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<br />100843
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<br />:- - Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which —
<br />•Ai, 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 />i. Fees. Lender may collect feet and charges authorized by the Secretary.
<br />9. Grounds for Acceleration of Debt.
<br />+ . U) Default. Lender may. except as limited by regulations issued by the Secretaryy in the case of payment defaults. require
<br />immediate payment in full of all sums secured by this Security Instrument if:
<br />b this SRurit Instrument prior to - -
<br />.� ,. . (i) Borrower defaults by failing to pay in full any monthly payment required y Y
<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 contained in this
<br />Security Instrument.
<br />(b) Sale Wilbwrt Ctredit Approval. Lender shall, if permitted by applicable law and with the prior approval of the
<br />=i Secretary. require immediate payment in full of all the sums secured by this Security Instrument if:
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<br />rti sa ti,,. (i) All or part of the Property is otherwise trransferredi (other than by devise or descent) by the Borrower, and '
<br />(ii) The Pro perry is not occupied by the purchaser or grantee as his or her primary or secondary residence. or the _•, ;,;: _� -
<br />t (t purchaser or grantee does so occupy the Propeny but his or her credit has not been approved in accordance with
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<br />the requirements of the Secretary.
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<br />y., (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full. but Leader -
<br />does not require such payments, Lender does not waive its rights with respect to subsequent events. -
<br />(d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights
<br />+ '% in the case of payment defaults to r uire immediae payment in full and foreclose if not paid. This Security Instrument -
<br />S'' does now authorize acceleration or foreclosure if not permitted by regulations of the Secretary.r.�
<br />t�► 10. Reinstatement. Borrower has a right to be reinstated if tender has required immediate payment in full because of ''-- -- ----4r .
<br />Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure y= i4s5_'�
<br />proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required - - - - - --
<br />,f to bring Borrow'er's account current including, to the extent they are obligations of Borrower under this Security instrument.
<br />foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding.
<br />Upon rcinsta:.•' :. by Borrower, this Security Instrument and the rrh.[igations that it secures shall remain in effect as if Lender
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<br />had not required immediate payment in full. However, Lender is not re�Wered to permit reinstatement if: (i) Lender has accepted Y .,,L
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<br />reinstatement a curret foredosureomme �dinen(ii) rinstatement rA lure IC ude foreclosure on diffeiretntygrounds intthc future or (iii) - `�
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<br />i� reinstatement will adversely affect the priority of the lien created by this Security Instrument.
<br />11. Borrower Not Released; Forbearaeee By Lender Not a Waiver. Extension of the time of payment or modification �Y=
<br />of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower :. :,, : -. -• ` -'=
<br />shall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required
<br />to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization
<br />of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors
<br />in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of *?�
<br />'' r "` any right or rernzi]y. x
<br />12. Successors and Asst its Bound; Joint and Several Liability-. Co- Signers. The covenants and agreement~ of this Security ~ T
<br />Instrument shall bind ana tlenelit the successors and assigns of Lender and Bilermser, subject to the provisions of paragraph
<br />l ' 9.b. Borrower's covenants and agreements shall be � `w and several. Any Borrower who co -signs this Security Instrument
<br />;,_ , • Y� :.• but does not execute the Note: 1a) is co- signing this Security Instrument only to mXtgage, grant and convey that Borrower's lx,•
<br />t)"'XA interest in the Property under the ierm7. of ibis Security Instrument; (b) is not personally oHi.aled to pay the rums secured
<br />• . by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to e%wrid, modif%, forbear or make
<br />any accommodations with regard to the term of this Security Instrument or the Note without that Borrrnver's consent.t,,
<br />13. Notices. Any notice to Borrower provided for in this Security Instrument %hall be given by delivering s or by mailing
<br />it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address
<br />or any other address Borrower designates by notice to Lender. Any notice to Lender %hall be given by first class mail to Lender's
<br />address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument k
<br />shall be deettwd to have been given to Borrower or (.ender when given as provided in this paragraph.
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<br />14. Governing Law; aeverablilly. This Security instrument %hall he go%ern"t Iny Federal law and the law of the jurisdiction ).
<br />in which the Property is located. In the Event that any pro%ision or clause of this Security Instrument or the Note conflicts
<br />with applicable law, such conflict shall not affect other pros isiuns of this Sccurin Irrtrument or the Note tshich can be ghen
<br />effect without the conflicting provision. Tit this end the provisions of this Secu-i* In.tnntlen't and the Note arc declared to i
<br />be severable.
<br />15. Borrower's Copy. Borrower shall he eft el: oltr aalfonned colts rl :'r:is Securit> Instrument.
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<br />16. A.IViRamenl of Reals. Borrower uncoiadiriouaC} a +sign+ ant'. : -a+sfan to I ender all the rents and reserv,�a of the Itmpe *tv
<br />- , '.• :` -' Borrower aCt't roves Leader or Lendo', a4en1� tot cttJN.':t the rent\ .la,: r venue+ and herch% directs e.lc t: tan of the Pst'.Pc ,t
<br />to pay the re :. :� .o Lender or Lender's a =.r. :s. H,, wc%cr, print it, Lender', notice to Bortttae: of Horrow�t'. breach o'` ,Ind
<br />to t or agrtxntcot in the Security Initrtrmert. P- -- mer .hall collect and resxive all rents ttnd revenue- of the Propert)
<br />-�!yyyy as trustee for the benefit of 1 -endet and Borrower. II I% assignment of rents :t\nsruutcs all absolute asst nmem and not an
<br />6,nmont Gir :uhtilinnal v.tlril\ only
<br />If Lender gives notice of brca:h rat Bmrawer: (it) all rents Iucl\cd h% Ilolrtmer .hall he held h\ Borrower as trustee for
<br />benefit of Lender only, to he applied la he sutras secured h) the ticollm lu.ltunlent. thr f :rtdcl shall he entitled to tollecr
<br />and recow all of the rents of the Property; and lc) each tenant of the Property .hall tray all rents due and unpaid to I ender
<br />or Lender's agent on Lender's written demand to file tenant.
<br />Borrower has not em utcd all prior assignment of the rents and Ira% nor .old \v dl nor rertoun am uet th:u would prevent
<br />ender from evcrcrsing its right% tinder this paragraph Ih.
<br />Lender shall not he required fo cruet upon, take control of or maintain the f'rorcrr\ hook tit shier gwng ounce tit bleach
<br />to Burrower. Mmc\er. 1 ender or a )udicialh appoultt:d receiver nla} do •It ,ur\ rime there Is .1 hleadh. fin\ application
<br />of retw, shall not cure or ttal \e .ttl\ default tit itltalldate am whet tight it IiUlcd\ %%I I ctldet I III\ ,t—lmmelt NI till'\ nil
<br />the Property shall tcrnunate when the debt secured h\ the Setautt> Instr uncut I, paid in lull.
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