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201008989
<br />V2 WBCD LOAN # 503077623
<br />(i) Borrower defaults byfailing ta pay in full any monthly payment required by this Security Instrument prior
<br />to or on the due date of the next monthly payment, or
<br />(ii) Borrower defaults by failing, for a period of thirty days, to perform any vther obligations contained in this
<br />Security Instrument.
<br />(b) Sale Wlthout Credit Appraval. Lender shall, if permitted by applicable law (including Section 341(d) of the
<br />Garn-St. Germain Depository Institutians Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of th�
<br />Secretary, require immediate payment in full of all sums secured by this Security instrument if:
<br />(i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or
<br />otherwise transferred (other than by devise or descent), and
<br />(ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the
<br />purchaserorgrantee does so occupythe Property buthis or hercredit has not been approved in accordance
<br />with the requirements of the Secretary.
<br />(c) No Walver. If circumstances occur that would permit Lender ta require immediate payment in full, but
<br />Lender does nnt require such payments, Lender do�s not waive its rights with respect to subsequent events.
<br />(d) Regulatl�ns of HUD Secretary. In mar►y circumstances regulations issued by the Secretary will limit
<br />Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid.
<br />This Security Instrument does not autharize acceleration or foreclasure if not permitted by regulations of the
<br />Secretary.
<br />(e) Mor#gage Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined
<br />ta be eligible far insurance under the Natianal Housing Act within 60 days from the date hereof, Lender may,
<br />at its option, require immediate payment in full of all sums secured by this Security Instrument, A wrikten
<br />statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining
<br />to insure this Securiry Instrument and the Note, shall be deemed conclusive proof of such ineligibility.
<br />Notwithstanding theforegoing, this optian may not be ex�rcised by Lenderwhen the unavailability of insurance
<br />is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary.
<br />10. Relnstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because
<br />of Borrower's failure to pay an amount due under th�? Note or this 5ecurity Instrum�nt. This right applies even after
<br />foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all
<br />amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under
<br />this Security Instrument, foreclosure costs and reasonable and custamary attorneys' fees and expenses praperly
<br />associated with the fareclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the
<br />obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender
<br />is not required to permit reinstatement if; (i) Lender has accepted reinstatement after the commencement af foreclosure
<br />proceedings within iwa years immediately preceding the commencement of a current foreclosure praceeding, (ii)
<br />reinstatement will preclude foreclasure on different graunds in the future, or (iii) reinstatement will adversely affect the
<br />priority of the lien created by this Security Instrument.
<br />11. Borrower Not Released; Forbearance By Lender Not a Walver. Extension of the time of payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
<br />interest of Borrower shall not operat� to release the liability of the original Borrower or Borrower's succ�ssor in interest.
<br />Lender shall not be required to commenc� proce�dings against any successor in inter�st or refus� to extend time for
<br />payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand
<br />made by the original Borrower nr Borrower's successors in interest. Any forbearance by Lender in exercising any right
<br />or r�medy shall not be a waiver of or preclude the exercise of any right or remedy.
<br />12. 5uccessors and Asslgns 8ound; Jolnt and Several Llablllty; Co-Slgners. The covenants and agreements
<br />of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the
<br />pravisions of paragraph 9(bj. Borrower's covenants and agreements shall be joint and several. Any Borrawer who
<br />ca-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to
<br />mortgage, grant and canvey that Barrower's interest in the Properky under the terms of this Security Instrument; (b) is
<br />not personally obligated to pay the sums secured by this Securiry Instrument; and {cj agre�s that L�nder and any other
<br />Borrower may agree to extend, modify, forbear or make any accommodatians with regard to the terms of this Security
<br />Instrument or the Nate without that Borrower's consent.
<br />13. Notices. Any notice to Borrower provided for in this Security Instrument shall b� given by delivering it or by
<br />mailing it by first class mail unless applicable law requires use of anather method. 7he notice shall be directed to the
<br />Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given
<br />by first class mail ta L.ender's address stated herein or any address Lender designates by notice to Borrower. Any notice
<br />provided for in this 5ecurity Instrument shall be deemed to have been given to Borrower or Lender when given as
<br />provided in this paragraph.
<br />14. Gaverning Law; 5everabllity. This Security Instrument shall be governed by Federal law and the law of the
<br />jurisdiction in which the Property is located. In the event that any pravision or clause af this Security Instrument or the
<br />Nnte conflicts with applicable law, such conflict shall nat affect other provisians af this Security Instrument ar the Note
<br />which can be given effect without the conflicting provision. Ta this end the provisions of this Security Instrument and
<br />the Note are declared to be severable,
<br />15. Barrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument.
<br />1fi. Hazardaus Substances. Borrower shall not cause or permit the presence, use, disposal, storage, or release
<br />of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anykhing affecting
<br />the Praperty that is in violation of any Environmental L.aw. The preceding two sentences shall not apply to the presence,
<br />use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be
<br />appropriate to normal residential uses and to maintenance of the Property.
<br />Borrower shall promptly give Lender written natice of any investigation, claim, demand, lawsuit or other action by
<br />any governmental or regulatory agency ar private party involving the Property and any Hazardous Substance or
<br />Environmental Law of which Borrower has actual knowledge, If Borrower learns, or is notified by any governmental or
<br />FHA Nabraak� peed of Trust - 4/96
<br />Online Documents, Inc.
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<br />11-15-2010 18s00
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