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I ii i t �I 1 L 1 1. GrouMa for Aealtratbn of Debt. 90--1.06044 (a) Ddmk. 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 payment required by this Security Instrument prior to or on the due date of the next monthly payment. or (ii) Borrower defaults by falling, for a period of thirty days. to perform any other obligations contained in this Security Instrument. t. (b) Sale Wiilboat Craw App mal. Lender shill it by applicable law and with the prior approval of the Secretary, require - ban ANO polaigit In fiM of all the am secured sSSecurity Instrument if. (li) AB or paat'ef the Property is otherwise transferred (other than by devise or descent) by the Borrower, and (0) The Property is not occupied by the ptuchamr or grantee as his or her primary or secondary residcsoe, or the purchaser or gxame does so ootxrpy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (e) No WW=. if circunsatances occur that would permit Lender to require immediate payment in full, but Lender does not require such paymrnts. Lender does not waive its rights with respect to subsequent events. (4) Regniadow of HIM Secr 4wy. In many circumstances negoWiioos issued by the Secretary will limit Lender's rights. in the cue of payment defaults, to re•4uire 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. 10. Rehash/ sweat. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's future to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings 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 mwanable and customary attorney's fees and expenses properly associated 14th the foreclosure proceeding. Upon reinstatem ;.-nt 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 year, immediately preceding the co encement of a current foreclosure proceeding, (ii) reinstateauuot will preclude foreclosure on different grounth in the future, or (iii) reinstatemmi will adversely affect the priority of the iien created by this Security Instrumena. It. Bon+ower Not Rele nsed; Forbeanaam By Lender Not a Waiver. Extension of the time of payment e- modification of amortization of the sums secured by this Security instrument granted by Lender nder to any successor in interest of Borrower shall not operate to release the liability of the c- r;ginal Bonower 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 fwbtsurartce by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Saeeeaon and Assigns Boand; Joint and Several Liability: Co- Signers. 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 paragraTtiS 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 orgy to mortgage, grant and convey that Borrower's interest in the Property under the terra of this Security Instrument; (b) is ,nit 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 accommodations with regard to the term of this Security Instrument or 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 use of another method. The notice shall be directed tot he 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 steed herein or any address Lender designates by notice to Boni awes. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when g; ven as provided in this paragraph. 14. Govesadng Lath SsverablBty. 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 provision or clause of this Security Instrument or the Note conflicts with ap- plicable law, such conflict shall not affect other provisions of this Security lumtrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note sire declared to be severable. 1S. Borrower's Copy, Borrower shall be given one confu, ►ned copy of this Security Instrument. 16. Ardgasent of Rents. Borrower unconditional]~- assigns and transfers to LenrJer all the rents and rev,erxes 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 abtnts. However, prior to Lender's notice to Borrower of ]Borrower's breach of any cove- nant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the beat-lit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) aUU rents received by Borrower shall be held by Borrower as trustee for benefit of Leader only. to be applied to the sutras secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents a.i the Property; and (c) aiw-;h tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the teaw... norrower nas not executed any prior assipmenc of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this paragra;pf 16. Lender shall not be required to enter u;on. take control of or maintain the Property before or after giving notice of breach to Borrower. However. Lender or a judiciaT,y 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 full.