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Page 3 of 4 d. . t` tp • - t8 i j 90--�` 9. Gromada for Aceeteratloa of iDeibt: - - - -- - - 1,►��n _ _ y� se"- u limited by regWacinns issued by the Secretary m the case of peymettt- d_efaultssreguire -all-sums secured by this Secwi y- instrument if - - - - — = : - - - - - - - : -- -- - - - - -- - d) Borrower defaults by fatting to pay in i`aU any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or ; (n Borrower defaults by. failingr for a period of thirty days, to perform any other obligations contained in this Security (b) Smte Wkboat Credit AppruvaL lmxicr shall, if permitted by applicable law ad with the prior approval of the Secretary, raluire i®edaate payment in frill of all the sums secured by this Security Instrument if: Ali or part o€ the Property is otherwise trahslimed (other than by devise or descent) by the Borrower. and {L� The ? is net by the purchaser or g as his or Ides primary pr secordary tesrdeace, or the purchases Or granite does SD &copy the Property but his or her credit has not bees approved in aecordutoe with the tegtdrements of the Secrexary. -(e:) No Wi+iver. If circumstances occur tha*. would permit Lender to require immediate payment in full. but Lender does not i require such payments. Lender does not waive its rights with respect to subsequent events. (d) ReprtaWoa of UM Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the tutse of payment.defaNts: 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. iF i ML Ides t. Borrower` has a tight to be reinstated if Lender has required immediate payment in full bemuse of - Borrower's failure 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 (tccount current including, to the extent they are obligations of Borrower under this Security Instrument, foreaoatre costs and reasonable and customary attorney's fees and expenses properly associated with the foreclosure proceedbW 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 td permit reinstatement if: n Lender has accepted reintatement after the commencement of foreclosure proceedings within two years immediately preceding the • commencement of a current foreclosure proceeding, (u7 reinstatement will preclude foreclosure on different grounds in the ' future, or (ih) reinstatement will adversely affect the priority of the lien created by this Security Instrument. IL Dorrower Not Rehated; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to F comme proceedings againscany success" in interest-or-refuse to-extend timeforpaymrnt or otherwise - - - - _ of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. IL Sacceseon and Astons Bound; Joint and Several Liability; Co- Signers. The covenants and agreements of this Security t Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9.b. Borrower's covenants and agreements shall 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 rniy 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 by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodadons with regard to the term of this Security insr i .:ment or the Note without that Borrower's consent. j 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law 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 Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. Govetaft Law; SeyenbNtty. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in - which the Property is located. In the event that any provisiui or clause of this Security instrument or the Note conflicts with ap- plicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect F without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be i severable. ! i 15. Borrower's Copy. Borrower shall be given one confc, med copy of this Security Instrument. 16. Asalpmest of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes tender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any cove- nant or agreement in the Security Instrument. Borrower shall collect and receive all rents and revenues of the Property as trustee ' for the benefit of Lender and Borrower. This assignment of rents constitutes an_absolute assignment and not an.assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender'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 from exercising its fights under this paragraph 16. . Leader sball not be required to enter upon,'take control of or maintain the Property before or after giving notice of breach to ' Borrower. However. Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents 0411 not care or waive any defanit or invalidate any other right nr remedy of Lender. This assignment of rents of the Property T shall terminate when the debt secured by the Security Instrument is paid in full. Page 3 of 4 d. . t` tp • - t8 i