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j•; r.,, i..`'i 11. ..i,.;.,a•2Y'Z=�:Irfr �'J~�. ;r . 'r - -_. iii. v}� rt t;iT,`b- '�ir`F. t�glirl'. 1 t�1�'••''r, :i� .t, ,+i..t- .f.... _ -0, -Mj 90--107073 9. Gsaaaefo for Aeeslaralloa of tDsbt. (a) Dduk. Lender may. except as limited by regulations issued by the Secretary in the cast of payment defaults, require itamadWa pymrnt la &.11 of all sotto secured by this Security Instrument if: (i) Borrower defaults by failing to pay in fun any monthly paymafht required by this Security Instrument prior to or on the due date of the not 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) Stilis Withoed Croft Approval. Lender shall, if pitted by applicable law and with the prior approval of the Secretary, tequila jermadWe payment in full of all the surna socurai by this Security hustnuncnt If. (i) All or pan of the Property is otherwise transferred (other duty by devise or descent) by the Borrower, and (ij) The Property is not occupied by the purchaser or grantee as his or her primary or secondary residence, or the purchaser or grow does so occupy the Poopeny but his or her credit hu Prot been apprrwod in atxatdsrroe with the requirements of the Secretary. (e) No Walvitir. if circumstances occur than would permit Lender to require immediate payment in full. but Lender does not require such payments. Lender does not waive its rights with respect to subsequent events. (d) RegniWan of HUD Secretly. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in fun and foreclose if not paid. This Security Instrument does not authorize acceleration or forecloswre if not permitted by regulations of the Secretary. 19. Reb attsaeat. 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 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 ct!rrent Including, to the extent they are obligations of Aorrower under this Security Instrument, foreclosure costs and reasonable and customary attorney's fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this$ecurity 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 years immediately preceding the commencement future, reinstat`emrent will adversely affect the priority of the lien will eatted by foreclosure on Instrument. nt grounds in the 11. Borrower Not Released; Forbearance By Lender 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. 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 forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of +uiy right or remedy. fz. Suectmors and Aralgas Bound; 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 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: (al 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. Notim. 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 [Awl Seversbllity. 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 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. IS. Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument. 16. Assignment of Reefs. 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 tht 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; 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 cemrot of or maintain the Property beiore or 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 apncxation of rents shall not cure or waive any default or invalidate any ether right or remedy of lender. This assignment of rents of the Property shall terminate when the debt secured by the Security Instrument h., paid in full. un - •,t'I.I, 1 1. ,_ 1 l r 1