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Home My WebLink About1258 ~ ~nt a{~{~liration o` th~ proceeds to the princi~~al shall nut extend or postpune the due date ~~1 the monthl~~ paymcnts, Nhich .~r~ rclerred to in Paragraph 2, or change the amount oJ- such ~layments. Any cxcess proceed~ o~er an amount rryuircd to ' , a> ull uuc~tanding indebtedness ~mder the Note and thic Securit}• lnstrument shalf ~e {~~:d to lt~r entity leba!!~~ er.titled t::er~:o. ; 7 i 8. Fees. L~nder ma}• collect fees and rharges authorized b>• the Secretary. ~ 9, Grounds for Acceleration of Uebt. (a) Vefautt. Lender may, except as timited by regulations issued b~~ the Secretary in the case ot payment defaults, require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrow~er defaults by~ faifing to pay in full any monthly payment required by this Serurity lnstrument prior to or on the due date of the next monthly payment, or (ii) Barro~•er defaults b}~ failing, for a pesiod of th+rty days, to perform any other obligatior,s rontained in this ~ Security Instrument. ! (b) Sale VYithout Credit Approval. Lender shall, with the prior appro~~al of the Secretar~~, reguire immediate payment ' in full of all the s~ms secured by this Security Instrument if: ~ i {i) All or part of the Propert~• is sold or other~~ise transferred (other than by de~•ise, descent ar operation of lau~) ; b}~ the Borrow•er, i (ii) The sale or other transfer is pursuant to a contract of sale (or by deed, i~ there is no contract of sale) executed no later than 12 months (24 months if the Property is not the pnnc~pal or secondary residence of the Borrow~er) 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 ~~ith the reyuirements of the Secretary. (c) No ~i'aiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lenrler does not require such payments, Lender does not waive its rights with respect to subsequent events. i (d) Regulations oi HUD Serretary. !n many circumstances regulations issued by the S~ecretary 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 forectosure if not permitted by regulations of the Secretary. ? 10. Reinstatement. Borrower has a right to be reinstated if Lender has requireci immediate payment in full because of ; E3orrower's failure ta pa~ an amount due under tfie Note or this Security lnstrument. This right applies even after foreclosure ~roceedings are instituted. To reinstare the Security (nstrument, Borrower shaU tender in a lump sum all amonnts required ' co bring Borrower's account current including, to the extent they are obligations of Borrower under this Security lnstrument, ; t~orectosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. ± lipon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in efFect as ~f Lender had not required immediate payment in full. However, Lende~ is not required co permit reinstatement if: (i) Lender has accepted ! reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement ' a current furectosure proceeding, (ii) reinstatement will preciude foreclosure on different grounds in the future, or (iii) r~instatement will adversely affect the priority of the iien created by this Security Instrument. 11. Borrower Not Released; Forbearance BS• [xnder Not a Waiver. Extension of the time of payment or modification ut~ amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower .hall n~t operate to release the liabitity of the original Sorrow~er or Sorsower's successor in interest. Lender shall not be required ' to commence proceedings against any successor in ~nterest or refuse to extend time for payment or otherwise modify amortization , .~f the sums secured by this Security Instrument b}• reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shal! not be a waiver of or preclude the exercise of an~~ right or remedy. ~ 12. Suceessors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security ~ tnstrument shafl bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph ~ U.b. Borrawer's covenants and agreements shall be }oint a~d several. Any Borrower who co-signs this Security Instrument ' hut does not execute the Note: (a) is co-signing this Se~urity Instrument only to mortgage, grant and convey that Borrower's ~ interest in the Properiy under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured ~ h~ this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make an~ accommodatiuns with 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 r i; b~~ first ctass mail unless 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 first dass mail to Lender's acidress stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument •.}~all be deemed to have been given to Borrower or Lender when given as provided in this paragraph. ~ ; 14. Governing Law; Severabilit}~. This Security Instrument shall be governed by Federal (aw and the law~ uf the js?risdiction irz which the Property is located. In the event that any provision or clause of this Security Insvument or the Note conflicts ~~ith applicable law, such conflict shall not affect other ~Srovisions of this Security Instrument or the Note which can be given ~ifect without the conflicting provisian. To this end the provisions of this Security Instrument and the Note are declared to be severable. 15. Sorrower's Cop~. Sorrower shall be given one conformed copy of this Security Instr~ment. 16. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. ' E3orrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property jo pay the rems 1o Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borro~~er's breach of any ~oti~enant or agreement in the Security lnstrument, Borrow~er shall cotlect and receive all rents and revenues of the Property a, trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an a~signment for additional security onl}~. If Lender gives notice of breach to Borrower. (a) all rents rereived by Borrower shal! be held by Borrower as trustee for ' henei'it of Lender only, to be applied to the sums secured by the Security lnstrument; (b) Lender shall be entitied to collect ' .,~~d receive all of the rents of the Property; and (c) each tenant of the Property~ shali ~ay al1 rents due and unpaid to Lender . ~~r 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 ~~i11 not pe~ form any act that would prevent i.ender from exercising its rights under this paragraph 16. ' Lender shall not be required to enter upon, take control of or maintain the Property before ~r after gi~~ing notice of breach tc~ Borrc~~~•er. However, Lender or a jud:cially appointed receiver may do so at any time there is a breach. Any application ~~t rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of t'~e Property shaft terminute w~hen the debt secured by the Security lnstrument is paid in full. - P~Q~ j„~ a o R g75 P~~~i258 BOGK ` - _ - - - . . xx ~ ~ _:~~-~:y~~~;~~t°~