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r, t I go- 105583 11. Convaile far A, F 1i nitlon of Debt. is) DelmaN. Lender may, except as limited by regtlations issued by the Secretary in the case of payment defaults, require ionwiliste payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any monthly paymefft required by this Security Instrument prior to or on the due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sds WkMssd CndM Approval. Lender shall . if patniped by applkdde law and with Use prior approval of die SecreWy, rogWro butsediase payunas in Nil of ail rise Bunn secured br this security Instrument if: (i) AU or part of rile pmpc ty is etlseewiae transhrn i (other than by devise or descent) by the Borrower, and (ii) The Property is rot occupied by die purchaser or grantee a his or her primary or secondary residence. or the purchaser or Statue does so occupy the Pmp sty but his or her credit has not bean aplwoved in accordance with the impire neon oftheseenfty. (c) No Waiver. if circurnswces occur that would permit Lender to require immediate payment in full. but Lender does not require such payments. Lender don not waive its rights with respect to subsequent events. (a) Repliedoe s of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights. in the cue of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instuumeot does W awhorlra acceleration or foreclosure if not permitted by regulations of the Secretary. V. RallaslailesaW. Borrower has a right 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 von after foreclosure praeeedbys 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 attorney's Ties and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instir rent and the obligations that it secures shall remain its 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 commenamem of foreclosure proceedings within two years immediately preceding the commeacement of a current foreclosure proceeding, iii) reinstatement will preclude foreclosure on different grounds in the future. or (W) reinstatement will adverwly affect the priority of vlie lien created by this Security Instrument. II. narrewer Not Reles»!dl F4"kta.r*urt! By 1 ••wet► Not a waher. Extension of the time of payment or modification of amortization of the surds secured by this Security Instrument granted by Lender to any successor in interes -r 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 saran secured by this Security Instrument by reason of say demand made by the original Borrower or Borrower's successes in interest. Any forbearance by Lender in exercising any right or remedy shalt not be a waiver of or preclude the exercise a-f any right or remedy. IL Sttee*a mW As*m Soand; Joint sad Several LWWty; Co- Signet. The covenants and agreements of this Security Instrunimt 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 only to mortgage. grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b1 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 accornmodations with regard to the term of this Stcurity Instrument or the Note without that Borrower's consent. U. No:t m. Any notice to Borrower provided for in this Security Instrument shall be giveri by delivering it or by mailing it by first do-a=0 unless applicable lea• requires use of another method. The notice shall be directed to the Property Address or any I other arc& -m Borrower designates by notice to Louder. 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. U. Govesdag Law; Seveeablilli. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property h located. In (ht vent that any provision or clause of this Security Instrument or the Note conflict.; with ap- plicable la+v, such conflict shall not affect other provisions of this Security Instrument or the Note which can be yyin en effect without the conflimiag provision. To this end the provisions of this Security Instrument and the Note are deedared to be severable. L 15. Illwmwwa's Copy. Borrower shall be given one conforinea copy of this Security Instrument. Ii. Atafkasaeat of Rests. Scores. o unconditionally assigns and transfers to Lender ;9; i re rents and revenues of the Property. Borrower authorizes Lender or Lettder's agent. lt,* collect the rents and never ties and berthy directs each tenant of the Property to pay the rents to Lender or Lender's agents. Fflavwever. prior to Lender's notice ao Borrower of Borrower's breach of any cove- nant at agreement in the Security Cmi ammeni. Borrower shall collect and recolve aR rents and revenues of the Property as trustee for the ihwfit of Lender and R.rreower. This assignment of rents constitutes an absollult a,,i;gnment and not an assignment for addisio" security only. If Leoder Siva notice of breach to Borrower: sal all rents received by Borrower shall tee hWd by Borrower as trustee fo! benefit of Lender only, to be applied to the sums securedfw the Security Instrument.: i,LM Lender shall be entitled or collect sail vacawa aft of the rents of the Property; sad (c) each tenant of the Property shall pay 4 rents due and unpaid to Lender or Lender %agent Borrower has not executed any prior assignment of the rents and has not and will not perform any act that w4WU 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 before or alter giving notice of breach to Borrower. However, I ender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other right air remedy of lender. Thi% alignment of rents of the Propert> SW tarmitsate when the debt secured by the Security Instument is paid in full. I'av I .-F 4 7 t.;g an �_ r. A i I