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<br /> .. 7. Condemnatlon. Ttte proceeds af any award or cltfim for dnma�es,dfrect or cdn�s�e.quentiol,in connecdon with eny
<br /> . m
<br /> condemnadon or other taking of any pnrt of Uhe Property.a�'for conveyance�n place of condemnadon,are hereby assi ned
<br /> , , and shaU be paid W Lender to thc+extrnt of the fuq amvunt of the indebtedness thut r+emeins unpaid under the Note an�this ,
<br /> S�xurlty Insuument i.ender shall apply Ruch proce�da to tke reducdon of the indebtedness under the Note und this Security �,
<br /> � instrumen� fi.�st to any delinquent amoant� appUed In the order pmvtded in Perugraph 3, and then to prepeYmonthl f
<br /> , principal. Any applicudon of the proceeds to the princip�t shall not extend or pustpone th� dw: dute of th Y ..,.
<br /> payments,which are referred to In Para h 2,or change the amount of such paymen�g. Any excess procceda over pn �, ,,
<br /> � Y' amount required to pay eU outstanding in ebtedness under the Note shail be paid to the entity legaliy endtled thereto.
<br /> �� S. Fees. Lender mny collect fees and charges uuthorized by the Secretary.
<br /> �� 4. Grouads for Acoeleratton of De6�
<br />- "'`�+�+'+"�'' (a)DefaW� Lender may,except as Wnited by regulatioas i�sued by the Secrecary in the casc of paycnent defaults.
<br /> " require immediate payinent In fu11 of all suma secured by ihis Security Instrument if: .,
<br /> (i)Borrower default�by failing w pay�in fuU any moathly payment requtted by this Securicy Insrivment prlor
<br /> � '� '� . to or on the due date of the next monthly payment,or '�:.:
<br /> �' � qt)Borrower defaults by failing.for a period of thiny days.W perform ar►y other obligadoas contained 1n th�s _T_-�
<br /> . l. Security Instrumen� �"=-r...
<br /> �� 'r��r (b)Sele Wtthout Credit Approvel. L tnder shall,if pem�itted byapplicable law and with the pdor appmval of the --_�•„_
<br /> . ge�et�y�tequire'u�medlate payment in full of aU the sums secured b thls Secw�ty Insnvment if:
<br /> " �,:� , (i)All or part of the Property.or a beneficiel interest in a uvst owaing eU or part of tfae Pic+operty.is sold or �'�
<br /> :".. _:.�: othenvise uartsfetred(othe-r t6an by devtse or desceat)by the Borrower.and �,�-_
<br /> .�,:> (fi)'IUe Property is not occupied by the purchaser or grantee as his or her princlpal resideace.or the pusc6aser - -
<br /> , , � ar gtantee does so occupy the Property but 6is or her credit has not been appmved in accoidance �L
<br /> wi t h t he req u i r emen t s o f t he S e c r etary
<br /> •' (c)IVo Waiver. If clrcumstbnces occur that wouldpermit Lender to require im�nedIate paymeat in fu11,but L.ender �
<br /> dc�es not�equire such payments.I.ender does not waive ita rig6ts with respect to subsequent events. �'s`-;'
<br /> ' '� `� (d)Regulattong ot HUD Sec��eters'. In many circumstances regulatlons issued by d►e Secretary'will limit Lender's
<br /> n �� 'j dghts, in the case of payment defaults, w require immediate PaY�nent in.full and forxlose if not paid 'tl�is
<br /> " Security Iastivment does aot authorize acceleration or foreclosuce if not pennitted by regulabioas of the Secretacy
<br /> '.�� (e)Mortgage Not Insut+ed. Bornower agcees that ahould this Secvrity Inst�ument and the aote secureci d►ereby not c-
<br /> -, - be eligibie for insurauce uncler the National Housing Act within 8 mon�►s fr°m the
<br />. _ date hereof.Lender may.at its opdon and notwithstanding anythiag in Paragraph 9,re9uire immediate payment jn
<br /> fiill of all sums secuced by this Seauiry Iastrumen� A wciuen statement of eny authorized agent of the Secc�eterY __
<br /> _ � �'�^:}. �vri���hsequent to 8 m�nths firom the date hereof,declining to insure this Security `
<br /> ��LL'{ �� Insuuneent and tha aote secured thereby.shaU be deemad canclusive proof of suctr ine6gibiliry. I�Tvcwi t f,s i a u d h t8
<br /> � •f'• •� the foregoing,tlus option may not be cxerclsed by I�ender whea the uaavailabiliry of insuiance is solely due�o
<br /> .:`;�z,��"-.>c . Lende�'s failure to r�emit a mortgage insurance premium w the Secretary.
<br />`->_.ca.y'"s"-: 10. Retm�fatement Borrower has a right to be reinsteted if Lender bas c�equined immediate payment in fuU because of
<br />� ,,.,.:�:._
<br /> ����.�.?•,;;`l,, Borrowe�'s failure to pay an amount due under the Note or dus Security InstivmeeuG This rif,ht applles even after forectosure
<br />:.s;��j:'.,;.<, pmoeedin$s ara iustituud To reinstate the Securlty Iasavment,Borrower shall teader in a tump sum all amounts requi�+ed to
<br />-':ti�.�.�.--- bring Botrnwe�s account current including,to tha extent they an obllgations of Bocrower under this Security Ins�umebt,
<br />''y't¢=;'�',`"�' foreclosure costs and reasonable and automnry attomeys' fees and expensas pmperly essocieted wid► the foreclosuce
<br /> __ . ...�� prooeedin g; Upon reuistateraent by Borrower,this Secunry Inshumeat and the obligations that it secures sball remain in
<br />_- �_�� effect as it I.ender had aot required immediate payment in fuU. However,L.ender is not requined to p^.mait reinstatement if:
<br /> --- _ -�'- _ (I) Le�cler has �cegted �instetement after the commencement of fineclosure proc�eedin8a with�a two yeazs i�[ately --
<br /> =_-a��� pre�din�the commencement of a current foreclosuc+e proc�dinB, (fi)reinstaoement arill Precju� Por�closure on differenc
<br /> __--- grounds m the fuUue,or(iii)reinstaternent will adversPly afFect the prtoriry of the lien created by tl�is Se�urity Inslrument
<br /> er
<br /> _��iL�� 11. Bore+ower Not Rdeased; Forbeaes�nce by I.eader Not a Waiver. F�ctension of the rime of payment or
<br /> �ti„��� modification of amorti7atioa of the sums secured by this SecurltX Instnut►ent granted by Len�er w any snocessor in interest
<br />�___� � of Bmrower shall aot operate to c+elease the liability of the origmal Borrower or Bomowe�s suocessor ia interest Lender
<br /> -- shall not be quircd w commenoe P�ings againct an�► sucoessor in interest or refuse oo exoend time for pa ent or
<br /> otheswise m dify amottizauon of the sums sec�red by td�s Securiry Insiivmet►t by reason of any demand�by the
<br /> __-;�•_-- original Borrower or Borrowe�'s suocessors in in�rest. Any forbr,a�ance by Lender in exeneising eny right or remedy shall
<br /> not be a waiver of or pnclude the exercise of any tight or manedy. �e�venaats and n�reemeats of this
<br /> _;:�"'� 12. Sucaessors and A s s l g u s Bo u n d:Joint and Several Uabs'iity.Go-Signers. --
<br /> � �..
<br /> <-== gecurity Tnsnument shaU bind and benefit the sucoessors and assi�ns of Lender and Borrower,subject w the pmvLs�ons o
<br /> v-�.;`�r��
<br /> ��� paragraPh 9(b). Borrowet's covenants end ments shall be jo�nt attd sevecal. Any Hosowa who oo-slgas�is Vs��
<br /> Insuuraent but does not eaecute the Note: (a is co-signing this�Security Instrume�►t only to mortgage,�ran
<br /> _--�_..�.= Borrowe�s interest in the Propettl'under the tenns of this Secuary Inshumen�(b)�s not personany vbligated to pay the sums
<br /> --°,"°,.-�`.=�� secure�by this Sec�riry Insbument;and(c)eSre�s that I.ender and aay ather Borrower mayag�to extend.modify.forbear
<br /> -- __-.� or matce any acoommodations wim regard to the terms of this Security In��ent or the Note without that Borrower's
<br /> ���•ra;�.:;s
<br /> ���v;�� consen� -
<br /> �� 13. Notices. Any norice to Borrower provided for,in dBs Security Instivment shall be�iven by delivering it or by
<br /> _`'�`�a;.�.-` mailing it by t3rst cless moil unlessapplicable law requues use of another method. The nohce sdall be directed to the _
<br />�;"��:`���� . Pi+operty Address or any atder address Borrower designates by aotice to Lender. Any notice to Leader shall be given by fi�st
<br /> �:,.,_`;,z,;r�K . class mail to Lender's address stated herein or any address Le�►der designates by nodce w Bornower. Aay notice pm�ndod _
<br /> for in this Security�nshumeat sha11 be deemed to have been given ro Borrower or Lender whea given as provide� in this
<br />__ � . . g�p� -
<br /> - •H;��.; �-14. Governing Law;SeverabWty. Tbis Security Instrument shall be governed by Fedaal law end the law of the �
<br />: . � ` � � .�' jnrisdiction in which the Pmperty is located. In the event that aay pmvision or clause of tUis Searity Insuument or the Note �
<br /> �,,;� -±�• oonflicts wlth app li c a b le l aw.s u c 3�w n t l t c t s h a ll n o t a ff e c t o t t i e r p ro v i s i o n s o f t h i s S e c u r i t y I n s t i v m e at or the Note which can �,.
<br /> be ven effect w�thout the conflictins provision. To this end t6e provisions of this Sewrity Instivment and the Note are _-�.
<br /> „ ' dec�to be severable. �^
<br /> 1S. Borrower's Copy. Borrower shall be given one conformed copy of dtis Secur�ty Insnument �-
<br /> _�`� . ��. �aEoemeat of R�ts. Bomower uncondmonally assigns and hansfers oo Lender a1116e rents and revenues of the �
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<br /> ,'�_ �� � pro --- Borrower authotizes Lender or I.ender's agents to couect cne�nts and tevcnues e�u nc,w�..,.�...�...... - __
<br /> r*� � the�to pay d►e rents to Lenda or Lender's agents. However,prior w Lende�s noticeto Bomower of Borrower's
<br /> "'`" breac h o f any oovenan t or agi�anent in the Securi ry Insu�umen4 Ba�Wer shall collect and c+ecxive aU rents and revenues of
<br /> � the propertjr as uusteE for the benefit of Lender and Borrower. T�is assi�nment of rents oonsdattes an absolute assignment
<br /> � �-� aad aot an essignment for additional security only
<br /> If Lender gives�►otice of breach to Borrower: (a)all r�ents received by Borro�ver shaU be held by Borrower as tcustee
<br /> _ for benefit of I.eader oniy,to beapplied to the sums secured by the Securiry InsuumenG (b)Lender shaU be endded to
<br /> , oollect and reoeive all of the rents of the Property;aad(c) esc6 tenent of the Propaty shall pay all rents due and unpaid to
<br /> Lender or Lender's agent on Lende�s written demand to the tenant.
<br /> - ' Boirower has not eaecutod any prior assi�nment of the rents and has not and will not perform az►y act that wauld
<br /> • prevent Lender from exercising its righu w►der tlus Paragnph l6.
<br /> Lender shall not be required w enter upon,take control of or maintain the Property tsefore or after giving notice of
<br /> � btcach to Boirower. However,Lender or a judicially a�poinred reteiver may do so at any urne there is u b�. AnY
<br /> : � applicution of rents shall not cure or wuive any default or u►vaLdate any other right or remedy of Lender:'Ihis assignment of
<br /> rent�of the Property shall tem�inate when the debt sec�red by the Secunty Insavment is paid in full.
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