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<br /> ,. ' 7. Conderttnatton. The pracecdw af any award or clulm far damages.direct ar rnnseyuendN,in cannecUon with uny
<br /> �� ° wndemnnHon or other taking af any part of the Praperty.or far conveyanre in place af cundemnutlnn,are her�by usaigned
<br /> � • and shWl be pald to l.ender to thc extent of the full amaunt af thc indcbteAne.r•s that remains unpaid under the Nute and this
<br /> � Security instrumen� L,ender ehall opply Ruch ptoceed.9 w tha ceductlon of the indebtedt►cs�a under the Nate and this Sccudty
<br /> Instrumen� i'�rst to a»y dclittquent nmounGg upplicd in the order pmvtded in Puragmph 3. and then to prcpnymcnt of
<br /> principal. Any applicadon of the procecdv to the principui xhuti nut extrnd ur pa�stpanc !ho duc dut� uf thc monthiy
<br /> � .��. � payments,whkh are refenrd w!n PArogrnph 2. or change the amount of such puymen��. Any exces.g proceeds over un „
<br /> � �"�"''� � amount r+equired to puy all autatanding indebtednes.a undcr the Nate shNl be pufd to the entity leguliy entided tt�erew.
<br />. -�� B. Fcea.Lender may collect fees nnd charsex authorized by the Secretary.
<br /> �y�,� 9. Gr�unda for AccelerxNon of Debt.
<br /> (a)Default, Lender muy,except as limited by reBulutIon�issued by the Secretary in the cuse of payment default�,
<br /> ,,,' � ceguIre imme�ilate payment in full of all sums r,�cured by this Securiry lnewment ifl
<br /> (i)Boaower dcfaulGs by fciiiling to pay In full auy monthly payment required by this Security Inswment prior
<br /> •� ��� W or on the duB date of the next monthly paymen4 or
<br /> . . (ii)Botrowet dafaulta by failing.for a period of thirty days,to perform nny other oblfgudons cantained In tbls __,��
<br /> " Sxurity InswmenG �
<br /> ' �� ; t;. ' (b)Sal�Witlmut Ciredts Approvai. Lender shall,if permiued byapplicuble law s►nd with the Qdor approval of the
<br /> �,', Secretary.require immedIate payment in fuU of all dte sutns secured by this Serudty Inswment if: _N
<br /> ° (i)AU or pa�t of the Property,ar a beneficial interest in a bust ownin�ell or part of the Property,is sold or -
<br /> - ' �� �, otherwise transfeired(other tFtun by devise or deaacenty by the Barrower.and o.._-
<br /> ,,:, ce _
<br /> _ •� : -. {ii)The Property is not occu�ied by the purchaser or gantee ass his ar her principal residence.or the purchucer _`._.
<br /> - ° � :: + a �qcantee daes so occupy the Property but hls or her cred(t has not been appmved in accotdance ----
<br />-��..y�:�'"�;�..,� with ihe requirements of the Serr+ewry �;
<br /> , (c)No W�iver. If cic�cumstancc.w occur that wouldpermIt Lender w require immediate payment in full,but Ixnder �r°-
<br /> . � • � daes not req u i re suc h payments,L en der dces not w a i ve i t s dg h t s w i t t i c e s p e c t t o s u b s e q u e n t e v e n t s.
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<br /> .. . ,• . �'"•- (d)R t}�u l atMnv of HUD Seaetary. In many circwnstences reguladons usued by the Secletary will limtt I.ender's —�
<br /> �� � r�ghta I n the c�se of payment defaults. to re.quire inunediate payment in full and foreclose If not paid 'mis �_
<br /> , :.:•��-�.; Security Instrument does not authorize accel�ration or foneclo.aurc if not permitted by reguladons of the Secretary. --
<br /> ''�" (e)Mort�age Not Iasured. Bormwer agee.s that sho�ld td is Seturity Insdument an d t he rtote s e c u r e d t he r e by n o t =-
<br /> � . be eliglble for insurance under the Nallonal Housing Act wlt4in s �� from the _ __
<br /> ' ; date h�f,Lendet may.at its option and notwithstnnding anythfng in Para�tap----h 9:requlrc immediate payment in �---
<br /> fuU of all suma secured by this Secudry InshwaenG A written atatement of eny authorized agent of dte Secc+etary
<br /> � _ _ dut�ed aubsequent w g �� from the date hereof,detli�ing to insure this Sec�ulty -
<br /> � '� . ,'4�f�•. Instrument and the note secuc+ed thereby,shaU be deemed wncluslve proof oF such ineUgib�lity. hionvit�standing _
<br /> ,; ;�;.'. � the fore$oin�.this optlon may not be exercis�d by Lender when the unevailebiliry of lnsurance is solely due to
<br /> Lender's failure to remit u mortgage jnsurance preaiium to tde Sec�+etary.
<br />�;:�t�'y 1���n �.
<br />- __,•,u,.�•,��..,: - 10. Rdnst�tement Borrower has a dght to be reinstated if Latder has requlred immediate Payment In full because of
<br /> --.:�;r�:�i�' '� Borrowef s failuae to pay an amount due uader the Note or this Security Instniment 'Ihis dght applIes even after foreclosure
<br /> %�::�`41�. :," .. proceedings are insdtutetl. To rein$tate the Security Instcument,Honower shall tender in a lump sum all amounta requirod to -
<br /> -��a�'��� � � bring Barrowets exnunt cuRCni 3ncluding, to the extent they ere abligations of Bormwer under this Sec�uIty Instrument,
<br /> �,.T������"�: � foreclosure costs end reasottabie and custamary uttomeys' fces and expenses properly associated wlth the farcclosure
<br />'�"�``�-'�'N pmccedjn . Upon reinstatement by Borrower,this Securiry Insuument and the obligations that It setut+es eheU nmain ip
<br /> ,�<:.;:•:. .� g �
<br /> ,,,�� — effcct as If Lender had not required imme�tIate payment in fuU. However,Lender is aot t�aquimd co pemdt reinstatement if:
<br />- �"; ` (i) Lettder 4�as a,ccepted reiastatement after the co�nmencement of foreclosure p�ac�tnga within two years lmmedtately
<br />.;��^.,..::� .
<br /> �-w,(;�y;�;� preoeding the commencement of a cunent foreclosu� proceedIng.(ii)reie�tatement will preclude foreclosure on different
<br />�� "`°��° " • ounds in the future.or(iii)reinstatement wIU edversely ufffect the prlodty of the iim craued by this Securiry Inswmen�
<br /> -"--`'"�'a� � 11. Borrower Not Released; Forbearence by I.ender Noi e Waiver. Extension of the dme of pnyment or
<br /> •e�,=va�q�!�o:�
<br />__��,�„�..����� modlficadon of timortizatlon of the suras secured by this Security Instiument grantetl by Lender w any auccessor w�nterest _
<br /> �.-:���; of Bomower shNl aot operate w release the li�blliry of the original Borrower or Borrower's successor.�t Ittterest Lender
<br />- ��� shaU not bereg uired w comraence proceedings aga�nst eny successor in interest or refuse to eatend dme for payment or
<br /> �:----- othenvise modlfy amo�on s�f the sums socured by this Security Insururaent by reason of eny demand made by the
<br /> ._�--�• orIglnal Borrower or Borrower's successors ln interesG Any farb.,arnrice by Lender In exerctsing any right or temedy shall
<br /> ''�":;.,r�, �� not 6e a waiver of or preclude the exercise of any dght or remedy.
<br /> _-_�.�;�;r-,�,� 12. Suacessors and Aasigns Boamd;Jofnt end Severai Lfalbility;Co-Signers.'I'he oovenants and agreements of this --
<br /> _"ri w"'=�� Secudry Insttument shall bind and benefit the successots ead asslgns of Lender and Borrower,subiect to the provtctons of
<br /> _-�� Paragraph 9(b). Boirower's covenants and q�r�ments shall be joint and several. Any Borrower wiio co:vigns this Security `
<br /> `.���= Inst►ument but does not execute the Note: (a)Is co-signing ihis��curity Inswrttent only to mortgage,grant nttJ avirvey Utal
<br /> _�.;��. Borrower's interest 1n the Property under the terms of this Security Instn►ment;(b)is not petsonally obligated to pay the sums __.-
<br /> _���;,�.'� sr.cumd by thia Securlry Instiument;and(c)agrces that Lender and any other Bomower may agr�to exrend,modi�y,fotbear _
<br /> -�;�.;._.�: � or make eny accommodadons with regard to the terms of this Securiry Instrument or the Note wtthout that Bcttrower's
<br /> _.'.,.'�'�."" . consen� _..
<br />=-_=4,`�.6-�r,-.7°';^.... : 13. NoUees. Any nodce to Borrower provIded for in thie Securiry Insuument shall be iven bq deIIvering it or by _
<br /> n I� „• , mafling it by first cless mail unlessapplicabie law requires use of another methnd. 'It�e no�ce shall be dimcted to the =
<br /> ,� , Property,Address or any other address Borrower designates by no6a to Lender. Any nodce to Lcnder shall beq►ven by first -
<br /> ,,,.t�;�;.•,- • :'.�!'� cless miul to Lender's address etated herein or any addre.ss Lender designates by notice to Borrower. My no�ce provlded _
<br /> = -'� for in this Securi t y Instrume.nt shall be der.med w have becn g lven to Borrower or Lender when given as provIded in this ='""
<br /> . .. .'v.. p�agrapb. �;�.
<br /> : �k' 14. Goverdng Lnw;SeverabWty. 71ds Security Insuvment shall be governed by Federal law and the law of the "�''
<br /> ' judsdtction in whIch the Property is located. In the event that any provision or clause of this Securit�v Instre�ment or the Note �='�
<br /> '� � �' conflicts with appl[cable luw,such conflut shall not affect other provisians of this Secudty Instrument or the Note which can
<br /> �� � ' be gtven effect without the conflicting pmvision. To this end the provisions of this Security Insuument and the Note are
<br /> ' � declared to be severable.
<br /> , .- iS. Borrower's Copy. Borrower shail be�iven one mnformed Qopy of this Security InstrumenG '
<br /> ' ,�.' - '
<br /> " 16. Assignment of Rents. Borrower umm�didonelly assigns nnd transfers to Lender nll the rents and reve�.ues of the
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<br /> Propecty. Sorcower authorir,es L.ender or L,ender's agents to couect the rents and revenues ana eereoy di�ac�eacn cenanc or -
<br /> . . -. the Property ro pay the rents to I.ender or I.ender's u�enGs. However,prior to L.ender's notice to Bomower of Borrawer's
<br /> breach of any covenant or agreement in the Security Instrument,Bomower shall collect and c+e�eive ull rents and c+evenues of
<br /> - , . . ehe Prope�ty as trustee for the benefit of Lender and Borcower. This assi�nment of rents consdtutes an sbsolute assignment
<br /> -'�� -� ° and not an assignment for addidonnl security oniy. •
<br /> � If Lender�;ives not�ce of breach to Borrower. (a)ull rents received by Borrower shall be held by Borrower ac dustee
<br /> ,; � for benefit of Lender only, to be upplied to the sums necured by the Security inswment; (b) Lender shall be endde� to
<br /> ° rollect and receive alt of the rents ot the Property;nnd(c)ench tenant of the Aroperty shull pny alt rent4 due and unpeid to
<br /> � I.ender or Lender's agent on Lender's written de�nand to the tenunt. '
<br /> � . Borrower hag not executed uny prior ussi�nment of the rentc und hati not nnd will not perform nny act that would
<br /> : prevent L.cnder from exercising it�rights under th�s Purugrnph t6.
<br /> . •� Lender shall not be required to enter upon:mke control of or maintnin the Properry before or ufter giving notice of
<br /> ; • �; „ breach to Bo►rower. However. Lender or a�ud�cinlly nppainted re�:eiver mny do so ut uny tinm ther+e is u breach. Any
<br /> nppiicution df rent�sh�ll nnt cure or waive any defuult or invalidate any ather right or remedy of I.ender. '11�is arsi�nment of
<br /> " rents of the Property shnll tcrminute when the debt secured by the Securiry Inswment ix ps�d in full. ,.
<br /> „ f Puge 3 nj4 p�ign 1
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