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201009808 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 procaeds 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 sha11 b� paid to Lender to the extent of tk�e 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 Instrurnent, first 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 Para�raph 2, or chanpe 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 gavernmental or municipal charges, fines and irnpositions that are not included in Paragraph 2. Borrower shall pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely af�'ect Lender's interest in the Property, upon Lender's request Borrower sha11 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 1ega1 proceeding that may significantly affect l,ender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or re�ulations), than 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, hazard insurance and other items mentioned in 1'aragraph 2. Any amounts disbursed by Lender under this 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 immediately due and payable. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to 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 of the lien; or (c) secures from the holder of the lien an agreement satisfactory to �,ender subordinating the lien to this Security Instrument. If Lender deterrnines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, T.ender may give Borrower a notice identifying the lien. Borrawer 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 rnay 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 this Security Instrument if (i) Borrower defaults by failing to pay in full any monthly payrnent required by this Security Instruxnent prior to or on the 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. 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 Properry, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transfarred (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 so 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 accur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Lender does not waive its ri�hts 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 de�aults, to require imrnediate payment in full and foreclose if not paid. T'his 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 Housin�; Act within 90 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 statern�nt of any authorized agent of the Secretary dated subsequent to 90 Days from the date hereof, declinin� to insure this Security Instrument and the 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 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 Tnstrument. This right applies even after foreclosure proceedings are instituted. To reinstata the Security Instrument, Borrower shall tender in a lump sum all arnounts required to bring Borrower's account current including, to the extent they arc obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorne}�s fees and expenses prop�rly 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 imrnediate payrnent in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatern�nt after the commencement of foreclosure proceedings within two years irnmediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude £oreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Tnstrument. 11. Sorrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower sha11 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 sums secured by this Security Instrurnent by reason of any demand made by the original Borrower or Borrower's 16256.CV (11/07) 904957 Page 3 of 5 � , UOT 00144483)