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Home My WebLink About2773 . . t. ~\n~ a~{~liration of the proreeds to the prinripal shall not extend or pustpone the due date ol the monthly pa~~mcnts, ~+hirh are rrfrrre~i ta in Paragraph 2, or change the amount of such papments. Any c~eess proceeds over an am~unt required to ;~a> ;?II uut,tanding indebtedness under the Note and this Securit~~ Instrument shall be pa~d to the entiti~ leealiv entitfed ~herern. 8. tees, i.en~fer ma~~ roliect fees a~id charges au~horized by the Secre[ary~. 9. Grouiids for Accelrraiiun ui Uebl. (a) UefAUlt. Lender may, except as limited b}~ regulations issued by the Secretary in thc rase oi' payment defaults, reyuire immediate payment in full of all sums secured bp this Security Instrument iC (i) Borrower defaults by Cailing to pay in full any monthly payment rcquired by this Securit~~ Instrument prior to or on the due date of the next monthiy payment, or (ii) Borrower defaults b~~ failing, for a period of thi~ty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. 1_ender shatl, with the prior approval of the Secretary, require immediate payment in full of all the sums secured by this Security Instrument if: (i) All or part of the Propertp is sold or otherwise transferred (other than by devise, descent or operation of law) by the Borrower, (ii) The saie or other transfer is pursuant to a contract of sale (~r by deed, if there is no contract of sale) executed no later than 12 months ~24 months if the Preperty is not the principal or secondary residence of the Borrower) after the date on which this Security lnstrument is executed, and ' (iii) The credit of the purchaser or ¢rantee ha~ no? t~een approvec~ in accordance u:.h ;t~~ rcquiremcnis ui ihe Sc~tietary. ; ic) yo w'aiver. If circumstances occur that would permit Lender to require immediate payment in fuli, 5ut Lender ~ ~+oes not require such payments, Lender does not waive its rights with respect to subsequent events. ~ (d1 Regulations of HUD Secrelary. In many circumstances regulations issued by the Secretary 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 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 fult because of E3orrower's failure to pay an amount due under the Note or this Security lnstrument. This right applies even after fore~;losure ~,roceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum a!! amounts required co bring Borrower's account current including, to ihe extent they are obligations of Borrower under this Security Instrument, toreclosure costs and reasonable and cusiomary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrumeot and the obligations 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 reinstaternent after the commencement of foreclosure proceedings within two years immediately preceding the commencement uf a current foreclasure proceeding, (ii) reinstatement wil! preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower iVot Relersed; ForbeAmnce By I,ender Not a Waiver. Extension of the time of payment or modi~cation of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower .hali not operate ro release the liabitity of the original Borrower or Borrower's successor in interest. Lender sha11 not be required to commer~ce proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the onginal Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver oi' or preclude the exercise of an~~ right or remedy. ll. Successors and Assigns Bound; Join1 aQd Severnl Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and bene~t the successors and ass+gns of Lender and Borrower, subject to the provisions of paragra~h 9.b. Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security I~strument hut does not execute the Note: (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 pay the sums secured b` ihis Security lnstrument; and Zc) 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. i 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing ~ ic by first class mail unless applicable law requires use of another method. The notice shali be dire~ted to the Property Address , ~~r any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's ' address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument ,halt be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the iuricdicr~~n .:;;;~,1 tIIC CIU~CfIy ~s ioca~ed. in tne event that any }~rovision or clause of this Securiry Instrument or the Note conflicts Eti ith applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given ~ffect without the conflicting pro~~ision. To this end the provisions of this Security instrument and the Note are decfared to b~~ severable. 15. Borrower's Cops•. Borrower shal! be given one conformed copy of this Security Instrument. 16. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to coilect the rents and revenues and hereby directs each tenant of the Property io pay~ the rents to [.ender or Lender's agents. However, prior to Lender's r.otice to Borrow~er of Borrower's breach of any ~o~enant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the bene~t of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an a~signment for additiona6 secvrity only. if Lender gives notice of breach to Borrower: (a) all rents received by Borrawer shall be held by Borrower as trustee for t~enefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect .~nd recei~~e all of the rents oF the Property; and (c) each te~ant of the Property shaif pay afl rents due and unpaid to Lender ~r Lender's agent on Lender's written demand to the tenant. t3orrower has not executed any prior assignment of the rents and has not and will not perform an}~ 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 o~ after g+ving notice of breach zu Borrower. However, Lender or a judicially appointed receiver may do so at any time there ss a breach. Any application rents sha{I not cure or w~aive any defauft or invalidate any other right or remedy of Lender. This assignment of rents af ihe Property shatl terminate H•hen the debt secured by the Security Instrument is paid in fult. P~~e ~ «f a ~ 1 ~ PACF~~~ - , _ ~,~~.~s~~~