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��14�1199 �o �a} Monetary E�ent �f Defauft: Any failure by Borr�wer to pay or deposit vUhen due any amaunt required by th� N�te ar S�ction 7�a} or �b} of this Security fnstrument. ��} Covenant Events af Defau�t shal! include: ��} fraud or material misre�resentation or material omission by Borrower, any af its officers, directors, trustees, generaf partners, members, managers or any guarantar in connection with �i} the Loan App�ication for or cr�ation nf the Indebtedn�ss, �ii} any financiai statement, r�nt ro�l, or other repart or information provided to Lend�r during the t�rrn af th� In��btedness, or �iii} any r�quest for Lender's consent ta any pr�pvs�d acti�n under this S�curity 1 nstrument or the N�te; ��} the commencement �f a forf�itur� act�on or praceedEng, wheth�r civil ar criminal, wh�ch, in L�nder's reasonable judgment, could r�sult in a forf�iture �f the M�rtgaged Prop�rty or otherv�rise mat�rial�y impair the lier� creat�d by th�s Security Instrument or L�nd�r's interest in the Morkgaged Pr��erty; �3} any materiaf faiiure by �orrower to p�rfarm ar comply w�th any of its obligati�ns under this Security lnstrument �other than thos� sp�cifi�d in S��ti�n 22�a} and Section 2��b}��} and �b}��}}, as and wh�n requir�d, which cantinu�s for a ��riod �f 3� days after N�tice �f su�h failur� by L�nder ta Borrower. Hnw�ver, no such Not�ce shall a�ply �n the �ase �f any su�h material failure which cnuld, in Lender's judgm�nt, a�sent immediate exercise by Lender of a right or remedy under th�s Security Instrument, result in harm to Lender �r impairment �f th� N�te �r this Security Instrum�nt; and, �4} s� Ivng as the Loan is insu red or held by H U D, any failu re by B�rrower t� perform any of its obligations as and when r�quired und�r th� Regulatory Agre�ment, which faElure ��ntinues beyon� the applicab[e cure �eri�d, if any, s�ecified in the Regulatory Ag r��m�nt; however, Vi�lations u nder the terms of th� Reg u latory Agreement may on{y b� tr�ated as a default under this S�curity �nstrument if H U D req uests L�nder �o treat them as such. �c} Lend�r shall ��iE�er to the Principal�s} af Barr�w�r, Nat�ce, as provided in Secti�n 3�, w�thin fi�e �5} Business Days �n �ach �ase wher� Lender has d�li�er�d Notice to Borrower of an E�ent �f Defauft, in arder to provide the Prfncipal�s} an Pre�ious ed�tians are obs�lete HUD MF Security Ins�rument HUD-94D��M�Re�.44111}