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201103100
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201103100
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Last modified
5/25/2011 8:54:12 AM
Creation date
4/26/2011 11:58:13 AM
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DEEDS
Inst Number
201103100
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20110310� <br />' If the Property is sold pursuant to this paragraph 7, Borrower or any person <br />holding possession of the Property through Borrower shall immediately surrender <br />possession of the Property to the purchaser at such sale. If possession is not surrendered, <br />Borrower or such person shall be a tenant at sufferance and may be removed by writ of <br />possession. <br />If the Lender's interest in this Security Instrument is held by the Secretary and the <br />Secretary requires immediate payment in full under Paragraph 7 of the Subordinate Note, <br />the Secreta.ry may invoke the nonjudicial power of sale provided in the Single Family <br />Mortgage Foreclosure Act of 199A� ("Act"} (12 U.S.C. 3751 et seq.) by requesting a <br />foreclosure commissioner designated under the Act to commence foreclosure and to sell <br />the Property as provided in the Act. Nothing in the preceding sentence shall deprive the <br />Secretary of any rights otherwise available to a Lender under this paragraph or applicable <br />law. <br />9, Borrower's Right to Reinstate. Borrower has no right to reinstate the loan <br />after Lender has accelerated the sums secured hereby. Lender may allow Borrower to <br />reinstate the loan providing that: (a) Borrower pays Lender all sums which would be <br />then due under this Security Instrument and the Note had no acceleration occurred; (b) <br />Borrower cures all breaches of any other covenants or agreements of Bonower contained <br />in this Security Instrument; (c) Borrower pays all reasonable expenses incurred by Lender <br />and Trustee in enforcing the covenants and agreements of Borrower contained in this <br />Security Instrument, and in, enforcing Lender's and Trustee's remedies as provided in <br />paragraph 7 thereof, including, but not limited to, reasonable attorneys' fees and <br />expenses; and (d) Borrower takes such action as Lender may reasonably require 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 obligation secured hereby shall <br />remain in full force and effect as if no acceleration had occurred. <br />10. Assignments of Rents; Appointment of Receiver; Lender in Possession. <br />As additional security hereunder, Borrower hereby assigns to Lender the rents of the <br />Property, provided that Borrower shall, prior to acceleration under Paragraph 7 hereof or <br />abandonment of the Property, have the right to collect and retain such rents as they <br />become due and payable. <br />Upon acceleration under paragraph 7 hereof or abandonment of the Property, <br />Lender, in person, by agent or by judicially appointed receiver shall be entitled to enter <br />upon, take possessivn of and manage the Property and to collect the rents of the Property <br />including those past due. A11 rents collected by Lender or the receiver shall be applied <br />first to payment of the costs of management of the Property and collection rents, <br />including, but not limited to, receiver's fees, premiums on receiver's bonds and <br />reasonable attorney's fees, and then to the sums secured by this Security Instrtunent. <br />Lender and the receiver shall be liable to account only for those rents actually received. <br />11. Release. Upon payment of a11 sums secured by this SecuriTy Instrument, <br />Lender shall release this Security Instrument without charge to Borrower. Borrower shall <br />pay all costs of recordation, if any. <br />Page 4 of S Initials � <br />
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