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f. Cro..ds for Accelerailon of Debt. 90--105948 (a) Defsall. Lender may, except u limited by regulations issued by the Secretary in the cue of payment defaults, require immediate payment in full of all sums secured by this Security Instrument if: (1) Borrower defaults by failing to pay in fuB any montbly psymeAt required by this Security Instrument prior to or on the due date of the next monthly payment, or (fi) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sob Wkk* Crfdlt Approval. L dtder shall, if pwdtmd by applicable law and with the prior approval of the Secretary, require immediate payment in full of all the strum secured by this Security Instrument if: (i) AB at part of the Property is otherwise transfened (other than by devise or ducts) by the Borrower, and (U) 7tre Property is not occupied by the purchaser or gnutoe as his or her primary_ or secondary residenct. or rise prrchma or grtsalte does p otxatpy the Property but his or her ciediit his ant beer aplrvvgj in aassndam With the its of the Secretary. (c) No Wdvw. if circumstaum occur that would pemnit 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) Repladoe s of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, 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. It. Reinstatement. 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 even after foreclosure Cpproceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to 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 fees and expenses properly associated with the foreclosure proceeding. 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 to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement 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 (ill) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Leader Not a Waher. 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 tlrr 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. U. Sweessoss and Assigns Bound; Joint and Several UabYlttyi Co- 9igurs. 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. 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 oni y to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) k not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Bnr rower may agree to extend, modify. forbear or make any accommodations with regard to the term of this Security Insi..ment tot the 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 by first class mail unless applicable law requires tree 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 Borr over. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when gi% en as provided in this paragraph. 14. God Law; Severability. This Security Instrument shall be govemed by Federal haw and the law of the jurisdiction in { which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with ap- plicable law. such conflict shall not affect other provisions of t his Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. is. Borrower's Copy. Borrower shall be given one conk•.,ned copy of this Security Instrument. K. Asdgaraeet of (tents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender 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 Insitummt. Borrower shalt collect and receive all rents and revenues of the Prnperey as trustee for the benefit of Lender and Somawer. This assignment off rent sconstitutes an abso;tate assignmmi and not un Lcvignment for addkkmal security only. It Lender gives notice of breach to Horrowa: (a) all rents received by Borrower shall be held by Porrower as aoustee for benefr, of Lender only, to be applied to the sums secured by the Security Inst rument; (b) Lender shall be enadtled 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 Leader or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any rwim ac"sa r u .,r rho 'awe d.A k" w.....A _rl .......t ... _.. -� -- •• _- _ -- .- — — — ....t � .......... Lender from exercising its rights under this �aragrapit ib. Lender shall not be required to enter upon. take control of or rnnintain 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 shall not cure or waive any default or invalidate any other right ax remedy of Lender. This as%igntnent of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full. '"I i�- l: t C-1. r� I