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F 0. Grounik for Aceelarstloa of Debt. 90-105517 tee) Default. Lender may, except as limited by regulations Issued by the Secretary in the case of payment defaults, require Immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any monthly paymetlt required by this Security instrument prior to or on the due date of the next monthly payment, or 1 (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security 1 Instrument. (b) Sob Wilbool Credit Approval. Lender shill, if pemritted by applicable law and with the prim approval of Ow Secretary, requlm burnediats payment in full of all the sums secured by this Security Instrument if- (s) All or part of she Property is orhersvtue transferred Other than by devise or descent) by the Borrower, and (ii) The Property is not occupied by the purchaser or givraw as his ow her Kni eery or secondary asidenue. or the putichasier or grantee does so occupy the Property but his or her credit has not been apprw4d is accordsm with due toquiranatts of the sec y. u-c) No Walva. If circummances occur that would permit Lender to require imtmediate payment in full. but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. Ube) RepleQuas of HUP Secretsry. In many circunutances regulations issued by the Secretary will limit Lender's rights, in the can of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does oat authodu acceleration or foreclosure if not permitted by regulations of tive Secretary. Ail. Re#aslassarsat. Borrower bus a righr. to be reinstated if Lender has required immediate payment in full because of - Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after forecloswre proceedings are inmituted. To reinstate the Security Instrument. BorrnwrT shall tender in a lump suiat all amounts required to bring Borrower's account current including, to the extent they are obtiigations of Borrower unite: this Security Instrument, foreclosure costs and reasonable and customary attorney's fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligatuons 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 proc-wdings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the Item created by this Security Instrument. It. Borrower Not Released; ibrbesraacs 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 commence 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 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. 12. Successors sad Asdps Bound; Joint and Several Liability; Ce- S4aen. The covenants and agreements of this Securest r 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 Burrower 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, interest in 1• :":;� the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured b) this Security`• Instrument; and (c) agrees that Lender and any other Borrower Inay agree to extend, modify, forbear or make anF accommodations with regard to the terns of this Security Instrument m vhr Note without that Borrower's consent. 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it b,. first class mail unless applicable law requires use of another method. The notice shafd lie directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender ehalt N given by first class mail to Lender's addre." stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shaft be deemed to have been given to Borrower or Lender when given as prn,-,aded in this paragraph. 14. Goverdag Law: Savetablilly. 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 provisivm of clause of this Security. Instrument or the Note conflicts with ap- plicable law. such conflict shall not affect other provisien!, of this Security Instrument or the Note which can he given effect without the conflicting provision. To this end the provisions of ehav Security Instrument and the Note are declared to be severable. i - IS. Borrower's Cavy. Borrower shaft I+e t4.ven one conformed copy of this Security Instrument. ' Ifs. Asst iairot of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or 1.4rtder s agents to collect the rents are revenues and hereby directs each tenant of the Propwry to pay the rents qv Render or Lender's agem;, However, prior to Lea4'.'e•' s notice to Borrower of Borrower's breach of any rant or agreement in the Security Ins(rumenc. Borrower shall collect and receive all rents and revenues of the Property as truster for Ow benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not am. assignment for adds -&aa11 security only. If Lender gives notice of breach to Borrower: i a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only. to be applied to the sums sewed by the Security Instrument; (b) lender shall be entitled to collet 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 fender's agent on Lenaerrs wmten 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 rights under this paragraph 16. Lender shall not be required to enter upon, take control of or maintain the Property Wore or after giving notice of hreacli to Borrower. However. Lender or a judicially appointed receiver may do so at any time there s% a breach. Any appliedtion of rents shall not cure or waive any default or invalidate any other right or remedy of 1 ender. rhi% assignment of rent% of the Propeny - shall terminate when the debt secured by the Security Instrument is paid in full. L r•