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<br /> circunnst�ncea. Burrower eh�ll nut commit waate or deatroy,dAnuge or substAntlally change the Propeny �r allow the
<br /> Propeny to deteriur�te, re�son�ble weu u►d teu excepted. Lender may li�spect the Propeny if the Property Is vacu►tc
<br /> or ab�ndoned or the loan is in dGfault. l.ender may talce rtwaon4ble action to pratect a�id preserve such vecant or
<br /> abandoned Propeny. Borrower eh�ll alsu be in defnult if�crower,during the lo�n application procrss,gave rnAteridiy
<br /> f�lse ar inaccurate infomuitlon or statements to I.ender (or failed to provide l.ender wlth any material Inf�rtnatlon)
<br /> in conneclion with tho lo�n evidenced by the t�ote.including,but nut Iimited to,reprosentAtions conceming Borcower's
<br /> occupaney� of the Pro{xrty es e prineipal residence. if[his Security lnstcument is on a leasehold, Borrower shall comply
<br /> with the provtsions of thc lease. If Borrowcr acqulrey fee title to the Property, thc leusehold and fee titl� shall not
<br /> be merged unless Lender agrees to �he merger in writing.
<br /> (, Coodamo�tiou, The proceeds of any awazd or claim for damages, direct or conuquential, in connectlon wlth
<br /> any condemnation or other taking of any part of the Prop�rty,or for conveyancc !n place of condenmatlon, are hereby
<br /> assigned and sUall be paid to Lender to the extent of the full amount of�he indebtedness �hat remains unpaid under
<br /> the Note and this Security Instniment. Lender sl�all apply such proceeds to the reduction of the indebtedness under
<br /> thc Note and thls Security Instrument, first to any delinquent amounts applied in the order provided in paragraph 3,
<br /> and then to prepayment of princlpal. Any applicatlon af the proceecfs to the principal shall not extend or postpone
<br /> the due date of the monthly payments, which axe refened to [n paragraph 2,or change the amount of such paymrnts.
<br /> Any excess proceecls over an amount required to pay all outstanding iadeb!edness under the Note and this Secarity
<br /> Instrument shall be paid to the entity legally entitled thereto, ��aWer shall a all ovemmrntal
<br /> 7. Cha�ga to Bormwer �od PmtecNan of l.eoder'�Rights in tbe Progaty. P Y 8
<br />: or municipal cherges,fines and impositions that are not includeci in pazagraph 2. Bonower shall pay these ubllgadons
<br /> on time directly to the entlty which is owed the payment. If failure to pay would adversely affect Lender's lnterest in
<br /> the Property, upon I.ender's request. Borrower shali promptly tumish ta Lender receipts evidencing these paymmts.
<br /> If Borrower fails to make these payments or the payments required by puagraph 2,or fails to perform sny other
<br /> coven�nts and agram�nts contained in this Sscudty Instrument, or there is a leg�l proceeding that may signific+ncly
<br /> affxt L.ender's rlghts in the Propeny (such as a proceeding in b�ilcruptcy, fur condemnation or to enforu lawe or
<br /> rcgulatlons), then Lender may do and pay whatever Is necessary to protcet the value of the Propeny and Lrnder's dghta�
<br /> in the Property, lncluding payment of taaes,hezard insurAnce and other itemv mentioned In paragreph 2.
<br /> Any nrrwunte dlabutsed by l.ender under thia paragraph sh�ll become an 9ddltional dcbt of Borrower wd be
<br /> securod by this Securiry Inauurnent• 'It►ae amouncs shell bcnr intereat from thc datc of dtsbursernent �t the Note rate,
<br /> u►d at the option af L,ender shall be inunedlAtely due and pay+�blz.
<br /> &,�,owe, sY,�l! pramp:l� �iseh�rgP p�y Ilen whtch ha�Qdorlty ovcr chls Sa;u�ity inatrumenc unless Borrower (�)
<br /> �req in writing to the p+�yment of the obligRtion eocured by the Iten in a m�nner �ccept�ble to l�ender; (b)contrdu
<br /> in good faith the lien by,or defend� Agsinst enforc;ement of the Ilen ln,legal proccedings which ln the Lender'�opinian
<br /> operue to prevrnt the enforcemrnt of the ltrn; or fc) secures from the holder of the lien an�ranxnt su��f�MOrY
<br /> to Lender subordinAting the lirn to this Security Instrumenc. If l.ender deterniines thet anY Put of th� ProPMY �s
<br /> eubJxt to a lien which may ettain prlority over thls Security Inst�ument, Lender may give Borrower a notice idrntifying
<br /> the Iien. Borrawer shall satisfy the lirn or take one or more of the actions scc forth above within 10 dsys of the giving
<br /> of notice.
<br /> g, goes, I.ender may collect fees and chazge� authoriud by the Secretary.
<br /> 9. Gmuadt fa Aooda�tion of Aebt.
<br /> (�) Def�lt. Lender may,except as limited by regulatlons issued by the Secretary in the case of payment
<br /> defAUlts, require inunediace PaYment in full of all snms secured by thie Security Instrument if:
<br /> (1) Borrower defaults by failing to pay in full any monthly payment requiral by this Security Instrument
<br /> prior to or on the due date of the next monthly payment, or
<br /> (ti) Burrower defaults by faiSing,for a period of thirty days,to perform any oWer obligations eon�inad
<br /> in this Security Instrument. l�cable law(includin section 341(d) of
<br /> (b) Sile Without Cmdit Apgroval. L.ender shall, If permitted by app' 8
<br /> the Garn-St. Geanain Depository Institutions Act of 1982,12 U.S,C,1701j•3(d)) and with the prior upproval
<br /> of the Secretary, requtre immediate payment in full of all sums secured by this Security Instrument if,
<br /> (i) All or part of the PropeRy,or a benePicial interest in a trust owning all or part of the Prooeny,i�sold
<br /> or utherwise transfened (other than by devise or desant), and
<br /> (ii) The Property is not occupled by the purchaser or grantce as his or her principal residence, or the
<br /> putchaser or granta dces so or.cupy the Property, but his or her credit has not been upprovcd in
<br /> aceordance with the reyuirements of the Secretary.
<br /> (ej No Wuver. If cireumstances occur that would permit Lender to require inunediate payment in full.bue
<br /> Lender das not require such payments, Lender does not waive its rights with respect to subsequent events.
<br /> _ (d) Regul�tiwu of HUD Sax�etary• Iu mv►y circumstances regulatious issued by the Socretary will Limit
<br /> I.ander's rights,in the case of payment defaults, to require inuncdiate payment in full uid forcelose if not paid.
<br /> This Securi[y instrument dxs not authorize acceleration or foreclosure if not permitted by regulations of the
<br /> � Secretary.
<br /> (e) Mortgqge Not In:urod. Borrower agrees tbat if thls Securtty lnstrument and the Note are noi determined
<br /> :f to be eliglble for insurance under the National Housing Act within 6p DAYS from the
<br /> '� date hereof, L,ender may,at its option require immecliate payment in full of all sums secured by thls Security
<br /> .� Instrument. A written statement of any authorizeci agent of the Secretary dated subsequent to
<br /> r� „r..e frr,�n rhe date hereof. declininA to insure this Security lnstru��ent and the Note, shall be
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<br /> d��eined conclusive proof of such ineligibility. Notwithstuiding the forcgoing,this �ption may not be exercisea
<br /> by i..e:nder when thc unavailability of insurincc: is solely due to Lender's failure to rcmit a mortgage insurance
<br /> ` prcmium to the Secretary.
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