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<br />200701390
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<br />CASE #: NE3212461718703 DOC 1D #: 00015822063402007
<br />part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give
<br />Borrower a notice identifying the lien, Borrower shall satisfy the lien or take one or more of the actions set forth
<br />above within 10 days ofthe giving of notice,
<br />8. Fees. Lender may collect fees and charges authorized by the Secretary,
<br />9. Grounds for Acceleration ofOcbt.
<br />(a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of payment
<br />defaults, require immediate payment in full of all sums secured by this Security Instrument if:
<br />(i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument
<br />prior to 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
<br />this Security Instrument.
<br />(b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 341(d)
<br />of the Garn,St. Germain Depository Institutions Act of 1982, 12 U,S,C 170Ij-3(d)) and with the prior
<br />approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument
<br />if:
<br />(i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold
<br />or otherwise transferred (other than by devise or descent), and
<br />(ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the
<br />purchaser or grantee does so occupy the Property but his or her credit has not been approved in
<br />accordance with the requirements of the Secretary,
<br />(c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but
<br />Lender does not require such payments, Lender does not waive its rights with respect to subsequent events,
<br />(d) Regulations of IIUD Secretary. In many circumstances regulations issued by the Secretary will limit
<br />Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not
<br />paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations
<br />of the Secretary,
<br />(e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined
<br />to be eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender
<br />may. at its option, require immediate payment in full of all sums secured by this Security Instrument. A
<br />written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof,
<br />declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such
<br />ineligibility, Notwithstanding the foregoing, this option may not be exercised by Lender when the
<br />unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the
<br />Secretary ,
<br />10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full
<br />because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies
<br />even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a
<br />lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of
<br />Borrower under this Security Instrument, foreclosure costs and reasonahle and customary attorneys' fees and
<br />expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security
<br />Instrument and the obligations that it secures shall remain in effect as if Lcnder had not required immediate
<br />payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement
<br />after the commencement of foreclosure proceedings within two years immediately preceding the commencement of
<br />a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or
<br />(iii) reinstatement will adversely aHect the priority of the lien created by this Security Instrument.
<br />11. Borrower Not Released; Forbearance By Lender Not II Waiver. Extension of the time of payment or
<br />modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in
<br />interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in
<br />interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to cxtend
<br />time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of
<br />any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in
<br />exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy.
<br />12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and
<br />agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower,
<br />subject to the provisions of paragraph 9(b), Borrower's covenants and agreements shall be joint and several. Any
<br />Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security
<br />Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this
<br />Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c)
<br />agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with
<br />regard to the terms of this Security Instrument or the Note without that Borrower's consent.
<br />13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or
<br />by mailing it by first class mail unless applicable law requires use of another method, The notice shall be directed to
<br />the Property Address or any other address Borrower designates by notice to Lender, Any notice to Lender shall be
<br />given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower.
<br />Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender
<br />when given as provided in this paragraph,
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<br />~-4N(NE) (0407)
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<br />CHL (09/05)
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