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<br />9. GreaMs for Aoalseadoe of Debt. 90-107317
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<br />(a) Delatak. Lender may, except as limited by regulations Issued by the Secretary in the case of payment defaults, require
<br />immediate payment in full of all sums secured b this Security Instrument if:
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<br />(I) Borrower defaults by failing to pay in full any monthly payment required by this Security Instrument prior to or on
<br />the due date of the next monthly payment. or
<br />(ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security
<br />Instrument.
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<br />(b) Sale Witbat Credit Approval. Lender shall, if permitted by applicable law and with the prior approval of the Secretary. require IV y
<br />inurwdiste payment in full of all the sums secured by this Security Instrument if:
<br />t.
<br />(I) All or part of the Property is otherwise tnwferred (other than by devise or descent by the Borrower, and
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<br />. -_ . (ii) The Property is not occupied by rho purchaser or gntntoe as his or her primary or ceeondary residence. or the purchaser or
<br />grantee does so occupy the Property but his or her credit has rot been approved in accordance with the requirements of rite Secretary.
<br />(e) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not — - ---
<br />require such payments, Lender does not waive its rights with respect to subsequent events.
<br />pec sell i,.•..r . :m.�.�
<br />(d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in
<br />the case of payment defaults, to require immediate payment in full and foreclose if not aid. This Security Instrument does
<br />P Da P
<br />o not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. �•, L.
<br />N. iRNmtatenteal. Borrower has a right to be reinstated if Lender has required immediate payment in full because of '-
<br />Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after tferecllosure
<br />P roceedings are instituted. To reinstate the Security Instrument, Borrower shall leader in a lump sum all amounts required to 'A• gym=
<br />bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, "
<br />foreclosure coats and reasonable and customary attorney's fees and expenses properly associat:d with the foreclosure
<br />proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations n hat it secures shall remain in effect as
<br />if Lender had not required immediate payment in full. However, Lender is not required to v ermit reinstatement If: (1) Lender has 11, XF
<br />l .4 ,4i} accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the
<br />commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the
<br />future, or (ill) reinstatement will adversely affect the priority of the lien created by this Security Instrument. s "°
<br />11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of
<br />amortization of the sums secured by this Security Instrument granted by lender to any successor in interest of Borrower shall not
<br />operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to - –
<br />commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization F =
<br />i'. of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's 4.�.
<br />successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the i
<br />exercise of any right or remedy.
<br />' i, .. 12. Successors and Assigns Bound: Joint and Several 1JabBlty; Co-Signers. The covenants and agreements of this Security 101
<br />Instrument shaft bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9.b.
<br />Borrower's covenants and agreements shall be joint and sescral. Any Borrower who co -signs this Security Instrument but does
<br />not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in
<br />the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security
<br />Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any
<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 />first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any
<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 />stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall
<br />be deemed to have been given to Borrower or Lender when given as provided in this paragraph.
<br />s : 14. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in
<br />which the Property is located. In the event that any provision or clause of this Security instrument or the Note conflicts with ap-
<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 />severable.
<br />13. Borrower's Copy. ]Borrower shall be given one conformed copy of this Security Instrument.
<br />16. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property.
<br />Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property
<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 />rant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee
<br />for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assgnment and not an assignment fbr
<br />additional security only.
<br />If Lender gives notice of breach to Borrower: la) all rents received by Borrower shall be held by Borrower as trustee for benefit
<br />of Lender only, to be applied to the %ums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all
<br />1 of the rent i of the Property: and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent
<br />on Lender's written demand to the tenant.
<br />• r: +. •. Borrower has not execu .ed any prior assignment of the rents and has not and will not Perform any act that would prevent
<br />Lender from exercising hot rights under this paragraph 16.
<br />Lender shall not be required to enter upon, take control of or n:am:air, the Property he:ore or after givrng notice n". b each to
<br />Borrower. WNwever, Lender or a judicially appointed receiver may do .io at any titre there 1, a hreael• Any application of rents
<br />shall not cure or waive any default or invalidate any other right or remed 1 er.I'cr. 7ht� assignment of rents of the P:-orerty
<br />shall terminate when the debt secured by the Security Instrument is paid in full.
<br />ridge r „/ 4
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