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1 �. Gmak far Acalsrs" of Dorbl. 90--105749 (a) 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 rums secured by this Security Instrument if: (i) Borrower defaults by failing to pay in full any monthly payment 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) $de WMboat Credit Apparo"d. Lender shall. if permitted by applicable law and with the prior approval of the Secretary, require iartMdlam psymm in full of all the sums am, by this Security Instrument if: (I) AB or part of the Property is otherwise transferred (other than by devise or descent) by the Borrower. and (ii) The Property is not ocnpied by the purchaser or grantee as his or her p wary or secondary residence, or the purrhwer or pa tme don so oom" the Pmpeny but his or her credit has not been approved din accordance with the requiranenta of rite Secretary. I (c) No Waiver, If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments. Lender does not waive its rights with respect to subsequent events. (d) Regulations of BUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require irnmtediate paymenq in full and foreclose if not paid. This Security Instrument does not authorize acceleruion or foreclosure if not permitted by regulati iru of the Secretary. U. Rielostatewatd. Borrower boa a right to be reinstated i °f Lender has required immediate payment is full ba.ause of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies evert after foreclosure proceedings are instituted. To reinst.au the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current Including, tto the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and cuuomary attorney's fees and expenses properly associated with the foreclosure procoodiag. Upon reinstatement by Borrower, tshit 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 to permit reinstatement if: (i) Lender has accepted reinstatement after the cvninencesrient of foreclosure proceedings 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 lien created by this Security Instrument. 1t. Borrower Not Released: Forbearmw By Lander 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 bo uquired to j commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amonization of the sums secured by this Security lnstrunnew by reason of any demand made by the original Bo:rrower or Borrower's successors in interest. Any forbearance by Lendtc in exercising any right 407 remedy shall not be a waiver of or preclude the exercise of any right ov remedy. 12. Stsecesaots aed Assigns Booed; Jolat said Several Lialtifily; Co•Sli aers. The covenants and agreements of ON Security ` Instrument shall bind and benefit the successors and assigns of I ender and Borrower, subject to the provisions of pavo,graph 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; (b) is it personally obligated to pay the sums secured by this Securit y Instrument; and (c) agrees that Lender and any other Ployrower may agree to extend, modify, forbear or make any accommodations with regard to the term of this Security Ir,i- .•-.tnt in the Note without that Borrower's consent. 13. Nodes. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by ! first this 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 noti: -e to I ender shuil be given by first class mall to Lender's address j stated herein or any address Lender aiesig;nates by notice to Dot r .,wer. Any notice provided for in this Security Instrument shall be deerrred to have been given to Borrower or Lender when given as provided in this paragraph. 14. Coverdall Law; Severe ly. This Security Instrument stall be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provisir•t 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 without the confUating provision. To this end the provisiottr of this Security Instrument and the Note are declared to he severable. a. Yorrower's Copy. Borrower shall be given one confo—Med copy of this Security Instrument. l '- 16. Aselgmtseat of Rents. Borrower unconditiorw6v asayr+s and transfers to Lender all the rents and revenues of the Property. Borrower authorises Lender or Leader's agents to collect :the ants and revenues and hertH, directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, rtnof t.� Lender's notice to Borrow n of Borrower's breach •o- arty cove nant or agreement in the Securitp hearument. Borrower shX1;,illect and receive all rents uatd revenuer of the Ptopert!. t trustee for the benefit of Leads and Borrower. This assianment of rents constitutes an absolute assignment and not an amignment for additional security only. If Lender gives notice of breact to Borrower: (a) all rents received by Borrower shall be he:d by Borr,ay. et as trustee tot benefit of Leader only. to be applied to uthe eutmt secured by the Securmtp Instrument; (b) Lender vb x l he entitled to collect act::? •r.. -;eve all of the rents of the Property; and t, )• each tenant of the Property shall pay all rents due ana anisaid to I -ender or Lean a::r. 's agent on Leader's written demand to Ow tenant. Borrower has not executed any prior rawgrament of the rents and has not and will not perform any act that would prevent Leader from exera%ing its rights under this paragraph 16. Lender shall not be required k► enter upon, take control of or maintain the Property NefOle or after giving notice of breach to &grower. However. Lender or a judicially appointed receiver may do %o at any time tfoere is a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender ?h,, rssrgntncnt of rent. ul the Ptr►perr� shall terminate when the debt secured by the Security Instrument n paid to full. —_ L � t.