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i' .��_ r t r•:••r • ;try : "t/� s -.n•y ^�a +..a • , . r` ___ _ IRE-RECORDED 9A 106981 90-- 107238 Cmw* rat Aceebrdkw of Debt. to) DatatsM. Leader may. except as limited by regulations tatted by the Secretary In the ease of payment defaults, require..;- - Ima►edlate paynsert in full of sU sums secured by this Security Instrument if: - (i) Borrower debuts by tailing to pay in full any monthly payment required by this Security instrument prior to or on the due date of the next monthly payment. or (ii) Borrower defaults by friUtmgl, for a period of thirty days, to perform any other obligations contained in this Security yA4.p Instrument. (b) Solt v4disiat Craih ApprovaL Lender shall. if permitted by applicable law and with the pdor approval of the Secrtrtary, require _ immediate payment in full of all the soma secured by this Security Instrument if: =_ - -- (i) AB or part of the hvputy is aberwise: truufwed (other than by devise or doom) by the Borrows, and =- (ii) The Property is not occupied by the purchaser or Stratum as his a her prir or oeoottdary «xidena, or b r grarm dam so ocia" the Property but his or her credit has trot been approved in�accordance n with the requirements (e) 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 respect to subsequent events. (d) Rgttlsti ma or Ituo Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in v that case of payment defaults, to require immediate payment in full and foreclose it Rot paid. This Security Instrument does rat awthorize acceleration or foreclosure if not permitted by regulations of the Secretary. -_ M- awassitailmess. Borrower has a right to be reinstated if Lender has Mulled immediate payment in full because of Btttrosxr's failure to pay our amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings an instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all arreounts squired to _ t including, to ;he bring Borrower's account curren ,xtent they are obligations of Borrower under this Security Instrument. foreclosure costs and reasonable and customar. attorney's fees and expenses properly it associated es with the foreclosure as proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as t `Sri( ,... .1f 1�� if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has r' %CI t „n�,. -•.,,� .. accepted Lends reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the j .M commencement to a current foreclosure proceeding, (11) reinstatement will preclude foreclosure on different grounds in the I r • _ .s_ „ „� ,,. future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. ill, Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of r 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 "6 commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sumo secured by this Security instrument by reason of any demand made by the original Borrower or Borrower's ti7: successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the �- '; ;�:• exercae of any right or rcuwsly. � ` :.f;r,i t, ;.•. -,,.;, ' L2. successors and Assigns pound: Jdo/ sad Several Liability; Co- Sigaen. The covenants and agreements of this Security is )12 ;' Instrument shall bind and benefit the; JOis lm and assigns of Lender and Borrower, subject to the provisions of paragraph 9.b. Borrower's covenants and agreements shall be join[ and several. Any Borrower who cosigns 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 i ,;;; "•i ;1 the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security }'' ` ' ;'.• r; r j:; •` i Instrument; and (c) agrees that Lender and any other 'Borrower may agree to extend, modify, forbear or make any '.•� }ti r:'r' accommodations with regard to the term of this Security Instrument or the Note without that Borrower's consent. 13. Nod es. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by malting it by I 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 shag be deemed to have been given to Borrower or Lender when given as provided in this paragraph. ; 34. Governing Law; Severabfilly. 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 E sev enable. F i 13. Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument. . 16. Assignment 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. t •• nant or agreement in the Secu: itv instrument, Borrower shall coll ect and receive all rents and revenues of the Property as trustee ; l for the benefit of Lender and Borrower This assignment of rents constitutes an absolute assignment and not an assignment for I I 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 Leader 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 thi% paragraph M. ti Lender shall not be required to enter uror., i ake control of or maintain. the I, orerty before or after turn: notice of breach tt+ Borrower. However, Lender or a judicially apromted receiver may do so a: ,tr.%• time there is a breaci•. ,Ac. application of rents shall not cure or waive any default or invalidate any other right or remedy of lender. Ti: ; assignment of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in lull. 1� ,t