►he Sccurity Instrument, Bnrrcnvcr tihall collect und reccivc all rents und revenues of I
<br /> thc Property ax trustce for thc benefit of Lcmdcr and Borrowcr. This cutiignmcm ut'renG,constitutcs an absulutc utisignrncnt
<br /> und not an assignmcnt for additionUl sccurity only.
<br />" If Lendcr givcs noticc of brcach to Bo�TO�ver: (u)all rcnts rcc+:ivcd by Borro�vcr shall hc hcid by I3urrowcr ati trustcc
<br /> for ben�fit of L,ender only, to bc upplicd to the sunts �ecured by thc Sc�uriry In,u�umenc; (h) Lcnder �hall he cntidcd to � ..,,
<br /> collcct and receivc all of Uic rcnts of the Properry;and(c) cach tcnant ot'thc Property shall pay nll rcnts dur and unpaid tu
<br />, Lcndcr or Lcndcr'�;igent on L.cndcr s�vrittcn dcmund to thc tcnant.
<br /> }3orrower has not executed any prior ussignment ol' tha rents and has not ancl will not perfonn any act that �vould •
<br /> prcvcnt Lendcr from cxcrcisin�its ri�*hts�mdcr this Parugraph I6.
<br /> I.cndcr shall not bc rcyuircd to entcr upon, uikc control uf or maintain thc Properry trcForc ur aticr givin� nou�c ut'
<br /> bm,�ich to Borrowcr. Howcvcr. 1_cndcr or ,i judiciully urpointed reccivcr may do su at any timc thcrc is a hrc.�ch. Any
<br /> upplication of renGc sh�ill not cure or�vaivc any dcf'uult ur invalidute any other right c�r remcdy of l.�ndrr. Thiti u+signment ot'
<br /> rcnts of thc Yropcny shall tcrminatc�vhcn thc dcbt sccured by thc Sccurit��In�trwnent is paid in full.
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