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Home My WebLink About2271 , ~ . ~ \n~ ap~lirauon ot thr pru~eeds to the prin~ipal ~hall not extend or {~ustpone the due clate ot thr monthl~ pa~mrnt~. ~~hi~h ~ .,re r~ferred to in Paragraph 2, ur ~hange the amount ol surh payments. An~ ex~ess pro~:eecl~ u~~er an amount reyuire~i to i ;~:i~ al~ ~~ut~tanding indcbt~dn~s~ under the Note and thic Se~urit~~ In,trument tihail bc paid to the entit~• Iegall} entitted theretc~. ~ i i 8, t~ees. L.ender may ~oltect fer~ and charge5 authori~ed by the Secretar}~. ~ ~ ~ 9. Grounds for Acceleration of Uebt. ~ ; (a) Default. Lender may, except as limited b~~ regulatiuns is.sued by the Se~retary in the rase of pa~ ment defaults, reyuire ~ immediate pa~~ment in full of all sums secured b}~ this Security liutrument if: ~ (i) Borro~~~er deFaults by failing to pa~~ in fult any monthly payment required b~~ this Securit~~ In.trument prior to ~ or on the due date of the ne~t monthl}~ payment, or ; a (ii) f3orroHer defaults by failing, fnr a period of thirt~• days, to perform an~• other obligatiens ronta~ncd in this ~ Serurit~~ Instrument. , I (b) Sale ~ti'ithou! Credit Approval. Lender shall, H•ith the prior appro~~al ot~ the Secretar~~, require immediate payment 3 in full of all the sums secured b~• this Security tnstrument if: ~ (i) All or part of the Yroperty is sold or other~vise transferred (other than bp de~~ise, descent or operation of law~) by Ihe t3orro~~~er, ~ (ii) The sale or other transfer is pursuant to a contract of sale (or by~ deed, if there is no contract uf sale) exec~~ted ; no later than 12 months (24 months if the Property is not the principal or secondar~~ residence of the Borruwer) 1 after the date on ~~~hich this Security Instrument is erecuted, and ~ i (iii) The credit of the purchaser or grantee has not been approved in accordance ~vith the requirements of the Secretary. (c) No VI'aiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, l.ender does not waive its rights w~ith respect to subsequent events. (d) Regulations of HUD Secretary. ln many circumstances regulations issued by the Secretary will limit Lender's rights in the case of pa~~ment defautts 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 right applies even after foreclosure ~roceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Bocrower under this Security lnstrument, toreclosure costs and reasonable and customary attorneys' fc~s and expenses properly associateci wicn che foreclosure proceeding. Upon reins[atement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender t~ad 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 tw~o years immediately preceding the commencement of a current foreclosure prc3ceeding, (ii) reinstatement w•ill preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. il. Borrow~er Noi Released; Forbearance By Lender Not a VVaiver. 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 ~hafi not operate to refease the liability of the original Borrower or Borrower's successor in interest. Lender shall not be requirec3 ec~ ~ommence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security lnstrument by reason of any demand made by the originai Borrow~er or Borrower's successors sn 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; Joint and Se~~eral Liability; Co-Signers. The covenants and agreements of this Security i instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph ; 9.b. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument ~ hut does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and comey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personaily obligateci to pay the sums secured j b~ this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make ' an~ accommodations with regard to the term of this Security Instrument or the Note without that Borrower's consent. l3. Notices. An}~ notire to Borro~~er provided for in this Security Instrument shall be given by delivering it or by mailing ~ i~ by first ciass mail unless applicable law~ requires use of another method. The notice shall be directed to the Property Address ~ ~~r anp other address Barrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or an}~ address Lender designates by notice to Borrower. Any notice provided for in this Securit~~ Instrument s ,hall be deemed ro ha~~e been given to Borrow~er or Lender when given as provided in this paragraph. ~ ~ E 14. Governin Law; Se~~erabilit This Securit Instrument shall be overned b Federal IaH~ and the law of the ~risdiction ~ K 3' • S Y J t i~~ ~chirh the Property is located. In the event fhat any provision or clause of this Security lnstrument ar the f~ote conflicts ~ •~~ith applicable law~, such conflict shall not affect other provisions of this Security lnstrument or the Note ~+~hich can be given effect without the conflicting pro~~ision. To this end the provisions of this Security Insirument and the Note are declared to ~ he severable. ~ ~ 15. Borro~er's Cop~. Burrower shall be gi~~en one conformed eopy of this Securit}~ Instrument. ~ ~ 16. AssiRnment of Rents. Borro~~~er unconditionally assigns and transfers to Ler~der all the rents and re~~enues of the Property. ` Borrow~er authorizes Lender or Lender's agents to Lollect the rents and revenues and hereby directs each tenant of ihe Propert}~ tu pap the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrow•er of 8orrower's breach of any ~ovenant or agreement in the Security Instrument, Borro~~er shall collect and receive al) rents and revenues of the Property as trustee for the benefit of Lender and Borrow~er. This assignment of rents constitutes an absolute assignment and not an assignment for additional serurity only. If Lender gives notice of breach to Borrow•er. (a) all rents received by Borrow~er shall be held b}~ Borroa~er as trustee for benefit of Lender onl~~, to be applied to the sums secured by the Seeurity Instrument; (b) 1_ender shall be entitled to collect and recei~~e all of the rents of the Property; and (c) each tenant of the Pro~ert}~ shall pay all rents due and unpaid to Lender or I_ender's agent on Lender's w~ritten demand to the tenant. € Borro~~er has not executed any prior as~ignment of the rents and has not and ~+ill not perform an~~ act that ~+ould pre~ent ~ I.ender from e~ercising its rights under this paragraph 16. ~ Lender shall not be reyuired to enter upon, take control of or maintain the Property~ before or after giving notice of breach :o Borrower. Hc~we~er, Lender or a judicially appointed receiver may do so at any time there is a breach. Any~ application ` c~f rents shall not cure or wai~~e any~ default or invalidate an~~ other right or remedy of Lender. This assignment of rents of ' ?he Vropert}~ shall terminate w~hen the debt secured by the Security Instrument is paid in full. ,~~eE. t,,, a 80CK 675 PACE~271. ~ k ~ ~ - <r