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<br />• *(a) Deff"U. Leader tray. except us Ilmited by regulations issued by the Secretary in the cue of payment defaults, require
<br />hpcpediate payment in fun of all aunts secured by this Security Instrument If:
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<br />(I) Borrower Borrower defaults by failing to pay in fun any monthly paymdlt required by this Security Instrument prior to or on
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<br />the due date of the next monthly payment, or
<br />(IQ Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security
<br />Instrument.
<br />Lender shot, if by applicable law and with the prior approval of the secretary, require' (b) Sale Sak Wltbont Credit Approval, Itisntmteat if:
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<br />immediate payment in full of an the sums secured this Security
<br />Borrower,
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<br />(I) All or pan of the Properly is otdawlse transferred (odor than by devise or descent) by the and
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<br />(ii) 7be Property is not occupied by the Purchaser or grantee an his or her primary r seconduy residence, or h p rcSecre r of
<br />tit his her credit ban etas been appmvcd in accordance with do wquinarKma
<br />...
<br />platee does so occupy the Property or
<br />(c) No Water. If circumstances occur that would permit Lender to require immediate payment b fun. but Lender does not
<br />require such payments, Lender does not waive its rights with respect to subsequent events,
<br />ry
<br />(d) atepriora of HUD Secretary la many circumstances regulations issued by the Secretary will Limit Lender's rights, in
<br />defaults. to require immediate payment in full and foreclose if not paid. This Security instrument rises
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<br />the case of payment
<br />pat authorize acceleration or f9mbO ttre if not permitted by regulations of the Secretary.
<br />A. adagpteaseat. Borrower has a right to be reinstated if Lender has required immediate payment in full because of
<br />failure to an amount due under the Note or this Security Instrument. This right applies even after foreclosure
<br />Borrower's pay
<br />proceed:n are instituted. To reinstate the Security Instrument, Borrower Shan tender In a lump sum all amounts required la
<br />ge
<br />to the extent they are obligations of Borrower under this Security Instrument.
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<br />brfag Dorroww's account current inchid,,ag,
<br />foreclosure costs and reasonable and customary attorney's fees and expenses properly associated with the foreclosure
<br />by Borr OWT, this Security Instrument 11134 the obligations that it secures shall remain in effect as
<br />proceeding. Upon reinstatement
<br />i'i Lendet had not required immediate payment in full. However, Lender is pot required to permit reinstatement if: (i) Lender has
<br />the commencement of foreclosure proceedings within two years immediately preceding the
<br />;
<br />accepted reinstatement after
<br />commencement of a current fottelosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the
<br />future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument.
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<br />11. Borrower Not Reltmed; Forbearsente By Lender Not a Waiver. Extension of the time of payment or modification of
<br />of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not
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<br />amortization
<br />operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to
<br />to extend time for payment or otherwise modify amortization
<br />commence proceedings against any successor in interest er Tefuse
<br />of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's
<br />or remedy shall not be a waiver of or preclude the
<br />successors in interest. Any forbearance by Lender in exercising anv tight
<br />exercise of any right or remedy.
<br />12. Successors and Asslgas Boand; Saint and Several Liability; Co•S%ners. Th'r cotenants and agreements of this Security
<br />of Lender and Borrower, subject to the provisions of {•aragrapfi 9.b.
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<br />Instrument shall bind and benefit the successors and assigns
<br />Borrower's covenants and agreements shall be joint and several. Any Borrower who co -sipns this Security Instrument but does
<br />and convey that Borrower's interest in
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<br />not execute the Note: (a) is co- signing this Security Instrument only to mortgage. grant
<br />the Property under the terms of this Secuti y Instrument; (b) is not personally obligated to pay the sums secured by this Security
<br />(c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any
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<br />Instrument; and
<br />accommodations with regard to the term of this Security Instrument or the Note without that Borrower's consent.
<br />13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by
<br />method. The notice shall be directed to the Property Address or any
<br />first class mail unless applicable law requires use of another
<br />other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address
<br />Borrower. Any notice provided for in this Security Instrument shag
<br />stated herein or any caddies Lender designates by notice to
<br />be deemed to have been given to Borrower or Lender when given as provided in this paragraph.
<br />U. Coveradng Law; Seretability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in
<br />or clause of this Security Instrument or the Note conflicts with aP-
<br />;
<br />which the Property is locared. )n the event that any provision
<br />plicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect
<br />without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be
<br />e:
<br />severable.
<br />15. Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument.
<br />16. As *smient or Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property.
<br />to the rents and revenues and hereby directs each tenant of the Property
<br />Borrower authorizes Lender or Lender's agents collect
<br />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-
<br />Borrower shall collect anw receive all rents and revenues of the Property as trustee
<br />nant or agnensent in the Security Instrurre na,
<br />for the benefit of Lender and Borrower. T-h.s assignment of rents coast, lutes an absolute assignment and not an assignment for
<br />additional security only.
<br />If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trust'ez for toned,
<br />by the Security Instrument: (b) Lender shall be entitled to collect and receive all
<br />;
<br />of Lender only. to be applied to the sums secured
<br />of the rents e'` the Property; and (c) each tenant of the Property shay[ ray all rents due and unpaid to Lender or Lender's agent
<br />on Lender'- written demand to the tenant.
<br />Borrower has not executed any prior assignment of the rents ar z has not and will not perform any act that would prevent
<br />Lender from exercising its rt¢h:s under this paragraph 16_
<br />Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice n%: '; reach to
<br />Borrower. However, Lender or a judo i slty appointed receiver may do to at any time there is a breach Any application of rents
<br />shall riot ,cure or waive any default car ; nWidate any other right or remedy at I ender. rhi`, as,.uctinen,- •:'' rents. of the Proper%
<br />the debt secured uy cite Security Instrument i< paid rn lull.
<br />shall terminate when
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