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1 SO-- 1060366 Any application 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 excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument •hall he paid to the entity legally entitled thereto. g. Fees. Lender may collect fees and charges authorized by the Secretary. 1 9. Grounds for Acceleration of Debt. I (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: (1) 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. 0.0 Sale Without Credit Approval. Lender shall. if permitted by applicable law and with the prior approval of the 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 accordance with 11v requii ments of the Secretar% . (c) No Waiver. if circumstances occur that wovtld permit Lender to require immediate payment in full, but Lender -does not require such poiyments. Lender does not waive its rights with respect to subsequent events. W Regulations of MO Secretary. to many circumstances regulations issued by the Secretary will limit Lender's rights In the case of payment defaults to regr4 a immediate payment in full and foreclose if not paid. This Security Instrument does not authorize accelecaaion or foreclosure if not permitted by regulations of the Secretary. 14. Reinstatement. Borrower has a right to be reinstated if Lendcr has required imrncdiatc payment ill 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 Instrument 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. (ii) 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. ►1. Borrower Not Released; Forbearance By lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured by this 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 against 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 shall not be a waiver of or preclude the exercise of any right or remedy. ` 12. Successors and Assigns Bound; Joint and Several Liability; Co Signers. The covenants and agreements o f this Security J Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9.1b. Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but does not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property 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 may agree to extend, modify, forbear or make any accommodations with regard to the term of this Security Instrument or the Note without that Borrower's consent. 1 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 notice to lender shall be given by first class mail to Lender'+ address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given a% provided in this paragraph. 14. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the lays of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be giccn effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to hp wiversahlo 15. Borrower's CoPy. Borrower shall be given one conformed copy of this Security In.truntcnt. 16. Assignment of Rents. Borrower unconditionally assigns and tr nsfer% to Lender all the rents and re\cnuc. of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revcnuc% and herchy directs each tenant of the Property to pay the rents to Lender or Lender's agent~. Houc%cr, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and mcci%e all rents and rcycnucs tit the I'ropertj as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gi%es notice of breach to Borrower: ta) all rents recent+d by Borrower shall he Fdd h> Borrower a% buster for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) I ender shall he ernitled to collect and receive all of the rents of the Property; and tc) each tenam of the Pro)%ett% shall pa% .111 rents duw and unpaid ttu I ender or Lender's agent on Lender's written demand to the tenant. Borrower has not c mvutcd any prior assignment of the rent% and ha-, nn► and %%III not pertorm ant act that tt.nlhl l+tocnt Lender from exercising its rights under thv. paragraph 16. Lender shall not he required to enter upon, talc o1wr +l tut or maintain the Ptollot% l+clorr .+r attel .rune nul I.C,+t J %Je,tth to Born /wcr. thmi: %cr. I ender or a tudieiall% appointed rc:cltcr 111,1% do %o .11 .Ill% 11111' thvry 1, .1 hlt'.1.11 101% .It +t +hi,ltU +II of rents shall not cure t.r waits an} default tit Imandate ant tither rlcht ,Ir rcnrctl% tit 1 cutler 1 h1, .1 „101nlrnt Ot 10-.1, Ot the Property shall ternunatc %%hen the deht scoured ht the tic,uru% 11'WHI111 111 1, 11.114 ill tall . , It. y t (�1 n to I