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Home My WebLink About0158 • . \n~ a~,~~;i~aiiun ~~t th~~ 4,ru~cr~1, t~~ th~ ~~rinri{,al .hall n~+t ~~t~nd ur ~~,~t~un~ thr ~lue clate ut the munthl) ~~i~nirnt~, ~~hi~h i~~f~~irr~! t~~ in I':?r.i~r.~~~h .~r ~h;intie ihr amuunt ~~1 ,u~h 4~a~m~nt~. :~n~ ~~~e„ ~~ru~:r~Jti u~~r an amuunt reyuirr~l tu i~.i~ .~II ~,ut,t.ui~iin~ in.lrhte~ine„ un~lrr th~ \,~tr and thi. S«urit~ In~trum~nt ,hall he ~~aicl tu thr rntit~~ letiall~ ~ntitlrc! thrr~tu. ?t. Fec~. Lrn~l~r incti~ ~ull«t Ir~~. .tn~i ~•har~~, auth~~ri~ed h~ thr ~«r~tan- ~l. (;rounds i~or Acccleratiun of Uebt. Iu1 Uel'aull. I ttlCl~f illii)'. ~~«~t as limitec.l b~ regula~iun~ is~ued b~ thc- Se~re~an in th~ uf ~a~ n~ent ~Irt~iult,, r~c~uire imme~liatr F~.i~ment in l~ull oi all ~um~ se~ure~i b~ thi~ Serurit~ In~trument il: li) l3urru~~er default~ b~~ failitig to ~a~ in iull an~~ mon:hl~ ~a~m~nt r~yuir~:1 h~ thi, ~«urit~ In~trum~nt ~rior t~~ ur un th~ dtie cl;ite of the next munthl~ payment, or (ii1 f3urru~~~r defaulu b~ tailink, tor a{~eriod oi~ thirt~~ da~~, to pertorm an~ othrr ohligati~,n, ~o~~taineei in thi, Se~urit~ In,trun?ent. - Ib1 tiafe Ni[hout Credit Appro.al. i.encier ~hall, ~~ith the prior a~rro~al ot the Se~retar~~, require imm~diate ~a~ment in tull ul all the tium~ tierured b~ thiti Securit}~ lnstrument it: (i) :~II or E~art of [h~ Prupert~ i~ tiold or othen~~ise transferrecl (othrr than b~~ cle~ise, desrent ur o~~ratiun of la~~) h~ thr Borro~cer, (ii) The sale or other tra~»ler is pur5uant to a~ontraet of sale (or b~~ deed, if there is no contract of sale) exeruted nu later than 12 m~nths (2~3 month5 if the Propert~~ is not the principal or secondar~• residenre of the Borro~~er) after the clate on ~~hich this Serurit~~ Instrument is executed, and Iiii) The ~rrdit ol~ the purchaser or zran[~e has not been appro~ed in acrordance «ith the reyuirements ot~ the Sc~retar~~. Ic1 tio ~~'ai~er. If rircumstances orcur that ~~ould ~ermit Lendcr to require immediate pa~~ment in full, but Lender doe~ not reyuire such pa~m:nts, l.ender does noi ~~ai~~e its rights ~~~ith respect to subsequent e~~ents. (d) Rekulations of Hl!U Secretar~. In man~~ circumstances regulations issued b~~ the Secretar~• ~.ill limit Lendcr's rights in the ~ase ot~ pa~•ment de~aults to require immediate pa}~ment in full and fore~lose if not paid. This Securit~~ Instrument ~1oes not authorize acreleration or t~oreclosure if not permitted by~ regulations of the Secretar~•. iii. Keinstatement. Borro~cer has a right to be reins[ated if Lrnder has required immediate pa}~ment in full because of 13c~rru~~er's failure to pa~~ an amount due under the Note or this Securit~~ Instrument. This right applies e~~en after foreclosure E~r.~reedings are instituted. To reinstate the Security lnstrument, Borrower shall tender in a lump sum all amounts required 1~~ hring Borro~+~er's account current including, to the extent they are obligations of Borrower under this Security Instrument, :~~rz~lc~sure rosts and reasonable and customary attorneys' fees and expenses properl~~ associated with the foreclosure proceeding. l~~~~n rrii~statement b~• Borro~~~er, this Securit~~ Instrument and the obligations that it secures shall remain in effect as if Lender I;:ici not required immediate payment in full. Hoetiever, Lender is not required to permit reinstatement if: (i) Lender has accepted ~ cin.tatement after the rommenrement of foreciosure proceedings ~~~ithin t~~~o years immediatel~~ preceding the commencement .t ~urren[ foreclosure proceeding, (ii) reinstatement ~+~ill preclude foreclosure on different grounds in the future, or (iii) ~;in,ta[ement ~~ill ad~~ersel~~ affect the priorit~• of the lien created b~• this Security Instrument. 11. BorroHer Vot Released; Forbearance B~~ Lender tiot a N'aiver. Ettension of the time of pa}~ment or modification ~~mortization of the sums secured b}• this Securit~~ Instrument granted b~~ Lender to an~~ successor in intcrest of Borro~ser ~iiall n~n o~erate to release the liabilit~~ of the original Borro~~er or Borro~~er's successor in interest. Lender shall not be required ~~~mmenre ~roceedings against an~~ successor in interest or ref~use to extend time for pa~•ment or othen~~ise modif}~ amortization ~,t the tiums tiecured b~~ this Serurit~~ Instrument b~ reason of any demand made b}~ the original Borro~~•er or Borro~~~er's successors ' ~n interest. An~~ t~orbearance b~~ Lender in exercising an}~ right or remed~~ shall not be a~~ai~~er of or preclude the e~ercise of i .u?~ right or remed}~. ~ ~ 12. tiuccessors and AssiKns Bound; Join[ and Se~eral Liabilit~; Co-Signers. The co~enants an~l agreements ot this Serurit~ In:trument 5hall bind and benefit the successors and assigns of Lender and Borro~~~er, subject to the provisions of paragraph ~ ~i.k~. Bo:ro~~er's co~~enants and agreements shall be joint and se~eral. An}~ Borro~~er i~ho co-signs this Securit~~ Instrument '•i:t daes not e~ecute the Note: (a) is co-signing this Securit~~ Instrument onl~~ to mortgage, grant and com~ey that Borro~~er's i int~r«t in the Propert~~ under the terms of this Securih~ Instrument; (b) is not personall~~ obligated to pa~~ the sums secured f h~ ~hi~ Srcurit~ Instrument; and (c) aerees that Lender and am~ other Borro~~er ma~~ aeree to extend, modif~~, forbear or make .in~ ar~ommodations ~~ith regard to the term of thi~ Securit~~ fnstrument or the Note ~~~ithout that f3orro•,er's consent. E 13. \otices. Am~ notice to Borro~~er pro~ided for in this Serurity Instrument shall be gi~en b~~ deli~erin~ it or b~~ mailing ; ' h~ tirst rlass n~ail unless appficable la~~ reyuires use of another method. The notice shall be directed to the Propert~~ Addres, ~ ~.~r an~ uther address Borro~~er designates b~~ notire to Lender. An~~ notice to Lender shali be gi~~en b} tirst class mail to l_ender's ,~~i~lr«c ~tated herein or an~~ address Lender designates b~~ notice to Borro~cer. An~~ riotice pro~~id.d for in this Securit~~ Instrument ~ ~h~ill be deemed to ha~e been gi~en to Borro~~cr or Lender ~~~hen gi~~en as pro~ided in this paragraph. s ~ ~ 1~3. (;o~erninR [,aw; Se~~erabilit~~. This Securit~• Instrument shall be eo~erned b~~ Federal lau~ and the la~~ of the jurisdiction ~ ~n ~+hirh the Propert`~ is lorated. In the e~ent that an}~ ~~ro~~ision or clause of~ this Securit~~ Instrumrnt or the Note ronflicts ~ .+ith a~plirable la~~, such conf7ict shall not aft~eet other pro~~isions ot~ this Securit~ Instrument or the Note ~~hinc ~an be gi~en ~ ~ttect ~cithout the ron~lictine ~?ro~ision. To this end the ~ro~isions of this Serurit}~ Instrument and the Note are declared tu ~ i~~ ~r~ erable. ~ IS. Borruwer's Cop~. Borro~~er ~hall be ei~cn onc rontormed c~p~~ of this Serurit}• Instrument. ~ m Ib. AssiKnment of Rents. Borro~~er unconditionall~~ assigns and transfers to Lender all the rents and revenues of the Prop~rt~. ~ f3~~rrc~~~er authorizes Lender or Lender's agents to collect the rents and reti~enues and hereb~~ directs each tenant ef the Propert~ t~~ ~a~ the rents to Lender or Lendcr's aeenti. Hoi~e~er, prior to Lender's notice to Borro~~er of Rorro~~er's brearh of~ am~ .~~~enan[ or agreement in the Securit~~ lnstrument, Borro~~er shall collect and receire all rents and re~enue~ of the Propert~~ trutitee for thc benefit of Lender and Borro~~cr. This a;signment of rents ronstitutes an absolute assignme?~t and not an a~~i~n?ncnt for additional serurit~ onl~. It Lender gices notice of breach to Borro~~er. (a) all rents recei~ed b~ E3orro~cer shall be held b~~ Sorro~~er as trustee for h~nel;t oi Lender onl~~, to be applied to thc sums secured b~ the Securit~~ Instrument; (b) Lender shall be entitled to collect ! .ind re~ei~e all oi~ the rents of the Propern~; and (c) each tenant of the Propert~~ shall ra~~ all rents due and unpaid to Lender ~~r Lender'~ aeent on Lender's ~+ritten demand to the tenant. B~rro~~er has not erecuted an~~ prior assignment of the rents and has not and ~~ill not perfarm am a~t that ~+ould ~re~ent i~~ncler trom ~~enising its riehts under this paragraph ]6. ~ 1_rnder shall not be required to enter upon, take control of or maintain the Propert}~ before or after gi~ ing noti~e af brcach Borro~ser. Ho~~e~er, Lender or a judicially appointed recei~er ma~~ do so at an~~ time there is a oreach. An~~ appli~ation ~~t rentti tihall not ~ure ur ~~ai~c an~~ default or im~alidate an~~ other right or remedy of Lender. This assignment of~ rents of , t'~~ Nro~?ert~ ~hall terminate ~~hen the debt ,e~ured b}~ the Securit~~ Instrument is ~aid in full. ? „r ia~ ~c~ ~ _~s~~"s~~~i+ e5t~'~~-~ Y,_f-..rx: 4'~. ..r..s 5-:~~