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~n> appiication of the proceeds to the prinripal shall not extend or postpone the due date ot' the rnonthly payments, ~+~hirh ~
,~r~ r~ferred to in Parag.aph 2, or rhange the amount of such payments. An~• excess pro~~eeds over an amount required to ~
~~~i> all uuttitanding indebtednes, under the Note and this Security Instrument shall be paid to thc entity legally entitled thereto.
8. kees. Lender may collect fees and charges authorized b~• the Secretar}~.
9. (;ruunds for Acceleration of beb1.
(a) Uef~~it. Lender may, except as limited by regulations issued by the Secretary in the case of' pa~•ment defauits, require
immediate payment in full oi' a)I sums secured by this Security Instrument if:
(i) Borrow~er defaults b~~ failing to pay in fuli any monthly payment required by this Security Instrument prior to
or on the due date of the next monthly payment, or
(ii) 6orro~~er defaults by failing, for a period of thirty days, to perform any other obligations containcd in this
Security Instrument.
(b) Sale Without Credit Appro~~al. Lender shalt, with the prior appro~~al 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 is sold or otherwise transferred (other than by devise, descent or operation of taw)
by the BorroH~er,
(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 l2 months (24 months if the Property is not the principal or secondary residence of the BorroH•er)
after the date on ~vhich this Security lnstrument is executed, and
(iii) The credit of the purchaser or grantee has not been approved in accordance with the requirements of th~ Secretary.
(c) No V1'aiver. If circumstances occur that would permit Lender to require imrr~ediate 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 Secretar~~. In many circumstances regulations issued by the Secretary will limit Lender's rights
in the case of payment defa~lts to require immediate payment in full and foreclose if not paid. This Security Instrument
does not authori2e 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 faiture to pay an amount due under the Note or this Security lnstrument. This right applies even after foreclosure
proceedings are instituted. To reinstate the Security lnstrument, Borrower shall tender in a lump sum al( amounts required
~u bring Borrower's account current including, to the extent they are obtigations of Borrower under this Security Instrument,
tarec(osure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure prqceeding.
li~on reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender
had not required immediate payment in full. However, 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 wil! 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 Released; Forbearance By Lender Not a L~'aiver. 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
.t~all not operate to release the liability of the original Borrow~er or Borrower's successor in interest. Lender shall not be required
~o commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization
.~f the sums secured by this Security Instrument by reason pf any demand made by the original Borrower or Borrower's successors
in inrerest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of
an~• right or remedy.
l2. Successors and Assigns Bound; Joint and Se~~era! Liability~; Co-Signers. The covenants and agreements of this Security
lnstrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph
y.b. Borro~ver's covenants and agreements shatl be joint and several. Any Borrower who co-signs this Security Instrument
but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's
interest in the Propert~• under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured
hti this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make
c~n~~ accommodations w~ith regard to the term of this Security [nstrument or the Note without that Borrower's consent.
I3. Notiees. Any notice to 8orrow~er provided for in this Security Instrument shall be given by delivering it or by mailing
iz b~~ t'irst class mail unless applicable lau~ 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 first c(ass mail to Ler.~er's
address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instr~ment
~f~all be deemed ro have been givcn to 8orrower or Lender when given as provided in this paragraph.
14. Governing Law; SeverabilitS~. This Security lnstrument shall be governed by Federal laa• and the law of the jurisdiction
in ~~hich the Property is located. ln the event that any provision or clause of this Security Insuumeni or the Note cont7icts !
ith applicable iaw~, such conflict shall not af fect other provisions ot' this Security Insuument or the Note which can be given I
effect ~vithout the cont7icting provision. To this end the provisions of this Security Instrument and the Note are declared to
he severable.
t5. Borrow~er's Cop~. Borro~?~er shall be given one conformed copy oi' this Security instrument.
16. Assignment of Rents. Borrower unconditionally assigns and transfers ro Lender all the rents and revenues of the Property.
BorroH~er authorizes Lender or Lender's agents to coltect the rents and revenues and hereby directs each tenant of the Propert>~
~o pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any
ro~•enant 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 absotute assignment and not an
assignment for additional security only.
If Lender gives notice of breach to Borrow~er. (a) all rents received by Borrower shati be hetd by Borrawer as trustee for
benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect
and recei~•e al! oi the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid ro Lender
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 perform any act that would pre~~ent
Lender from exercising its rights under this paragraph 16.
Lender shall not be required to enter upon, take conirol of or maintain the Property before or after giving notice of breach
to Borrow~er. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any apptication
of rents shall not cure or w~aive any defautt or invalidate any other right or remedy of Lender. This assignment of rents of
the Property shall terminate ~+~hen the debt secured by the Security lnstrument is paid in full.
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