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C:.: r tt4 1'I, ., j; 90 107276 � ; r ►� 9. Groatstis fa AetsnleraUoa of Drbt. �`��' (a) Defsab. Lender may, except as limited by regulations issued by the Soeretary in the case of payment defaults, require F ' -- immediate payment in full of all sums secured by this Security Instrument If: (i) Borrower defaults by faWng 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 (ailing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) gale WWw A Craft Approval, Lender shall. if perminod by applicable law and with the prior approval of the Socratm, saquire immediate payment in fill of alt the sums secured by this Sectxity Instrument if. (l) AB or pan of the Property Is otherwise uansfemed (other than by devise or descent) by the Borrower. and (8) Tho Property is not occupied by the purchaser or grantee a his or her prirtury or secoodaty nsidenco, or die purchaser or grardw does so ooatpy the Property but his or her credit his not been approved in accordance with the requirements of the Secretary. (e) No Waver. if circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Leader does not waive its rights with respect to subsequent events. (tD ReRaWlows of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immediate paymete in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreck sum if not permitted by reguhstiosts of the Secretary. 10. ReWhtareat. Borrower has a right to be reinstated if Lender has .equired immediate payment in full because of Borrower's failure to pay an ameunt 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 cuorene including, to the extent they are obligations of Borrovter 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 Security Instrument and the obligations that it secures sha!I 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 of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the Ilen created by this Security Instrument. 11. Borrower Not Released; Forbbarance By Leader Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured by this Security )nstrument 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 any right or remedy. 112. Successors and Aaalgas Bound; Joiew and Several IJobWty; 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 shrill be joint and several. Any Borrower who co -signs this Security Instrument but does not execute the Note: (a) is co- signing this Security Instrvr. :ant only to mortgage, grant and convey that Borrower's interest in %Fit "Property under the terms of this Security Instrument; (h) is not personally obligated to ray 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 Vote 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 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. 14. Governing Law; 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 provision or clause of this Security Instrument or the time 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. 1S. Borrower's Copy. Borrower shall be given one conformed copy of this Security Instrument. 16. Asslgament 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 1 ender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any cove - nant or agreement in the Security 1 nstrument, 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 anti 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 P roperty shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand io the tenant. Borrower Ila- not executed any pnor assignment of the renisand her., rat and will not perform arc ,•ace chat would prevent Lender from exerzibang its rights under this paragraph 16. Lender shall not be rtqu *ed to enter upon, take control o: or maintain rte Property hcinre or afar gists notice of breach to Borrower. However, Ler:.:ar err a'u&;ially appointed re. er.cr rnay do so at any time th;rc :, i breach. A % aTl-lication of rents shall not cure or waive art or invalidate any other right r•r remedy of Lender. 7T i; .i,;ipnmeni of rents of the Property shall terminate %hen the de•ht secured by the Security Instrument is paid in ful;. Pact, t .,r ,1 it a•, {� .7! - • -gang t •r.