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Home My WebLink About0055 ' ' . y f ~ . ? _ ~ai. \n~ :i4~~ili:au~~n ul thr {,ru~r~~~l. tu th~ ~,rin~i{~:il ,h.ill nut c~ten~l ur ~~u.t{,unr thr ~iu~ ciatr ut th~ mrnthl~ ~~:i~mint,, ~~hi~h .ur irtrrr«f tu in f'araera~h ur ~I~an~~ thc amuunt ut ~u~h ~,a~m~nt.. ~~n~ ~~r~.ti ~ru~~~ecl. u~cr an a?nount r~yuir~d tu all uut.t.in~li~~ti in~irht«ln~„ un~1~r th~ Nut~ and thiti Se~urit~ ln~trument ,hall be {~ai~1 tu thc rntit~ I«all~ ~ntitl~ci ~heretu. R. Fees. l rn~l~r ma~ ~olle~t Irr, an~l ~harti~. au[huri~r~) h~ the Sr~retan. 9. (:ruunds for Acceleralion ui~ I)ebt. la) Uefault. Len~ler ma~, e~rere :~.limited b~ regulatiunti ititiued h~~ the Sr.rrtar~ in th~ ~:t.<«f ~.i~m~~~t c1r(~iult,, rec~uir~ im~i~ecfiatc ~a~men? in full ot all ,urns se~ur~J b~ thi; Se~urit~ In,trument if: ~i) l3orm~~er ~1~tault. h~ failing to ~a> in f~ull an~ m~,nthly pa~m~nt r~yuir~d b~ thi. S~rurit~ In,trument {~riur tu ~~r on the cluc clate ot the next monthiy paymert, or - - - - ~11) [)l~Itt1NC1 UC11fUl11 D\' liilllll~', Il)f it ~1Cf11)U l)1 lfllfl)' U:i)'1. (O (ll'flOflll :lll)' Ollltf Ohll~llUl)Il~ COIll~1i11tU 111 l?llt ~itiU~lt1' ~I1S1fURll'lll. lbl Sale N'ithout ('redit Appro~al. Leneier tihall, ~~ith the ~rior a~~ro~al of thr Serre[an, reyuir~ immecliatc ~a~~ment in t~ull ot~ all the Siims serured b~ thi, Se~urit~~ Instrument if: (il All or rart of th~ Pro~ert~ i~ tiold or c~then~ise transferred l.ither lhan b~• de~iSe, cletcent or aperaliun uf la~~) b~~ th~ k3orro~~er, (ii) The sale or oth~r transfer i~ pursuant to a rontract uf sale (or b~• decd, if there is nc.~ contrart oC sale? etiecuted ne? later than 12 months (?~i months if the Propert~~ is not the prinripa! or secondar~• residenre of the 13orro~~er) after thr date on ~~hirh this S~curity~ Instrument is e~ecuted, and (iii) The credit ut the purchas~r or grantee has not been appro~~ec1 in a~cordan~e ~~ith the requirements of the Serretar~~. !e) \o ~~'ai~er. It~ rir~umstances ucrur that ~~ould p~rmit l.ender to require immediate pa~~ment in t~ull, but 1_ender docs not reyuire ~urh pa~~ments, Lender does not ~ti~ai~~e its rights ith respect to subseyuent events. (d) Rekulalions of HIJD Secretar~. In many circum~tances rcgulations issued b}~ the Secretar~• ~~ilf limit Lender's rights in the rase of pa>~?nent dcfaults to reyuire immediate pa}~ment in f~~ll and foreclose if not paid. This Scrurit~~ Instrument does not authorize arceleration or foreclosure if not permitted b}~ regulations of ttre Secretar~~. 10. Reir?mtatement. Borro~~cr has a right to be reinstated if Lender has required immediate pa~~ment in (ull bccause of 13urro~~er's tailure to pa}~ an amount due under the Note or this Securit~~ Instrument. This right applies eti•en after foreclosure E.ru~ecdings are instituted. To reinstate the Security Instrument, Borrow~er shall tender in a lump sum all amounts required <<~ bring Borro~~er's acrount current including, to the extent they are obligations of BorroH•er under this Security Instrumen~, C~~rr~losure rasts and reasonable and rustomar~~ attorneys' fees and expenses properly associated with the foreclosure proceeding. ' l'E~on reinstatement b~• 8orro~~~er, this Securit}• Instrument and the obligations that it secures shall remain in effect as if Lender j h,td not required immediate payment in full. Ho~~e~er, Lender is not required to permit reinstatement if: (i) Lender has acrepted ~ ;:instatement after the rommencement of foreclosure proceedings ~vithin t~~~o years immediately preceding the commencement i ,~f a rurrent foreclosure proceeding, (ii) reinstatem.nt ~~~ill preclude foreclosure on different grounds in the future, or (iii) ~~~instatement ~~~ill ad~ersel~~ affect the priorit}~ of the lien created b~~ this Securit}~ Instrument. ; ll. Borrower tiot Released; Forbearance B~~ Lender No! a~t'ai~~er. Extension of the time of pa}~ment or modifi~ation I ~~t a?nortization of the sums secured b}~ this Security Instrument granted by Lender to an~~ successor in interest of Borrower ' ~hall not operate to release the liabilit~~ ot~ the original Borro~~~er or Borro~~~er's surcessor in interest. Lender shall not be required ~ ~ummenre pro~eedings aeainst am• successor in interest or refuse to e~tend time for payment or othen~~ise modif~~ amortization j ,~t tt~e ~ums secured b~~ this Securit~• Instrument b~~ reasun of an~• demand made b~~ the original Borro~ser or Borro~~er's successors t !n interest. Any forbearance b~~ 1_ender in ezercising any right or remedy shall no! be a~~~ai~er of or preclude the exercise ot~ ~ an~ right or remed~~. ~ ~ 12. Successors and Assikns Bound; Joint and Se~~eral L'+abilit~~; Co-Signers. The ro~~enants and agreements of this Securit~ I~~,trument shall bind and benefit the successors and assigns of Lender and Borro~~er, subject to the pro~~isions of paragraph i `~.h. Borro~~~er's ro~enants and agreemen,s shall be joint and se~eral. Any Borro~~~er ~~ho co-signs this Securit}• Instrument i hu! does not esecute the Note: (a) is co-~igning this Securit~~ Instrument onl~~ to mortgage, grant and com~e~~ that Borro~~~er's ~ ,nt~rest in the Propert~ under the terms of this Securit}~ Instrument; (h) is not personall~~ obligated to pa~~ the sum5 secured { i~•, thi~ Securit~ Instrunient; and (c) aerees that Lender and an~~ other Borro~~~er ma~• agree to e~tend, modif~~, forbear or make ' arcommodations ~~ith re~ard to the term of~ this Serurit~ Inslrument or the Note ~~~ithout that Borro~s~r's consent. 13. \otices. An~ notirc to Borro~~er pro~ided for in this Securit~~ Instrument shall be gi~~en b~~ deli~~ering it or b~~ mailine ` ir h~ firtit clas, mail unle,s applicable la~~ reyuires use of another method. The notice shall be directed to the Propert~~ Address ~ ~.~r an~ uther address Borro«~er designates by notice to Lender. An~• notice to Lender shall be gi~en b}~ first class mail to Lender's s .i,lclres, stated herein or an~~ address Lender designates b~~ notice to Borro~~er. An~• notice pro~~ided for in this Securit~ In~trument F ~hall be dcemed to hace been gi~~en to Borro~~er or Lcnder ~~hen ei~en a: pro~~ided in this paragraph. ~ ~ ~y. t;v:e~~~inK i,uw; ~r~rrai,iiii~. i i~i~ ~ecurii} intitrumen[ snaii ~e go~crnea b~~ Feaerat ia~c anci the ia~~ of the junsdict~an ~ ;n ~~hirh the Vro~ert~ is lorated. In the e~ent that any ~~rotiision or clause of this Securit~~ lnstrument or the Note rontlicts ; ~+i[h a~plicable la~~, such rontlict shall not affect other pro~~isions of this Security~ Instrument or the Note ~~~hich can be gi~~en ' ~~tfect w-ithout the ronfli~tin~ pro~°i~ion. To ttiis end the provi~ions uf~ ihis Securit~~ Instrument and the Note are declared to ~ E he ,e~crable. ~ ~ 15. BorroHer's Cop}. Borra~~er tihall be gi~en one ~onfortt~ed cop~~ of thi~ Scrurit~~ Instrument. 5 16. As~i~nment of Rents. Borro~ser unconditianall~~ assiens and transfers to Lender all ttie rents and re~enucs of the Propert~~. ' h~~rro~+er auth~rizes Lender or Len~ler's agents to rollect the rents and re~~enues and hereby directs each tenant ef the Prorert~ :u ~a~ the rents to Lender or Lender's aeents. Hoti+~e~er, prior to Lender's notice to Borrower of Borro~~er's breach of an~~ ~u~enant or agreement in the Securit~~ Instrument, F3orro~+er shall collect and recei~~e all rents and re~enue~ of the Propert~~ :1~ trustec f~or the benet~it of l.ender and Borro~cer. This as~ignment of rents constitutes an absolute assignment and not an a~signment for additional serurit~• onl}. If I_ender gives notice of breach to Borro~~er. (a) all rents recei~ed b~~ E3orro~cer ,hall be held b~~ Borro~~er as trustee f~or hrrefit of Lender only, to be applied to the sun~s secured b~~ the Securit~~ Instrument; ~b1 Lender shall be entitled to collect ~~rd recei~e all of the rents of the Propert.; and (c) each tenant of the Propert~ shall pa~~ all rents due and unpaid to Lender ,~r Lender's agent on l.ender's «~ritten demand to the tenant. E3orro~~er has not executed ar:~~ prior assig,nment of the rents and ha~ nat and ~~iti net rerform an~ ar~ that ~~ould ~re~ent I en~er (rom e.rercising its rights under this paragraph 16. Lender shall not be required to enter u~on, take c~ntrol of or maintain the Propert}~ bct~ore or after gi~~ing notire of breach ~u F3c,rro~~er. Ho~~e~er, Lender or a judiriallp appointed recei~er may do so at an}~ time there is a breach. An}~ appli~ation ~~i ren[s shall not rure or ~+aice an~~ ciefault or in~alidaie an>~ other right or remed}~ of Lender. This assignment of rents of ~he Pro~rrt~ shali terrninatr ~~hen the debt secured b}~ the Securih~ (nstr~~ment is paid in full. ,.~<<. ~ Q R 675 ~,E 0~5 BOCK - - . • . , ~~:._.,~..~..~-,~ti~...,__ ~ r_ _Y ~