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20�10524; 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 furtush to Lender receipts evidencing these payments. If B orrower fails to malce 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 legal proceedittg that may significantly a,ffect 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 of the Properly and Lender's rights in the Property, including payment of ta,xes, hazard insurance and other items mentioned in Paragraph 2. Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be secured by this Security Inst�ument These a.mounts shall bear interest from the date of disbursement, at the Note rate, and at the option of Lender, sha11 be immediately due a.nd payable. Borrower shall promptly discharge any lien which has priority over this Security Insttument unless Borrower: (a) agrees in writing to tke 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 Lender subordinating the lien to this SecuriLy Instrument, If Lender determines that any part of the Property is subject to a Iien which may attain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the givittg of notice. 8. Fees. Lender may collect fees and charges authorized by the Secretary, 9. Grounds for Acceleration of Debt. (A) Default. Lender may, except as Iimited by regulations issued by the Secretary, in the case of payment defaults, require immediate paynnent in full of all sums secured by this Security Instntment if (i) Borrower defaults by failing to pay in full auy monthly payment required by this 5ecurity Insirument prior to or on the due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirly days, to perform any other obligations contained in this Security Insirument. (B) Sale Without Credit Approval. Lender shall, ifpermitted by applicable law (including 5ection 341(d} of the Garn-St. Germa,in Depository Instituttions Act of 1982, 12 U.S.C, 1701j-3(d)) and with the prior approval of the Secretaty, re�uire immediate payment in full of a11 sums secured by this Security Instaument if: (i) All or part of the Property, or a beneficial interest in a trust owning a11 or part of the Properly, 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 does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (C) No W�iver. If circumsta.nces occur tha.t 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 HU D 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) Mottgage Not Insured. Borrower agrees that if this Security Instrument and the Note are ttot determined to be eligible for insurance undex the National Housing Act within 60 days from the date hereof, Lender may, at itS option, require immediate payment in full of a11 sums secured by this Security Instrumett� A written statement of any authorized agent of the Secretary dated subsequent to 60 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 HCFG-00703 FHA Daed of Truat NE Revised 4/96 � 11/t0 Wolte�a Kluwer Ffnertcial SeMcea 209907114.0.0.0.4002-J20710224Y Page 4 of 8 11