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Home My WebLink About1468 ~~ny application of the prexeecis to the prinripal shail not extend or postpone the due date of the monthly payments, H~hich :?re rri~erred to in Paragraph 2, or change the amount ot' wch payments. Any excess proceeds over an amount required to ~~ar~ all outstanding indebcedness under tl~e Note and this Security Instrument shall be paid to the entity legatly enti[led thereto. 8. F'ees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Accelerntion of Debt. (a) Uefault. Lender may, except as limited by regulations issued by the Secretary in the case of payment defaults, require immediate payment in full of-ail sums secured by this Security lnstrument if: (i) Borrower defa~lts by failing to pay in full any monthly payment reguired 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 lnstrument. tb) Sale Without Credit Approvai. Lender shalt, with the prior approval of the Secretary, require immediate payment in i'ull of all the sums secured by this Security Instrument if: (i) All or part of the Property is sold or otherwise transferred (other than by devise, descent or operation of law) by the Borrower, (ii) The sale or other transfer is pursuant to a contract of sale (or by deed, if there is no contract of sale) executed no later than 12 months (24 months if the Property is not the principal or secondary residence of the Borrower) after the date on which this Security Instrument is executed, and (iii) The credit of the purchaser or grantee 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, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Seeretary. In many circumstances regulations issued by the Seeretary will limit Lender's rights in the case of payment defauits 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. 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 Instrument. This ri~ht applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required co bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security lnstrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. I-iowever, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately 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 of the lien created by this Security Instrument. 11. Borrower Not Reles~sed; Forbearance By Gender 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 ,hatl not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shali 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 [nstrument by reason of any demand made by the original Borrower or Borrower's successors i in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of ~ any right or remedy. ~ 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph j 9.b. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument i but does not execute the Note: (a) is co-signing this Security Instrument onty to mortgage, grant and convey that Borrower's ~ interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured ~ b~~ this Security Instrument; and (c) agrees that Ler~der and any other Borrower may agree to extend, modify, forbear or make any accommodations wiih regard to the term of this Security Instrument or the Note without that Borrower's consent. ~ 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing ~ it by first class mail untess applicable law requires use of another method. The notice shall be directed to the Property Address ~ ~,r any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by ~rst class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice prov~ded for in this Security Instrument ~ ~hall be deerned to have been given to Borrower or Lender when given as provided in this paragraph. 4 14. Governing Law; Severnbility. This Security Instrument shali be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts «ith applicable law, such conflict shall not aftect other provisions of this Security Instrument or the Note which can be given ~ effect without th.~ conflicting provision. To this end the provisions of this Securiry Instrument and the Note are declared to be severabie. ~ 15. Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument. ~ i6. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. F3orrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property io pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property ` as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. • lf Lender gives notice of breach to Borrower: (a) ail rents received by Borrower shall be held by Borrower as trustee for henefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitied to collect ~ and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender t or Lender's agent on Lender's written demand to the tenant. ~ Borrower has not executed any prior assignment of the rents and has not and will not pert'orm any act that would prevent ~ Lender from exercising its rights under this paragraph 16. ~ ~ Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach ~ io Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of ~ the Property shall terminate when the debt secured by the Security Instrument ~s paid in full. t PoRe 3 oJ4 aQC~~7~ PacEi468 fi 3,~ A'AC: . y,~..-. . . - ._^-~a~w"~ . . . . .eyv.h':," s.~~~.:'^'W ~ . ~`u ` ~ ~ `4~,'WY~~~``~ '#~Y .~Ti~A'+