HomeMy WebLinkAbout2970 ~n~ a{~~licati~~n of the prorred~ to the prin:i~31 ~hall not e~ten~ or postpone the due date of the monthiy payments, ~~hi~h
:~r~ r~terr~d to in Paragraph 2, or change thc amount ot' surh pa}ments. An~~ ex~ess pro~:eeds o~~er an amount reyuired to
E~a~ ali ~~ut,tan~iing in~lrbte~inrs. uncler the Note and thi~ Security~ Instrument shall be paid ta the entit~• legall~~ entitled thereto.
8. Feex. l.cnder ma~ rolle~t fees and rharges authori~ed b~ the Secretar~~.
9. Grounds for Acceleration of Uebt.
(a) Uefault. Lender ma~~, ex~ept as limited b}~ regulations issued by the Secretar~• in the rase of pa~•ment det~aults, require
irnmediate pa~ment in full of all sums secured b~~ this Serurit}~ Instrument if:
(i) Borrower det~aults by failing to pa~~ in full any~ monthly payment reyuired by this Scrurit~• Instrument prior to
or on the due date of the next monthly payment, or
(ii) Borro«~er defaults b}~ failin~, for a period of thirty da~~s, to perform an}~ other obligations rontained in this
Securit~~ lnstrument.
Ib) Sale VVithout Credit Appro~al. Lender shall, w~ith the prior appro~~al of the Secretar~~, require immediate paymer~t
in full of all the sums secured t,~ this Se~urity Instrument if:
Ii) All or part of the Property is sold or otherwise transferred (other than by de~~ise, descent or operation of la~s)
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 later than 12 months (24 months if the Property is not the principal or secondary residence of the Borrower)
after the date on w•hich this Security Instrument is executed, and
(iii) The credit of the purchaser or grantee has not been approved in accordance w~ith the requirements of the Secretary.
(c) No VYaiver. If circumstances occur that would permit ! ender to require immediate payment in full, but Lender
does not require such payments, Lender does not w~aive its rights with respect to subsequent events.
(d) Reguiations of NUD 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 fult and foreclose if not paid. This Security Instrument
does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary.
10. Reinstatement. Borrow~er has a right to be reinstated if Lender has required immediate payment in full because of
l3orrower's failure to pay an amount due under the h'ote or this Security Instrument. This right applies even after foreclosure
~roceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required
to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument,
, ~ oreciosure costs and reasanabte and customary attorneys' fees and expenses properly associatec! with the foreclosure proceeding.
! Lpon 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 required to permit reinstatement if: (i) Lender has accepted
reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement
~ ui a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii)
reinstatement witl adversely affect the priority of the lien created by this Security Instrument.
I1. Borrower No! Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or moditication
! c~f amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower
4 ,hall not operate to release the liability of the originai Borrower or Borrower's successor in interest. Lender shall not be required
E to commence proceedings against any successor in interest or refuse ro extend time for payment or otherwise modify amortization
i ~~f 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 Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of
any right or remedy.
; 12. Successors and Assigns Bound; Joint and Several Liabitiq~; Co•Signers. The covenants and agreements of this Security
~ Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph
9.b. Borroµ~er'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
~ interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured
~ b~~ this Security tnstrument; ard (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 without that Borrower's consent.
~ 13. tiotices. Any notice to Borrow~er provided (or in this Security Instrument shall be gi~~en by delivering it or by mailing
it b~• first class mai! unless applicable law~ requires use of another method. The notice shall be directed to the Propert}• Address
ur an~~ o!her address Borrower designates by notice to Lender. Any notice to Lender shail be given by first class mail to Lender's
address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security [nstrument
~hall be deemed to ha~~e been given to Borrower or Lender when given as provided in this paragraph.
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¢ 14. Governing l.aw; SeverabilitS~. This Security Instrument shall be govern~d by Federal law and the faw of the jurisdiction
~ ~~~~hich the Property is located. In the event that any provision or clause of this Securit}~ Instrument or the Note conflicts
~ ~~ith applicable la~~~, such conflict shall not affect other pro~~isions of this Security Instrument or the Note w~hich can be gi~~en
~f;ect w~ithout the conflicting pro~ision. To this end the pro~~isions of this Security Instrument and the Note are declared to
~ hc se~~erable.
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; 15. Borrower's Cop~. Borrow~er shall be given one conformed copy of this Securit}• Instrument.
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~ 16. Assignment of Rents. Borro~r~er unconditionally assigns and transfers to Lender all the rents and re~~enues of the Property.
Borrotier authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property
to pa}• the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any~
~o~~enant or agreement in the Security Instrurrient, Borro~~•er sha11 collect and receive all rents and revenues of the Propert~~
' as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an
a5signment for additional security~ only.
If Lender gi~~es notice of breach to B~rrow~er: (a) all rents received by~ BorroH~er shail be held by Borrower as trust~e (or
henefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to coliect
anJ recei~e all of the rents of the Property; and (c) each tenant of the Propert~~ shail pay all rents due and unpaid to Lender
` or Lender's agent on Lender's ~~ritten demand to the tenant.
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~ Borro~~er has not executed any~ prior assignment of the rents and has not and will not perform any~ act that w~ould pre~~ent
x Lender from exercising its rights under this paragraph 16.
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~ Lender shall not be required to enter upon, take control of or maintain the Propert}• befare c~r after giving notice of breach
~ io Borro~+er. Howe~~er, Lender or a judicially appointed receiver may do so at any time there is a breach. Any appli~ation
~~f rents shall not cure or ~~~ai~~e an~~ default or im~alidate any other right or remedy of Lender. This assignment of rents of
the Propert~~ shall terminate w~hen the debt secure~ b}~ thc Security Instrument is paid in (ull.
~UK~' ~ „1 ~ • 2~70
a~~x 675 PArc
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