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2oioo194c 8. Fees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Accsleratian of Debt. (a) Default. Lender nwy, 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 this Security Instrument if: (i) Borrawer defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or an the due date of the next monthly payment, or (li) 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 Darn-St Germain Depositary Institutions Act of 1982, 12 U.S.C. 1701]-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 ar part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold ar 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 ar grantee does sa occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) 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 waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary. 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) 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 9t) Days from the date hereof, Lender may, at its option require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to t30 Days from the date hereof, declining to insure this Security Instrument and the Nate, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not 6e 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 6e reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Nate or this Security Instrument. This right applies even after foreclosure proceedings are insdtuted. 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 Instnfinent, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obllgaNans that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender 1s not required to permit reinstatement lf: (i) Lender has accepted reinstatement after the commencement 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 this Security Instrument. 11. Borrower Not Released; Forbearance By Lander Not a Waiver. Extension of the time of payment ar modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Iinrrower or Borrower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time far payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of apy demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be Joint and several. Any Borrower who ca-signs this Security instrument but does not execute the Note: (a) is ca-signing this Security Instrument only to mortgage, grant and convey that Borrower's Interest in the Property under the terms of this Security Instrument; (b) is oat personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrawer may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Nate without that Borrower's consent. 13. Notices. Any notice to Harrower provided for In this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address ar any other address Borrower designates by notice to Lender. Auy notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrawer or Lender when given as provided in this paragraph. t3CC -15g0~NE (oere7) Page 4 of 7 InRlals;~` S