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- 90----1a6 48 2 9. Graunia ter Aualeradon of Debt. (a) Ddu t, Lender may, except as limited by regulations issued by the Secretary in the case of pa -wnt defaults, require immediate payment in fuU of all sums secured by this Secutity Instrument if: (i) Borrower default& by failing to pay in fall any monthly payment required by this Security hastrunatnt prior to or on the due date of the next monthly payment, or (ii) Borrower dtf itults by failins, for a period of thirty days, to perform any other obligations contained in this Security Instrument. ( m� aeW wCCleo �aL � � pntt it teV * t' and with the prior approval of the Secretary, tvWho Irduumew if. (i) An of part of the Property is otherwise transferred (other than by devise or descent) by the Borrower, and (ii)'Ibe property b tot occupied by the purcltuer or grantee as his or her primary of secondary resideooc, or the r or ganee does so ootxrpy tin Property but his other credit has not been approved in accordance with time togttintrnots of Sectemy. (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 turpect to subsequent events. (d) iPsguiaiiunre.of IIUD S.'a's ,. 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 litoorize aveletadon or foreclosure if not permitted by reguAdons of the Secretary. a. Rainttsttetaert. 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 riabt applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a hump bum all amounts required to bring Borrower's account current Including, to the extent they am obligations of Borrower utmd;r this Security Instrument, fowAosuro costs and reasonable and customary attorney's fors and expenses property a,wciatedl with the foreclosure proceeding. Upon reirutatement by Borrower, this Security lmstrutrnent and the obligations that V mures Oan remain in effect as if Leader had not required imrediate payment in full. However, Lender is not required to permit: ¢tvnsrstemeat if. (i) Lender has accepted reinsauement after the commencement of foreclosure proceedings within two Moira :trnrnt:diattely preceding the commenamatt of a current foreclosure proceeding. (i) reinstatement will pxdude foredos= on different grounds in the future, or (III) reinstatement will adversely affect the priority of the Hen cr=ate@ 13y INS Security instrument. 111. Borrower Not Rdewd; Forbeatraaee By Leader Not a WOW. Ittenshalt oQ the time of payment or modification of amortization of the sums secured by this Security Instrument gsan%W by Lend-z'ro any successor in interest of Borrower shall not operate to reksm the liability of the original Borrower or B.isr V0a's suvvtswr In Interest. Lender sban not be required to commence proceedings against any successor in interest or reflute zQ extend tire: 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 waher of or preclude the exercise of any right or remedy. IL Successors and Arraigns Bovedt Jour gad several I.iabnitg;, 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 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 Secutigy- IInsuument only to mortgage, Siam and convey that Borrower's interest in the Property under the terms of this Security InUtutneaue: (b) is not personsd(v obUgazed to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any . other Borrower Max; agree zo extend, modify. forbear or make any accommodatlons with regard to the term of this Security lnstruutnent or the Note without that Borrower's consent. 13. Notices. Any notice to Borrower provided for in this Securhy Instrument shall be given by delivering it or by trailing 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 notice to Lender shalt be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. Goveraiq Law; severability. This Security Instrument shall be governed by Federal law and the taw 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 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. 15. Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument. 16. Awlatmeat of Rents. 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 rears andmrmues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. Ho never, prior td Lader's notice to Borrower of Borrower's breach of any cove- nant or agreement in the Security raarument. Borrower shall coffect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Basower. This assignment of rents. constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach i o ff¢irrrw, w-. f a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the muds serarted 131 the Security Instrument (b) Lender shall be entitled to collect and receive all of the rents of the Property; and ic):emrdx t:eram: of the Property shall pay all rents due and unpaid to Lender or Lender's agent tin, Larder's written demand to rltee real ifnrrower has not executed arty p6br.assignment of the rents and has not and will not perform any act that would prevent l ertdtx from exercising its rights und)%r 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 Rerrower. However,. 'ender or a judicially cep xriimted receiver may do so aC my tda a there is a breach. Any application of rents. *&U trot cure or waive any default or invalidate any other right or remedy of Imid er. This assignment of rents of the Property dtall. mr rminate when the debt secured by the Security instrument is paid in full Pate 3 of - -- t ,y 4 T -- i _s