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<br />Any n of the proceeds to the principal shall not extend or postpone the due date of the monthly payments. which
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<br />are referred to in Paragraph 2, or change the amount of such payments. Any excess �ntcecds over an amount required to
<br />Note this Security Instrument %hall be paid to the entity legally entitled thereto.
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<br />pay all outstanding indebtedness under the and
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<br />I. fees. Lender may collect fees and charges authorized by the Secretary.
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<br />9. Grounds for Aceekrallon of tkbl.
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<br />(al Default. Lender may, except as limited by regulations issued by the Secretary in the case of payment defaults. require
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<br />immediate payment in full of all sums secured by this Security Instrument tf:
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<br />defaults by failing to pay in full any monthly payment required by this Security Instrument prior to
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<br />(I) Borrower
<br />or on the due date of the next monthly payment, or
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<br />iii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this
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<br />Security Instrument.
<br />(b) Sale WitIIwIM CtedN 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:
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<br />(i) All or part of the Property is transferred (other than by devise or descent) by the Borrower, and
<br />s otherwise
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<br />(ii) The Property is not occupied by the purchaser or grantee as his or her primary or secondary residence, or the
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<br />purchaser or grantee does so occupy the Property 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 />10 No Waver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender
<br />does not require such payments. Lender does not waive its rights with respect to subsequent events.
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<br />(d) Regulations of HUD Secretary. In many eircumstanees regulations issued by the Secretary will limit Lender's rights
<br />in the case of payment defaults to require immediate payment in full arcd foreclose if not paid. Ibis Security Instrument
<br />Secretary
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<br />does not authorize acceleration or foreclosure if not permitted by regulations of the
<br />to. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of
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<br />Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure
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<br />proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required
<br />Borrower this Security It trumem,
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<br />to bring Borrower's account current including, to the extent they are obligations of under
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<br />foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with t he foreclosure proceeding.
<br />Upon reinstatement by L�errower, this W- urity Instrument and the obligations that n secures shall remain in effect as if Lender
<br />if: Lender has
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<br />er, Lender is ciao required to permit reinstatement (i) accepted
<br />had not required immediate payments in full. Howev
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<br />reinstatement after the commenccmen: of foreclosure proceedira within two years immediately preceding the commencement
<br />in future,
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<br />of a current foreclosure proceeding, Iii) reinstatement will preclude foreclosure on different grounds the or (iii)
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<br />reinstatement will adversely affect the priority of the lien created by this Security Instrument.
<br />11. Borrower Not Released; forbearance By Lender Not a Waiver. Extension of the time of payntcnr or modification
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<br />of amortization of the sums secured by this Security Instrument granted by Lender to uny successor in interest of Borrower
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<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 thcoriginal 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
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<br />any right or remedy.
<br />12. Successors and Assigns Bound; Joint and Several Liability; Co- Signem. The covenants 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: la) is co- signing this Scoprity Instrument only to mortgage, grant and convey that Borrower's
<br />;nteresi in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay 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
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<br />any accommodations with regard to the term of this Securil% lu- trrument or the Note without that Borrower's consent.
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<br />13. Notices. Any notice to Borrower prmided for in this Security Instrument %hall be given by delivering it or by mailing
<br />it by first class mail unless applicable law require~ 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 noli,c te, Lrnder%hall he given by first class mail to Lender's
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<br />address,tattKl herein or any address Lcndcr designates by notice �•. Borrower..%ny notice provided for in this Security Instrument
<br />shall be deemed to hate been given to Borrower or Lender %Lnt•n given a% 1to%ided in shi, paragraph.
<br />14. Governing Law; Severabilily. This Security Instrument shall he governed by Federal Ia\t and the tau off the juri,dretion
<br />in which the Property I% located. In the eoent that any pro%i%iun or clause ul this Security In%trunen *. or the Mole conflicts
<br />with applicable tats, such conflict ,hall nut affect other hntsisiuns ul this Security Instrument or tlr; \ts:c which can be gi%cn
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<br />effect without the conflicting pntti,ion. to this end the prosi%ion% of this ticcurity Imtrument and the Note are declared to
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<br />be set era:de•
<br />1=. Wurrower's Copy. Iturrow;r he gnen one conformed copy tit thh security lo%trument.
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<br />16. Assignment of Nents. Borro\LZr uncor,�i : :onalh assign, :end tr,urstt r, a • I ender all the rents .end net enue%uf the 1'rulserty.
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<br />Borrower authorises I ender or 1 ender', agent,.. %collect the rent, and rctt ttw% mid hclehy directs each tenant of the Property
<br />to pay the rents In Lender or 1 ender', ,trcnt,. IItmeser, prior ht I cadet', comer to Boatmen of Borrower', breach of any
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<br />cotenant or agreement in the Secr.71" l r.arcmcnl. Burrower ,hall collar and rcccl%e all rents and to enue% ,,t the Nntlteny
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<br />as trustee for the benefit of I e1:s:;• .sneer H,,rr. +w.dr. I his .► „ignnuem of r,:nrs cunsliune% in ab +afore :os,rgnnuent and not an
<br />a%%ionmanl far aJ[t 111ctnJI %ri llriCt i17Tt.
<br />if Lender gnesnoticeot hrcaci: ra ii.tr;” •.r- 1.1) all rent, recer%cd rt Ifontswer ,hall Ile held by 11wrtmo ,I% trustee for
<br />benefit of, Lender unh, to he ap ;red w Ure suns, %eculed b\ the tiecuuny In%Itunrem: Ihl I ender ,hall he cnntled n +cullLtt
<br />and rescue all of the rent, t *t ri" i'-,,perty: and lit ca.h "matvt of the I'rolV11% •ball p,q all rent, Lille and unpaid to 1 enter
<br />or I ender'% agent can Linder', t% r+-ten demand to the tc• an,
<br />lionuwcr ha% riot e\ccured any print a%%rgnnrenu of the rcnt%and ha, nut and %%11111411 per form .ur% .net 111.11 \% 41111.1 pre%em
<br />ender from cwr,:1%tne ,t, rights under thus paragraph Ib.
<br />cider shall nut he required to onto upon, takc connrol of of nlannt,nn uhc III opeth l,cforc m attcr , nrn.r uol r,c %it bre.1th
<br />to Borrower. Iltmocr. I coder ..r a iudicialh appointed reeer\ct ma% do ,o ar an\ tnnc wrens r, .1 btca,h \n\ .1 I'll
<br />of rent% shall not cure or %%arse Leer.) default tit imandalc ally olhcr neht or rentc'k of I ender I hr, ,1 „rennrent nl r,nt% at
<br />the ,'spent\ %hall term,n :rte when the debt %retired by the l%ccunty In,uwncnt t• laud n1 tell
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