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200805564 Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. 6. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of any part ofthe Property, or for conveyance in plate of condemnation, are hereby assigned and shall be paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. lAnder shall apply such proceeds to the reduction of the indebuidness under the Note and tbis Security In!trUment, rll'st to any delinquent amounts applied in the order provided in Paragraph 3, and then to prepayment ofprincipal. Any application of the proceeds to the principal shall not extend or postpone the due date Of the monthly payments, which are referred to In Paragraph 2, or chanlle the amount of such payments. Any excess proceeds over an amount required to pay all outstanding mdebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 7. Charges to Borrower and Protection of Lender's Rights In the Property. Borrower shall pay all governmental or municipal charges, fines and impositions that are not included in Parawaph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Property, upon Lender's request Borrower shall promptly furnish to Lender receipts evidencing these payments. If Borrower fails to make these payments or the payments required by Paragraph 2, or fails to perform any other covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly atfect Lender's rights in the Property (such as a proceeding In bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of lite Properly and Lender's rights in the Property, including payment of taxes, hazard Insurance and other items mentioned in Paragraph 2. Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower and be secured by litis Security Instrument. These amounts shall bear interest from the date of disbursement at the Note rate, and at the option of Lender, shall be immediately due and payable. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writinll; to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests In good filith lite lien by, or defends against enforcement of lite lien in, legal proCeedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating lite lien to this security Instrument. If LllDder determines that any part of the Property is subject to a hen which may attain prIOrity over this Security In!trUment, Lender may give: Borrower a notice identifYing the lien. Borrower shall satisfY the lien or take one or more of the actions set forth above willtin 10 days ofthe giving of notice. 8. Fees. Lender may collect fees and charges authorized by lite Secretary. 9. Grounds for AcceleratloD of Debt. (a> Default. Lender may, except as limited by regulations issued by the Secretary in the case of payment defaults, require immediate payment in full of all sums secured by tliis Security Instrument if: (i) Borrower defaults by taihng to pay in full any month Iy payment required by this Security Instrument prior to or on tbe due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sale WIthout Credit Approval. Lender shall, if permitted by applicable law (including section 341(d) of the Garn-St Germain Depository Institutions Act of 1982, 12 U.S.C. 170Ij.3(d)) and with the prior approval of the Secretary, require Immediate payment in full of all the sums secured by this Security Instrument if: (I) All or part of the Properly, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (Ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Properly, but his or her credit has not been approved in accordance with the reqUIrements of the Secretary. (e) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Lender does not waiVll its rights with rcspllCt to subsequent events. (d) Re~ulations of HUD Seeretary. In many circumstances regulations issued by the Secretary will limit Lender s rights, in the case of payment defaults, to require Immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure If not permitted by regulations of the Secretary. (e) Mortaaae Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within 60 Days from the date hereof, Lender may, at its option require immediate payment in full of all sums seeured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 60 Days from the date bereof, dtlClining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineliglblllty. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. ReInstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Securitr Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's RQ;OW)t current Including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorney's fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures sball remain in effect as if Lender had nol required Immediate payment in full. However, Lender is not required to pennlt reinstatement if (I) Lender has accepted reInstatement after the commencement offoreclosure proceedings within two years unmediately precedin& the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (Iii) reinstatement will adversely affect the priority of the lien created by tbis Security InStrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums seCured by this Securil): Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in Interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modifY amortization of the surns secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's Im6.CV (11101) .2001lI Page 3 ofS pi OO1"O(Ooooob4.)