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2 0��U40�� dire �, y to the entity which is owed the paymen� If failure to pay would adversely affect Lender's interest in the Property, upon Len ' r's request Borrower shall promptly furnish to Lender receipts evidencing these payments. ' f Borrower fails to make these payments or the payments required by paragraph 2, or fails to perform any other covenants and � eements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in t Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and y whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taace ', hazard insurance and other items mentioned in paragraph 2. y amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be secured by this I curity Instiument. These amounts shall bear interest from the date of disbursement at the Note rate, and at the option of Len r shall be immediately due and payable. orrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower. (a) agrees in w ting to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien , or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enfo ement of the lien; or (c) secures from the holder of the lien an agreement sarisfactory to Lender subordinating the lien to this � curity Instrumen� If Lender determines that any part of the Properly is subject to a lien which may attain priority over this Sec �'ty Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of ' actions set forth above within 10 days of the giving of notice. I 8, Fees. Lender may collect fees and charges authorized by the Secretary. I 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 5ecurity Instrument if: (i) Borrower defaults by failing to pay in full any monthly payment required by this Security Insmiment 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 Insm�ment. (b) Sale Without Credit Approval. Lender shall, if permitted 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 sums secured by this Security Instrument if: (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise ttannsferred (other than by devise or descent), and s (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Properly, but his or her credit has not been approved in accordance with the �i 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 Re ations 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 I �� Instrument does not authorize acceleration or foreclosure if not pernutted 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 from the date hereof, II ' i 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 from the date hereof, declining to insure this 5ecurity Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this oprion 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 5ecretary. I I 10. Reinstatemen� Borrower has a right to be reinstated if Lender has required immediate payment in full because of Bo wer's failure to pay an amount due under the Note or tivs Security Inst�ument. This right applies even after forec losure pro � edings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bri ' Borrower's account current including, to the extent they are obligarions of Borrower under this Security Instrument, for ', losure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure pro eding. Upon reinstatement by Borrower, this 5ecurity Instrument and the obligations that it secures sha11 remain in effect as i ender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has I ccented reinstatement after the commencement of foreclosure proceedings within two years imrnediately preceding the FHA DEED OF TRUST 6/96 GreatDas� 321-3009�7 � � �'