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HomeMy WebLinkAbout1273 , ' a~plicatiun ot~ the pro~eed~ to the prin~i~al shall nut extend or P.~s~pone the due date o! the monthl~~ pa~ment., ~~hich ,ir~ r~f~rr~cl to in Paragraph or ct~ange the amoum of such pa>~ments. Any cxcess pro~~~c~l~ o~rr an am:~unt reyuired tt~ ~~a~ all out~tanding indehtcdnes~ under the Note and this Se~urih~ tnstrument shall he ~~aic1 t~ ~he en!it; !zbal!}~ ~r,s;leu ,h~ret.~. 8. Fees. Lentler may coilect lee~ and charges authorized b~~ the Serretar~~. 9. Grounds for Acceleratian of Debt. (al Uefault. Lender maX, e~rept as timited by regulations issued by the Secretary in the rase of payment defaults, require immediate payment in full of a!I Sums secured b~~ this Security~ Instrument it~: (i) Borro~~~er defaults by failing to pay in futl any monthly~ pa~~ment required by~ this Securit)~ Instrument prior to or on the due date of the next monthly payment, or ~ii) Eiorrower defaults by failing, for a period of thirt~~ da}•s, to perfarm any other obligations contained in this Sccurity Instrument. (b) Sale Without Credit Appro~~al. Lender shall, with the prior appro~~al of the Secretar~~, require immediate payment in fu11 oP all the sums secured by this Security lnstrument if: (i) A11 or part of' the Property is sotd or otherwise transferred (other than by de~~ise, descent or operation of {aw} by the Borrow~er, (ii) The sale or other transfer is pursuant to a contract of sale (or by deed, if there is no contract of sale) executed no later than i2 months (24 months ii' the Property is not the principal or secondary residence of the Borrow~er) after the date on H~hich this Security Instrument is executed, and (iii) The credit of the purchaser or grantee has not been approved in accordance with the requirements of the Secretary. (c) No K'ai~er. If circumstances occur that w~ould permit Ler~der to require immediate payment in full, but Lender does not require such payments. Lender does not waive its rights with respect to subsequent events. (di Regulations of NUD Seeretary~. In many circumstances regulations issued by the Secretary will limit Lender's rights in the case of payment defaults to require immediate payment in fu11 and forectose if not paid. This Security Instrument c~oes not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. l0. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of E3orrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure ~roreedings are instituted. To reinstate the Security lnstrument, Borrower shalt tender in a lump sum all amounts required to bring Borrower's account current including, ro the extent they are obligations of Borrower under this Security Instrument, ioreclosure costs and ~easonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instru?nent and the obligations that it secures shatl remain in effect as if Lender had not required immediate payment in fulL How~ever, Lender is not required to permit reinstatement if: (i) Lender has accepted ~ reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a curreni fc~reclesure proceeding, (ii) reinstate~~ er~~ v~°i11 prertude foreciosure on different grounds in the future, or (iii) ! reinstatement w~ill adversely affect the priority of the lien created by this Security Instrument. ! 11. Borrower Nol Reieased; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification c~f amortization of the sums secured by this Security Instrument granted by Lender to any 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 to rommence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization ~~t the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by l.ender in exercising any ~ight or remedy shail not be a waiver of or preclude the exercise of ' :iny right or remedy. l2. 5uccessors and Assigns Bound; Joint and Several Liability~; Co-Signers. The covenants and agreements of this Security Instrument shall bind and beneCt the successors and assigns of Lender and Borrower, subject to the provisions of paragraph y.b. Borrower's covenants and agreements shall be joint and several. Any Borrower whu co-signs this Security lnstrument ~ but does not execu[e the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's izlterest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured ~ b~ this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make an~~ accommodations with regard to the term of this Security Instrument or the Note ~~ithout that Borrower's consent. ~ ` l3. tiotices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing ~ i~ h~ first class mait unless applicable law~ requires use of anothe~ method. The notice shall be directed to the Property Address ur an~~ other address Borrower designates by notice to Lender. Any notice to Lender shall be given by tirst class mail to Lender's ; ~~ddress stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument ~ ~hall be deemed to have been gi~-en to BorroH~er or Lender w~hen given as provided in this paragraph. ~ 14. Governing Law; Severabilih~. This Security li~strument shall be governed by Federal law and the IaH~ of the jusisdiction in ~~hich the Property is focated. In the event that any provision or clause of this Security Instrument or the Note conflicts ith applicable law~, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given ~ffect without the conflicting provision. To this end the provisions of this Securitl~ Instrument and the Note are declared to he severable. 15. Borrower's Cop}. Borro~ser shatl be gi~~en one conformed copy oi~ this Security Instrument. 16. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Prapert~•. 43urrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property c~~ pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of an}~ ~o~enant or agreement in the Security Instrument, Borrower shall collect and receive all rents and re~~enues of the Property~ ~i. trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an a~signment for additiona{ securit}~ oniy. if Lender gives notice of breach to Borrower. (a) all rents received by Borrower shall be held by Borrower as trustee for i~enefit of Lender oniy, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant ofi' the Property shali pay ail rents due and unpaid to Lender ur Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and ~?ifl not perform any act that would pre~~ent l ender from exercising its rights under this paragraph 16. Lender shali not be required to enter upon, take contro( of or maintain the Property before or after gi~~ing notice of breach ~u Borro«er. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application vf rents shali not cure or waive any de`ault or inti~alidate any other right or remedy of Lender. This assignment of rents of the Propert~~ shall terminate w~hen the debt secured by the Security Instrument is paid in full. /~~.ee 3 ~,r a L~?GOx ?ACE~~ r ;iW: ~