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••' :. 7SYe Mk�r. .t i 47F r �. Graaatf)s for Aetaleratb. of Debi. 90-107310 (a) Default. Lender may, except as limited by regulations issued by the Secretary in the case of payment defaults, require Immediate payment in full of all sums 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 (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sale without credit Approval. Lersfer shall, it permitted by applicable law and with the prior approval of the Secretary, require Immediate payment in fill of all ire sums secured by this Security Irutrunum if: (i) All or pen of the Property is otherwise transferred (other than by devise or descent) by the Borrower. wed (ill The Property is not occupied by the purraasr or grantee as his or her primary or secondary residence, or the purchaser or grandee does so occupy rho Property but his or her credit has not beer approved in aecordanoe with the roqulre w u of the Secretary (c) No Waiver, 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. (el) ReRaNdalia of HUD Secretary. in many circumstances regulations issued by the Secretary will 11mi1 Lender's rights. in the case of payment defaults. to require immediate payment In full and foreclose if not paid, This Security Instrument does trot authorize a Ieration or foreclosure if not permitted by regulations of the Secretary, N, RebatalemaL 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 ate 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 are obligations of Borrower 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 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 future, or (iii) reinstatement will adversely affect the priority of the lien creatted by this Security 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 Borower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest oT refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by Teason 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. U. Suctetsors and Assigns Bound; Joint and Several L1abi111y; 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: (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 make any accommodations with regard to the term of this Security instrument or the Note 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; 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 convicts 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 sevetable. 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- 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 npplied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Prorerty; 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. Borroaet has not extcuted any prior assignment of the rents and has not and will not perfarTr. anv act that would prevent Lender from exercising its fights under this paragraph 16. Lender shall not be required to enter upon, take conaol of or maintain the Property before or after giving notice of breach to Borrower. However, Lender err a judicially appointed receive- ma) do so at any time there is a breach. Any appl ;cation of rents Shall not cure or waive any default or invalidate any other fight or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by the Security initrutnent t, paid in full. r'arte 1 or 4 OS M-J'Wtt FF 77 „ h t, 's ri