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If1SINRItill ifld lI1! NWt Jft ~Kllft~ t0 Ift StYltibit~ IO lA! tVl41 (I1~t lAy applKabk law 4m?ung tAe amnu~~ af ~o~erat ot other char;es ~
permiaed [o be wllected fiom Borrower u interpreted sa that aay char~e provided fot in tAis Instrument or ie ~ht Note, whethe~ oonudercd 1
separately or tojethet w~th other char~es kv~ed in aoanecuon with ~his Irtstrumeat and the Note, viotata s~A law, and Bomower is entitkd to ~he ~
bene6t of such law. such char~t u hereby rrdueed to the exetnt oeoessary w eGrtunate such violation. The amounts, if any. pnviously pa~d to ' `
Leade~ in eaau of the amounts payabk w Lender puausa~ w such char~es u reduoed s!?all be applied by Lender io reduoe the pnnapal of ~he _ ~
iadebtedaess evidenced by the Note. For the purpose of determinin~ ~rhe~her aay appliabk la~ Gm~tint the amount of intercst or wher char~a ?
permitted to be a~lkcted from BoROwer hu been valaced. all iadebtednes: wAich is securcd by this laft~yment w evi~ienoed by the Nou and ;
~hich oonstiwtes interest, as well u all othet cAar~a levied ia a~aaMion with such iade~ttdness whicli oonsutute intetest, :hall be deemed to be ;
allocated aad sprcad over the suted term of the Note. Unkss othewist requircd by applicabk (aw, such allocation and spreadins shall ~e el~ected '
ia such a maaner that the rate of interest caomputed theaby is unifonn throuthout tAe suted term of the Note.
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23~ WAIVER OF STATUT6 OF I.IMITATIONS Borrowe~ heroby waives the risAt a sssen aay statute of lunuations u a Aar a the ;
eaforaemeat of the Gen of this Inswmtot or to aay action ~rousAt to enfotcc 1he Nott ot aay other oblijatioa secund by tAis lnurumen4 '
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2l WAIVER OF MARSNALLlNG. Notwithsuadin~ the caiucna of any wher securiry ?ntercsu in the Ptuperty held by Leader or by aay otAer i
pany. Ltader shall have ~he ~=ht to deiermine ~he order in which any or all of the Proptrty shall be subjected to the rcmedies provided herein.
Lender shall havt the ri~hi ~o determine ~he order in which aay or afl portans of tAe indebtednas secvrcd hercby are satisfied from the prooeeds +
rcalixed upon the exercise of the amedies provided hereia. Bwrower. any ptny ~rho oonseats to ~his Instrumeat and any pany ~rho now or ;
heaafier acquircs a secunry interest in the Pmperty and wAo hu act~ial or oonslnKtive notioe hercof Aercay waiva any aad aU ri~ht to rcquite the ~
manhallint of asxa in oonnection with the exercise of any ot the remedies permitttd by appliabk laa or provided htreia. `
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2S. CONSTRUCTION LOAN PROVISIONS. Borrower a~rers to oomply with the aoveaants and aoaditions of the Constructan Loao
Atreemen~, if any, which is hercby inoorporated by rcfereaoe in aad made a part of this laswmeat. All advaaoe: made by Lender pursuaat to ~he ~
Construction Loao A=reemeat shall be u~deMedaess of Bo~rawer secvred by this Instrument. and such advaaoes may be oWitatory u provided in +
the Conswct'aa Loan /ltreement. All sums d~sbursed by Leader prior to oompktion of the improvemeats to protect the secutity of this loswmeat
up to the principal amount of the Note shall be tnated u disburxmeats puauant to the Constnxtion Loan Asrecmeat. All such sums shall beu i
mtercst fmm the date of duburxmeat a~ tbe rate suted in the Note, uokss ool{e~~tioa from 9orrowet of interest at such nte w~ould be aontnry to ~
applicabk law~ in vhich event such amounts shall btar iatereat at the hithest ratt which may be aolkcted from Bomowcr uoder applicabk law~ and j
shall be payabk upon notia from l.ender to Borrnwer requeuint pay~neat thercfor. I
From «me ta time u Lender deems necessary to protect Lender's iateresu, Borrower sAall, upon request of Lender, eaecute and dcGver w
Lender. ie such form u Lender shall dircct_ assunments of aay and all riehtc or daims which rrla~e to the mwruc~ion nf ~he Pms+rmr anA ~rbich -
Borro~rer may have a~ainst any party supplyin` or w~ho hu supplied labor, materials or servioes ia ooanection ~vith oonstruction of the Property. In
case of breach by Borrower of ~he mvenaacs and ooaditioas of the Constructiou Loan Asreemeat, Lendet, at Lender's option, wiih or ~nthout eatry
upoa the Propeny, ( i? may iavoke aey of the ri~hcc or remedies provided in the Consuuctiqn Loan A~reement, ( u) may aaaknte the sums
secured by this Inswmeat and invoke tAose amcdies provided ia pan~raph-27 hereof, or (ui) msy do both. If, afie~ the aommeeament of
amortiution of the Note, the Nae aad this Inswment arr sold by Lender, f~om aad aRer such sak the Constructioo Loan A~roemeat shall aase
to be a part of this Inswment and Bomower shall no~ assen aay rithi of seaoR, oounterclaim o~ aher dum or defea~e ariunj out of or in
conntctan .vith tht Cen~tn+ction Loan AYmmsnt against ths ~+1+l~ga~ie~!s t+C the Nole and lh.~ l~tn!~~t_
2~. ASSIGNMENT OF RENTS; APPOINTMEIVT OF RECEIVER; LENDER IN POSSESSION. As pan of the oonsideration for the
indebtedness evideneed by the Note. Bomowrer hercby absolutely and anooaditionally assi~ns and vansfea w Lender all the rcnts and reveaues of
the Pmperry, induding those now due, put due, or to beaome due by virtue of any kase or aher a~reement for the oecupancy or use of all or any
, put of the Prnperty, re~ardkss of to vhom the reaa and rcveaues of the Property arc payabk. Borrower hereby authorius Lender or l.ender
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atents w oolkct the afomaid rrnts aad rcvenua and hereby directs each teaant of the P~opcrty a pay such rcats w Leoder or Leoder i atents:
provided, horvever, that prior to written aotioe pveo by Lender to Borrower of the brcach by Borrower of any wvenant or aercement of Borrow~er
ia this loswment, Bortower shaU oolkct aad reueive all rcnts and rcveaues of the Property u wstee for the benefit of Leoder and Borrower, to
apply the rcnu aad revenues so oollected to the sums securcd by this Iaurument in the order provided w paneraph 3 hereof with the balance. so
bat u eo such brcach hu oocurted. w the aooount of Borrower, it bein` intendcd by Borrow~er aad Lender that this aui~nment of reats oonsdwtes
ao absolute assi~nmeat aad not aa aaitnmenc for add~tionat xcurity only. Upon deGvery of rritten aotice by Lender w Borro~rer of the brcach by ~ +
Borrower of any oovenant or a`reemeot of Borrower in this Inswment, and w~thout the neoeuity of Lender enterinY upon and ulcing aad =
~I maintainin~ full ooatrel of the Pioperty in person, by ageat or by a oourt-appointed reoeiver, Leoder shall immed'utely bt entitled to possession of t
all rents and reveaua of the Property u specified ia this pua~raph 26 u the same beoome due aad payabk, indudin~ but oot limited to rents thee e'
~ due and uapaid, and all such renu shall immediately upon dclivery of such notioe be held by Bomnwer u wstee for the beeefit of Lender onty:
' provided, ho~vever, that the written notioe by Lender to Bomower of tbe breach by Borrowrcr shall oontain a statement that Leeder e:erases its
j riehu w such rents. Bomow~er aerees that oommencing upon deGvery of such wrritten ootia of BorrowePs breach by Lender to Bomo~rer, each
` tenant of tht Property shall make such rcnts payable to and pay such rents to Lender or Lender's aaents on Lender i 9vrinen demand to each tenant ~
thercfor, delivercd to each tenant personally, by mail or by deGvering such demand to each rental unit, without any liability on the pan of said
~ tennnt to iaquirc funher u to the eaistenoe of a default by 8omower.
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~ Borrower hercby oovenants that Bomorver hu nw executcd any prior assi~nment of said rcnts, that Borrower has not performed, and will na
pedorm, any acts or has aot executed, and will aot eaecute, any iaswmeot xhich w~ould prcvent Lender from exerasinj ia ri~a under this
~ pua~aph 26, and that ai the ume of e:ecution of this Inswmcn~ there hu been oo anUCipation or prrpaymeat of aay of the rcntc of the Property
for more than two moaths prior to the due dates of wch ren~c. Borrower oovenants that Bortow~er will aa hercafur aolkct or aooept paymeat of
~ aay rents of the Property morc than two moaths prior to the due dates of such rcnts. Bomow~er further ooveeanec that Borrower .vill execute and `
deliver to Leeder such furt6er usi~nmentc of rcnts and revenua of ~he Property u Lender may from time to time rcquat. ~
~ Upon Borrow~er i brcach of any oovenant or a=rcement of Borrower ia Uus Inurument, Lender may ia persoa, by a~ent or by a oourt-
~ appointed rcoeivet, reyardless of the adeqwcy of Lender's security, enter upon and ake and maintain full oontro! of the Property in order to
perform all acts necessary and appropriate for the opera[iun and maintenana thereof indudinj, but not 6ntited to, the execv[ioa, caaoellation or
~ modifiation of kases, the coUection of all rents and revenues of the Property, the makint of rcpairs to the Property aad the executioa or
~ termination of aontracu providinQ for the mana~ement or mainttaanoe of the Property, all on such terms u ue deemed bat to protect tAe security
~ of this Inswment. ln the event Lender cleas to seek the appointment of a reoeiver for the Properry upon Borrower i brcach of aay oovenaat or
~ ajaement of 8orrower in this Inswment, Borrower hercby exprcssly oonunts a the appointment of such rc~eiver. Leader or the rcoeiver shall be
entitled to reaeive a rcasonabk fee for so manapjne the Property. s~?
~ All rcna and revenues oolkceed subsequen[ to delivery of wrntten notiae by Lender to Borrower of the brcach by Borrower of any oovenant or
ajreemeat of Borrower in this Inswment shall be applicd first to the oosts, if aay. of ukiai oonwl of and maeaeing the Properry and oolkctiat the
rcnts, indudini, but na Gmited to, atturney's fees, rcoeiver's lea, premiums oo reoeiver's bonds, oosu of rcpairs to the Property, premiums on
~ inwranae tues. assessments and other cha a oa the Pro -
~ policnes. rg perty, and the oosts of discharpn= any obliYation or lubiliry of Borrowrcr u
r lessor or landbrd of tl~e Propeny and then to the sums secured by this Inswmeet. Lender or the rcceiver shall have aaass to the books and
s reo~rds used in the operotan and mtintenanoe of the Propcrty and shall be liabk to aooouot only for those rents aaually rcceived. Leeder shall not
be liabk w Borrower, aayone daimin~ under or tArough Borro~rer or anyone havin` an iaterat in the Property by rcason of anythin` done or kR
~ undone by Leeder under ~Ais para~aph 26.
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~ If the rcnes of the Property are not wfhcient a meet ~he aous, if any, of uku~~ oontrol of and mana~nt the Properry aod oolkctinj the rcncs.
e any funds e:pended by Leodet for such purposes shall beoome wdebtedness of Borrower w L.ender securcd by this laswment puauant to
~ para~raph 8 hereof. Unku Lender and Borrower aeree m w~ritinj to other terms of paqmea~, such amounts shall be payabk upon notia trom ~
g Lender w Borrow~er «quesun~ paYment tAercof and shall beu intercst from the date of disbursemeot at the nte stated in the Note unkss paymeat
~ of interat at sucb rate aould be oonvary w spplicabk law~, iu ~vhich event such amounts shall bear inurat at the hi~hest race w~hich may be !
oo0ected from Borrorer under appGcabk la~r.
Any enterint upon and ultiat and maintaining of oonuol of the Property by Leader or the tsaiver and any application of rents as provided I
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~ herein thall na cvre or ~raive any default hereunder or iavalidate any other ri`ht or remedy of l.ender under applicabk lar or provided bereia.
A This asuYnmeot of rcnts of the Ptoperty shall terminate a~ such t?me u this Inutument oeases to secvrr indebtednus held by Lender.
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Unitorm Covenaats-Multitamily- I/77-FNMA/FHI.MC Ueitora Instrument ~~e s of 8ooj~s~
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