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F
<br />0522
<br />Any application of the proceeds to the principal shall not extend or postpone the dui date •oT the monthly payments, which
<br />' are referred to in Paragraph 2. or change the amount of such payments. Any excess proceeds over an amount required to
<br />pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto.
<br />8. Fee #. leader may collect fm and charges authori7W by the Secretary.
<br />9. Groa>ats far Aecaefe"U" of Dow.
<br />(a) Detwilt. lender may, except as limited by regulations issued by the Secretary in the case of payment defaults, require
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<br />imaatediate payment in of all sums secured by this Security Instrument if:
<br />(i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to
<br />+ or on the due date of the next monthly payment. or
<br />(ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations containix! in this
<br />Security Instrument.
<br />0) !Sale Wilbttt Credit Approval. Lender shall, if permitted by applicable law and with the prior approval of the
<br />l Secretary, require immediate payment in full of all the sums secured by this Security Instrument if:
<br />' t (I) All or part of the Property is otherwise transferred (other than by devise or descent) by the Borro*rr. and
<br />(ii) The Property is not occupied by the purchaser or grantee as his or her primary or secondary residence. ur the
<br />purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with
<br />the requirements of the Secretary.
<br />(e) No Waiver. If circumstances occur that would permit lender to require immediate payment in full, but Lender
<br />does not require such payments. lender does not waive its rights with respect to subsequent events.
<br />(d) Regulatloas of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights
<br />in the case of payment defaults to require immediate payment in full and foreclose if not paid. This Security Instrument
<br />does not authorize acceleration or foreclosure if rust permitted by regulations of the Secretary.
<br />':.:.•� � :. 118. Rei=dgk.eai. BorrOWel hall a righi lu he reitntased if Lender Bias required immediate payment in full because of
<br />Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure
<br />proceedings are instituted. To reinstate the Security Instrument, Burrower .hall render in a lump sum all amounts required
<br />to bring Borrower's account current including, to the ement they are obligations of Borrower under this Sevurity Instrument,
<br />foreclosure omsts and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceednngt.
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<br />Upon reinstatement by Borrower. this Sevurh }' Instrument and the obligations that it secures shall remain in effect as if lender
<br />had in full.
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<br />not required immediate payment However. I.cuder I% not required to permit reinstatement if: fit I -ender has ac.cpted
<br />reinstatement after the commencement of foreclosure proccedings v►ghin t wo years immediately preceding the commencement
<br />of a current foreclosure proceeding. hi) reinstatement will preclude foreclosure on different grounds in the future. tit (iii)
<br />reinstatement will adversely affect the priority of the lien created by this Security Instrument.
<br />11. Borrower Nei Released. Forliearaace By Leader Not a Waiver. 1•xtemicm of the time rot payment tic modification
<br />i of amortization of the sums secured by this Security Instrument granted by 1 ender to any su.ce%%or In Interest of Borrower
<br />i shall not operate to release the liability tit the original Bltrrowet or Borrower's sttccesmit in interest. I ender shall not he required
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<br />to commence proceedings against any sucs.•essor in interest or refuse ro emend time fur payment or wh%nwise mi-dif) rmortiratiun
<br />of the sums secured by this Security Instrument by reason t.f an) denialnd made by the original Harrower ur Biorrower'% sltccessttrs
<br />In interest. Any forbearance by lender In exercisinit any right sir remedy shall not he u waiver of or preclude the rrercise of
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<br />any right or remedy.
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<br />12. %occessesmand Milliken Mosnrd; Jolttl sad yeseral l.labilif). Q'tl -Mlin n. The.osenants and agreements of Ihls SScQut1t
<br />Instrument bind 9
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<br />shall and benefit the succemors and assigns tit I ender and Borrower. %ubjcc( tit the provisions tit papa__ .
<br />9.b. Borrower's covenants and agriYments shall he .joint and several. Any Borrower who co-sign, Ihm Security Instrument
<br />but does not execute the Note: fa) is co- signing this 5ecutrty hlstrunlcm only to mortgage, grant and convey that Burrower',
<br />Interest in the Properly under the terms of this Security lumiument; IN I% not personally obligated to pay the sum% secured
<br />by this Security Instrument; and (c) agrees that I ender and any tither Burrimel may agree to emend, modify, forbear sir make
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<br />any accommodations with regard to the terns tit tits. Securn> Instrument tit Use Note without that Horrower'. consent.
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<br />� 13. Notices. Any notice to Harrower pravldeit for 111 rho }iecunn Instrument .hull he µtsen h> dchscnng a t1r by marling
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<br />i it by first class mail unless applicable law requires use tit anther nlcttttid. 1 hr notice shall he dlrtcled its the Property Address
<br />or any tither addtoi Hotrowet devignates by notice to 1 ender An) notice to I ender shall he green M f lm claw mail to 1. ender'%
<br />i addims stated herein sir any addte%% l erxfer cksrg►wtcs by Woke Its 1is►uttwer 1m notice pro►IJed for rn Owl %txuruv luvrtumcnl
<br />shall be deemed to have been (then to Horrower or 1 cadet when lu%vn a% ptovlded m this paraptraph.
<br />la. Goseraitlg l.aw; Soerabilil). 1 hts Smurny Instrument .hail he µuvcmed by 1 cderal law d11d the law tit the furtsdsclion
<br />in which the Property is located. lit the event that an) pto%m ►n tic elates of IN% Si"was lumnnnent of the Note cuntltcts
<br />vvilh applicable law. such conflict %hall not affmo usher prtnisson% t►1 flits 1iti'unty In.trunsenl rtr the Note which .an he anon
<br />effect without the conflicting pro%mion. to this cud the pro%mons of tins .S"Alrtty Instrument .tnd the Now are dc'-difed to
<br />be severable.
<br />IS. Burr Boer's Cup). 111orruwer shall he Risen tint vttnitanted ropy tit this %tvurny Instrument
<br />J 16. Asoftaincom at heats. Borfowef umondmolUll , dhrQnv :nod trLillrlcrs a1 1 ender all rite torn. atxl revenue. tit 1llc• Pre -K11%.
<br />Borrower aul oritcs 1.tnder os I ender'% agentsrsv collect flit rents and avenue• and hctch) duerls ca.h tenant of the 1'topefn
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<br />its pay the rculf to lender or I ender'. agents. Nowcvt•r, pra►r to Iende►'. nonce 10 Btitrt►w,tr tit Borrower's I'MAJI of 311%
<br />cotenunl or agreement its the Security 11111►llltle111. Ik►rltiwet shalt collect dnit le:enc Lill rents .rod revenues tit the Pn►11erls
<br />at. trn►tcr for the benefit of I ender and Ncsrtowel. 1 his assignnlettt of 10111. convolutes .Irt ahsulole d%situou1cni arld not in
<br />auignment for Additional security tint).
<br />,•.1 It Lender glue% notice of breach to Notrowcr: lit All terns !stewed by Iftlrtowel .half h. held fits Ntlrruwel a% trtrlcie list
<br />benefit of LcnJcr only, to IK upplioxl as the stns• %evoic•J M the Stcunty Inslruluenl, IN 1 cutler shall he villillcd 111 .ulle:t
<br />and Icecise all of the rents tit the 11ropaft). dud 10 each It:naul tit the 1110 pt:11% ,11.111 11.1..111 Ira+, true .old unpaid Io I rntlt•r
<br />tit t ender's ugent tin Leudvi's writlen demand its the tcnunt.
<br />llottowet has not c%vtutcd am fit it d-O-sKnulenl I l 1111 It: IfI %and 11.1% 11.•1 aIlit %til Ill, u I1r11,III1) .un a,1 114.11 %%ollId lit I-% %-I It
<br />1 ender tram► euer.1%fult 11% Filth!% tulth'1 this pllltlµ1.1I111 lh
<br />vudl•t .hall nut Ise (ctltlllyd IN void 111,4111. 111kc ethical ill tar I11,11111,11r1 flit I'lol%C11t tit hilt 1•1 .Alts ON 11h n,ut„ ..1 1`r,.t, It
<br />h► Iltltfi►wl;t Ntiwctel, 1 endel ill it Indstialh algalu►tctl tr.rsvrl 111.1% d.1 .0 .n .lily 1111w +htic I, .I 1•I,.I,II Ism .111111 -illon
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<br />Ill Iellls %hall not cull• m was%v all\ dclatllt .1r 111t.111dale all% 111111.1 11011 ,n r,1fli,h ill 1 .ntlrr Il,r. I.t1l•nnl,nl it lint. .0
<br />1110 1'1011cll16 01.111 It'1111111atC when rho• tit-111 lit•tutt-tl Ills flit 1%rttlruv I1111'.11ntrn 11 IM'd .n ' „It
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