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<br />90-107065
<br />Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments, which
<br />41c tefcrtell to br Patilgraph 2. or change the atrimmi of such payments. Any c%ce%% 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 />•. Fees. lender may collect fees and charges authorind by the Secretary.
<br />9. Grounds for Acceleration of Debt.
<br />(a) Default. Lender may, except as limited by regulations issued by the Secretary in the case of payment defaults, require
<br />immediate payment in full of all sums secured by this Security Instrument if:
<br />(1) 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 contained in this
<br />Security Instrument.
<br />(b) Sale Without Credit Approval. Lender shall. if permitted by applicable law and with the prior approval of the
<br />Secretary, require immediate payment in full of all the sums secured by this Security Instrument if:
<br />(i) All or pan of the Property 6 otherwise transferred (whey thou by devise or descent) by the Borrower. and
<br />(ii) The Property is not occupied by the purchaser or grantee as his or her primary or secondary residence, or 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 circumstance -s occur that would permit Lender to require immediate payment in full, but Lender
<br />does not require such payment:. Lender does not waive its rights with respect to subsequent events.
<br />(d) Regulations of HUD Secwlsur� , i n many circumstances regulations issued by t he Secretary will limit Lender'. 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 not permitted by regulations of the Secretary,
<br />10. Reinstatement. Harrower has a right to be reinstated if Lender has 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 alter foredosure
<br />proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required
<br />to bring Borrower'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 reinstatement by Borrower, this Security inqrtiment and the obligations that it secures shall remain in effect as if Lender
<br />had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has Accepted
<br />reinstatement after the commencemert of foreclosure proceedings within two years immediately preceding the commencement
<br />of a current foreclosure proceeding, !iii reinstatement will preclude foreclosure on different grounds in the future, or (iii)
<br />reinstatement will adverse+, affect the priority of the lien created by ibis Security Instrument.
<br />I1. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification
<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 , pToceedings 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 s uccessors
<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 />any right or remedy.
<br />12. Successors tend Assigns Bound. Joint and Several Liabilil! , Co- Slgners. Thecovenanis and agreements of this Security
<br />Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph
<br />9.b. Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument
<br />but does not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey that Borrower's
<br />interest in the Property under the terms of this Security Instrument; (b) is nni personally obligated to pa,. the sums secured
<br />by this Security Instrument, and (c) agrees that lender and any other Borrower may agree to extend, modify, forbear or make
<br />any accommodations with regard to the term of this Security Instrument or the Note without that Borrower's consent.
<br />13. Nullws. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it 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 io Lender. Any notice to Lender shall 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
<br />shall be deemed to have been given to Borrower or Lendcr when given as provided in this paragraph.
<br />14. Governing Law ;.Severabllity. '1-hi% Security Instrument shall be governed by f=ederal last and the law of the jurisdiction
<br />in which the Property is located. In the event that any provision or clause of this Security instrument or the Note conflicts
<br />with applicable lase. such conflict shall not affect tither provisions of this Sccuri:y lnstrumenl or the Note which can he given
<br />effect without the conlliziing pro\ ision. To this end the provision of this Security Instrument and the Noic are declared to
<br />be socrublc.
<br />15. (tirrrawer's Copy. Borrower shall be given one confonned copy of this Security in%rrument,
<br />16. Assignment of Rents. Borrower unurndilionally a % %:rn%and Iran %fer %to 1 ender all the rents and rc %enucsof the r'roperty.
<br />Bncrower authorises Lender or Lender's agents to collect the rents and re%enuo and hcrehy directs each tenant of the Properly
<br />to pa) thr rent+ to Lender or I cndcr'% agents. litm t er, prior to Lcndcr'% notice to Borrower of Borrower'% breach tit uny
<br />••nvenant our agreement in the Security ln;;rtnnem, Borrower shah collect and rccci%c all rel.-., and ic%cnucs of the irroperty
<br />as trustee ; a- the benefit of I ender and rlmro%%cr. I his ashipl:ln: a' of relit% constitute% jr. :t �-olutc as %ignment and no! an
<br />e,csiomm�ne ':•,r sued itinnal %C.•I1t 11\
<br />oll' Lender gives nor7tio• c•f breach w Boruoaer• im al: rents -e"i%cd by B.,ritmet ,hall he held by Bor-ooer as truster for
<br />benefil of Lender onh.:^ Inc applied to the %unl, ,:cum h% the security In.rrancttr: ill) I cndcr shall hr entitled to collect
<br />and rccci%e all of the rent% of the Property: and icf ea :h tcaar,: to re I'rolloo %hail pen all rent% due and unpaid to I ender
<br />or Lender's agent on Lender'% %%riven demand to the lcnanr.
<br />Borrower has not e%ecutcd any prior assignment ill the ienr.. : : ;a ha% not and %%ill not perlornt any act than %%ould present
<br />I coder from c%creking its right% under ibis paragraph Ih.
<br />ender %hull not he required to meet upon. take Control ill or maintain the I'topetl% heloue or ;vet get rig nolri:e ill breach
<br />to Borrower. Ho%wiler, I ender of a judicially appointed iccei%ei niay %lo %o ,u mill little thole i% .1 hrcach. %n% applic:uton
<br />of tent% %hall not ctue out %%ai%e :sty default or ut%alidate am other tight of anted\ of I cndcr. I hi% a%%ipnnient of kills .•t
<br />the Property %hall terminate % %hen the debt %ecured by the tiecutuy In%tlunsent r % paid M lull.
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