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200809698 If Borrower fails to make these payments or UIe payments required by paragraph 2, or nuls to perform any other covenants and agreements contained in tIus Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do ,wd pay whatever is necessary to protect the value of the Property 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 tIus paragraph shall become an additional debt of Borrower and be secured by this Security Instrument These amounts shall bear interest from the date of disbursement at the Note rate, and at the option of Lender shall be inunediately due and payable. Borrower shall promptly discharge any lien wluch has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a nuumer acceptable to Lender: (b) contests in good faitll the lien by, or defends against enforcement of the lien in, legal proceedings which in thc Lender's opiluon operate to prevent the enforcement of the lien: or (e) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument If Lender detcnllines that any part of tlle Property is subject to a lien which may attain priority over this Security Instrument. 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 within 10 days of the giving of notice. 8, Fees, Lender may collect fees and charges authorized by the Seeretary. 9. GI"Ounds for Acceleration of Debt. (a) Default. Lender may, except as linuted by re!,'lllations issued by the Secretary in uIe case of payment defaults, require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by tailing to pay in full any monthly payment required by this Security Instrument prior to or on the due date of the next monthly pay me nt, or (ii) Borrower defaults by failing, for a period of tIurty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, if penniued by applicable law (including section 34I(d) of the Gam-Sl. Gennain 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 sums secured by this Security Instrument if: (i) All or part of the Property, or a beneficial interest in a trust oWlung all or part of the Property, is sold or otherwise transferred (other dUIll by devise or descent), and (ii) The Property is not occupied by the purchaser or gnUltee as his or her principal residence, or the purchaser or grantee does so occupy the Property, but Ius or her credit has not been approved in accordance with the requirelllents or the Secretary, (c) No Waiver. If circumstances occur that would pennit Lender to require immediate payment in full, but Lender does not require such paylnents, Lender docs not waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary. In many circumstances regulations issued by uIe 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 lnstrmnent docs not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage 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 eight months fronl the date hereof, Lender may, at its option require immediate payment in full of all SUIllS secured by this Security Instnlluenl. A written statement of any authorized agent of the Secretary dated subsequent to eight months from the date hereof. declining to insure this Security Instrument and tIle Note, shall be deemed conclusive proof of such ineligibility. 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 prerniulll 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 Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under tIllS Security Instrument, foreclosure costs and reasonable and customary allomeys' fees and expenses properly associated with the foreclosure proceeding Upon reinstatement by Borrower, tIus Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required inunediate payment in fulL However. Lender is not required to pernut reinstatement if: (i) Lender has accepted reinstatement after the eonunencement of foreclosure proceedings within two years immediately preceding 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 tIus Security Instrument. NIWRASKA FHA DJ<:ED OF TRUST MERS Ilt:M 2696L4 (0109) GreatDocs™ (Page 4 of 7) GfJC ~