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2� 1 ��435 preceding sentence, or be disbursed for the restaration. N� am�unt applied ta the reduct�on�f the pr�ncipal am�unt due in aecordance With this Section�O�b� shal� b� consider�d an optiona� pr�payment as the term is used in this S�curity Instrument and the Note secured herehy., nor rel�e�e B�rr�w�r from making regular m�nth�y payments comm�nc�ng on the firs�day af the first r�.onth fol�owing the date of receipt of the award. Lender i�hereby authorized in the name �f Borrower to execute and deliver nec�ssary rel�ases or approva�s or to appeal fram such awards. �1. TR.ANSFERS �F THE M�RTGAGED PR�PERTY �R INTEREST� IN B�RR��VER. �a} Sa �ong as the Laan is insured or held by HUD, un��ss p�rmitted by Program �bligati�ns, Barrow�r sha�l not convey, assign, transfer, pledge, hypothecate, encumber or otherwise dispose of the Mortgag�d Praperty or any interest th�rein or permit th� conveyance, assignment or transf�r of any interest �n Borrower �if the �ffect of such�onveyance, ass�gnment ar transfer is the creation or elimination�f a Principal} un�ess permitted�y Pragram �bligations. BorroWer need nat obtain the pri�r written approva� �f HUD for: (i} Ganveyance af the Mar�gaged Property at a judicial or non judic�a� foreclosure sale under this Secur�ty Instrument; (ii} inc�usion of Mortgaged Property �n a bankruptcy estate�y operation of�aw under the United Stat�s Bankruptcy Cade; �i�i} acquisition of an interest by inheritance or hy court de�ree, �r�iv� other transfers perm�tted by Program�bligations. �h} If the Loan is n� longer ir�sured ar he�d by HUD, B�rroWer shall not convey, assign, transfer, pledge, hypothecate, encumber or otherwis� dispose af the Mor�gaged Property �r any interest therein or p�rm�t the conveyar��e, assignment or transfer of any interest in Borrower w�thout the prior v�ritten approval of Lender xn its so�e discretion. 22, EVENTS �F DEFAULT. The occurrence �f any one or more af the following shall constitute either a"Monetary E�ent of Default" or a"Covenant Event of Defau�t"under this Security Instrument: (a� Monetary Event of D�fault: Any failure by BorroWer ta pay or dep�sit when du� any amount requ�red by the Note or Section 7�a} or(b� of this Security Instrument. (b} �ovenant Events of Default sha�l inciude: �1� fraud �r materia� misrepresentati�n or material omissian by B�rravver, any of its officers, directors, trustees, general partners, members, managers or any guarant�r in connection with(i} the Loan Application for or creation of the Indebtedness, (ii� any f�nancial statements, or other rep�rt�r information provided t� Lender ar any governmental entity during the term�f the Indebtedness, or��ii} any request for Lender's consent t� any proposed action under this Security Instrument or the N�t�; ��} the commencement of a forfeiture a�tion or proceeding, whether c�v�1 or Previous versions obsol�te Page�� form HU�-94�DD-�RCF ��fi1��14}