The URL can be used to link to this page

Home My WebLink About0446 '-t ~~n~ a~rlication ot~ the }~roreeds to the principal shall not extend or postpone the due date af the monthly payments, N~hi~h 'are reC~r;ed tu +n Paragraph 2, oi chati~ge the amount of such payments. Any e?ccess proceeds o~•er an amount required to ~~a~ all outstanding indcbtedne~s under the Note and this Security [nstrumeRt shall be paid to the entity legally entstled therc[o. R. f~res. Lcnder ma~• collect fees and rharges authorized b~~ the Secretary. 9. Grounds ior AcceferAtion of Uebt. (a) Uefault. Lender may, except as limited b>~ regutations issued by tfie Secretarp in the rase of payment defauhs, require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrow~er defaults by failing to pay in full any monthly payment requiced b}~ this Secur'sty Instrument prior to or on the due date of the next monthly payment, or (ii) Borro~~~er defaults by failing, for a period of thirty days, to perform any other abligations contained in this Security Instrument. (b) Sale Withuut Credit Approval. Lender shall, with the prior approval of the Secretary, require immediate payment in full of all the sums secured by this Security Instrument if: (i) All or part of the Property is sold or otherwise transferred (other than by devise, descent or operation of law) by the Borrower, (ii) The sale or other transfer is pursuant to a contract of sale (or by deed, if there is no contract of sale) executed no fater tfian i2 months (24 months if the Property is not the principal or secondary residence of the Borrower) after the date on which this Security Instrument is executed, and (iii) The credit of the purchaser or grantee has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not requ~re such payments, Lender dces not waive its rights with respect to subsequent events. (d) Regufations oi HUD Secretary. In many circumstances regulations issued by the Secretary witl limit Lender's rights in the case of pa~~ment defaults to require immediate payment in full and foreclose if not paid. This Security tnstrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. 10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrow•er's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure ~roceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obtigations of Borrower under this Security Instrument, forec{osure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obtigations that it secures shali remain in effect as if Lender had not required immediate payment in full. However, Lender is not reqwred to permit reinstatement if: (i) Lender has accepted reinstatement aiter the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will pre~lude foreclosure on different grounds in the future, or (iii) r:instatement will adversely affect the priority of the lien created by this Security lnstrument. ll. Borrower Not Released; Forbearance By Lender Not a Wuiver. Extension of the time of payment or modification uf amortization oi the sums secured by this Security Instrument granted by Lender to any successor in interest oi Borrower ~hall nat operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization ~ ~~f che sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors ' in interest. Any forbearance by Lender in exercis+ng any right or remedy shall not be a waiver of or prectude the exercise of ~ any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability~; Co-Signers. The covenants and agreements of this Security f nstrument shall bind and benefit the successors a~d assigns of Lender and Borrower, snbject to the provisions of paragraph ~ . ~ ~.b. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-s~gns this Security Instrument ~ hut does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's ~inerest in the Property under the terms of this 5ecurity lnstrument; (b) is not personally obligated to pay the sums secured ~ b~ this Security Instrument; and (c) agrees that Lender and any other Borrowec may agree to extend, modify, forbear or make an~~ accommodations w•ith regard to the term of this Security Instrument or the Note without that Borrower's consent. ~ 13. tiotices. Any notice to Borrower provided for in this Security Instrument shall be gi~~en by delivering it or by mailing ! it b~- first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address ~ ~~r an~~ other address Borrower designates by notice to Lender. Any notice to Lender shall be given by Crst class mail ta Lender's <iddress stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument ~ ~hall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. > i 14. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction ~ in ~~~hich the Property is located. ln the event that any provision or clause of this Security Instrument or the Note conflicts ~ «ith appticable law•, such con{lict shall not affect other provisions of this Security Instrument or the Note which can be given ~ ~ffect w~ithout the conflicting provision. To this end the Qrovisions of this Security Instrumeot and the Note are declared to ~ bc severable. ~ 15. Borrower's Cop~. Borrow~er shall be given one conformed copy of this Security Instrument. x ~ 16. Assignment of Rents. Borrower unconditionally assigns and transfers ta Lender all the rents and revenues of the Property. ` E3orrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borro~~er's breach of any~ co~•enant or agreement in the Security Instrument, Borrow~er shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breacEi to Borrower: (a) all rents received by Borrow~er shall be held by Borrower as trustee for henefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender ur Lender's agent on Lender's written demand to the tenant. ` Borro«~er has not executed any prior assignment of the rents and has not and ~ill not perfosm any act that would prevent ~ Lender from exercising its rights under this paragraph 16. ~ Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach io Borrow~er. How~e~~er, Lender or a judicially appointed receiver may do so at any time there is a breach. Any applica:ion ' uf rents shafi not cure or wai~~e any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shal! terminate when the debt secured by the Security Instrument is paid in full. Pu.ee 3 a BOO~ ^ 1~ t'bG~ ll ~ ~ - - _ ~ - - - - ~`w