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• 1 ..i I �, - - -- 9. Gleaain a. Atulsafte of Dabt. 90._ 107284 (a) betank. Lewder may, except as Waited by regulations issued by the Swelm y III tla #:ells of paytnemt defaults, require immediate pay== is full of all suet secured by this Security instrument If: (1) Borrower defaults by failing 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 04 Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in ibis Security Instrument. (b) Sink Wkboat Credit Appsovai. Lender shall, it permitted by goiable haw and whh the prior approval of the Secretary, requite imatediase payment in li ll of all We sums mcwW by this Security lahgrurrsent If- (I) Ali or put of the Property is otherwise transferred (other than by devise or descaa) by the Borrower, and (ii) The Property is not owWW by the purchaser or grantor: as Isis or her pt:.nuy or secondary residence, or dte purchaser or graratea does so omgry the Property but his or her credit bas am been approved in aeco dente wish she requirisnu s of the Secretary. (c) No Wsivay. 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) RegWWkna of HUD Secrets". In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in fuU and foreclose if not paid. This Security Irutmment does not authorize scakration or foreclosure if not permitted by regulations of the Secretary. 10. Relastatessea4 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 current Including, to the extent they we obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorney's fen and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower. this Security 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 yeas Immediately preceding the commeacemeat 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 lien created by this Security Instrument. IL Borrower Not Rtdemed; forbearance By Leader 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 com mwx proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the suss secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successor in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the cxcrrE;c of any right or remedy. 12. Successors gad Amiga Bound; Joint and Si veral 1.1nblg4; Co-Signeris• 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: (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 snake any accommodations with regard to the term of this Security Instrument or the Note without that Borrower's consent. 13. Noshes. 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 tint 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 darned to have been given to Borrower or Lender when given as provided in this paragraph. 11. Governing Law; Sererubift. 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- plicabk 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. AssIle scent of Reels. 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 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 I nstrument; (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 partyrttuh 16. L codier shall not be required to gotta upon, tape .nmtrol or or maararun the Property Wore or after gnhns notice of breach w lkvr. gwts. However. Lender or it Ittdium; v appoinwd ruce tiesr may do w at any time there is a breach. Any application of rents shall Wt ,nitre or w;tive any detau6t or mvandarr am, other tight or rtrmedv of (.ender. This assignment of rents of the Property sUM terminate when the debt secured by the SatuntY foxrument is pwd ut I oil YJR? 1 of 4 W — — �.JI.aa04f...�•�I� -fl.�� r. �•.. :fir :. �- 1 1