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200903477 Borrower shall comply wilh the provisions of the lease. If Borrower acquires fee title to the Propeny, the leasehold and fee title shall nOl be merged unless Lender agrees to the merger in writing. 6, Condcmnatlon. The proceeds of any award or claim for damages. direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in place of condemnation, are hereby assigned and shall he paid to Lender to the extent of the full amount of the indebtedness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order provided in Paragraph 3. and then to prepayment of principal. Any application of the proceeds to the principal shall DOt extend or postpone the due date of the monthly payments, which are referred to in Paragraph 2, or chan,e the amount of such payments. Any excess proceeds over an amount required to pay all outstanding mdebtedness under the Note and th is Security Instrument shall he paid to the entity legally entitlcd thereto. 7. Chal'les to Borrower and Protection of Lendcr's Rights in the Property, Borrower shall pay all governmental or municipal charges. fines and impositions that are not included in Para~raph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment, If fatlure 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 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 and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes. haznrd insurance and other items mentioned in Paragraph 2. Any amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower and he secured by this Security Instrument. These amounts shall hear 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 lnstrument unless Borrower: (a> agrees in wr!tinllto the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in. legal proceedings which in the Lender's opinion operate to prevent the enforcement oflhe lien: or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinatin~ the lien to this Sccurit)' Instrument. If Lender determines that any part of the Property is subject to a hen which may attain pnority 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 Secretary. 9. GroundS for Acceleration 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 Ihis Security lnstrument if: (i) Borrower defaults by faihng to pay in full any monthly payment required by this Security Instrument prior to or on the due dale of the next monthly payment. or (ii) Borrower defaults by failing, for a period of thirty days. 10 perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall. ifpermitted by applicable law (including section 341(d) of the Gam-St Germain Depository Institutions Act of 1982, 12 U.S.c. 1701j.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 Propeny. 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 nOI occupied by the purchaser or grantee as his or her principal residence. Or the purchaser or granlee does so occupy the Property. but his or her credil has nOI been approved in accordance with the requirements of the Secrelary. (c) No Waiver. If circumstances occur that would permil Lender to require immediale payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary. In many circumstances regulalions issued by the Secretary will limit Lender's rights. in the case of payment defaults. to require immediate payment in full and foreclose if nOI paid. This Security Instrument does nOl authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) ~lortgage NOllnsured, Borrower agrees that ifthis Security Instrument and the Note arc not determined to be eligible for insurance under the Nattonal Housing Act within .60 Days from the date hereof, Lender may. at its option require immediate payment in full of all sums secured by this Security lnstrument, A written statement of any authorized agent of the Secretary dated subsequent to 60 Days from the date hereof. declining to insure this Security Instrument and the Note. shall be deemed conclusive proof of such ineligibility. Notwithstanding the foreaoing. this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to rewit a mortgalle insurance premium to the Secretary. 10, Reinstatement, Borrower has a right to lit reinstated if Lender bas 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 this Security Instromenl. foreclosure costs and reasonable and cuslomary altorney's fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower. this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However. Lender is not required to permit reinstatement if: (I) Lender has accepted reinslalement after the commencement offoreclosure 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 \\ill adversely affect the priority of the lien created by this Security Instrument. I t. Borrower Not Released; Forbearance By Lender Not a Waiver, Extension of the time of payment or modification ofamortlzation of the sums secured by this Securitr.lnstrurnent llranted by Lender to any successor in interest of Borrower shall not operate to release the liabIlity oflhe original Borrower or Borrower's SUCCCS$Ol' in interest. Lender shall 1I0t he required to commence proceedings against any succe:<.'<OI' ill interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower'S 162S6.CY (11.07) 4200211 Pas" 3 ors fIlA N.ht.sb DHd ofT",,, MEII$ 001'0(0021010<9)