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Home My WebLink About2277 ~n~ .i~i~~li~ation ~~f thc {~ru~eecis to thc prin~ipal tihall not e~tend ur ~ust{~one the ~lue date of th~ monthl~' pa~m~nt~, ~~n~~r? .u~• rrtrrrrcl tu in Paragru~h 2, or rhange the amuunt oi such pa}ments. An~ ex~ess pro~:eed, ~~~er an amount reyuired tu i,:i~ all ~~ut~tanciing in~lebtecln~„ unclrr the tiote and thi: Se~urit~' Instrument ,hall be paid to tt~e ~ntity I~gall~~ entitlcei theretc~. R. F'ees. l.en~ier m<?~ rollect ie« ~~n~i chargeti authori~ed h~ thr Secretar~~. 9. Grounds for Acceleration of Ueb1. l~l Uefaull. Lender may, e~cept as limited by regulations issueil by the Serretar~• in the ~a;e ol pa~~mrnt detault., require immediate paymrnt in full ot~ all sums 5crure~! b~• this Serurit~~ Instrument if~: (i) E3orra~~er defaults b~• t~ailing to pa>• in fuil an~~ monthl~~ pa~~me?zt reyuircd b~~ this Serurit~~ Instrument prior to or on the due date of the next monthly pa~~ment, or (ii) Borro~+er ~efaults b~~ failing, for a period ot thirt~~ da~~s, to perform an~ otticr obligations contained in this Securit~~ Instrumrnt. (b) Sale V1'ithout Credit Appro~al. Lender shall, ~~~ith the ~rior ap~ro~al ot~ thc Sccretar}~, reyuire immediate pa~~ment in tull of ali the sums secured b~• this Securih- lnstrument if: (i) All or part oC the Propert~~ is sold or other~~ise transferred (other than by de~~ise, desrent or operation of la~~~) o~~ tne i3orro~.~er, - (ii) The sale or other transfer is pursuant to a contract of sale (or b~~ deed, if there is no rontract of sale) ereruted no later than 12 months (24 months if the Propert}~ is not the principal or secondar~• residence of the Borrower) after the date on ~~~hirh this Security Instrument is executed, and (iii) The credit of the purchaser or grantee has not been approved in accordance with the requirements of the Secretary. (c) No V1'ai~~er. If circumstances ocrur that ti~ould permit Lender to require immediate payment in full, but Lender does not require such pa~~ments, lender does not «~aive its rights ~~~ith respect to s~~bsequent events. (d) Regulalions of HUD Secretary~, In many cirrumstances regulations issued by the Secretary ~vill limit Lender's rights in the case of pa~~ment defaults to require immediate payment in full and foreclose if not paid. This Security lnstrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. 10. Reinstatement. Borro~~•er has a right to be reinstated if Lender has required immediate payment in full because of 13~~rro~~er's failure to pa}• an amount due under the Note or this Security tnstrument. This right applies e~~en after foreclosure ~~rc~ceedings are instituted. To reinstate the Security tnstrument, Borrower shall tender in a lump sum all amounts required cu bring Borro~ti~er's account current including, to the extent they are obligations of Borrower under this Security Instrument, f~~re~losure c~~t~ and reasonablr au~i customary- attorneys' fees and expenses properly associated with the foreclosure proceeciing. l'E~on reinstatement b}• Borro~~~er, this Securit~~ [nstrument and the obligations that it secures shall remain in effect as if Lender ' had not required immediate payment in full. How~ever, Lender is not required to permit reinstatement if: (i) Lender has accepted ' r~~nstatement after the commencement of foreclosure proceedings ~~~ithin two years immediately preceding the commencement uf a current foreclosure proceeding, (ii) reinstatement ~cill preclude foreclosure on different grounds in the future, or (iii) r~in,tatement ~~ill ad~~ersel~~ affect the priorit~~ of the lien created b~~ this Security Instrument. ll. Borrower Not Released; Forbearance B~~ Lender Not a N'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 Borroti~er .t~;ill not operate to release t1~e liabilit~~ of the original Borro~~•er or Borro~ver's successor in interest. Lender shali not be required I~ c~~ ~ummence proceedings against an~~ successor in interest or refuse to extend time for pay~ment or othenvise modify amortization ~~i the sums secured b~~ this Securit}~ tnstrument by reason of an~~ demand made b}~ the original Borro~~~er or Borrower's successors in interest. An~~ forbearance by~ Lender in e~ercising any right or remedy shall not be a H~ai~~er of ar preclude the erercise of i :~n~ right or remed}~. i ~ 12. Sueeessors and Assigns Bound: Joint and Severa! Liabifit}~; Co-Signers. The covenants and agreements of this Security ' I~~;trument shall bind and benefit the successors and assigns of Lender and Borrow~er, subject ro the provisions of paragraph ~~.b. Borro«~er's co~~enants and agreements shall be joint and several. An}~ Borro~+er ~~•ho co-signs this Securit~~ lnstr~ment hut does not e~ecute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and conve~• that Borro~~er's ~r;<<~est in the Propert}~ under the terms of this Securit~~ lnstrument; (b) is not personaliy abligated to pay the sums secured t~~ this Sec~jrit~~ Instrument; and (c) agrees that Lender and an}• other Borrower ma}~ agree to extend, modif5~, forbear or make ' .~n> accommodations ~~ith regard to the term of this Securit~• Instrument or the Note ~~~ithout that Borro~~~er's consent. 13. tiotices. An~~ notice to Borro~ser pro~~ided for in this Securit~• Instrument shall be gi~•en by cieli~~erine it or b}~ mailing h} first class mail unlcss applicable la~~~ requires use of another method. The natice shall be directed to the Propert}~ Address ' ~~r an~ other address Borro~~~er designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's ; ` .:~fciress stated herein or an}~ address Lender designates b~~ notice to Borrow~er. Any notice pro~~ided for in this Securit}~ Instrument ~ ; ~hall be deemed to ha~~e been gi~~en to Borro«~er or Lender w~hen gi~~en as pro~~ided in this paragraph. ~ ~ 14. Go~erninK Law; Se~erabilit}~. This Securit ~ Instrument shall be go~~erned by Federal la~~ and the la~~~ of the jurisdiction in :~hich the Propert}~ is located. In the e~~ent that any pro~ision or clause of this Security Instrument or the Note ronflicts ~~i~h applicable ta~~, sunc ~onflict shall not afiect other pro~~isions of this Security Instrument or the Note ~~hich can be gi~~en ,~tf~rt ~~ithout the contlicti~e pro~isio~. To this end the pro~~isions of this Security lnstrument and the Note are declared to h~ ,e~ erable. 15. Borrower's Cop~. Borro~~er shall he ei~en one conformed cop~~ of this Security Instrument. 16. Assi~nmeni of Rerzls. Borro~~er unconditionaily assigns and transfers to Lender all the rents and re~~en~es of the Propert~~. }?:~rru~~er authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property pa~~ the rents to L.ender or Lender's agents. f-lo~+•e~~er, prior to Lender's notice to Borrower of Borro~~~er's breach of any~ ~e~~enant or agreement in the Security~ instrument, Borro«~er shall col(ect and receive all rents and re~~enues of th~ Propert~~ a~ trustee for the benefit af Lender and Borro~~~er. This a,signment of rents constitutes an absolute assignment and not an a~tiignment tor additional serurit~~ onl~~. If Lender gi~~es notice of breach to Borro~~er. (a) all rents received by~ Borrow~er shall be held b}• Borro~~~er as trustee for i~enefit of Lender only, tu be applied to the sums secured b~~ the Security Instrument; (b) Lender shall be entitl~d to collect tind recei~e all of the rents of the Pro~ert}~: and (c) each tenant of the Pro{~ert}~ shal) pa}~ all rents d~e and unpaid to Lender ~,r Lender's agent on Lender's ~~ritten demand to the tenant. Borro«er has not executed any prior assignment of the rents and has not and ~~ill not perform an~~ act that ~~ould pre~ent ! ender from exercising its rights undcr this paragraph 16. Lender shall not be required to enter upon, take controi of or maintain the Property before or after gi~~ing notice of breach t~~ Borro~~er. Ho«~e~~er, Lender or a judicially appointed receiver may do so at any time there is a breach. Any ap~lication ~~f rcnts shail not cure or ~~ai~e an~~ default or invalidate anp other right or remedy of Lender. This assignment of rents of ~;~e Pr~pert}~ shall terminate ~~hen the debt secured by the Security Irstrument is paid in full. YaYe ? n( d c B~OK f.~~~ PArc~~7~ ~ _ __.r.~ - > ~v : ~ ' ~ ' > ~ -~a ~ .y.' ~s " r;