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F_ _ 90-- 105803 Any a plication of the proceeds to the principal shall not extend or postpone the due date of the monthly payments. which are referred to in Paragraph 2, or change the amount of such payments. Any exec~% proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to ilnc entity legally entitled thereto. t. Feed. Lender may collect fees and charges authorised by the Secretary. 9. Groamb for Actvir ttiun of Debt. (a) Default. Lender may. except as limited by regulations issued by the Secretary in the case of payment defaults. require Immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or (Ii) Borrower defaults by failing, for a period of thirty days. to perform any other obligations contained in this Security Instrument. (b) Sale, Without Credit Approval. Lender shall. if permitted by applicable law and with the prior approval of rite Secretary. require immediate payment in full of all the sums secured by this Security Instrument if: (i) All or part of the Property is otherwise transferred (other than by devise or descent) by the Borrower. and (ii) The Property is not occupied by the purchaser or grantee as his or her primary or secondary residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in acvordance with the requirements of the Secretary. (e) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full. but Lender does not require such payments. Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Seemlary. In many circumstances regulations issued by dito Secretary will limit Lender's rights in the case of payment defaults to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. iii. Reinuntement. Borrower has a right to be reinstated if Lender has required immediate payment In full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument. foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Inst;ra:ment and the obligations that it secures shall remain in effect as If Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (iii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Rekased; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured bi. ahis Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability -of the original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedings aktainst any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy sltal) not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Llabilia;r; Co- Signers. The t: avenant% and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Rorrov.er. subject to the provisions of paragraph 9.b. Borrower's covenants and agreements shall be joint and several. Am Borrower who co -%igns this Security Instrument but does not execute the Note: (a) is co- signing this Security Instrument only (o mortgage. grant and convey that Borrower's interest in the PTperty under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower ma} agcer to extend, modify, forbear or make any accommodwions with regard to the term of this Security Instrument or the Now without that Borrower's consent. j 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing { it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any noticc to Lender shah he given by first class mail to Lender'+ address stated hesein or any address Lender designates by notice ae lorrower. Any notior ji %)vided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. Governing Law; S %erabiBty. This Security : ree.ixrument shall be gowr nevi by Federal lave and the law of the jurisdiction in which the Property is located. In the event that: aw, provision or claeost of this Se+cuority Instrument or the Kolar eonfiieo with applicable itaw, such conflict shall not affect other provision, of this Sectuity Instr, %atom or The Note uhieh waart be given {effect without rJMr conflicting provision. io this and o4c provesion, of This Security Ivisaranient and The Note are declared to ZIP ��.. rrYVL. 15. Borrower's Copy. Borrower %hall he given one conformed gory (.0 chi% security Instnuncnt. 16. Assigaateat of Rents. Borrower unconditionally assigns and transfers to I ender ail the: rents and revenues of the Propert }. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and here& direct% each tenant of the Property to pay the rents to Lender or Lender's agenu. However, prior to Lender'% nonce to Borrower of Ilorrouer's hrea:h tit any covenant or agreement in the Security Instrument, horrowcr %hall tollecr ind receive all rent% and revenues tit the Property as trustee for the benefit of Lender and Borrower. i his assignment of rents const►rurc% an absolute assignmenr and not .tit assignment for additional security only. It' Lender gi%cs notice of breach to Borrower: la) Al rents received by Boritmel shall h: held b% Borrower as trustee for benefit of Lender only, to be applied to the %um% %seined by the Securit% Iu %uuntent; Ih) lender %hall he entitled to collect and receive all of the rents of the Prolxrty; and to each Tenant of the Prol1e11% shall pay all rent% due and unpaid to l cider Lor Lender's agent on Lender *% written demand to the tenant. Borrower hu%not a %ecutcd any prior a % %ignntcnt of the tvw %:Intl ha% nos .Intl %%111 not poltail .111% .Itt that %uttld Illocill I ender from e%crrl%ing it% right% under Iht% parapraph Ih. 1 ender shall not be Icqutrcd tt1entcl u11011. 1111.e conllol 111 ill Ill.11llt.11ll 111c lltolx'll% hclolt of .11itt t•n 111V 111111, t' of ii1C.1%1i to Rommel. Ilowe%cr. 1 ender m it iudlcialh alytollued n• %el%cl Ina% flit %o .11 an% lunc thus 1♦ .t 111..1.11 %111 .Iltlilt %.Illtiu of icn1% %hall not cure tit w.11%c .tit% dviault tit tll%alldatt' am 1Hllc1 ii hl it 1t'lllt'd% ..i I t 1111( 1 1 hl. .1.1I'11111011 1•t it ill, ,it the Prupelly shall Irinun.11e %%hen Itu• dclit se%uletl 1•% the tin %11111% Imttunlelo 1, pold'r1 lull 7 La n r� t~