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..1 �j Y. • t 1n;i 90-- 1OGS64 9. Crwab fair Aoo lonstl s of Dow, (a) DOWL Leader may, except to limited by rquluiotu issued by the Secretary is the case of payment dehulls, rogrslta ,mediate payment in full of all sums secured by this Secudty Instrument its m Borrows defaults by failing to pay in full any monthly payme it 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. • (b) Sale W WhW CM t Apgatrw - Lerdar shall. if perrniaed b y rppicable law and with the prior "rovd of ft Secretary, require banedift pryrmas In 1111110140 40 SUMS seeuood by elder Socttrlty tammoeat if: (i) AB or put of dr •Property is otherwise transferred (other than by devise or daces) by the Borrower, and (ii) The Property is to occupied by she purdwa or gnaw u his or her or secondary residence, or the purdtasa or gratwe 1 does w ottoupy the Property but his or her credit has not boar in wootdaroe with the mWi wrens of" seaetary. (e) No walver. 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 rsspect to subsequent events. (d) Reglalat)ea #A HUD sere". In many ciratoastances regulations Issued by the Secretary will limit Lender's rights, In the case of psymeat defaults, to require immediate pegnaent in full and foreclose if not paid. Tbfs Security Instrument does got authorize acceleration or foreclosure if not peraaitted by regulations of the Secretary. 11. Rdieeig savot. Borrower bas a right to be reinstated if Lender has required immediate payment in full because of Borrower's fanwe to pay an amount due under the Note or this Security Instrument. This tight applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower Shan tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrorer under this Security ltsstrumenb foreclosure costs and reasonable sad cwtomary 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 requited immediate payment in fun. However. Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement arnter the commencement of foreclosure proceedings within two years immediately preceding the commencement of a curven. foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future. or ( iii) reinuaremer:t will adversely affect the priority of the lien created by this Security Instrument. 11. Yonower Not R.deand; Forbesrumv By Leader Not a waiver. 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 the original Borrower or Borrower's successor in interest. Leader shall not be required to e:ommena 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 intc, . Any forbearatsse by Lender In exercising any right or remedy sfiaM not to n waiver of or preclude the exercise of any right or remedy. 12. Succeswm gad Au*o Boand; Dolnt ad 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 paragraph 9.b. Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but does not executr the Note: (n) is co- signing this Security Instrument only 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 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. Nollca. 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 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 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. U. Governing Law; Severablllly. 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 shaU 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. 16. ASsigument 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 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 Propeny as trustee for the benefit of Lender and Borrower. Phis 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 held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled 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 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 control of or maintain the Property before or after giving none 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 ,ball terminate when the debt secured by the Security Instrument i.. raid in full. Palle 3 r!r 4 ®_ r`-:• ;_� t �` IVA uaa.- I• ;_� t �`