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��14��5�� <br /> Barraw�r shal� not be abl igated to c�mply w�th the covenants hereof, and Paragraph 2�sha�1 ha�e <br /> no force and effect,whene�er there is no autstanding balancf� under the Second Note. <br /> 1S. Farbearance by Lender Not a Wai�er. Any forbearance by L�nder in exercising any right ar <br /> remedy shall nat be a wa��er of or preclude the exercise of any r�g��t�r remedy. <br /> 16. Successors and Assigns B�und; Joint and Severa�Liability. Borrower may not assign any rights <br /> or ahligations under this Security Instrument or the Secnnd Note, �xcept to a trust that meets the <br /> requirements❑f the Secretary. Borrower's co�enants and agreements sha�l be joint and se�eraI. <br /> 17. Noti�es. Any notice to Borrower pro�ided f�r in this Security I�nstrument sha�l be gi�en by <br /> deli�ering it or hy mailing�t by first class maii unless applicable la��v re�uires use af another method. <br /> The notice shal l be directed to th�Proper�y Address or any other ac�dress al� B�rr�wers j o�nt�y designate. <br /> Any n�ti ce tv th� Secr�tary shall be gi�en by f rst class mai 1 to�he H U D F iel d�ffi ce with j urisd�cti on <br /> o�er the Property ar any other address designated by the Secretary. Any notice to Non-Borrowing <br /> S pause provi ded for i n th i s Se�urity i nstrument sha�� b�given by d�:1 i��ri ng�t or by mai 1 i ng it by fi rst <br /> class rnail unless applicable law requires another m�thod. Any notice pro�ided for in this S�curity <br /> Instrument shall be deemed to ha�e been gi�en to Borrower or Len+�er wh�n given as pro�ided in thi� <br /> Paragraph 17. <br /> 18. �overning Law; Se�erability. This Security Instrument shall i�e go�erned by Federa� �aw and the <br /> 1 aw of the j uri sdi cti on i n whi ch the Property i s located. I n the e�ent that any provi si on or c]ause of this <br /> Security Instrument�r th�Secand Note confli�ts with applicable la�, such canflict shall not affe�t other <br /> pro�isions of this Security Instrument or�he Secand Note which can t�e gi�en effect without the <br /> confli�ting pr��ision. To this epd the provis�ons of this Security In��trumept and the S�cond Note ar� <br /> declared�o be se�erable. <br /> 19. Borrower's�opy. Barrower shal� �e gi�en one conformed copy of the Second Nate and this <br /> Security I nstrument. <br /> N�N-UNIF�RM ��VENANTS. Borrow�r and Lender covenan�<<nd agree as fol�ows: <br /> �4.Assignment af Rents. Borrower uncanditivnally assigns and�r��.nsfers to Lender all the rents and <br /> re�enues of the�'roperty. B�rrawer autharizes Lender or Lender's agents to collect the rents and <br /> re�enues and hereby directs each tenant of the Prap�rty to pay th�rents to Lender or Lender's agents. <br /> Hovve�er, pr�or ta Lender's notice to Barrower of Borrawer's�reac�i of any co�enant or agreement in the <br /> Securi�y Instrument, Borrawer shall collect and recei�e al� rents an��revenu�s of the Property as trustee <br /> for the benef t of Lender and Borrower. This ass�gnm�nt of rents cc�nstitutes an absolute assignment and <br /> not a assignmenr for additional security vn�y. <br /> If Lender gives noti�e of breach to Borrovver: �a}all rents recei�ed lay Borraw�r shall be held by <br /> Borrvwer as trustee for benefit of L�nder on�y,to be applied to the:aums secured by this Security <br /> �nstrument; �b} Iaender shall be entit�ed to callect and recei�e all of the rents of the Property; and�c� <br /> each tenant of th� Property shall pay all rents due and unpaid�o Ler�der or Lender's agent an Lender's <br /> written dem an d to th e ten ant. <br /> Barrower has not executed any prior assignment of the rents and has not and will not perform any act <br /> that wou�d pre��nt Lender from�xercising its rights under this Paragraph 2�,�x�ept as prvvided in the <br /> F i rst Security I nstrument. <br /> Page 8 vf I2 HECM Second Deed�f Trust--� <br /> � <br />