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2oioos5�9 Borrawcr xhall coraply ��7th the provi�ions of th� lease. If Borrow�er acquire� fce title ta the Property, the leasehold and fec title shall not be m�rged unless Lendtr agrees to the merger in wriling. 4. Condem�i:itio��. Tlie proceeds of any awazd or claim far damages, direct or consequential, in connection �vith any condenmation pr ocher taking of any part of the Aroperty, or for conveyance in place 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 tbe Note and ttus Security Instrument. Lender shali apply such proceeds to tlie reduction vF tl�e indzb►edness under the Note and this Security ]nstrumen�, 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 not extend or postpone the due date of the n�onthly payments, which are referrcd tp in Paragraph 2, or chan�e tlae amount of sucl� payments. Any excess praceeds over an amnunt required to pay all outstanding mdehtedness under the Note and this Security [nstrument shall he paid to the e�itity legally entitled thereto. 7. Chstrgcs ta l3orrawer aad Protection of Lender's Rights in the Property. [3arrower shall pay all �ovcrnmenial or municipal charges. fines and impositions tl�at are not included in Paragraph ?. Borrower sliall pay these obligations on time directly to thc entity which is owed thc p�►y�nent. IC tailure to pay would adversely aftect Lender's interest in the Property, upon Lender's request Borrower tihall promptly furnish to Lender reccipts cvidcncing these payments. If I3orrower f.•iils to mAke these puymen�s or the payments requircd by Paragrapls 2, or fails to perform any other covenants and agrecments contained in this 5ecurity Instrument, or there is a legal proceeding that may signifiCantly affect Lender's rights in the Property (such as a procceding in hankruptcy. fpr condcmnAtion ar to enforce laws or regulatioas), then Lender may do and pay whatever is necessary to �rotect the value af tlie Property aad Lender's rights in the Properry, including payment of taxes. haxard msurance and other itemti mentioned in PAragraph 2. Any an�aunts disbursed by Lender under this Paragraph shall become an additional debt of Borrpwer and be secured hy this Securicy lnstrument. 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 puyable. Borrower shall pramptly discharge any lien which has pcioriry o��er tl�is Security Instrument unless Borrower: (a) agrees in writin� to the payment of the obligatiun secured by the lien in a manner acceptable to Lender; (b) con�cscs in good fauh thc lien by. or defends against enforcernent of thc lien in, legal prcxeedings which in the Lender's opinion operate to prevent the enfcucement of che lien; or (c) secures �rom the holder of the lien an agreement satisfactory to Lender subordinatang the lien to this Security lns�rumen[. If I.ender determines that any pun of thc Properry is subject to a lien which niay attain priarity over d�is Security Instrumcnt, Lender may give Borro�ver a uotice identifying the lien. Borrower shall satiGfy the lien or take one or more af the accions sct forth abovc wi�hin 10 days of tlie giving of noticr. S. Fees. Lender may collect fees and charges authorized by the Secretary. 9, Grounds fur �lcrcleratinn af Debt. (a) Default. Lender may, except as limited by regulations issued by tl�e Sccretary in the case of payment defaults. require immediate �ayment in full of all sums secured by this Security Instrument if (i) �orro��er defaults by failing cn pay in full any monthly pay►ncnt required by this Security Instrument prior to or on the due date of'the next mond�ly paymcnt, or (ii) Bnrrower defaults Uy failing, for a periocl o£thirtydays, to perform any olher obligations cnntained in this Security Instrument. (b) 5nlc «'itl�out Credit Approvul. Lender shall, ifpermitted by applicablc law (including section 3A1(d) of the Garn-St Germz�in Depatiitvry Cnstitutinns Act of 1982, l� U.S.C. 1701 j-3(d)) and with the prior approvAl of the Secretnry, require immediata paya�ent in full of all the sums secured by thic Sccurity Instrument if: (i) All or part of the 1'roperty, or a beneficial interest in a trust awning All or part of the Properry, is sold or otherwisc transFerred (otl�er tl�an by dcvis� or descent). and (ii) 7'he Propeny is not occupied by the purchaser or graatee as his or her principal residence, or the purchaser or grantee does so occupy the Properry. but his or her credit has not been apprnved in accordnnce with the requiremcnts of thc Secretary. (e) No Waivrr. If circumstauces occur tbat 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 subsequenl events. (d) Regulatfuus af 1ILJb Secretary, ln many circumstances regulations issued by the 5ecretary will limic Lender's rights, in the case of payment default�. ta require immediate paymcnt in full and foreclose if not paid. This Security Instrument does not authorizE acceleratinn or foreclosure if not permitted by regulations of the Secretary_ (e) �lortgage 1ot lusurcd. Sorrower agrees that if this Security Instrument and the Note are not deterniined to be eligible far insurance under the National Housing Act �vithin 60 Uays &oni tha datc hcrcof, Lender may, at its option require imn�ediate payment in full of all sums secured by this Securiry Instrument. A written statcment of any authorixcd agent af thc Sccrctary daced subsequent to �� >'s from the date hereof. declining to insure ihis Security Instrument and the Note. shall be deemed conclusive proof of such ineGgibility. Notwithstanding the faregoing, this oprion may not be exercised by I.ender when the unavailabiliry o£ insurancc is solely due to Lender's failure to temit a mortgage insurance premium to the 5ecretary. 10. Reinstate�uent. Borrower uas a rigt�t tobe reinstated if Lender has required immcdiAte payment in full because af Barrower's t'�ilure to pay an amount due under the Note or this Security Instrument. This right applies even atter foreclosure proceedings are instituted. To rcinstate dte Security ln�trument. Borrower sltall tender ici A lu�up sum all amounts requtred to bring Borrower's accaunt current including, to the extent tl�ry are obligatians of Borrower undcr this Security Instrument, foreclosurc cosls u��d reasonable and customnry attorne�s fees and expenses properly associatcd �vith the fareclosure proceeding. Upon reinstatement by Barrower, this Security Instrument and the obligations that it secures shall remain in et2'ect as if Lender had nat required immediate payment in full. How�ver, Lender is not requir�d to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedmgs within two years immediacely preceding the commencement of u current foreclosure proceeding, (ii) reins�atement will preclude foreclosure on different grounds in the future. or (iii) reinstatement will adversely affect the priority of the lien created by this Security Inscrumeni. 11. 13orrv��•cr I�ot Released; Forbearance By Lender Not a�Yaiver. Extension of the time af payment or modification of amortization of t�e sums secured by this Securiry Instrument granted by Leader to any successar in interest of 13orrower shall not qperate to releasc thc liability oF the origlnal Borrowcr or �orrowcr's auccessor in interest. Lender shall not be required tp commcnce proccedings against any successor in interest or reCusa to extend time for payment or otherwise modify amortizatinn of the sums secured by this Securiry Instrument by reason nf any demand made by the ariginal E�orrower or �orrvwer's 16256.CV (11 07) y�ppb9� Page 3 oF5 Ff1A Ncbrrslw Oced ofTmst AtC•.RS GOT�(OOi21Sbb)