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2o1ioo4i5 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 proceeds of any award or claim £or damages, direct or consequential, in connection with any condernnation or other taking of any part of the Property, 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 indebtcdness that remains unpaid under the Note and this Security Instrument. Lender shall apply such proceeds to the reduction af 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 pf the proceeds to the principal shall not extend or postpone the due date of the month1y payments, which are referred to in Paragraph 2, or change the amount of such payments. Any excess proceeds over an amount required to pay all outstanding indebtedness under the Note and this 5ecurity 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 governmental or municipal charges, fines and impositions that are not included in Paragraph 2. Borrower sha11 pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect 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 perforrn any other covenants and agr�ernents 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 pf the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in Paragraph 2. Any arnounts 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 I,ender, 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 enfprcement ofthe 1ien; ar (c) secures from fhe holder of the lien an agreement satisfactocy to Lender subordinating the lien to this Security lnstrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security lnstrurnent, Lender may give Borrower a notice identilying 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. $. Fees. Lender may collect fees and charges authorized by the Secretary. 9. Gcounds for Accelerat�nn 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 Instrurnent if (i) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument 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. Lander shall, if permitted by applicable law (including section 341(d) of the Garn-St Germain Depository Institutions Act of 1982, 12 U.5.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 Property, or a beneficial interast in a trust awning a11 or part of the Property, is sold or 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 or grantee do�s 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 occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, I.ender 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 5ecretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrurnent and the Note are not determined to be eligible for insurance under the National Housing Act within 90 Days &om the date hereof, Lender may, at its option require immediate payment in full of ail sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 90 Days from the date hereof, declining 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 o£ insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Refnstatement. Borrower has a right to be reinstated if Lender has required ammediate payment in fu11 because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This righC applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, gorrower shall tender in a lump sunn all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foceclosure costs and reasonable and custamary attorney's fees and expenses properly associated with the fareclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall rerraain in elTect as if Lender had not required immediate payment in iull. However, Lender is not required to permit reinstatement if: (i) Lender lias accepted reinstatement after the commencement of foreclosure proceedings within two years irnmediately 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 o£the lien created by this Security Instrument. 11. Borrower 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 Tnstrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successpr 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 amnrtization of the sums secured by this Securiry Instrument by reason of any demand made by the original Borrower or Borrower's 16256.CV (I1/07) 904490 Page3 of5 � GO'I' (00144052)