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2� 1 ��435 security interest in the Impositxon I]eposits as additional security for a�l �f Borrower's ob�xgations under th�s Security Instrument and the�ote. Any amounts depasited with Lender under �ectian 7 shall not be trust funds, nor shall th�y operate to reduce the Indeht�dness. �c� If Lender- rec�ives a bill or invo�ce for an Im�osition, Lender sha��pay the Imposition from the Impasition Deposits h�1d by Lender. L�nder sha�l have n� ob�iga�ian to pay any Imposition to the extent�t exee��s Imp�sit�on I]epos�ts th�n held by Lender. Lender may pay an Imp�sition accordin�to ar�y bi�l, statement or est�mate from the appr�priate public office �r insurance company w�thout inquiring into the accuracy of th�bi11, statement or estimate or into the validity af the Impas�tian. �d} If at any time the amount�f the Impos�tion Deposits held by L�nder(�th�r than the reserves for replacements or Res�dua� Receipts, if ar�y� for paym.ent of a spec�fic Impasition exceeds the amount r�asonably deemed necessary by Lender�lus one-sixth of such estimate, th� exc�ss shall be credited against future installments af Imposition Deposits. If at any time the amount of the Imposition I]eposits he�d by Lender for payment of a spec�f c Imposition is 1�ss than the amount reasonably estimated by Lender ta be necessary plus �ne-sixth of such estxmate, Borr�wer sha�l pay ta Lender the amount of the def�ciency withxn fifteen�15} days after Natice from Lender. 9. RE�ULAT�RY AGREEMENT. (a� Borrawer and HUI�have executed the Borrower's Regu�atory Agreement, Which is inc�rp�rated in and made a part�f this Security Instrum�nt. IIl�C��ltl�rl, and without limiting the general�ty of the fore�oing, Borr�wer wi�� de��ver to Lender c�p�es �f a��reports, fxnanc�al statements and other infarmati�n Which the Borrower is obligated to prov�de t� HUD �ursuant t� th� BorrvWer's Regulat�ry Agreement or�therwise pursuant to the Laan D�cuments or Program �bligations, not �ater than the earlier of(i�the dat� such reports, financia� statements or other informati�n are r�quired t� be deliver�d to HUD ar�ii�ten �1�} days after the Lender or HUD make a request f�r a report, financial statement or other inf�rmation. Upon an Event of Defau�t under the Borrower's Regulatory Agreement and upon the request�f HUD, Lender, at its option, may dec�are an Event of Default of th�s Securxty Instrument. (b} B�rrower shali require �perator to �omp�y with the terms of the �perator's Regulatory Agreement and sha�l set forth su�h requirements, or cause such requirements to be set f�rth, in any Borrow�r��perat�r Agreement. lU. APPLI�ATI�N �F PAYMENTS. If at any time Lender receives, fram Borrower�r otherwise, any amount applicable t�the Indebtedn�ss which is Iess than all amounts due and payable at such t�me, Lender must apply that payment to amounts then due and payab�e in the manner and�n the order set forth in Sect�on 7�a��3}. Neither Lender's acceptance of an amount that is �ess than a11 amaunts then due and payabie nor Lender's applicat�on of such a ment in the manr�er authorized sha�l constitute or be d��med to constitute either a waiver of � y the unpaid amounts or an accord and satisfacti�n. NotWithstanding the app�ication of any such am�unt to the Indebtedn�ss, Borrower's �bligations under this Security Instrument and the Note Pre�Eous versians obsolete Page'15 form HU�-94D0�-�RCF ��61��'14}