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Home My WebLink About0166 . ~ ~C • . y~r \n~ a~~{,li~;}ti~~n uf th~ ~~ru~ce~1~ tu the ~rin~i~~,tl ,hal! nut rxtena c~r {~u~t~iune the ~1ue ciate ut the munthly ~~a~n~ent., ~~hiih Trl~rr~~~l t~~ in I'aragr:t~~h or rhan~~ the amuunt of ,urh ~a~ment~. An~ e~~e;~ {~ru~:~e~l~ o~er an am~~unt rei~uired tu i~.t~ all uut,t,u~~iing inclehtrclne.~ uncier the Nutr anci thi, Se~urit~ Instrument ,hall be paid to thr ~ntit~ Ic~all~ ~ntitl«1 therrtu. 8. trr~. l.~n~ler ma~ ~ull~~t te<. and charer~ authuri<<d h~~ thr Se~retar~. 9. t:ruunds for Acceleration of Uebt. (al t)efault. Lencl~r ma~•, ex~e~t a~ limitrd h~~ rcgul~iti.~ns istiued b~~ the Serretar~• in thc ~a~e of~ pa~ment clefault,, require im?nediate pa}~ment in 1~uli ~~f all sums sccure~i b>• thi. Se~urit~• Instrument il: (i) l3urru~ver defaults by tailing to ~ay in full an~ monthly pa~~ment require~l b~~ thi, Se~urit~ lnstrument ~rior to or on the due date of the next monthly pa~~ment, or (ii) Borro~ver defaults b~ failing, t~or a period of thirt~~ cla~s, to ~erform any~ oth~r obligatians runtained in thi~ Securit~~ Instrument. Ib1 ~ale ~~'ithout Credit Appro~al. Lender shall, ~+~ith the prior ap~ro~al ot~ the Secretar~, reyuire immediate pa~~ment in lull of all the sums serured h~~ this Security Instrument if: (i) All or part ot the Propert~ i~ sold or other«ise transferred (other than by dc~ise, descent or operation of la~~) b~~ the Borro~~er, (ii) The sale or other transfer is pursuant to a contract of sale (or b~• deed, if there is no rontract of sale) executed no larer than 12 months (2d months if the Propert~• is not the principal or secondar~~ residence of the Borro~~er) after the date on ~~hirh this Security Instrument is eKecuted, and (iii) 'The credit of~ the purrhaser or grantee has not been approved in arrnrda~ce ~~~ith the rc:yuirements oi' the Secretary. (c) ro V1'aiver. lf cirrumstances occur that ~ti~ould permit Lender to require immediate payment in full, but Lender does not require such payments. Lender does not H~aive its rights ~~~ith respect to subsequent events. (d! Regulations of HUD Secretar~. In many circumstances regulations issued by the Secretary ~~~ill limit l.ender's rights in the case of payment defaults to require immediate payment in full and foreclose if not paid. This Securit~~ Instrument does not authorize arceleration or foreclosure if not permitted b>~ regulations of the Secretary. 10. Reinstatement. Borro«er has a right to be reinstated if Lender has required immediate pa~~ment in full because of 13urro~~•er's failure to pa~• an amount due under the Note or this Security Instrument. This right applies even aRer foreclosure I~roreedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required bring Borro~~~er's account current including, to the extent they are obligations of Borrower under this Security Instrument, t~~reclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. l'pon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effECt as if Lender h~;ici not required immediate pay~ment in full. How~ever, Lender is not required to permit reinstatement if: (i) Lender has accepted r~instatement after the commencement of foreclosure proceedings ~vithin two years immediately preceding the commencement ,~f a current foreclosure proceeding, (ii) reinstatement ~~~ill preclude foreclosure on different grounds in the future, or (iii) r~in,tatement ~~~ill adversely affect the priorit~~ of the lien created by this Securit~~ [nstrument. 11. Borrower Not Released; Forbearance B~~ Lender Not a V1'aiver. Extension of the time of payment or modification ~~t amurtization of the sums secured by this Security Instrument granted by Lender to an~• successor in interest of Borro~~~er ,i:all not operate to release the liabilit}~ of the original Borro~~~cr or Borro~.er's successor in interest. Lender shall not be required ~ommence proceedings against any successor in interest or refuse ta extend time for payment or othenvise modify amortization t he sums sec~ured by this Security Instrument by reason of any demand made by the original Borroti~er or Borrower's successors E ~r~ interest. An}• forbearance b}~ Lender in exercising an~~ right or remedy shalt not be a waiver of or preclude the exercise of ~ an~ right or remedy. ~ 12. Successors and Assi~ns Bound; Joint and Several Liabilil~~; Co-Signers. The co~~enants and agreerrzents of this Security~ ~ Iri~trument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph ~ ~).h. Borro~~~er's covenants and agreements shall be joint and several. Any Borro~ver who co-signs this Security Instrument ~ ~ut does not erecute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's IfIItCCSI in the Properh~ under the terms of this Securit}~ Instrument; (b) is not persona(I~~ obligated to pa}~ the sums secured r 1,~ this Securit~• Instrument; and (c) agrees that Lender and any other Borro~ver ma~~ agree to extend, modify, forbear or make .:n~ ac~omrriodations ~vith regard to the term of this Security Instrument or the Note w•ithout that Borrow~er's ~onsent. ~ 13. tiotices. An~~ notice to Borroaer provided for in this Security Instrument shall be gi~~en b~~ delivering it or b~~ mailing ' h~ first class mail unless applicable la~~ req~ires use of another method. The notice shall be directed to the Property Address ~ ~.~r an~ other address Borro~~~er designates b}~ notice to Lender. Any notice to Lender shall be given by first class mail to Lender's F .i;ldress stated herein or any address Lender designates by notice to Borrower. An~~ notice provided for in this Securit}~ Instrument ~ ~hall be deemed to ha~e been gi~~en to Borrower or Lender ti~hen given as pro~~ided in this paragraph. t ~ 14. Gu~erning Law; Se~~erabilita. This Securit}~ Instrument shall be governed by Federal law~ and the laH~ of the jurisdirtion ~ ~n ~chirh the Property~ is located. In the e~ent that any pro~ision or clause of this Security Instrument or the Note conf7icts r ~.~ith applicable la~i, such conflict shall not affect other pro~isions of this Securit~~ Instrument or the Note ~ti•hich can be gi~en ~ ~ t fect ~rithout the conflictine pro~~i;ion. To this end the pro~ isions of this Security Instrument and the Note are declared to ~ h~ ~e~erable. ~ ~ 15. BorroNer's Copy. Borro~~er shall be gi~en one conformeci cop}~ o( thic Securit~~ Instrument. t 16. Assignment ot' Rents. Borro~~er unronditionall}~ assigns and transfers to Lender all the rents an~l re~~enues of the Propert~-. 13urro~~er authorizes L.ender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Propert~~ pa~~ thc rents to Lender or Lender's agents. Hoti~ever, prior to Lender's notire to Borrower of Borro«~er's breach of an}~ .~~~enant or agreement in the Security Instrument, Borro~+~er shall cotlect and recei~~e all rents and re~~enues of the Propert~~ ~i~ trustee for the benefit of Lender and BorroH~er. This assignment of rents constitutes an a~isoiute assignment and not an ~+.~~ienment for a~ditional securit~~ onl}~. If Lender gi~~es notice of breach to Borro~~er. (a) all rents received b~~ Borro~~er shall be held by~ Borro~~~er as trustee for h~nefit of Lender onl}~, to be applied to the sums secured b~~ the Serurity (nstrument; (b) Lender shall be cntitled to collect ; and recei~e all of the rcnts of the Propert~~; and (c) each tenant of the Propert~~ shall pa}~ all rents due and unpaid to Lender ~~r Lcnder's agent on Lender's ~~ritten demand to thc tenant. F ~ Borro~ser hac not executed an~~ prior assignment of the rents and has not and ~tiill not perform an~ act that ~~ould pre~en[ # l~nder from e~ercising its rights under this paragraph 16. ~ s 1_ender shal! not be required to enter upon, take control of or maintain the Propert~• before or atter gi~ ing notice of breach ~ t~.~ Borro«er. Ho«~e~er, Lender or a judicially~ appo:nted recei~~er may do so at an}~ time there is a breach. Any application ~~f rent~ shall not cure or ~~ai~e an~ defauit or imalidate an}~ other right or remed}~ of Lender. This assignment ot renu of ~he Propcrt~ sh~all terminate ~shen the debt secured b~~ the Serurit~~ Instrument is paid in full. ~~uE~~~ ; a BOQfi ~J ! ~ FA!'E ~tJIJ ti; ~,e: ~i~.r s~ :>r-"~„cEn `n=~, ~ 'a~'^''~r'~'`„+ ~ ~ c.'~*'?~¢