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Home My WebLink About2236 . ~n~ :i~~L~~itic~n of thr , ruceeels to thr prin~ipa) ,hatl nut extend or pu.t~une the due date ot the monthl~~ pa~mrnt,, ~~hirh ,~rr r~frrrr~l to in Paragraph 2, or thange the amount ot~ surh paym~nts. An~~ exre~s pro;:eeclti o~cr an amuunt rryuir~d !o E,.i~ all ~~ut.tanciing in~iebtrcines. under the Nutr and thi~ Sr~urit~ In.trumrnt shall he paid tu thr ~ntit~• legall~ entitle~l theretu. 8. F~ees. Leneler ma~ rollect fe~ti and chargr~ authurized b~ thc Secretary. 9. (;rounds for Arreleraiiun of Uebt. (a) Uefault. Lcnder may~, except as limited b}~ regulations issued b~~ the Se~retary in thc ~a~e uf pa~•ment detaults, reyuirc immediate payment in full of~ all sums serured b~~ this Securit~~ instrument il~: (i) Barro~~~er defaults b~• failing to pay in full an~• monthly payment reyuired b}~ this Ser<<rit~• Instrument prior to or on the due date of the nPxt monthly payment, or (ii) Borro~~~er defaults by failing, for a period of thirt~~ days, to perform an~~ other obligations contained in this Securit}• lnstrument. (b) Sale N'ith~ut Credit Approval. Lender shall, H~ith the prior ap~ro~al of the Secretar~~, reyuire irnmediate payment in full of ail the sums secured by this Security Instrument if: (i1 All nr n~rt nf tF~n Prnr~.~~rv .~I.1 ..t{..>~ ~~....~f~....+.~ I..~{.~.. •1..,.. L... ,.C 1.. . . . . . . ~ . , • - - - . - • ~f: , b~~ the BorroN~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 12 months (24 months if the Property is not the prinripal or secondar~~ residence of the Borrower) af~ter the date on w~hich this Security Instrument is executed, and (iii) The credit of the purchaser or grantee has not been appro~~ed in accorclance with the requirements of the Secretary. (c) No Wai~•er. 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) Regulalions of HUD Secretar~~. In many circumstances regulations issued by the Secretary wil~ 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. Borrower has a right to be reinstated if Lender has required immediate payment in full because of 13urro~~~er's failure to pay an amount due under the t~!ote or this Security Instrument. This right applies even after foreclosure ~roceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required cu bring Borrower's account currertt including, to the extent they are obliaations of Borrower under this Security Instrument, toree;losure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligatians 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 ~~f a current foreclosure proceeding, (ii) reinstatement ~~ill preclude foreclosure on different grounds in the future, or (iii) reilstatement ~ti~il! adversely affect the priority of the lien created by this Security Instrument. 11. BorroN~er Not Released; Forbearance By Lender Not a VVaiver. Extension of the time of payment or modification ui amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower ,hall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required c~, commence proe;eedings against any successor in interest or refuse to extend time for payment or otherw~ise modify amortization ~~f the sums secured t~y this Security Instrument by reason of any demand made by the original Borrower or Borrawer's successors i~~ interest. Any forbearance by L.ender in eYercising any right or remedy shall not be a w~aiver of or preclude the exercise of I an~~ right or remedy. ! i 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreemenis of this Security ~ I nstrument shall bind and benefit the successors and assigns of' Lender and Borrower, subject to the provisions of paragraph ` ~.b. Borrowei's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument k~ut does not execute the No[e: (a) is co-signing this Security Instrument only 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 pa}~ the sums secured h~ this Secuiity Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make .tn~~ accommodations with regard to the term of this Security Instrument or the Note without that Borrower's consent. ! 13. Notices. An~~ notice to Borrower provided for in this Security Instrument shall be gi~~en by delivering it or by mailing F :c b~~ first class mail unless applicable law~ requires use of another method. Thc notice shall be directed to the Propert~~ Address 6 any other address Borro~ver designates by notice to Lender. Any notite to Lender shall be given by ~rst class mail to Lender's ~ .i~idress stated herein or an~• address Lender designates by notice to Borrower. Any notice provided for in this Securit}• Instrument ~ ~hal{ be deemed to ha~~e been given to Borrower or Lende~ when given as provided in this paragraph. ~ 14. Go~~erning I.a~; Severabilit~. This Security Instrument shall be go~~erned by Federal IaH~ and the la~c of the jurisdiction F in ~+hich the Prapert}~ is located. In the e~~ent that any provision or clause of this Security Instrument or the Note conflicts € ~.ti ith applicable fa~~~, such conFlict shall not affzct other pro~~isions of this Security tnstrument or the Note which can be given g ~ftect without the conflicting pro~ision. To this end the provisions of this Securit}~ Instrument and the Note are deciared to ~ ht se~~erable. t ~ 15. Borrow~er's Cop~. Borro~~~er shall be given one conformed co ~ py of this Security Instrument. ~ 16. Assignment of Ren[s. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Propert}~. [3orrower authorizes Lender or Lender's agents to collect the rents and revenues and herehy directs each tenant of the Pro~sert}~ tc~ pa}~ the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any :o~~enant or agreement in the Security Instrument, Borrow~er shall coilect and recei~•e all rents and re~~enues of the Property a. trustee for the benefit of Lender and Borroti~er. This assignment of rents constitutes an absolute assignment and not an a,signment for additional security onl~~. If Lender gi~~es notice of breach to Borrow~er. (a) all rents received by Borro~~~er shall be held by~ Borro«~er as trustee for henefit of Lender only, to be applied to the sums secured b}~ the Securiry Instrument; (b) Le~der shalf be entitted to collect an~i recei~e all of the rents of the Property~; and (c) each tenant of the Fropen}~ shall pay all rents due and unpaid to Lendcr - ~~r Lender's agent on Lender's written demand to the tenant. Borrotier has not e~ecuted an} prior assignment of the rents and has not and ~~ill not perform an~~ act that would pre~~ent ` Lcnder from exercising its rights under this paragraph 16. ~ ~ Lender shall not be required to enter upon, take eontrof of or maintain the Property before or after gi~~;ng notice of breach ~c~ Borrower. Howe~er, Lender or a judicially~ appointed receiver may do so at any time there is a breaci~. Any application rents shall not cure or wai~e am~ default or invalidate any other right or remed~~ of Lender. This assignment of rents of the Propert~~ ~hall terminate ~~h.n the debt secured b}~ the Security~ Instrument is paid in full. ,~~~t. ~ ~ ~ ~ ~75 223fi eooK ~a~~ , _ ~ ~ H h~ ~y. '1.? ~~..Y~`'~ '~§N , ~F i ~C ~ . s~,~'t:' 4