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Home My WebLink About2906 :~n~ ap~liratian ot the proceeds to the prinripal shaU not extend or po~tpone the due date o~ the monthly pa~•ment~, Hhieh ~ir~ r~lerred to in Paragraph or change thc amount of such pa~ments. Any ex~ess proceeds ~ver an amount reyuirrd ta ~~1~ :1~~ OUISIiItI(jlll indebtednrss under the Nnr~~ anrl thic ~_r~~rirv Inct~~m~~~ ~tiw:: ••-•_i t- _ ~ j~ v. ~,uiu w in~ ciii~i) ir~ai~~ rniiueu ~nereto. 8. !~'ees. Lendcr may rullert fres and rharges authorized by the Secretary. 9. Grounds fur Acceleratiun of Uebt. (9) Uefaull. Lender may, e.r-cept as linzited by regu#'ations issued b~~ the Secretary in the case of pa>•ment defaults, require imsnediate payment in fu!! of al! sums sccured b}~ thi~ Se~urity instrument it: (i) Borrower defautts by i'ailing to pay in full any monthly payment required b~~ this Sccurit~~ Instrument prior to or on the due date of the next monthly payment, or (ii) Borrow•er defaults by faifing, for a period of thirty days, to perform any other obligations contained in this Security~ Instrument. (a1 Sale N'ithout Credit Appro~~sl. Lender shall, with the pri~r appro~~al of t1~e Secretary, require immediate payment in full of all the sums secured b}~ this Security Instrument if: (i) All or part of the Property is sold or other~vise transferred (other than by devise, descent or operation of laH~) by the Borrower, (ii) The sale or other transfer is pursuant to a contract o~' sale (or by deed, i6 there is no contract of sale) executed no later than 12 months (24 months if the Property is not the principal or secondar~ residence of the Borrow•er) aiter the date on which this Security Instrument is exeruted, and (:~i; Th~ crc~it of th~ purc,~~ur~ ur grantee has not t~een approved in accordance with the requirements of the Secretary. (c) No W~iver. If circumstances occur that would permit l.ender to require immediate payment in full, but Lender does r.ot require such payments, Lender does not waive its rights with respect to subsequent events. {d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will lim+t Lender's ri~hts in the case of payment defaults to require immediate payment in fLll and foreclose if not paid. This Security instrument does not authorize acce{eration or foreclosure if not permitted by regulations of the Secretary. 10. Reinstatement. Borrower has a right to be reinstated if Lender has requi~ed immediate payment in full because of 13orro~ver's t'aiture to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings 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 Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreciosure proceeding. Upon reinstatement by Borrower, this Security Instrument 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 reinstatement after the commencement of foreclosure procee~ings within two years immediately preceding the comtt~encement ot a current foreclosure proceeding, (ii) reinstatement wiU predude foreclosure on different grounds in the future, or (iii) reinstatement ~~ill adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a WAiver. Extension of the t+me of payment or modification af amortization of the sums secured by this Security lnstrument 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 ~ ro commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amoRization ° of the sums secured by this Security Instrument by reason of any demand made by the original Borrowes or Borrower's successors ~ in interest. Any t'orbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. ~ 12. Successors and Assigns Bound; Joint~ 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, subjeci to the provisions of paragraph ~ 9.b. Borrow~er's covenants and agreements shatl be joint and several. Any Borrower who co-signs this Security Instrument ~ but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's ~ incerest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured ~ b~ this Security [nstrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make ' an}~ accommodations w~ith regard to the term of this Security Insirument or the Note without that Borrower's consent. ~ 13. Notices. Any notice to Borrower provided for in this Security tnstrument shall be given by delivering it or by mailing , it b}~ first class mail uniess applicable law requires use of another method. The notice shall be directed to the Property Address ~ or any other address Borrawer designates by notice ~o 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 th~s Security lnstrument ~hall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. F ~ ~Q~. Governing Law: Severahilit~~_ Th~~ cr~~_~~~~w In~tr.~rno~: ~1~4:1 a-_ ~ . ~.,.~~~~~u vy rcur~ai iaw and ene iaw of the)unsdiction f in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts R ~~;~h applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given ~ ~ffect without the conflicting provision. To this end the provisions of this Security Instrurr,ent and the Note are declared to ~ he severable. ~ 15. Borrower's Cop~~. Borrower shall be gi~~en one conformed copy of this Security Instrument. ; 16. Assignment oi Rents. Borrower unconditionally assigns and transfers to Lender atl the rems and revenues of the Property. I3orrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property ~o pay the rents to Lender or Lender's abents. However, prior to ~.ender's notice to 8orrower of Borrower's breach of an; ~o~~enant or agreement in the Security [nstrument, Borrower shall collect and receive all rents and revenues of the Propert}~ ~is trustee for the benefit of Lender and Borrower. This assignrnent of rents constitutes an absolute assignment and not an ~ssignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be hetd by~ Borrower as trustee t'or henefit of Lender onty, to be applied to the sums secured by the Security Instrument; (b) Lender shatl be entitled to collect a~id receive ail 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 Lender's written demand to the tenant. Borrawer has not executed any prior assignment of the rents and has not and will not perform an}~ act that would prevent I.cnder from exercising its rights under this paragraph 15. > Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach ~o Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application ~~f rents shall not cure or wai~e an}• default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate «~hen the debt secureci by the Security Instrument is paid in full. r~~,~e ? o~ a 50CI( PAGE ; _ - - - - - - - _ __-"t~i~~~~ ~ ~ ~ .b=~_.~_ ~