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!. GtaaattU for Atrrientbn of Del /. 90-106458 (a) WWI. Leader may, except is limited by miulations issucd by the Stcretaty in the case of payment defaults, require immediate payment in (till of all sums secured by this Security Instrumem if: (i) Borrower dcfauits by failing to pay in hill 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. (1) Sale W ft* Cm t Approral. Lender shall, if petrnittal by tWk*k law and with the prior approval of the Secretary. rogwm itnmodirae pay men is [silt of all the sums soured by this Security Instrurnent if: (i) Ali or part of the Property is otherwise transferred ( other than by devise or dewrit) by the Borrower, and (ii) The Progeny is rat occupied by the purchaser or gmutee as his or her phimm or secondary asidenw. or the purchaser or gtamitee does so occM the Property but his or her credit has rat been *waved in accordance with the requirements of the Secretary. (e) No Waiver. If circumstances occur that would permit Lender to require immeddale payment in full. but Lender does not require such payments, Lender does not waive Its tights with respect to suir4qucnt events. (d) Retabda is of HVD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the ere of MM=t defaults, to require fmmediele 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. 0. Reioantemmat. Borrower has a right to be reinstated if Lender has required immediate payment inn full because of Borrower's failure to pay am amount due under the Note or this Security Instrument. Tbis right applies evert after foreclosure proceedings are instituted. To reinstate the Security Instrument, Burrower shall tender in a lump sum all amovMs mmdatd to bring Borrower's acooutte ccrrreat including. to the extent they are obligations of Borrower under this &,:va;Ly P•osc=ncnt. foreclosure costs and ce=vrrrable and customary attorney's fees and expmrrrs properly associated whA. On, forcclosure proceeding. Upon raflxo= ==r. by Borrower, this Security Instrument and the 0,45gations that it secures,*;41 remain in effect as if Lender had not r eiDi&a immediate payment In full. However. Lender Is not rectuimd. to permit reinstatement. IL- G;•) Lender has accepted reinstat== a!;m r• commencement of foreclosure proceedings within two. years imme&at4 ww dinf; the commencement or rn c'.==7 tix:rxfosure proomIltig, (ii) reinstatement will preclude foreclosure on diffea:at grounds in the future, or (iii) re1nsz7,- =t wM adversely affect the priority of the lien created by this Security Instrument. IL Borrower Not Rekesed. Forbearance By Leader Not a Wafer. Extension of the time of payment or modification of amortintion of the sums serrated 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 be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortimation 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 prelude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability. Co- Signers, The covenants and agreements of this Swurity Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of parsomph 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 or.ty to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is no: 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 Inst: .i: nt the Note without shat Borrower's consent. 1;t+. Notim, Any notice to iorrower 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 to the Property Address or any other address Borrower designates by notice to Lender. Any noli; ! to Lender shall be given by first class mail to Lender'saddress stated herein or any address Lender designates by notice to Bor..nvci. Any notice provided for in this Security instrument shall be deemed to have been given to Borrower or Lender when po m as provided in this paragraph. 14. Governing Law; Sever ability. 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 provisit, or clause of this Security Instrument or the Note conflicts *icb ap- plicable law. such conflict shall not affect other provisions of this 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. 13. Borrower's Copy. Borrower shall be given one conf...med copy of this Security Instrument. 16. Assivmeal of Rents. Borrower unconditionally assigns and transfers to Lender ai* ahe rents and revenues of the Property. Borrower authorizes Lender OT 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 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 rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be heed by Borrower as trustee for IJC•stefit of Lender only,'to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and re+xRVe all of the rents of the property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this paragraph 16. Lender shall not be required to enter upon, take controG of or maintain the Property befumor after giving notice of Iira"li to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application b rents shall not care or waive any default or invaiidace aay other right or remedy of Lender. This assignment of rents of the Property shall taminW& when the debt secured by the Security lnstmment is paid in. full. Paze 3 or 4 U..:- �_y.— .. -_ -- r . i I i iY r�r: . fti'e