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` < ia4956 • g `.. m Bonower dials by dieing to pay In dual any mon* payment required by this Security Instrument prior to or an the due 60 of ft nid n anlhly psyrnerid. or M Borrower de ft by MM ftw a- period of ,lining dinM to, pe faun any other ob on;v corselsted In this hstt{ama :Be" '_ (b) Sale Without Credit Approval. Lender shoe, It peintlhd by appiosbit kW and wkh the prior approval of, the .. Sectatary. urctisis inlmsdid paymwrt to Ad of at firs sums secured by this Seaumity insinxrne d W - M Al or pot of the Rrolparty is othrvrire tiande. {olMr the 1V darLe or daantj by tM Borr&"i and �. m The drtopwty le not occupied, by the purOmwr or piu I as his or her prhxwy or secondary freedoms, err ape purchaser or pArdes doe. so ocoupy the Rtroperty but` % or her MO has not been approved in acoardenw with the m*k m ft (e) No Waiver. it oaaralenees owyrl the would permit Lender to rsqubs Immediate payment h tr ue, but tender doss real ru ffs as<tt °i 'r ; tetderdc net v w%v ft: rfgma WM raspact to a earn events. .. (d) ,Rergulatlons of HUD Secretary. in marry, druxnslancas reguidlons issued by flue Secretary will Intl Lender# rift h the one of payment dallai , to require hmrredhrht payment In ices and iondase If not paid. This Security inshrrrrrent t does not authorff a awderatlon or toredosurs It not pwrftd by. nVis>ions of the may., 10. Reintitaterna ft Sommer has a right to be reinstated N Lender has rsquhad hmsnsdate payment b ful because of - - - - -Stiff swer'e Wore to pay an smourit dug under the Note or this Security insmnrnnL This right applies even after tarscbecn procesdhnp - T ara bswrted, To rehstate_ fete Socudy lnetrument, ' Borrower shah Under h a lump sum aV amcmte required .to brig Borrower's account cu rent irdudng. to the extent they ale obigdions of Borrower under this Security Nutrurrent foredortaa costs and reasonable and cuetonwy `attorneys• fees and oirpenses pnopedy associated wkh the foreclosure proceeding. Upon ,rsinststane nt by Bor rower. this Security instrument and the abige k, a that It secures shat remain in effed as N Lender had not squired insmdate paymsM in tut. However. Lander is, not titguired to permit reinstatement N: (1) Lender has accepted rainstatemeit after the oommarame it of foreeclosurii proceedings within two yens- h mmilistely pre aft the eommatcenent of a cumont foreclosure proceeding, (P) rainstatemeM will preclude foreclosure on dr mt grounds in the future, or (IN) reinstatement will adversey affect the pdarfty of the ten created by this Secudly instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension Laf the time of payment or. modlicatbn of u nciftalbn of the sues secured by this Security Instrument granted by Lender to any successor h Interest of Borrower shalt not opwate to ratsase the fabRy of the orfginY Borrower or Borrowers successor In interest, Merida shol not be required to cornmence proceedings against sty successor In interest or refuse to extend time for payment or otherwise modify arnateation of the suns. secured by this Seaelty fnsemwit by reason of any demand made by the orWal Borrower or Bomowefs successor* in intaeaL Any foberance by Lender in sxsrdsi ng 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 Liability; Co- Signers. The "covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower. subject to the provisions of Paragraph 9.b. Borrowers covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but does not execute the Note: (a) Is casigrning this Security Instrument only to mortgage, grant and convey that Borrower's interest in - the Property under the term of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security - instrument: and (c) agues that Lander and any other Borrower may agree to extend, modify, forbear of make any accommodations with regard to the tern of this Security Instrument or the Note without that Borrower's consent. 13. Notices. Any notice to Borrower provided for in this Security instrument shat be given by delivering it or by mailing it by first class mall unless applicable Mw requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lenders address stated heroin or any address Lender designates by notice to Borrower. Any Wks provided for in this Security Instrument shalt be deemed to have bear given to Borrower or Leader when given as provided In this paragraph. • 14. Governing Law; Srverability. This Security instrument shall be governed by Federal law and the law of the juftdcOm in which the Prop" is located. In the event that any provision or clause of this Security InsWment or the Note conflicts with applicable law. such confld shalt not affect other provisions of this Security Instrument or the Note which can be given eHed _ qr without the conflicting provision. To this and the pra*,'sions of this Security Instrument and the Note are declared to be severable. 15. Borrowers Copy. Borrower shall 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 I Property. Borrower authorises Lender or Lender's agents to aided the rents and revenues and hereby directs each tenant of the Property to pay the rants to Lender or Lenders agents. However. prior to Lender's notice to Borrower of Borrower's breach of any eovenaM or agreement in the Security Instrument. Borrower shall collect and receive all rents and revenues of the Property as trustee for the bwwM of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for addilbnai security only. If Lander gives notice of breach to Borrower, (a) cif rents received by Borrower shall be held by Borrower is trustee for benefit of Lender only. to be applied to the sums seared by the Security instrument, (b) Lender shall be enured to collect and receive all of the rants of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lander's written demand to the tenant Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender iron exercising its fights under this Paragraph 16. Lender shah not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Bdrrower. However. Lender or a judidally appointed receiver may do so at any time there is a breach. Any application of rents sham not - sue err, -wa�vs ay3eTau-it- -do ojivA date any ofT�er —ir ght or remedy of ten der. This' asslgnraen-Y of rent of Tie isroperfy sham temunate - - when the debt secured by the Security Instrument is paid In tuft. L17. Foreclosure Procedure. if Lender requires immediate payment in full under Paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided In this paragraph 17, including, but not Limited to, reasonable attorneys' fees and costs of title 9vidence. �w W if the polder of sale Is Invoked, Trustee shall record a notice of default in each county in which Page 3 of; P$M.Of (04M) 7160050