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~u~ a~,nli:at~~~n ~~f thr ~~ru~e~J~ t~~ th~ prin:~~al ,hal1 n~~t extena ur ~u,t~x~itie thr ~lu~ clatr uf the monthl~ }~a}m~nt,, ~~hirh
i~lrir~~~l t~, in i',~ratraph', ar change th~ .tmount ~~I ,u~h pa}~mrnt~. :~n~ e~~~~ti {~rorce~l~ o~er an amuunt reyuire~i to
;~.i~ all ~~~:t.t.tn.iinti in~l~btc~lne~. un~ter ?h~ ti~i~r ;u~d Ihi~ Se~urit~ Ir»trum~n~ .h,iil h~ ~~aicl tc~ the ~ntit~ le~all) cntitl«l th~r~tu.
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8. f~ee+. Len.le; ma> ~oilect f«. an~1 ~h,?rge; authu~ired b~ the Srrr~tar~.
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9. Gn?und, tor .Acceleratiun of Debl. ~
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l:~) Uel~aull. Len~ier mat. ~x~e~t as limited b~ r~gulatiom issucd b~• thi Se~r~tan in tht i:i,e of ~a~me~it defaults, require ~
immeJiate p.~~ment in Fui! ol~ all suln~ se~ure.1 b~' this Se~urit~• Instrument il: ~
li? Borro~~er default, by t~ailing ta {~ay in iull an~ munthl~~ pa>~ment requireci b~ thi, S~~urit~ In,trument prior to ~
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ur on tl~e due date ot~ the ne~t momhl~ payment, or ~
~ii) Borro~~er detault~ b~ lailing, i~or a period ol thirt}~ da~~s, to peri~orm an~ other obligati~~ns contained ir~ this
Se~urity It~stn~m~nt. ~
Ifi) tiale ~t'ithoul Credit .Appro~aL Lender shall, ~~ith the prior ap~ro~al oC the Secretar~, require imme~iiate pa~ment ~
i~i tull ~~C aU the ,~un~ secured b~~ this Securit}~ Instsument ii~: j
(i) AI{ or part of the Propert~ is sold or othen~•ise transterred (other than b~~ de~i,e, desrent or operation of la~+) ~
by the f3orro~~~er,
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1ii) The ~ate or other transfer is pursuant t~ a contract of~ sale 1or b~~ deed, it~ there is no rontract of sate) executed ~
nu later than 12 months (2d months ii thc Property is not the princi~al or secondar~~ residence of the Sorro~~er)
atter the Jate on ~~~hich this Serurit~• In,trument is executed, and
(iii) The credit of the purihaser ur gran,c~ has not tx~en appro~~ed in accordance ~+~ith the reyuirements of the S<~:retas~. ~
(c) \o ~1'ai.er. it cirrumstances oc~ur that ~~ould permit 1_ender to require immediate payment in fui{, but Lender ~
do~s n~t require such pa~ments, Lendcr dos:s not ~saive its rights ~~~ith respect to subsequent e~~ents.
(d1 Regulations of NUU Secretar~~. In man~~ cirrumstances regulations issued by the Secretary ~~~iil limit Lender's rights
in the rase of pa~~ment delaults to require immediate payment in full and foreclose if not paid. This Securitp Instrument
doet not authorize acceleration or toreclosure if not permitted by regulations of the Secretary. i
iu. iieinsiaiemen~. uorro~~~er nas a right to be re~nstated ~f Lender has required immediate payment in full beca~se of ~
13~~rrc~~~er's failure to pap an amount due under the Note or this Security Instrument. This right applies even after foreclosure '
E~r;~recdings are instituted. To reinsta[c the Security Instrument, Borrower shall tender in a lump sum all amounts reyuired +
bring Borro~~~er's account current including, to the extent the}~ are obligations of Borrower under this Security lnstrument,
~,~re~tosure custs and reasonable and customary atrorneys' fees and expenses properly associated with the foreclosure proceeding.
l E~un reinstatement by Borro~~~er, this Securit}~ Instrument and the obligations that it secures shall remain in effect as if Lender
':~.~~i nut required immediate pay~ment in full. Ho~~~ever, Lender is not required to permit reinstatement if: (i) Lender has accepted
~.~in~tatement after the commencement of foreclosure proceedings ~vithin two years immediately preceding the commencement
;~t rurrent foreclosure proceeding, (ii) reinstatement «~ill preclude foreclesure on different grounds in the future, or (iii)
;.in,tatement ~~~ill ad~ersel~• affect the priorit}• of the lien created by this Securit~~ Instrument.
11. 8orrower Not Released; Forbearance B~ Lender Not a W'aiver. Extension of the time of payment or modification
..~t amortization of the sums secured b~~ this Security Instrument granted by Lender to any successor in interest of Borrower
~hall not operate to release the liabilit~• of the original Borrow•er or Borro~~~er's successor in interest. Lender shall not be required _
~ummen:e proceedings against any~ successor in mterest or refuse to extend time for payment or otherwise modif~~ amortization
the sums secured b~~ this Securit~~ Instrum.nt b}• reasan of any demand made b~• the original Borro«~er or Sorro~+er's successors
~n interest. An}~ forbearance by Le~der in exercising any right or remedy shall not be a~~~aiver of or preclude the exercise of
j ,~n~ right or remedy.
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j 12. Suecessors and Assigns Bound; Joint and 5e~~eral LiabilitF; Co-Signers. The co~~enants and agreements of this Security ;
In~trument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph I
; ~>.h. Borro~~~er's ro~rnants and agreements shall be joint and several. Any Borro«~er ~+ho co-signs this Security Instrument
i hut does not execute the Note: (a) is co-signing this Securit}• Instrument onl~~ to mortgage, grant and convey that BorroHer's
~ intcrest in the Propert~~ under the terms of this Securitp Instrument; (b) is not personall~~ obligated to ~a}~ the sums secured ~
E h~ ~hiti Securit}~ Instrument; and aerees that Lender and an~~ other Borro~~er ma~~ agree to extend, modif~~, forbear or make !
~ :u~~ tircommodations ~~ith regard to the term of this Security [nstrument or the Note without that E3orro~,er's consent. ;
13. \odces. Any no~ice to Borro~~~er pro~~ided for in this Security Instrument shall bc gi~~en b}~ deli~erin~ it or b}~ maiting
~ i; h~ first class mail zinless applicable la~~ requires usz of another method. The notice shall be directed to the Propert~~ Address
~ ~~r am other addre,s Aorro~~~er desienates by notice to Lender. An}~ notire to Lender shall be given b~~ first class mail to Lender's
_ :+~ielress titated herein or an~• address Lender designates by notice to Borro~~~er. Any notice provided for in this Securit~~ Instr~ment
y ~hail be deemed to ha~e b,en ~i~•en to Borrower or Lender w~hen given as pro~~ided in this paragraph.
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l l~. Go~erninR LaH; Se~~erabilith~. This Security fn~trument shall be go~erned b}~ Federal law~ and the la~~~ of the jurisdirtion
~ ~n ~~hich the Propert~~ is located. In the e~~ent that any pro~~ision or ctause of this Security ~nstrument or the Note conflicts
; ~ ~[h a~plicable la~~, sunc ~onftict shall not affect other prQ~~isions of this Securit}~ Instrument or the Note ~~•hich can be gi~~en
6 :;i«t ~~ithout the conflictine pro~ision. To this end the pro~~isions of this Security~ Instrument and the Nate are declared to
; h~ ,c~erabfe.
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~ 1~. Borrower's Cop~. Borro«er shall be ei~en one conformed cop~• of this Securit}~ Instrument.
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16. AssiknmeM of Rents. Borro~~er unconditionafly~ assigns and transfers to Lender all the rents and re~enues of the Property.
f3urro~cer authorizes Lender or Lender's agents to cottect the rents and revenues a~d hereby directs each tenant of the Propert)~
~t~ pa~ the rents to Lender or Lender's agents. Ho~~e~er, prior to Lender's notice to 8orrower of Borro~~er's brearh of any
~~.~~enant or agreement in the Security~ lnstrument, Borrower shali collect and recei~~e all rents and re~~enues of the Proper[~•
tru~tee t~ar the benefit of Lender and Borro~~er. This assignment of rents constitutes an absolute assignment and not an
;~~isnment tor additional securit}~ onl~~.
tf Lender gi~es notice of breach to Borro~~er: (a} all ren±s recei~~ed b}~ Borro~~er shal) be held b}~ Borro~~er as trustee for
}~~nefit of Lender only. to be appfied to the sums secured by the Security Instrament; (b) Lender srial! be. entitted to collect
,,nci rerei~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 t.ender's agent on Lender's ~+ritten demand to the tenant.
E3orroaer has not r~ecuted an}~ prior assignment of the rents and has not and «ill not perform an~~ act that ~+o~!Id pre~ent
f Lnder from e~ercising its rights under this paragraph i6.
Lender shali not be required to enter upon, take control of or maintain the Property before or after gi~ ing notice of breach
~<< E3urro«er. Ho~~e~er, Lender or a judicially appointed recci~er may do so at an}~ time there is a breach. Any application
:~f ren[s shall not ~ure or ~~ai~e an~~ defautt or invaGdate any~ other right or remed} of Lender. This assignment of rents of
h~ Propert~~ shal) terminate ~+hen the debt secured by~ the Securit}~ (nstrument is paid in full.
,~~~~t~ ~ ~ o a ~j75 GE ~06
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