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HomeMy WebLinkAbout0786 ~ . , ~ ; \~i~~ .~~~~ili~a~iun c~f th~ pr~~~«J. tu th~ ~rin~iE,al ,hal! nut ~~ten~1 or ~u,t~un~ t1~r ~ur ~tatr ~~1 thc munthl~ pa~mrnt~, ~~hi~h .u; rrt~~rr«l tu in f'aragr,i~h 2, or chan~r the .imuunt oi .urh pa~menu. An~ exr~~s pru~:er~l~ c~~rr an anwunt rr~~u~rr~ tu a!1 ~~ut,ian~inLinuebteclnr,ti uncler thc lute and thi~ tie~urit~ In~trumcnt ,hall bc ~~aid to ~hr cntit~ I~gall~ cntitlcel thrrrtu. ~ • 8. tres. l.en~~r ma~ r~>Ilect f~e, and rhargc~ authori~ed b~~ the Se~retar~. 9. (~rounds Eur Acceleration oi Uebt. la) Uefault. Lcnder ma~•, exr~pt as limited by~ regulationti i,~ued b~~ ~he Serretary in th~ ra~c of ~a~~ment clefaults, r~yuire _ immediate ~a~~ment in full of all sums se~ure~l by this Securit~~ Instrument if: (i) Borro~~er defaults bp tailing to ~ay in full any monthl~• payn~ent reyuired h~~ this Serurit~ tn~trumcnt priar to or on the due date af the next monthly pa~~ment, or (ii) Borro~~er dctaults b~ faiiing, for a period ul~ thirty days, to perforni any other obligation, rontained in this Securit~• Instrumcnt. . ; (b) Sale NWithout Credit Approval. Lender shall, ~~ith thc prior ap~ro~al of the Scrretar~, reyuire immediate payment t in full of all the sums se~ured b~ this Security Instrument if: ~ 1i) All or part of~ the Propert}~ is sold or otherHise transferred (other than b~• de~ise, desrent or operation of law~) ~ by the Borro~~•er, (ii) The sale ~r other transfer is pursuant to a contract of sale (or by deed, if there is no contract ol~ sale) executed no later than 12 months (24 months if ihe Propertp is not the prinripal or secondary residence of the Borro~~~er) : ai~ter the date on w~hich this Serurity Instrument is executed, and 4 (iii) The credit of the purchaser or grantee has not been appro~~ed in accordance ~~~ith the reyuirements of thr Secretar~~. _ (c) tio Wai~~er. If cirrumstances occur that would permit Lender to reyuire immediate payment in f~ll, but Lender does not require surh payments, Lender does not waive its rights ~~•ith respect to subsequent events. Id) Regulations of HUD Secretary. In man~~ circumstances regulations issued ~y the Secretary will limit Lender's rights in the rase of pa~•ment defaults to require immediate pa}•ment in full and forerlose if not paid. This Securit~~ Instrument does not authorize acceleration or foreclosure if not permitted b}~ regulations of the Secretary. 10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of l3urro~~~er's failure to pay an amount due undrr the Note or this Security Instrument. This right applies even after foreclosure G~roreedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts reyuired io bring Borrower's account current incl~~ing, to the extent they are obligations of BorroH~er under this Security Instrument, Cureclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. l~pan reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not reyuired to permit reinstatement if: (i) Lender has accepted . :~instatement after the commencement of for~closure proceedings within two years immediately preceding the commencement = .~t ~ `~~~rrnnt fn:"In`~':` ~:~"`~:^b ~11~ :~:^5.3.e ::":i :i'iii ~iC~iu~a. ~viCt~O~liTi. ~fI a1ffC~ef1[ ~iviiii~S ill lllc Il1TU(2~ Oi illl~ r~instatement ~~~ill adversely affect the priority of the lien created by this Securitp tnstrument. I1. Borruw~er Not Released; Forbearance B~~ Lender Not a VVaiver. Extension of the time of payment or modification amortization of the sums secur~ed by this Security Instrument granted by Lender to an~• successor in interest of Borrower ~ ~hall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shali not be required rommence proieedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization ui the sums secured by this Security Instrument by reasor. of any demand made by the original Rorrower or Borrow~ec's successors = in interest. Any forbearance by Lender in exercising any right or remedy shall not be a H•aiti~er of or preclude the exercise of .~ni~ right or remedy. - 12. Saccessors and Assigns Bound; Joint and Several Liabilit~~; Co-Signers. The covenants and agreements of this Securit~~ _ ~n,trument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph ~.b. Barrower's covenants and agreements shatl be joint and several. Any Borrower H~ho co-signs this Security Instrument hut does ~ot execute the Note: (a) is co-signing this Security lnstrument only to mortgage, grant and convey that Borrow~er's ` incerest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured ; ; i,~ this Security Instrument; and (c) agrees that Lender and any other Borrower may~ agree to extend, modify, forbear or make ~ ` :~n~ accommodations w~ith regard to the term of this Securi[y Instrument or the Note without that Borrower's consent. ~ 13. tiotices. An~~ notice to Borrower provided for in this Security Instrument shall be given by deliverir~g it or by mailing ~ b~~ tirst class mail unless applicable law~ requires use of another method. The notice shall be directed ro the Property Address ~ r~r any other address BorroH•er designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's ~ ~~~iciress stated herein or any address Lender designates by notice to Borro~ver. Any notice provided for in this Securit~~ lnstrument ~ ' ~i~all be deemed to have been ~ven to Borrower or Lender ~~hen ` ; g~ given as provided in this paragraph. ~ 14. Governing Law~; Severability~. This Security Instrument shall be governed by Federal law and the laH~ of the jurisdiction ~ :t~ ~~hich the Propert}• is located. In the event that any pro~ision or clause of this Security Instrument or the Note conflicts ~ ~.~ith applicable la~s, such conflict shall not affect other pro~~isions of this Security Instrument or the Note ~~~hich can be ei~~en ~Ifert ~ti~ithout the conflicting provision. To this end the provisions of this Securit~~ lnstrument and the Note are decfared ro ' n~ ;e~~erable. 15. Borrower's Cop~. Borrower shall be gi~en one conformed cop~~ of this Securit~~ lnstrument. 16. Assignment of Rents. Borro~ver unconditionally assigns and transfers to Lender all the renis and re~enues of the Propert~~. i3~,rro«er authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Propert~~ pa~• the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of am . :~»enant or agreement in the Securit}~ Instrument, l3orro~ver shall rollect and recei~~e all rents and re~enues af the Propert~ a~ trustee for the benefit oi' Lender and Borrow~er. This assignment of ren~s constitutes an absolute assignment and not an ~ :s~tiignment for additional securit~~ only~. ~ If Lender gi~~es notice of breach to Borro~ver. (a) a!I rents recei~•ed by~ Borrower shalf be held by~ Borrower as trustee for hcnefit of Lender only, to be applied to the sums secured by~ the ~ecurit}~ Instrument; (b) l.cnd~r shail be entitled to collect anci receive all of the rents of the Property; and (c) each tenant of the Propert}~ shall pay ail rents due and unpaid ro Lender ~~r Lender's agent on Lender's Hritten demand to the tenant. E3orro~+er has nat executed an~~ prior assignment of the rents and has not and will not perform an~ act that ~~auld pre~ent ! e~nder from exercising its rights under this paragraph 16. Lender shall not be required to enter upon, take control of or maintain thr Propert ~ before or after gis ing natice of breach Borro«er. Howe~er, Lender or a judicially appointed rece~ti~er may do so at an}~ time there is a breach. An}• application ~~t rents shall nc~t cure or wai~e an} default or im~alidate an~• other right or remed~~ of Lender. This assienment of rents of ?he Yropert~~ shall terminate +shen the debt secured by the Seiurity~ (nstrument is paid in full. ~~ut~~ ? a ~ ~ 6'~~ r'bCE ! BOOK _ - ~ ~s:, : - ' 3 .