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200213488 <br />Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower and he secured by this Security <br />Instrument'fhesa amounts shall bear interest from the date of disbursement, at the Note rate, and at the option of Lender, shall he immediately <br />due and payable. <br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the <br />payment of the obligation semred by the lien in a manner acceptable to Leader: (h) contents in good faith the lien by, or defends against <br />enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien: or (c) secures from <br />the holder of the lien an agreement satisfactory to lender subordinating the lien to this Security Instrument. If Lender determine, that any part <br />of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Borrower u notice identifying the <br />lien_ Borrower Il all satisfy the hen or take one or more of the actions set forth above within 10 days of the giving of notice. <br />M. Nees. Lender may collect fees and charges authorized by the Secretary. <br />9. Grounds for Acceleration of Debt. <br />(a) Default. Leader may, except as limited by regulations issued by the Secretary in the cast of payment defaults. require <br />immediate payment in full oI all suns secured by this Security Instrument if <br />(1) Borrower default, by failing to pay in full any monthly payment required by this Security Instrument prior to or on the due <br />data of the next mouldy payment, of <br />(ii) Borrower defaults by failing. for a period of thirty days, to perform any other obligations contained in this Security <br />Instrument. <br />(b) Sale Without Credit Approval. Lender shall, if permitted by applicable law and with the prior approval of the Secretary, <br />require immediate payment in full of all the sums secured by this Security Instrument if, (i) All or part of the Property, or a <br />beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent) by <br />the Borrower. and <br />(it) The Property is not occupied by the purchaser or grantee as his or her Principal residence, or the purchaser or grantee does so <br />occupy the Property, but his or her credit has not been approved in accordance with the requirements of the Secretary . <br />(c) No Waiver. If cimamstances occur that would permit Lender to require immediate payment in PoII, but Lenderdoes not require <br />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, in the case <br />of payment defaults, to require immediate payment in full and forenoae if not paid. This Security Instrument does not initiative <br />acceleration or foreclosure if not permitted by regulations of the Secretary. <br />(e) Mortgage Not Insured. Borrower agrees that should this Security Instrument and the Note secured thereby not he eligible for <br />insurance under the National (lousing Act within 90 Days from the date hereof, Iznder may, at its option and <br />notwithstanding anything in paragraph 9, require immediate payment in full of all sums secured by thin Security Instrument. A <br />written statement of any authorized agent of the Secretary dated subsequent to 90 Day' from the date hereof, <br />declining to insure this Security Instrument and the Note secured thereby, shall be deemed conclusive proof of such ineligibility. <br />Notwithslattding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to <br />Lenders failure to remit a mortgage Insurance premium to the Secretary. <br />10. Reinstatement. Bear never has a right to he reinstated if Lender has required immediate payment in fall because at Borrower's failure <br />to pay an amount due under the Note or this Security Instrument This right applies even after foreclosure proceedings are instituted. To <br />reinstate the Security Instmment Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including. to <br />the extent they are obligations of Borrower under this Security Instrument foreclosure costs and reasonable and customary attorneys' lees and <br />expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations <br />that it secures shall remain in effect as if Lender had not required immediate payment in full However, Lender is not required to permit <br />reinstatement if: Q) Lender has accepted reinstatement after the mmunencement of foreclosure proceedings within two :curs immediately <br />preceding the mannencenrent of a current foreclosure proceeding. (it) reinstatement will preclude foreclosure on different grounds in the future. <br />or (iii) reinstatement will adversely affect the priority at the lien created by this Security Instrument <br />11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization <br />of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the <br />liahiliry, of the original Borrower or Borrower's successor in interest Lender shall not be required to commence proceedings against any <br />successor in interest or refuse to extend time for payment or otherwise mudify amortization of the sums. secured by this Security Instrument by <br />reason of any demand made by the original Borrower or Borrower 'a successors in interest Any forbearance by Lender in exercising any right or <br />remedy shall not be a waiver of or preclude the exercise of any right or remedy. <br />12. Snecessomand Assigns Bound; .loin! and Several l.ishilite; Co- Signers. The covenants and agreements ofthis Security Instrument <br />shall hind and bench the successors and assigns of Lender and Bonower, subject to the provisions of Paragraph 9b. Borrower a covenants and <br />,agreements shall be joint and scvi ml- Any Borrower who m -signs this Security Instrument but does not execme the Note: (a) is co-signing this <br />Security Insrument only to mortgage, giant and convey that Borrower's interest in the Property under the corms of this Security Instrument: (b) <br />is not personally obligated to pay the sums secure(] by this Security Instrument, and (c) agrees that Lender and any other Borrower may agree to <br />extend, modify. forbear or make any accommodations with regard to the terns of this Security Instrument or the Note without that Borrower's <br />consent. <br />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 <br />mail unless applicable law requires use of another method The notice shall be directed to the Property Address or my other uddoess Borrower <br />designates by notice to Lender Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender <br />designates by notice to Borrower. Any notice provided for in this Security Instrument shall he deemed to have been given to Borrower or <br />Lender when given as provided in this paragraph. <br />14. Governing Law: Severability. This Securny Instrumctd shall be governed by Federal law and the law of the le ... diction in which the <br />Property is located. In the event that any provision or clause of Wls Security Instrument or the Note conflicts with applicable law, such <br />rigs, 3 of s <br />ItelflV f"1 1¢19949 <br />GOTOM113aualn <br />