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201007622
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10/15/2010 4:15:32 PM
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10/15/2010 4:15:31 PM
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DEEDS
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201007622
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�oiop�s�2 <br />(b) Sale Without Credit AppravaL Lender shall, if permitted by applicable 1aw (including Section 341(d) <br />of the Garn-St. Germain Depository lnstitutipns Act of 1982, 12 U. S. C. 1701,j-3(d)) and with the prior <br />approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument. <br />if: <br />(i) All or part of the Property, or a beneficial interest in a trust owning a11 or part of the Property, is sold <br />or otherwise transferred (other than by devise or descent), and <br />(ii) The Property is not occupied by the purchaser or grantee as his ar her principal residence, or the <br />purchaser ar �rantee does so occupy the Property but his or her credit has not been approved in <br />accordance with the requirements of the Secretary. <br />(e) Na Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but <br />Lezader does not require such payments, Lender does not waive its rights with respect to subsequent events. <br />(d) Regulations of HUD Secretary. In rnany circumstances regulations issued by the 5ecretary will limit <br />Lender' s rights, in the case of �ayment defaults, to require immediate payment in full and foreclose if not <br />paid. This 5ecurity instrument does npt authorize acceleration or foreclosure if npt permitted by regulations <br />of the Secretary. <br />(e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined <br />to be eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender <br />may, at its option, require unrnediate payment in full of all sums secured by this Security Instrument. A <br />written statement of any authorized agent of the Secretary dated subsequent ta 60 days from the date hereof, <br />declining to insure this Security Instrument and the Note, shall be deerned conclusive proof of such <br />ineligibility. Natwithstanding the foregoing, this option may nat be exercised hy Lender when the <br />unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the <br />Secretary. <br />l0. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full <br />because of Borrower's failure to pay an amounC due under the Note or this Security Instrument. This right applies <br />even after foreclosure proceedings are instituted. To reinstate the Security lnstrument, Borrower shall tender in a <br />lump sum all amounts required to bring Borrawer's account current including, to the extent they are obligations of <br />Sorrawer under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses <br />properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and <br />the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. <br />However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the <br />commencement of foreclosure proceedings within two years immediately preceding t1�e commencernent of a current <br />foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different ground5 in the future, or (iii) <br />reinstatennent will advers�ly affect the priority of the lien created by this Security Instrument. <br />11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or <br />modification of amortization of the surns secured by this Security Instrun�ent granted by Lender to any successor in <br />interest of Bprrower sha11 not operate to release the liability of the original Borrower or Borrower' s successor in <br />interest. Lender shall not be required to comm�nce proceedings against any successor in interest or refuse to extend <br />time for payment or otherwise nnodify amortization of the sums secured by this Security Instrument by reason of any <br />demand made by the original Borrower or Borrower's successqrs in interest. Any forbearance by Lender in exercising <br />any right or re�tedy sha11 npt be a waiver of or preclude the exercise of any right or remedy. <br />12. Successors and Assigns Baund; Jaint and Several Liability; Co-Signers. The covenants and agreements <br />of this Security lnstrument shall bind and bene�t the successors and assigns of Lender and �rrower, subject to the <br />provisions of paragraph 9(b). Sorrower's cavenants and agreements shall be joint and several. Any Borrower wha <br />co-signs this Security lnstruraent but does not execute the Note: (a) is co-signing this Security Instxument only to <br />mortgage, grant and convey that Borrower' a interest in the Property under the terms af this Sccurity Instrument; (b) <br />is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any <br />other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this <br />Securitv Instrument or the Nate without that Sorrower' s consent. <br />0451015175 <br />FHA Deed of Trust-NE A/96 <br />VMP � �'�� VMP4R(N� (0809) <br />Wollers Kluwer Financial Services �Y Page 5 of � <br />
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