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<br /> LOANN0. 15392 ��sos �
<br /> � � date of the month�y payments,which aro retorreo to In Paregraph 2,or chanye the amount of such payments. A�y �:;
<br /> ' eucees proceecis over sn�mnunt requfred ta pay a�!autstaixiir�Irxiebtedness under the Note end thts Securdy ��
<br /> ; Insirument sl�all be paW to the entity leflaliy ontltfed thereto. �
<br /> � 8. Fe�. Lender may cdlect tees an� char�es authprizati by the Secretary. `"
<br /> ' �. Ground�tarAcc�l�ntlon of D�bt. F '
<br /> (1�)O�Hiult. Lender may,excepi as Ilmlted by requ!atlons Issued by the Secrota�y in ths casa of payme�t dafaults,
<br /> raqulrm tmmedlat��a�yment In full ol all sums sc�currad by thls Security Instrumant if:
<br /> , (I)Botrower dataul�s by lafling to pay fn tull any monthly payme+�t rw�ulred by thls Security Instrun�e+�t priur
<br /> � to or on ths�due data of the netxt monthiy payment,or
<br /> (II)Borrowe�dataUte by t$81n�,tor a perlod of thiny days,ta perform any oiher ub!!{�atlons cot►tained in this �
<br /> ' ' Security Insirument.
<br /> I {b�S�ta WNhout Credit Approw0. Lender sfuill,If permitted by appll^rabta law and w(th the prio�approval oi the �
<br /> Secretaty,rec�uly�e in�medlate payt��eni In full ot all tha sums se:.ura9 by this Securiiy Inst��ment tf: .-._
<br /> � I All or rt of the Pr ar a beneficlal interest fn a trust ownin All or rt of the Pr rt Is so�d or ;F
<br /> (1 Pa �nY� 9 Pa � Y�
<br /> otherutil�e transferced (othe�than by devise or descent) by the Borrower,and ��`
<br /> (ip The F�opa�ty Is not occupled by the purchaser or grantee as h is or her pr inc ipa l res i dance,ar t h e =_
<br /> purct►�ser or grantee does so n�cupy 4he Property bui hi9 or her crQdti has aot been app�oved In �
<br /> accordance withtha requlrements otthe Secretary. �
<br /> � '. (c)No Walvar.If circurs��:�.�ces occur that wauld permit Lender to require immecliate payment in full,but Lender ����
<br /> does noi reqt�ire such pa��:nants,Lender daes noi waNe fts rights with respect to subsequent events. -
<br /> (d)Regulation9 ot HUD Socrst�ry.In many circumstances regulatio�s issued by the Secretary wU!Iimit Lender's
<br /> , rights,�n the case of payment defaults,to require immediate payment ln full and foreclose if not paid.This Security
<br /> � � Instrument does not authorize acceleration or foreclosure ir nat permftted by regulattons of the Secreta:��.
<br /> � � (e)Mostga9e Not Insured. Bonower agrees 4hat should this Security Icutrumeni and the note secured thereby noi
<br /> � ba eligible for insurance under the National Housing Act w�th(R s c D A Y 5 from the date hereoi,
<br /> Lender may, at as optio�and notwrthstanding anything in Paragraph 9,require fmmediate payment in full of aU �
<br /> � �' sum9 secured by tnis Security instNmen�.�t w��«ai�tateman.�any authari�.�.:g:.nt of Lhs Ssc��`�ry 4at� �
<br /> �. subseQuent to s o o A r s from the date he�eof.declining to insure this Securiry Instrument and the
<br /> ° note secured thereby,s�19 be deerr�conclusive proot of such inellgibiiity_Noiwithstanding the foregoing,thls �
<br />':�t �� aptlon may nvt be exer�..ka�by Lender when the unavailabUity of insuranca is solely due to Lender's tailure to remmit —
<br />.�•� a mortgage�nsurance prernium to the SecPetary. �`.
<br /> 10.Rein�tatement. 6orrowe�has a�ight to be reinstated ff Lender has require��mmedlate payment in full because E'��
<br /> � of Borrowers faqure t�pay an amount due under the Note or this Securityr Instrurr�n:.This right applies even a�ter �
<br /> toreclosure proceedings Are instituted.To relnstate tha Security Instrument,Bwrower shall tender in a tump sum all
<br /> ° amounts requlred to bNng Borrower's account current iRCluding,to the extent they are obltgations of Borrower under
<br /> ' this Security Instrument,foreclosure casts and reasonable and customary attomeys'fees and expenses propedy -
<br /> associated with the foreclosure proceeding.Upon reinstatement by Barrower,thEs Security Inst►umeM anc!the `
<br /> obllgatlons that it secure5 shall remain in eNect as if Lender had not requlred immediate payment in fuli.Hcru►ever, ..
<br /> Le�der is not requfred to pertnit reinstatement if:(i)Lender has accepted reinstatement after the commencemeni of -
<br /> fweclosure proceedings within two years immedlately preceding the commenceme�t of a cument foredosure
<br /> proceeding.(iQ reinstatement wGl preclude foreclosure on different grounds I�n the iuture,or(w�reinstatemeni wtu
<br />'� adversely affect the prio�ity of the Ilen created by this Security Instrument.
<br /> � 11,annnwwr Not Ratws�d: Fori�rsnca 6v I..�fclar Not a Waivar. Extansian c�f the time of oayment or
<br /> "� modifi�,atla.�ot att�ortt�atla�s af ih�sums sacured by thls Security Instrument graMad by Lender to any succssscs In -
<br /> °-�' IMeresi of Borrav��er shali ncit operate to raiease the Ilahqity of the o�iginal Borrower or Borcowe�'s successor In Interesi.
<br /> Lender shaU nat be required to commenca proceedings against any successor in interest or refuse to extend tlme for
<br /> � paymerit or oiheiwlse modify amortizatlori of the sums secured by this Security Instrument E�y reason�f any demand
<br /> - made bythe or{ginal Borrowe�or BoROV�er s successors ln interest.Any forbearance by Lende�in exercising any righi
<br />,���' oi remedy shall not be a wa'rrer of or predtXie the exaroise of any right or remedy. `
<br /> 12 Succasors and Astlgns Bound;Jofint and Sewral I.lability;Co�Si�nsss. The covenanis and agreenrsents of
<br /> ��� thls Security Instsument shall bfid and berfeFR the successors and assigns of Lender ar�d 6arrowar,subJect to the
<br /> �� provlsions of Facagraph 9.b.Borrower's covenants and agreements shall be�oint and sevecal.Any.:orrower who
<br /> co-si�nsthis Sec�rrty lnstnunent but does not execute the Note:(a)is co-s:gning thLs Security Instrument oNyto
<br /> ___- nnrrcy�ye,a�ran�a�W cwiv�y�i�i owre�we�'S inier��in u�e rropeRy urxier cr��erms vi inis aecurny inscrumem; �o��s _
<br /> not perr.�a�ally obllgated ta pay the sums secured by this Security Instrumern;and(c)agrees that Lender arxl any oiher =
<br /> Borrower n�ay agree to e�.'.e�.modify,forbear or make any accorsu�sodations with regard to the terms of this Securiry =_
<br /> lnsirument or the�ote�n+itna�t that Barrower's consent. -
<br /> 13.No�lces. Any notice to Borrower provided for tn this Secur�y instrument shall be given by delivering ft or by -
<br />: maSl"u�g k by flrst dass mail�c�less appticabte law requlres use of another method.The notice shall be directed to the -
<br /> Property Address or any atP�x address Bonower deslgnates by notice to Lender.Any notice to Lender shall be given
<br /> by flrsi dass mail to Lender's address sta�ted herain or any address Lender des:gnates by notice to Borrower.Any notica
<br /> provlded for In this Security InsVUmeni shal!be deemed to have been given to Borrower or Lender when gtven as
<br /> �' provlaled In thts�aragraph.
<br /> ' . 14.Goverrtss�g Law;Sever�bilityl. This Sccurity Insirument shall be govemed by Federal law and the law of the _.
<br /> iurisdtctlon in which the Prciperty is located.In the eveni that any provlslon or clause of thls Security Instn�ment orthe
<br /> _,� Note cor�licts with applicable law.such conflict shall not affect other provislons of thls Securiry Instrument or the Note �=
<br /> whfch can be glven effect wfthout the c;orrRicting provlsion.To thls end the provlslons of this Securiry Instrument and the _
<br /> 3 � Note are declared to be severable. =-
<br />", :fi.� 15.Borrowar'�Copy. Borrowar sha!!be glven one conformed copy of thts Securiry Instrument. .
<br /> !-� :�. -- rts:t�t!c!P:�. Barra�as esncasstl�i;,r�:::y�.sslgrss 4�trr�sss ta Ls:.�ar a!!tlsa�snis srt�rsver.ues ai
<br /> cy�� the Property.Borrower authorizes Lende�or LendeTs agents to cdlect the rents and revenues and hereby directs each
<br /> tenar�t dthe Property to pay the reMS to Lender or LendePs agents.However,prlor to Lender's notice to Borrower of
<br /> Sorrower's breach of any covenant or agreement in the Security Instrument,Bonower shall collect arxi receive all rents
<br /> and revenues oF 4he Property as trustee for ihe benef'd ofi Lender and Borrower.Thls assi�nment of rents constitutes an
<br /> absd�te asslpnment and not an assignment for ac9ddloc�al securiry on(y.
<br /> If L.ender glves notice of breach t�Borrower:(aj aU rents received by Borrower shall be hetd by Borrower as trustee
<br /> for be�efrt of Lender only,4o be a�ptied to the sums secured by the Security Instrumer+t;(b)Lender sha11 be entitled to
<br />� � cdlect and receive all of the rents of the Property;and(c)each tenant of the Property shaU pay all rents due and unpald
<br /> to Lender ar Lender's agent on Lenders written demand to tha tenant.
<br /> Bonower has not executed any Frior asslgnment of the rents and has not and wlll not perftum any act tiiat would
<br /> prevent lender f�om exercising its rights under this Paragraph 16.
<br /> Lender shall not be requlred to enter upon,take contrd of ar cnaintain the Property before or after giving noike of
<br /> braach to Borrower.Howaver,Lender or a judiclally appointed receiver may do so at any time there is a breach. Any
<br /> appiicatbn of�ents shall not cure or waNe any defaWt or invalidate any other�ight or remedy of Lender.This ��`"
<br /> asstgmneni of rents af the Property shall terminate when the debl secured by the Security Insitrumeni is paid in full.
<br />' FHA NESRA.SifA DEED OF TRUST 5/95 _
<br /> ISC/FMDTNE//0697/(5�95)-L PAGE30E� •
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