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I 90- 7105951 !. Gnmh for Aced"Vion of Debt. - lo) DeM N. Lender tray. except as limited by regulations issued by the Secretary in the case of payment defaults, require lore lasts 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 failiril, for a period of thirty days, to perform any other obligations contained in this Security 1 Instmment. i (b) fiats W Nfissl C -III AWrosil. Lender shall. if pamitied by applicable law and with the price approval of the Secretary, require in isedli tt payment in MB of all thin am secured by this Security Instrument If: 0) AB or ph of die Property is otherwise transferred (other than by devise or ducats) by the Borrower, and (ii) The Property is not occupied by the purchaser or Btanta as his or her primary or secondary residence, or the purchaser or gwttlee does so occupy the Property but his or her credit has not ban approved in accordance with the requirmsents of the Secretary. le) No Waher. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not i reggiro such payments, Lender does not waive its rights with respect to subsequent events. (ti) Rephok n of BUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in j the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does i nest authorize acceleration or foreclosure if not permitted by regulations of the Secretary. 10, Reladslesistal. 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 prooeedLsgs are instituted. To reinstate the Security Instrument. Borrower shall tender in a lump sum all amounts required to bring Blorrower's account current inrtuding, 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 preceding. 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, (h) 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. 11. harrower Not U-11 1 ; Forbearance By Leader Not a Waloer. 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 feiease the liability of the atililiiiai Borrower or Borrower's successor in interest. Lender shall not be requitcd to commence proceedings against any sucrisor in interest or refuse to extend time for payment or otherwise modify amortisation of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's 4 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. Samesson and Assigns Bmad; Joist and Several Liability; Co- Signers. The covenants and agreements of this Security Instrument shaU 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 i not execute the Note: (a) is co- signing this Security Instrument on iv 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 I Instrument; and (c) Wets that Lender and any other P grower may agree to extend. modify, forbear or make any accommodations with regard to the term of this Security In,tt ...tent L.r the Note without that Borrower's consent. 13. Medea Any notice to Borrower provided for in this 5ccuricy 4astrument shall be given by delivering it or by mailing it by - fiat class snail 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 I ender shall be given by first class mail to Lender's address JM stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be domed to have been given to Borrower or Lender when given as provided in this paragraph. + 1 14. GoverWas Law; Severabliity. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which tlse Property is located. In the event that any provision or clause of this Security Instrument or the Now conflicts with ap- plicable law, such conflict shall not affect other provi+ions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security limnimew amd the Note are declared to be severable. 15, Borrower's Copy. Borrower sha)1 be given one conformed copy of this Security Instrument. i— 16. AmIgameest of ltlei i s. Borrower unconditionally assigns and transfers to I.•eader 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- i'• nint or agreeriwat 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 tents constitutes an absolute assignment and not an assignment for additiorW security only. i If Lender gives notice of breach to Borrower: (a) all rents received by Borrowec shall be held by Dorrower as trustee for benefit of L.mder only. to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled recollect and receive all of the rests of the Property; and (c) each tenant of the Property sh:uli pay all rents due and utn•;aaid to Lender or Lender's agent on Lender's wHttea deraand to the tenant. Borrower has not .•■wuied any nrinr 2:4ionment of the rents and has not and wi)) not nerfnrm any art that wm ld nrowent 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 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 or remedy of Lender. This assignment of rents of the Property shut terminate when the debt secured by the Security Instrument is paid in futi. Pure t . •► J L � � t. t� Pure t . •► J