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201007936
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201007936
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Last modified
1/11/2011 1:55:33 PM
Creation date
10/27/2010 2:44:51 PM
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DEEDS
Inst Number
201007936
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2oloo�s3s <br />If the Prop�rty is sold pursuant tc� this paragraph 7, Borrower ��r any person <br />holding possession af' the Yroperty thraugh Borrower shall imir�ediately surrender <br />passession oP the Property to the purchaser at such sal�. If possessic�n is nc�t surrendered, <br />Borrower c�r such person shall b� a tenant at sufferance and rnay be removea by writ of <br />possession. <br />If the Lender's interest in this Security Instrument is held t�y the Secretary and the <br />Secretary requires immediate paym�nt in full under Paragraph 7 of the Sub�rdinate Note, <br />the Secretary may invoke ihe nanjudicial power Uf sale provided in the Single Family <br />Mortga�e �'orcclosure Act ol' 1994 ("Act") (12 XJ.S.C. 3751 el .sey.) by rcquesting a <br />foreclosure cc�mmissioner designated under the Act ta commcnce l'oreclosure and to sell <br />th� I'roperty as pravid�d in the Act. Nothing in the prec�dir�� scntence shall deprive the <br />Secretary of any righis otherwise available to a I_,ender under this paragraph or applicable <br />law. <br />9. Borrower's Right to Reinstate. Borrower has no ri�,ht io reinstate the loan <br />after Lender has accelerated the sums secured hereby. Lender may allow Qorrawer to <br />reinstate the loan providin� that: (a) Borrower pays Lender all sums which would be <br />then due under this Securiiy Instrument and the Note had no accelcration occurred; (b) <br />Borrower �ures all breaches oI` any c�thcr covenants or agreemenis c�l' k3c�rrower contained <br />in this Security Instrument; (c) Barrc�wer pays all reasonable expenses incurred by Lender <br />and 7'rustee in enI'arcing the covenants and agreements of� I3c�rrower cc�ntained in this <br />Security lnstrumcnt, and in enforcing Lender's and Trustee's rcix�cdies as pr�vided in <br />paragraph 7 thereof, including, but nai limited to, reasor�ablc attc�rneys' fees and <br />expenses; and (d) Borrower takes such action as Lender may re�isonahly rcquire to assure <br />that the lien of this Security Instrument shall continue unimpaired. Upon such payment <br />and cure by Borrower, this Security Instrument and the abligation secured hereby shall <br />remain in full force and effect as if no acceleration had occurred. <br />10. Assi�nments of Rents; Appaintment of Receiver; I..ender in Possession. <br />As additic�nal security hereunder, Borrower hereby assigns tc� l,endcr the rents of th� <br />Property, pravided that Borrower shall, prior ta acceleration under I'ara�raph 7 hereof or <br />abandanment of the Yraperty, have the right to collect and reiain such rents as they <br />becorne du� and payable. <br />Upon acceleration under paragraph 7 hereaf or abandcmmcnt of the Property, <br />Lender, in person, by agent or by judicially appointed receiver shall bc cntitled to enter <br />upon, take possessian af and mana�;e th� 1'roperty and to collect ih� rents of the Property <br />including those past due. All rents callected by Lender or thc receiver shall be applied <br />first to payment of the cost5 of rnana�;ement of the T'r<�perty and collection rents, <br />including, but nc�t limited io, receiver's fe�s, premiurns on recciver's bonds and <br />reasonable attarney's fees, and then to thc sums secured by this Security lnstrument. <br />I,ender and the receiver shall b� liable to account only for thos� rcnts actually received. <br />11. Release. Upon payrneni c�f all sums secured hy thi�; Security Instrument, <br />Lender shall release this Security Instru�nent without char�� tc� I3orrower. liorr<�wer shall <br />pay all casts ofrecc�rdation, ii�any, <br />Pa�e 4 of 8 Initials ��— <br />/�, �._i� <br />
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