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<br /> . . tiata uf the manthly payrrwnis,whlch are referrad to in Paragraph 2,or chango tho amount d such paymanis. Any
<br /> • oxcess p�oceeds over an anwunt r�yulreci to pay aU out�tandlr�Intiebtodness urxler the Note and th(s Securhy
<br /> I�istrwne��t shail be paid to tha e+�tity Ioqal�y ant�led tnerato.
<br /> ' e.Fu�. Lender may cdlect tees and char�as aWhorized by the Secretary.
<br /> � a.Grounots tor Accela�atlon of D�bt.
<br /> j �.�aaoK. Lender may,except as Ilmited by reyufatlons i:�sut�i by the Secretary In the case at payment defaults,
<br /> ' roqulre immedlate paymant ln fuil ot al)sums secured by thls Securlty instrument H:
<br />'` ? (!)Qorrowar defau�ts by faAlru,�to pay in fu!!any mauhfy paymani roaulrod by thls Security Ust�ument prior
<br />, � to or on the due date ot the next mo�thly payment,or
<br /> (it�Borrower defaults by taAing,tor a per{od of thlriy days,to partorm any oiher obllgatlons contalned in this
<br /> Security Ins2rurnent.
<br /> (b)Sata WEthout Ctedit Apptoval. Lender shall,If permitted by applicable law and�vith the prior approval of the
<br /> Secretary,�equire Immedlate payment In full of aU the sums secured by thls Sacurity Instrument li:
<br />. (i)All or part of the Property,or a beneficlal interest in a irust ownin�all or part of tho Praperty.Is sold or
<br /> otherwise transferred(Wher than by devise or d�scen:)by the 6orro�ver,and
<br />_ (iq The PropeRy Is nnt occupled by tl�putcha5e�or g�antee as his or he�prin�iE�l reskience,or thd
<br />, purchaser or grantee.does so oc�cupy the Property bai l��ls or her credit has noi baan approved in
<br /> accordance wfth the�e�+crlents vt�ths Set»tary.
<br /> � i (c)No Waiver.If circumstanc�s occur that wouki permit Lender to requtre Immediate payment in full,but Lender
<br />� : I doas not�equtre such payments,Lender does not waive its r{ghts wfth respect to subs2quent events.
<br />: � (d)Repulatio:�s of HUD SecrNary. In many cl�cumstances regulado�s issued by the Secretary w�l limit Lender's
<br /> rights,tn the case of payment detaults,to rec�ufre Immediate payment in full and foreclose if not paid.This Security
<br /> � Instrument doos not authorizo acceleration or foreclosure�f not permitted by reguiations a�#the Secretary.
<br />. s•
<br />< � (e)�ortyayo Not Insiued. Borrower agrees that should thls Securiry Inst�ument and the r.�;a secured thereby noi
<br />� � be etigibla for insurance under the Natlonal Housing Act wthin s o D A Y S ix�;�n the�ate hereof,
<br />� � Lsnder may,at its ootlor�and notwfths4anding anything In Paragraph 9,require immediat��ymert n futl of all
<br />, � sums secured by th�,s Security Instrumeni.A written statement of any authariaed agent ei�the Secretary dated
<br /> subsequent to s o D n�s from the date hereof,dedining to insure this�.urity instrument and the
<br /> ,� note secu�ed thereby,sF►all be de9med conclusive proaf of cuch Ineligibtlity.Notwfthst3c�?ing the foregoing,this
<br /> option may rtat be exercised by Lensier when tha u�availab8iry of tnsurance's soiely du�to Lender's faUure to remmit
<br /> _� a matgage(nsurance premtum to the Secretary.
<br /> 10.Rsi�tatetner�t. �oROwer has a�ight to be reinstated if Lender has re�wared Immediate payment in full because
<br /> _� of BorrowePs faGure to pay an amount due under the Note or thts Security Instrument.This�ight appties even after
<br /> :� foredosure(xoceedings are instituted.To reinstate the Security Insisument,Bonower shaU tender In a lump sum all
<br /> amounts requ;red to bri�g BoROwer's account current including,to the extent they are obliflatians of Borrower under
<br /> this Secu►ity Instrument,foreclosure costs and�easonable arxl cusiomary attcrAeys'tees and expenses properly
<br /> � assoclated wdh the foreciosr�re proceeding.Upon relnstatement by Borrower,th�s Security Instrument and the
<br /> -;� obiigations that It secures shall remain irs effect as f�Lende�had rwt required immedi�te payment in full.However.
<br /> Lender is not required to pe�mit reinstatament if:p)Lender has accepied rel�siatement after the commencemeni of
<br /> foradosure{aroceedings withtn t�ro years immediately preceding the ccunmer�.^ement of a�urrent foreclosuro
<br /> _� praceeding,(�reinstatement will p�edude foreclosure on dfffererR grounds in the future,or Qil)re0tstatement wift
<br /> adversely affect the p�-ioriry of the�len created by this Security Instniment.
<br /> � 11.BorrowK Not R�eassd;Forb�aranca 6y iandor Not�W�iwr. Extensbn of the timp of payment or
<br /> s� modiHcation of amortizatlon of the sums secu�ed by this Security Instrument granted by Lender to any successor in
<br /> — interest of BoROwe�shall not operate to re�ease the l�biliry of the origina!Borrawer or Borrower's successor in interesi.
<br /> L,ender shaU noi be requlred to commence procesdings against any successor tn interest ar refuse to extend time tor
<br /> — paymerrt or oiherwise modify amoriization of the sums secured by this Securiry Instrument by rea,con of any demand
<br /> -- made by the original Borrower or Borrowe�'s successors In interest.Any forbearance by Lender in exercising any right
<br />�� or remedy sha!!not be a watver of or prectude the exercise of any right or remedy.
<br />_� 12 Successors and Assipns Bound.Joint�nd Severaf LlaWlity�Co-Siyne�s. The covenants and agreements of
<br />—� this Secu�ity Instrumeni shali btnd and benefd the successors a�d assigns of Lender and Borrower,subJect to the
<br /> —= provisloru of Paragreph 9.b. Borrower's covenants and agreements shall be Jo1rn and several.Any Bonower who
<br /> '� co-stgns thls Security Instrument but does not exec�te the Note:(a)is co-slyning this Security Instrument onty to
<br /> � mortyage,yrant and comrey that Borrower's tnterest in the Property under the terms of this Secu�ity Instrument;(b)is
<br /> -� not pe�onaliy obtigated to pay ihe sums secused by this Security irsstNment;and(c)agrees ti�i L.ender arxl any ather
<br /> = Borrower may agree to exterui,mc�dify,forbear or make any accommodat�ons with regard to the terms of this Security
<br /> = Inswment w the Note without that BoRUwers conseni.
<br />�� 13.Noticss. My notke to Bonower provided for in this Sectaity Instrument shall be given by delivering it or by
<br />';� maYing it by first class mail uniess appllcabie faw rec}u+res use of anotl�er method.The notice shall be directed to the
<br /> � Proparty Address w any ather add�ess Borrower deslgnates by noUce to Lender.Any notice to Lender shap be given
<br /> �� by firsi class maA to Lender's address stated herein ar any address Ler�der deslgnates by notke to Bonower.Any notice
<br /> � provided for in ihis Security Instnunent shal!be deemed to have l�een given to Borrower or Lender when given as
<br /> pra,�ided fn tNs paragraph.
<br />'� 14.Goveminy Law;Severability. This Secur,r�Instrumena shall be govemed by Federal law and the law of the
<br /> � Jurisdlction in wh�h the Pro�erty is locaied.In the evera that any provlslon or ctause of thts Securiry Instn�ment o�the
<br /> Nate cordikts with ap}�iicabte law,such conflict slSaA not affed oYher provisions of thts Security Insirument w the Note
<br /> whlch can be given effect without the c�nfl�ci;ng�ua��sion.To thls er�d the provislons of thts Security Instrumertt and the
<br />•``.� Note are declared to be severabte.
<br /> '`.` 15.Barrowar'�C Borrower s�°�ba �en ortie confa-rned
<br /> w o�Y• g coPp of thls Security Ir�sVUment.
<br /> � 16.AssfDnmsnt of Rent�. Borrower uncacxi'Tonalty assigns and transfers to Lender all the reMS and revenues of
<br />_'�� the PropeRy.Borrower authorizes Lender or Len�ar°s ageMS to cdtect the rettts and revenues and hereby dlrects each
<br /> � tenant of the Prc�erry to pay the rents to Lender cP Zender's agents.However,prior to Lencler's notice to Borrower of
<br />� % Borrowers breach of any covenant or agreement in the Security Instrumeot,Borrower shall cdlect and receive all rents
<br /> and revenues of the Property as tnutee for the benefrt af Lender and Borrower.Thls asslgnmeni of rent5 constituies an
<br /> absdute as�ignment and not an assi�nment for a8d'alanal security on1y.
<br /> If Lersder gives notice of Ixeach to Borrower.(a)all rents received by Borrower shall be hald by Bonower as trusteo
<br />•; for benef'd of Lender only,to be applied to the sums secured by the Security Instrument;(b)Lender shall be entiUed to
<br /> : collect and receive ail of the reMS of the Praperty;arxl(c)each tenant of the Property shaU pay all rents due and unpald
<br /> to Lender or Lendei's agent on Lender's written deman�to the tenant.
<br /> 1 Borrower has noi executed any prlor asslgnment of the rents and has noi and will not perform any act 3hat wo�ld
<br /> 1 prevent Lender fran exercising its rights urxier this Paragraph 16.
<br /> Lender st�all not be required to enter upon,take control of or maintain the Property before or after giving noilce of
<br /> � breach to Borrower.However,LendEr or a Judicially appointed receive�may do so at any time there is a breach.My
<br /> � applicatiors of rents sha11 not cure ar wahra any defauJt or invalidate any other right or remedy o'�ender.This
<br /> ; assignment of re�4s of the Property shall terminate when the debt secureti by�he Securiiy Instrument is paid In full.
<br /> � Fw►�sw�s�u►o�n oF rausT • .. .. 5��
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