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_! - f�' 1, - f - i .la 1� r r {!•i �1Jr �f%� ;p W. 1 lafti 1 � 106768 Any a plicalion of the proceeds to the principal shall not extcud or po tponc the due date of the monthly patintctu Which are referred to in Paragraph 2, or change the amount of such payments. Any excess Proceeds over an antot•tnt required to pay all outstanding indebtedness under the Note and this Security ]Instrument shall be paid to the entity legally entitled thereto. a, Fees. Lender may collect fees and charges authorized by the Secretary. 9, Grounds for Acceleration of Debt. (al 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: air oBorrower the due date the nevi to Monthly 3y in pull any monthly payment required by this Security instrument prior to (ii) Borrower defaults by failing, for a period of thirty days. to perform any other obligations contained in this Security Instrument. (b) 0t:Ic Hlilhou! Credit Approval. Lender shall, if permitted by applicable law and with the prior approval of the Secretor >. require immediate paymem in full of all the sums secured by thi-I Security iu.iiur',ient if: (i) All or part of the Property is otherwise transferred (other than by devise or descent) by the Borrower, and (ill The Property is not occupied by the purchaser or grantee its his or hqr primary of secondaty residence. or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (e) No Waiver. If circumstances occur that would permit Lender to requite 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 Secretary. In many circumstances regulations issued by the 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. I.q. Retastatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Sorc(:wir's failure to pay an. arrvaunt due under the Note or this Security instrument. This right applies even after foreclosure pmkzn. "gs are instituted. To reinstate the Security 1))strumem, Borrower shall tender in a lump sum all amounts required to �_t9ng Borrower's account current including, to the eytcat they are obligations of Borrower under this Security Instrument, t.a`cvMosure costs and reasonable and customari.:)1.tortr zy-0 fees and expenses properly associated with the foreclosure proceeding. � reinstatement by Borrower, this Sct:u.rr) ;t f.uorrscatetat and the obligations that it secures shall retrain in effect as if Lender wd rat required immediate payment in fuJ.l,.fi.oareier. Lender is not required to permit reinstatement if: 4i} Lender has accepted *einsiatement after the commencement of fctrt�.ir, ;tzrle ;(SroLretlings within two years immediately pre"-eding 2he 4ximmencement �' .r current foreclosure proceeding, (ii) rei?statem�nt wilt preclude foreclosure on different grounds in the future. or (iii) arts+ :atement will adversely affect the priority of tiiC'ii.e;e created by this Security instrument. 11. Borrower Not Released: Forbearance By Lender \ot a Waiver. Extension of the time of payment or mrtdifisati'aty ro: �tnuriicaiiot, of the sums scoamd by this Security..Im - tr!tment granted by Lender to any successor in interest of BotrvAvv.. 4,)W, not operate to release the lia.hitity of the origia] Borrower or Borrower's successor in interest. Lender shall not tic required :. ommenec proceedings against i).ny successor in inlerest or refuse to extend time for payment or otherwise madi6y amortization GL- the sums secured by this Security Instrument by rpt.,son of any demand made by [he original Borrower or Botrovver's successors in interest. Any forbearance by Lender in evercisitru arty right or remedy shall not be a waiver of or p <cclude the exercise of •fty right or remedy. !2. Successors and Assigns Bound; Souxo -ettil Seweratll Liability; Cc- Signers. The covenants and agreements of this Security fn�rrtrment shall bind and benefit the w.`a:a:r 'mad assi�ens of Lender and Borrower, subject to the provisions of paragraph 31C�. Borrower's covenants and agrecer!__: cL:t t` joint and several. Any Borrower who co -signs this Security Instrument � does not execute the Note: (a) is ud= �u_r•'w tnis Security Instrument only to mortgage, grant and convey that Borrower's t;= :Merest in the Property under the ter6 tat- ib = Security instrument:: (b) is not personally obligated to pay the sums secured 3y this Security instrument; and (0 tigtrt.�re rha: Lender and any other Borrower may agree to extend, modify. forbear or make sac accommodations with r, *11' ;tu ttte +err cf this Security instrument or the Note without that Borrower's consent. 13. Notices. Any notice to Borrower procid:d for ir. this Security Instrument shall be given by del:ve;ing it or by mailing it by first class mail unless applicabi: favv rcquires use of another method. The notice shall be directed tV the Properly Address or any other address Borrower designates by noticc to Lender. Any notice to Lender shall be given bti first class mail to Lender's address stated herein or any address Leader designates by notice to Borrower. Any notice provided fos in ibis Security Instrument shall be deemed to have been given to'$orrow•er or !.ender when given as provided in this paragraph. 14. Governing Law; Sewrability. This Security Instrument shall be governed by Federal law and the W% o5 the jurisdiction in which the Property is located. In the event that any provision or clause of this Security instrument ct° the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security instrument or the Note wl,icb can be ghen effect without the conflicting provision. To this end the provisions of this Security Instrument and the No:e are declared to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument. 16. Assignment of Rents. Borrower unconditionally assigns and transtcrs to Lender all the rentsand revenues of the Property• Borrower authorizes Lender or Lender' agents to collect the rents and revenue, and hereby directs each tenant of the Property Lender*,, to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument. Borrower shall collect and receive all rents and revenue~ of the Property 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 gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security instrument; (b) Lender shall he entitled to collect and receive all of the rents of the Property: and (c) each tenant of the Properry shall Pay all rents due and unpaid to lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed am prior assignment of the rents and has not ana -.1-iii n.i: perform any act th4t could prcven: Lender from exercising its rights under this paragraph 16. Lender shall not he required to enter upon. take control of or maintain the Property belo:-e or ~tree giving notice of breach to Borrower. However. Lender or a judicially appointed receiver may do sv at any time there is a is:cach. 1.ny application of rents shall not cure or waive am default or imalidate any other HLhi or remedy of I ender. Thi, ,ssannleni of rents tit the Property shall terminate when the debt secured by the Security Instrument is !said to ft.11. i �i ii i L_