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�tt �8-` 1�34615 . (i)All or part of the Property,or a bene�cial interest in a trust owning all or part of the Property,is sold or otherwise transferred(other than by devise or descent),and (ri) The Propeny is not occupie� by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements 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,Lender does not waive its rights with respect to subsequent events. (d) RegulBtions ot HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights,in the case of payment defaults,to require immediate payment in full and fore�lose if not paid. This Security Instrument does not suthorize acceleration or foreclosure if not peimitt�ed by regulations of the Secretary. (e)Mortgage Not Insured.Borrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days from the date hereof,Lender may,at its opdon, require immediate payment in full of all sums secured,by this Security Instrumen� A wriuen statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof,declining w insure this Security-Instrument and the Note. shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this opdon may not be exercised by L.ender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium W the Se�retary. 10.Reinstatement.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 foreclosare proceedings are insdtuted. To reins�te the Security Instrument, Borrower shall tender in a lump sum all amounts required w bring Borrower's account cutrent including, to the extent they are obligations of Borrower under this Security Inswment, foreclosure costs and reasonable and customary attorneys' fe�s and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it sec�res 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 commencement of a current foreclosure proceeding, (ri) reinstatement will preclude foreclosure on different grounds in the future, or (iri) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Eztension of the time of payment or modification of amortizadon of the sums secured by this Secnrity Instrument granted by L.ender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interes� L.ender 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 intsrest.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. 12.Successors and Assigns Bound; Joint and Several Liability; CaSigners.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 Bonower who co-signs this Security Instr�ment 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 Properiy under the terms of this Security Instrument; (b) is not personally obligated to pay the sums se�ured 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 terms of this Security Instrument or the Note without that Borrower's consen� ��4R(NE)(9804).O1 Page 5 of B . Initials: 1 � '� � ,�4 � � :r