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<br /> 7. Condemn�tion. '[he Pccxeeus of any �w•ivd or claim for dama�cs.dir�ct or conseyuential, in connection ���uh any
<br /> conQemnativn cn�oit,er taking of any pan af a6e PruPeriy,or tor conveynnco in place of condemnation, arc fiercby assi�ned
<br /> 111Cj SI71II�C�11(j IO L.CfICICi.o the extent of the full amounf�of the indeotedness that remains unpaid under the Notc and th��s,
<br /> :°�a+.; Security Instrume�t. I,ender shali appf}'snch proceeds to the:e:iuction of the indebtedness under the Vote and this 5ecurity
<br /> Ir.�trume�t, first to any delinquent amou�ts applied in the order �r�vided in F'aragraph 3, and then to prepayment of
<br /> .+,�"`f�:; �r,ncip��L An}' ap��lication of the proceeds ro the principal shall r.ot ezte�id or postp�ne ihe due date of the monthly
<br /> �k`
<br /> ��,�'; paymemt, ��•h�ch ar�: referred te in Parati raph 2. or change the amount of such pa;ments. Any excess proceeds o��cr an
<br />��,��� an�ounc,rr.quired to pay all ou[standing,inde:�te�ness under the Note shall be paid to the entity legally entitled thereto.
<br /> � � 3.' I'e�s. Lendcr may cuilect fees anrt charges autt,arized by the Secret:iry.
<br /> 4; � 9. C�rounds for Acceleration of ll�bt.
<br /> �,�� (aj pefault. Lender may,cACent as limited by regulations issued by t��e Secretary in the case oS payment default>,
<br /> �,.'���",� requi;e immedia,e Qayment in f!i31 of ali sums secured hy this Security Tnstrument�f:
<br /> ���, �; (il Borrower defaults by failing to pay in full any monthly payment required by this Security Inswment prior
<br /> . � N•�;i,�{+
<br /> ;,�;���� to or on the�!ue date of t��e^ext montn y gaymenc,or
<br /> (ii)Borrower defaults by failing,for a pc:nod of�hirty days,to perform any other obligaUons contained in this
<br /> .�,_; Securiry Tnstrument.
<br /> -- {h)�a;e�F'ithout Credit Approvul. Lender shall,if pern?itted by applicable law and with the prior approval of ihe
<br /> '`',,��y Secretary,require immediate payment in full of all the sums secured by t!�is Security Instrument if:
<br /> -.., ;u,�� (i,; Ail er put of the Propem�, or a beneficial interest in a trust owning al'_ or part of the Property, is sold or
<br /> r�; otherwise transfeaed(other than by devise or descent)by the Boirower,and
<br /> . ��;;�;� (ii)The PropP�y is not occupied by the purchaser or graniee a�his or her princiFal ressdence,or the purchaser
<br /> or grartee does se occupy the Property bu: his or her credit has not i,een approved i� accordance
<br /> <`°�� u�ith the requirement�5 of:he Secretary.
<br /> '"� (c) tio �4'aiver. If circumstances occur[hat wo�ld permit Lender ro requ'sre immediate payment in full,but Lencter
<br /> �
<br /> `�--��F do°s n�t reotiire Such payments,Lend�r does not wai��e its rieht�u�itn re�pecc to subsequent events.
<br /> '`�� ;c�)I:e�;uiations ef FIUU Secret:3ry. In many circumstances regulations tssued by the Secretary will limit Lendcr's
<br /> ��x���� ri`�ht�, in the case of payment �iPfauits, ro rey�aire immediate payment in full and forecfose if not paid. "I'his
<br />�r�?�a�i�,,�3 Security Instrument do�°s not authorize accelerattion or foreclosure if not permitted by regulations of the Secretary.
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<br />���;,.:, (�} !�tort��ge Noi Insnrc-�l. Borrower agrees that should this Security Instrument and ihe note secnred there y n�t
<br /> °' he e�igi�le for insurance ander the Nationa]Housing Act within 8 rn�nt`ts from the
<br />�:°`�� date herecf.Lcnder may. at its opti�n and notwithstandir.g anything in Paragraph 9, reguire immediate payrrent in
<br /> �,�
<br /> r;��, tu;i of ali surr.s secured by this Securiry Inst�ment. A written statement of any authorized sgent of the �ecret��rv
<br />��`�� da:ud subsey�ent ro 8 rnont'.hs from the date hereof,declinin€to insure this Securi�y
<br />� ,��< ,;
<br />���'��` i:�strurnen, and the no!e secured therehy, shall be deemed conclusiv� proof of such ineligibility. I`'vtwithsiandinF
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<br /> ,y.e.V,��. . J�c foregoing, this option may uot be exercised by Lend�r when the unavai(a5it�ty of insu�ance is solely doe to
<br /> �"�'� Lender's failure to rern.[a moRgage insurance ptemium to the Secretary.
<br /> L"��';-;t 1
<br />��"�''' � 10. R�instaYeme7t. �onow�er has a right€o be reinstated if Lender has required immediate payrner.i in fuli because o�
<br /> 13orcower's faiiu:e to pay an amount due under the Note or this Security Inswment. This right applies even after foredosure
<br /> proceedings�ue instituted. To reinstate the Securiry Instrument,Bonower st,ail tender in a lump sum all amounts required to
<br /> A -. " brinn_ Borrowei s account ,:nrrent inclu�ing, to the extent d��y are o�ligations of Borrower under ti�is Security ln�wment,
<br /> foreclosure costs and reasonah�� and custamary attorneys' f�es and expenses properly associated �Hith the foreclosure
<br /> p*oceeding. Upc�r reinstatement by Borrower, this Secunty Inswment and the obligations that it secures shall remain in
<br /> ��`�,••°� etfert as if I.ende• had not required unmediate pnymeai in full. However. Ix.nder is not required to p:.rmit reinstatement it`.
<br /> x <. '�i I.�.nder i�as accepted reinsiatemen! after che commencement of feredosure proceedings within t.va years imm�d�Pitely
<br /> v,,� � precedine the corn.nencement of a curren[ foreciosure proceeding, (ii) reinstacement w�ill prcclude Coreclosure on c,if�.rtnc
<br /> s����"' 'E s;rou;ids ir the future, ur (iii) ieinstatement �ti�ill ,�dversely affect the pric�rity of the lien cre�itcd by this Security Instrument.
<br /> ,;�,, �� = 1], i3orrower Not Rcicased; Forbears�nce bv Lendcr Not s 1Vaivcr. Extension of the time of payrnent ur
<br /> �� , modifica�io^ of am,mizatio7 of the sunu secured by this Sccurity Instrument granted hy I.ender to any succes�or in interest
<br /> '�" �' o; �orro�ve* shall rot ope:ate :o rclease the liability of the original Bo�ro�ver or Borro�ver's successor in interest. Lender
<br /> �;,����- sF,al! not bc required tc co:nmence proceedings agai�ist any successor in interest or refuse io extend time for payment or
<br /> �-1 ,d' otnena•ise n;odify a�norti��ition of the sums secured by this Securiry Instrument by reason of any demand madc by the
<br /> ¢�,���,-�� erir�na; Borrower or Borrow�er's successors in interest. Any {'orbearance by Lender in exercising any right or remedy shall
<br /> �`�`"Y not he a waiver of<�r preclude th;,exercise of any right or remedy.
<br /> � i2. Success�rs an�3 Assigns T3oand;Jo►nt and Several Liability; Ca-Signers. The covenants and agreements of this
<br /> '� ' ��curity Instrument sh:.l1 bind and benefit the successors and assign� of Lend�r and Borrower, subject ro the Pro�isions of
<br /> �3 Pa,a�;raph 9(b). Borrower's covenants and acreemenis shall be joint and several. Any Borrower��ho co-signs this Security
<br /> '; Ir.Strument but does not execute the Note• (a)is co-sigr.ing this Securiry Instr�ment only to mertgage,grant and convey that
<br /> ��� 3orro��er's interest in the°roperty unde*the teRns of this Security Instrument(b)is not personaily obligated to pay the sums
<br /> �y secured by this Security Instrument:and(c)agrees t�.at I_ender and any other Borrower may ag�ee to extend,rnodiCy, furbear
<br /> i)`�"Y..• .
<br /> �� or make �ny accommodations with regard to the tenns of this Secunty Instrument er the Note without that Borrow'er's
<br /> ;� consent.
<br /> ,;;��� ,; 13. Natices. Any notice to Borrower provided for in ihis Security InsWment shaU be given by delivering it or by
<br /> �4 tnailing it by first ciass �nail unless applicable law reyuires use of another meehod. 'ihe not�ce shall be uirected to the
<br /> � Pro,erty F�::dress or any other addres:Bono���er cjesignates by notice to I_ender. Any notice to I.e►;oer shall be given by first
<br /> class m^il to Lender's address st�ted herein or any address Lender desigr.ates by notice to Bo�rower. Any notice provided
<br /> �',»'` fo; ir this Securiry Instrument shall be deemed to have been given to Bonower or L,ender when given as provided in thi�
<br /> � " , p��agraph.
<br /> �'�� 14. �:o�erninF I,aw; Severabilit}�. This Security Instrurilent shall be boverned by Federal law and the I8N' O� �ht
<br /> x�j.r' .
<br /> a ;�risdiction in which t}:e Property is located. In the event that an�prcrision or clause of this Security Instrument or the Note
<br /> `w��'��:' �,��Lc:t;«ith ;.ppl;cahie l.r�v,such e:;n`.'.ict,i:all not affect other pio�isions of this Security lnserument or the Note whinc�an
<br /> �'��� ��,; ��ven cffect w�tliout �e corilict6u� provilion. To this end the provisions of uii.ti Sewriry Inswment and the Nvte �:re
<br /> '��;��� � c! c�!arcd i h•�e�crat>le.
<br /> � �„�,"�✓��Yr ;�. �it�i'CO'.SCI'�S r..,O�iv. �;72TOWPt�h���tiiC '�'It'C!1 Ol1C CO(1�(�r(TlE'(�CC��Y(�f f�1:S SeCUCIIy �I1SlrUIT1CRl.
<br /> � r� Ifi. A�Si�nt��cnt ��� I2ents. �3�rrow�er uncca�diti��nally ��si��ns .md uansfers to i.ender ull the rents and re�enucs oi thc
<br /> n � '' [' c,, :;t}. Bo�re,:�er u�+.h.�ri-r.es [�nder or Lcnder's agent, to col{�ct the rents snd re��enues aftd hcreby direct,each tenant o�
<br /> �"� L'�� :r��peny to r.�y' the rents to Lendcr or l�nder's agents. However, �rior to Lender's �totice to Rc>rtc��ver c�f R�rro«�cr'.
<br /> �M h�;ac}; of ar,y cc�ti•enant or agr�emcnt in the Security tnstrument, Borrowcr stuill callect and teceive all rents and revenurs uf
<br /> �'� f'rnp�ny as tru�ice f'�r thc henefit�f C.cndcr and I3orcower. T7�is assignmc:nt uC ren[s constitutes an absolute astii�;nment
<br /> �,.:-;: �, :"�e�: ! n���t.,n ��;�ignmrnt for ariditicma(sccurity only.
<br /> f� (.i:rid�r give; nutice of breach tci Borrower. (a) all rents receired by F3orro�cer shali be held by Borro«er ati tru�ter
<br /> fc>r hrnei7t of Lcnder nnly, to be app:ied to the sums secured by the Security In�trurnent; (b) Lender sh;ill be entitled tc�
<br /> �? ce�flcet and ;ecci�e all of the rents of the E'ruperry; and (e) each tenant of the Prope:rty shall pay all rents Jue :+nd unpaid tu
<br /> ,.y
<br /> �'- ;,endcr or t,�ndcr'<�agcnt c�n I�nde:'s written demand to t}:e tcnant.
<br /> i,� ' .s<�rrn�ucr has not ex�cuted any �rior assicnment c?f the re:us and has nut and will not perform .iny act that woulc!
<br /> ���:':, � pr��ver.t f,er,d>r frcun e.xercisinr.its rign!s trocler this E'ar�graph 16. � �,
<br /> �• I�rider �;hall not be �cyuired ro cr,ter upon, take control of ar maintain the I m�rrrt,y be,.oro or aftrr �,iving notirr ��F
<br /> breacii tc, Ru-ruwer. Ftowevrr. Lendcr or a��diciaUy a�pointed receiver may do so at any time ►her•e is u breach. An}�
<br /> appl;c�tion nf rents shall not cure or waive any de fault c�r inva lidate any other ri ght or remed y of lxnder. Thi`assignn:ent of
<br /> � rents of the Property shall terminate whc.n the debt secured by the Security Instrument is paid in iuil. -�1 L
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