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r — . :. , F '• + :% l' `,..,1.'!11 °f 1 .. I 11.1 -=-. ._.... t a , .'JO- 106987 9. Cmesntda row, Aceder sdan of DsM. - (a) Ddak. Lender may. except as limited by mguk bm Issued by the Secretary in the care of payment defaults. require immedlsta paymptt in NU of all sums secured by rids'"ity imtntment Ir: (1) Borrower defaults by failing to pay in full any monthly paymcht required by this Security Instrument prior to or on the due date of the next monthly psyrnent, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Stale Wigltont Creft Approval. lender shall. If permitted by applicable law arsd with the priorappowd of the Secretary, 001111111/0 immediate payment in fail of all do sums am, by this Security Insmo rent if: (i) AB or part of the Property is otherwise transferred lather than by devise or descent) by this Borrower, and (0) The pmpaty is to occupied by gre prat clnser or giradee as his or her primary or secondary residence, or the purchaser or grantea does so occupy the Property but boor firer credit has not been approved in accordance with the requirements of dw Secretary. (e) No Waiwr. If circumstances occur that would permit Lender to require itsamediate payment in full, but Lender does not rogWm such payments. Lender does not waive its rights with respect to subsequent events. (d) Replatloas or HtM R+aetrtey. In many circumstances regulations issued by the Secretory will limit Lender's rights. in The can of payment defaults. to require immediate i payment by full and foreclose ens of the if ecretary. This Security Ittstrumeat does not authorize accel ation or fotoclosurs ill. Rehmb t mmg. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's faBure to pay an amount due under ithr Note or this Security Instrument. This right applies even after foreclosure pr.."wedings are instituted. To reinstate the Security lntstrumeat. 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 reasonable and customary attorney's fees and expanses properly associated with the foreclosure ppWeeding. Upon reinstatement by Borrower, this Security instrument and the obligations that it secures shall remain in effect as if lender had not required immediste psymeret i : fall. However. Lender is not required to permit reinstatement If: (1) Lender has ac-atpted reinstatement after the commencement of foreclosure proceedings within two yean immediately preceding the future, or�(iIQ reinstatement will adversely of he priorireinstatement `f be lien crleatedcby foreclosure an Instrument. grounds is the IL Borrower Not Released; Forbarnan By tmder Not a t;tiaher. 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. 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 stirr~rs in interest. Any forbearantx by lender in exercising any right or remedy shall net be a waiver of or preclude the exercise of any right or remedy. 12. Suecwors and Assigns Bound; JOlat lad Several LlabWty; Co•Slgaen. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject tothe 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 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. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing It by first thus 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 Low; Severablilty. 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 ptovisi on 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 io be severable. Is. Borrower's copy. Borrower shall be given one conformed copy of this Security Instrument. 16. Ansipmeal 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 Leader'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 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: a,-.d (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 a:t that would prevent Lender from •exercising its rights under this paragraph 16. Lender shalt not be required to enter upon, rake control of or maintain the Property l+et'ore o•r 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 an} defaui: or invalidate any other right or remedy of Lender. 'i `!i:. amitrin ens of rents of the Property shall terminate when Ole debt secured by the Saunty Instrument is paid in tu... Page 3 .d 4 , lari•, rte,_ -.. _. r. wy(�+,•• -0`1111: . I • . ail }. ;t�� f- ,'•;ti ,