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Home My WebLink About1618 . ~ _ \n~ appliration ~~f thr procerds to the prin~ipai ~hall nut r~tend or po~t~one the due ~late ut~ th~ munthly puyment,. ~~i~iri~ .n~ rrierreei to in 1'aragraph 2, or change the amuunt uf surh pa~~ments. Any exresti pro~:ecds o~er an amount require~l to i~a~ all uut,iarnling in~lebtednc;~ u~~der the Nate and this Serurity Instrument shall be paid to the entit~~ legall~~ entitled thrretu. 8. E~ees. l.ender ma~~ ~ull«t Creti an~i ~hargrs authuri~ed by the Secretar~•. 9. Grounds tor Acceleration of Uebt. 1~? t~faull. Lender may, e~r~pt as limited by regulations issued b}• the Sezretarp in the ~ase oi~ pa~~ment deiaulu, reyuire in~mediate payment in full ot~ ail sums secured by this Security Instrument if: ~ ~ (i) Borrou~er dei~aults by failing ta pay in tLll any monthly payment required by this Serurit~• Instrument prior to or on the due date of the next monthl}~ payment, or ~ii) Borro~~er d~faults b}~ failing, t~ar a period of thirty da~~s, to perfo~m an}• other obligations containe~i in this Securit}• lnstrument. Ib) 5ale W'i~hout Credit Approvat. Lendcr shall, ~~ith the prior appro~al of the Secretar~, reyuire immecliate payment in full of ali the sums secured by this Securit}~ Instrument if: - (i) All or part of the Property is sold or othenvise transferred (other than by de~~ise, descent or operation of la~~) ` by the Borro~~~er, ' (ii) The sale or other transfer is pursuant to a cantract of sale (or by deed, if there is no comract of sale) executed no later than [2 months (24 manths if the Property is not the principal or secondary residence of the Borro~~•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 H~ith the requirements af the Secretary. (c) No VVaiver. If circumstances occur that woutd permit l.ender t~ 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 Secretary. In many c+rcumstances regulations issued by the Secretary will limit Lender's rights ~ in the case of pa~~ment 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. ' 10. Reinstatement. Borrow~er has a right to be reinstated if Lender has required immediate payment in full because of 1;~~rro~+~er's failure to pay an amount due under the Nate or this Security Instrument. This right applies even after foreclosure ~~roceedings are instituted. To reinstatc the Security Insuument. Borrower shall tender in a(ump sum alt amounts required iu hring Borrower's accounc current including, to the extent they are obligations of Borrower under this Security ]nstrument, - t ureclosure costs and reasonabie and cus.omary attorneys' fees and e~penses properly associated with the foreclosure proceeding. l'~on reinstatement by Borrower, this Security lnstrument and the obligations that it secures shall remain in effect as if Lender i~cid not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted rcinstatement after the commencement of foreclusure proceedings within two years immediately preceding the commencement :~f~ ~ current forectosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in th~ future, or (iii) r~ir~statement titi•ill adversel~~ affect the priurity of the lien created by this Security Instrument. 11. Borrower Not Released; F'orbearance By Lender Not a R'aiver. Extension of the time of payment or modification ~~f amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of 8orrower ,hall not operate to release the liability of the original BorroH~er or Borrower's successor in interest. Lender shall not be required commence proceedings against any successor in interest er refuse to extend time for payment or otherwise modify amortization ~~f the sums secured by this Security Instrument by reason of any demand made by the originai Borrower or Borrower's successors in interest. 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. 12. Successors and Assigns Bound; doint and Several Liabilit~~; 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 ~>.b. Borrow~er's covenants and agreements shall be joint and several. Any Borrower w~ho co-signs this Security Instrument hut does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's ir;terest 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 er.tend, modify, forbear or make .~n~ accommodations with regard to the term of this Security lnstrument or the Note without that Borrower's consent. 13. Notiees. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing +e h~ first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address .~r an~~ other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail ro Lender's adi!ress stated herein or any address Lender designates by notice to Borrower. An~~ notice provided for in this Security Instrument ~hali be deemed to have been given to Borrower or Lender w~hen given as provided in this paragraph. 14. Governing Law; Severabilih~. This Security Instrument shali be go~~erned by Federal law and the iaµ~ of the jurisdiction in ~~hich the Property is located. In the event that any provision or clause of this Security Instrument or the Note ronflicts ' ith applicable law, such conflict shall not affect other provisions of this Securit~~ Instrument or the Note which can be given ~t)ert without the conflicting pro~~ision. To this end the pro~~isions of this Security lnstrument and the Note are declared ta he se~erable. 15. Borrower's Copy. BorroK~er shall be gi.en one conformed cop}~ of this Security Instrument. 16. Assignment of Rents. Borrower unconditionall}~ assigns and transfers to Lender all the rents and re~~enues of tl~e Propert}~. (3orroµer authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property~ pay~ the rents to Lender or Lender's agents. HoH~ever, prior to Lender's notice to Borrower of Borrower's breach of any ~c,tienant or agreement in the Security Instrument, Borro~~er shall collect and receive all rents and revenues of the Propert~~ 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 only. If Lender gives notice of breach to BorroH~er. (a) ail rents recei~ed b}~ Borrow~er chali be held by Borrow~er as trustee for henefit of Lender oniy, to be applied to the sums secured b~~ ihe Securit>~ Instrument; (b) Lender shall be entitled to collect .+nd receive a!1 of the rents of the Property; and (c) each tenant of the Property shall pay~ all rents due and unpaid to Lender ~~r Lender's agent on I_ender's w~ritten demand to the tenant. f3orrow~er has not executed any prior assignment of the rents and has not and will not perform am~ act that ~~ould prevent i ender from exercising its rights under this paragraph 16. Lender shatl not be required to enter upon, take controt of or maintain the Propert}~ before or after gi~~ing notice of breach Borrower. How~e~~er, Lender or a judicially appointed recei~~er ma}~ do so at any time there is a breach. Any application ~,f rents shall nat cure or wai~•e any default or invali~ate any other right or remedy of Lender. This assi nment of rents o [he Property~ _>halt terminate when the debt secured b}~ [he Security Instrument is paid in full. Q R ~~5 PA~E~~1~ 800K Pure ? 4 . - ~ ~2 s.. ~ _ ~.s ~ ~s~-~ ; '~`~`'a.~'~,~»'-~`r"~S~'«~,~~~~c~ ~~~'.~°.i~~'~iE."~'`o-~'~,