HomeMy WebLinkAbout1856 ~n~ a~,~,li~cin~,n u1 thr ~,iu.eea~ t., th~ {~rin~i~al ,hall nut r~ten~f ur ~~~,t{~unr the ~1u~ ~latr ut thc munihl~ ~~a~mrnt,, ~~hi~h
.:;r rrtriir~ t~, in l'.?ragr.?~h ~~r rhan~:r thr :un~~unt uf ~urh ~a~ment~. :~n~ c~.e~, {~ru~~e~~i. o~er an amount rr~~uire~i tu
;~.i~ :iti ~,ut.tan~iin~ in.l~bie~lnr,~ un.ler th~ \~~te and thi, Se~urit~ In~trument ,hall h~ ~~aid to thr :ntit~ I~iall} entitlr~l iher~t~~-
R. Fee,. l.~n~i~r ma> ~~~Ile~t tr~, an~i :har~e, ai!thurired b~ the Se~retar~-
9. Gruund~ tor Acccleratiun of Ucbt.
lal Uei'auli. l.en~t~r ma~, c~ce~~ a~ liniite~i b~ r~gulatians is~ued b~ th~ Sr~r~tan in thr ~a.c ut ~~a~m~nt clef;tult~. r~c{uir~
imn~ediatr pa~ment in tull ot all ,ums ,«ure~l b} this Se~urit~ Inurument it:
lil Borro~~er ctetaults b~ faiiing to pa~ in ful! ~n~ monthi~~ ~a~ment reyuirecl b~ thil Se~urit~ fi:,trument ~riur to
ur on the due date «t the next monthh rayment, or
~iil Burro~~er deCault, b~ failing, t~~r a~er.od oi :hirt~~ da~s, to perlorm an~ iztt~er obli~:ations rontained in thi,
Se~urit~• lnstrument.
Ib) tiale N'ilhout Credit Appro~al. Lender tihall, ~~ith the prior aprro~al uf the S~cretart, reyuire immediatr pa~me?~t
in tull of all the sums secured b~~ thi, Securit~• lnstrument if:
~i) :~I! or part of che Propert~~ is ~old or other~~iie transterred (uther than b~• de~ise, desrent or operation of la~~ )
bv the Borro~~er,
(ii) "fhe sa(e or other transfer is pursuant to a contract ot sale (or b~~ deed, it~ there is no contrart of~ sale) ereruteei
no later than 12 mcnths ~24 months if the Propert~~ is not the prinripal or secondary residence of the Borro~~er)
after the date on ~~hich this Securit~~ Intitrument is executed, and
(iii) The credit of the purchaser or gran[ee has not been appro~ed in accordance ~vith the requirements of thc Secretary.
(c) Vo ~~'ai~~er. If circumstanres occur that ~vould permit Lender to require immediate payment in full, but l.ender
does not require such pa~•ments, l.ender does not ~~~aive its rights ~~~ith respect to subsequent events.
ld) Regulations of HUU Secretan. In man}• circumstances regulations issued by~ the Secretary ~~~ill limit Lender's rights
in the case of pa~~ment defaults to reyuire immediate payment in full and foreclose if not paid. This Security Instrument
doec not authorize acceleration or foreclosure if not permitted b}• regulations of the Secretar}~.
10. Reinstatement. Borro~~~er has a right to be reinstated if Lender has required immediate payment in full because of
" t3~~rro~~er's failure to pa~~ an amount due under ihe Note or this Security Instrument. This right applies e~•en after foreclosure
,uu,eedines are instituted. To reinstate the Security Instrument, BorroH~er shall tender in a lump sum all amounts required
bring Borrower's account current including, to the exrent they are obligati~ns of Borrower under this Security lnstrument,
~,~re~losure costs and reasonable and customary attorne~~s' fees and expenses properly asso..iated with the foreclosure proceeding.
l~un reinstatement by Borro~ver, this Security Instrument and the obligations that it secures shall remain in effect as if' Lender
had not required immediate pa~•ment in full. HoH•e~•er, Lender is nor required to permit reinstatement if: (i) Lender has accepted
,~~in~tatement after the commencement of foreclosure proceedings ~~~ithin two ~~ears immediatel~~ preceding the commencement
a current foreclosure proceeding, (ii) reinstatement «~ill preclude foreclosure on different grounds in the future, or (iii) ,
~~~:n~ta~ement ~~~ill ad~~ersely affect the priority of the lien created b~~ this Security Instrument. ;
i l. Borrow~er tiol Released; Forbearance By~ Lender Not a N'aiver. E~tension of the time of payment or modification
,~t amortization ot the sums secured by this Security Instrument eranted b~• Lender to any successor in interest of Borro~rer
~I:all not operate to release the liability of the original BorroH•er or Bon~ower's successor in interest. Lender shall not be reyuired
` ;t~ cca:i~mence proeeed~ngs against an}~ successor in interest or r~fuse to extend time for payment or other~~~ise modif}~ amortization
; ,~1 the ~wns secured b}• this Securit~~ lnstrument b~~ reason of any demand made by the original Borroti~°er or Borrower's surces~ors ~
; in interest. Any forbearance by Lender in exercising anp right or remedy shall not be a~~ai~~er of
or preclude the exercise of
;in~ rieht or remedy~_
i "
i
~ 12. Successors and Assigns Bound; Joint and Se~~eral Liabilih~; Co-Signers. The co~~enants and agreements of~ this Securit}~ ~
i In,tru?nent shall bind and benefit the successors and assigns of Lender and Borro~~~er, subject to the pro~~isions of paraeraph {
~ y.b. Borro~cer's co~enants and agreements shall be joint and se~~eral. Any Borro~~er who co-signs this Security (nstrument ,
~ hut doe, not e~ecute the Note: (a) is ro-sig~ing this Security Instrument only to mortgage, grant and con~~ey that Borro~~er's ~
, ~nteietit in the Propert~~ under the terms of this Securit~~ Instrument: (b) is not personally obligated to pay the sums secured !
h~ this Serurit~~ Instrument; and (c) agrees that Lender and any other Borro«~er ma~~ agree to extend, modif~~, forbear or make i
` ai:~ a~commodations ~~ith reeard to the term of this Security Instrument or the Note ~ithout that Borro~.er's consent.
~ l3. \otices. An~~ notice to Boro~ser pro~~ided for in this Security lnstrument shall be gi~~en b~• deli~erin~ it or b~~ mailing ,
~ i; b> fir.t class mail unles~ applicable la~~ requires use of another method. The notice shali be directed to the Propert>~ Address
~ ~,~r an~~ other address Borro~i~er designates by notice to Lender. Am~ notice to Lender shall be gi~~en b}- first class mail to Lender's
~ ,:~idret, stated herein or an~~ address Lender designates b~~ notice to Sorro~~~er. An~~ notice pro~•ided for in this Securit~~ lnstrument
~ .hall be deemed to ha~~e been gi~~en to Borrow~er or Lender ~~~hen gi~en as pro~~ided in this paragraph.
~ la. GoverninK Law~; Severabilih~. This Securit~~ Instrument shall be go~~erned b~~ Federa) la~~• and the la~ti of the lurisdiction
~ in ~~hich the Propert~ is located. In the e~ent that an}~ ~,ro~ision or clause of this Security Instrument or the Note rontlicts
~ ~+ith a~plicabie la~~, such conflict shall not affect other pro~isions of this Securit~- Instrument or the Note ~~~hinc ~an be gi~en
~ ~fl~ct ~+ithoizt the conflictine pro~~ision. To this end the pro~isions of this Securit}~ Instrument and the Note are declared to
~ h~ ,e~ erable.
~
~ 15. 8orrower's Ct~p~. Bo~ro~~e~ shall be gi~en one ronformed cop~~ of this Securit~• Instrument.
~ 16. AssiRnment oF Rents. Qorro~cer unconditionall~~ assigns and transfers to Lender all the re~ts and re~er.ues of the Prop;rt~~.
f3e~rro~~er authorires Lender or Lender's agents to coflect the rents and re~~enues and hereb}~ directs each tenant of the Propert~~
tu pa~ the rents to Lender or Lender's agents. Hoµever, prior to Lender's notice to Borro~~~er oC Borro~~~er's breach of an~
~o~enant or agreement in the Securit~~ Instrument, Borro~ser shall collect and recei~e all rents and re~enues nf the Propert~~
trustee for the bcnefit of Lender and Borro~~~er. This assignment of rents ronstitutes an absolutc assignment and not an
a~~ignment t~or additional securit~~ oni~~.
If Lender gi~~es notice of breach to Borro~~~er: (a) all rents recei~ed b~~ Borro~~er shall be heid b~~ Borro~~er as trustee for
henefit of Lender only, to be applied to the sums secured b~~ the Securit}• instrument; (b) Lender shall be entitled to rollect
and recei~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 Lende~'s aeent an Lender's ~sritten dernand to the tenant.
~ Borro~~er has not eiecuted an}~ prior assignment of the rents and has not and ~~ill not ~erform an~ act tha! ~~ould pre~ent
; l.~nder f~rom exer~isine iu rights under this paragraph 16.
s Lender shall not be requi,ed to enter upon, take control of or maintain the Pmperty~ before or aiter gi~~ing notice of breach
~ t~7 Borro~~er. Houe~er, Lender or a judirially a~poirted recei~~er may do so at an~~ time there is a breach. An~~ applicatio~
r ui rents Shall not cure or ~~ai~e am default or in~alidate an3~ other right or remed~ of Lender. This assignment of rents of
i the Propert~ Shall terminate ~~hen the debt secured b~ the Securit}~ Instrument is pai~ in full.
~~,,~t~ ? BOOK U7~ PA~E
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