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HomeMy WebLinkAbout1532 \n~ a4,},liratiun ~~i the pro.erd~ [u the prin~ipal shall not extend or postpone the due date uf the monihly pa~'ments, ~~hiih retrri~ci tu in Paragraph or chang~ the amount of ~~j~h pa~ments. Any excess pro~~eedti o~er an amount required to n:i~ all ~,u~~tanciin~, indebtedness uncler the Nute and this Serurit~~ In~trument lhall b~ paid ~o the en~it~~ tegatl~ e~?titled theretu. S. Fees. l.ender may roflert t~ce. and ~n~~~~, ~~,~r,o~~«a h> Secretar~ . 9. (:rounds for Acceleration of Debt. (a> t)efaul~. l.en~ier ma~~, errept a~ limited b~~ regulations issuea by the Se~reta~~~ in the ca~e of pa~•me~n detau{u, require immediate pa~•ment in fulf of all sums secured by this Securit~~ Instrument it: (i) Borro~~~er defaults b}~ failing to pa}~ in full any monthl~~ ~ayment required b~~ this Securit~~ Instrument pr+ar to ur on the due date of the next monthly pa~~ment, or (ii) l3orro~+er defsults by failing, for a pcriod of thirt} days, to perforrn any other obiigations contained in this Security Instrument. ` (b) Sale VlYithout Credit Approval. Lender shall, H~ith the prior appro~~al of thc Secretarp, require immediate payment : in full of all the sums secured by this Security Instrument if: ~ (i) All or part of the Property is sold or otherwise transferred (other than b~~ de~~ise, descent or operation of IaH~) by the Borrower, ' (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 {ater than 12 montfis (24 months if the Property is not the pr~ncipai 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 ~+~ith the requirements of the Secretary. (c) No V14'aiver. 1f circumstances occur that would permit Lender to require immediate payment in full, hut Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights in the case of payment defaults to require immediate payment in full and foreclose if not paid. This Security fnstrument does not authorize acceleration or foreclosurc if not permitted by regulations of the Secretary. 10. Reinstatement. Borrower has a rigfit to be reinstated if Lender has required immediate payment in full because ~af 13urrower's failure to pay an amount due under the N~te or this Security lnstrument. This right applies even after forecfosure 4~roceedings are instituted. To reinstate the Security Instrument, Borrower shali~tender in a lump sum all amounts required io bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, i orectosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obtigations that it secures shal! remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted r~instatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement ~,f a current f~reclosure proceeding, (i+) seinstatement will pseclude foreclosure on different grounds in the i'uture, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a VI~'aiver. Extension of the time of payment or modification = ~~t amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower ~t~all not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be reguired <<~ rommence proceedings against any successor ~n ~nterest or refuse ro extend time for payment or otherwise moclify amortizatiun ,~t the sums secured by this Security lnstrument by reason oi' any demand made by the onginal Borro~ver or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shal{ not be a waiver of or preclude the exercise ot' an}~ right or remedy. 12. Successors and Assigns Bound; Joint and Severat Liabifit~~; Co-Signers. The covenants 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 y.h. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument hut does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's {ncerest in the Property under the terms of this Security fnstrumenr, (b) is not personally obligated to pay the sums secured ~ h~ this Security (nstrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make ,~r;~ accommodations with regard to the term of this Security Instrument or the Note without that Borrower's consent_ 13. tiotices. Any notice to Borrower psovided for in this Securit}~ Instrument shalt be given by deiivering it or by mailing b~ first class mail unless applicable law requires use of another method. The notice shall be directed tu the Property Address ~~r any other address Borro~~~er designates by notice to Lender. Any notice to Lender shall be given by first class ma~l to Lender's a~idress stated herein or any address Lender designates by notice to Borrower. Any notice pro~~ided for in this Securit~~ Instrument ~hall be deemed to ha~~e been given to Borrow~es or Lender w~hen gi~•en as provided in this paragraph. 14. Governing I,aw;.SeverabilitS. This Security Instrument shall be governed by Federal law and the law of the jurisdictiun in ~tihich the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts ~+ith applicable taw~, such contlict shall not affect other provssions of this Security Instrument or the Note H~hich can be gi~en ~~ttect without the conflicting pro~-ision. To this end the provisions of this Securit~~ [nstrument and the Note are declared to i.e severable. 15. Korrower's Cop). BorroH~er shall be given one conformed copy of this Security instrument. 16. Assignment of Rents. Borro~ti~er unconditionaU}~ assigns and transfers to Lender all the rents and re~~enues of the Propert~~. {3>>rrow~er authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property~ pay the rents to Lender or Lender's agents. Ho~~~ever, prior to ~ender's notice to Borrower of Borro~~~er's breach oi' an~~ .~~~enant or agreement in the Security Instrument, Borrower shall collect and receive all ren[s and revenues of the Prope~ty~ a~ tr!~stee for the benefit of Lender and Borro~er. This assignment of rents cor.stitutes an absofute assignment and not an :+~~ignment for additional security only. If Lender gives rrotice of breach to Borrower. (a) all rents received by Borro~~~er shall be held by Borrow~er as trustee for hcnefit of Lender only, to be app{ied to the sums seeured by the Security Instrument; (b) Lender shall be entitled to collect ,~nd recei~~e all of the rents of the Property; and (c) each tenant of the Propert}~ shall pay all rents due and unpai~ to Lender ~~r Lender's agent on Lender's written demand to the renant. Borro~~er has not executed any prior assignment of the rents and has not and ~ill not per(orm any act that w~ould pre~ent I cnder from exercising its rights under this paragraph l6. Lender shall not be reyuired to enter upon, take control of or maintain the Property before or after giving notice of breach BorroH•er. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application ~,f rents shall not cure or waive any default or invatidate any other right or remedy~ of Lender. This assignment of rents of ;k~e Propert}~ shalf terminate when the debt secured by~ the Security tnstrument is paid in fuli. ' vUke ? ul a ~ ~RK 675 PA~:1532 ~'Y'-~~ ~ ' ~y ~ ~ x s~~~s ` ~r.~4~,4'~'~~°=` ~ z~.