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RE-►-CECCRDED 98- 1( 1 8 98- 105405 (1) AI' or tart of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise to rtsferred (other than by devise or descent), and (ii) 11;e Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchrstr or grantee does so occt.py the Property but his or her credit has not been approved in :~ccordar,ce with the re s'.rements of the Secretary. (c) No 'Waiver. If c tcurrrr>tanc 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) Regulations of ft?t'i 1) Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in .`he case of payment defaults, to require immediate payment in fc,'.l and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure. if riot perririttcd by recguiations of the Secretary. ,(e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not %etermined to be eligible-for insurance under the National Housing A,ct within 50 days from the date hereof, Lender may, at its opt'kon, require immediate payment in ful! of all sums secured by this Security Instrurrtmt. A written statement of any authorized agent of the `secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrument and the Nota, shall be c)eemed conclusive proof of such incligi'~iility. Notwithstanding the foregoing, this option may not be exercised by Lender when th,. unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower has a right to be reinstated if bender has required immediate payment in full because of Borrower's failure to pay an amount8ue under the Note or this Security Instrument.'This right applies even ;after foreclosure proceedings are instituted.'ro reinstate the Security Instrument, Borrower shall tender in a lun.p swirl all amount, required to bring Borrower's account current including, to the extent they are obligations of Borrower un&r this Security Instrument, foreclosure costs and reasonable+ and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrurne--.- and the obligations that it sm-ures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to F<:rmit 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, (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. 11. Borrower Not Released; ]Forbearance By Lander Not a Waiver. Extension of the time of payment or modi.fic.atinn 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 commence proceedings against any successor in interest or refuse to extend time for rnyment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower fir Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the eyer•cise of any right or rerr.edy. 12. Successors ind Assigns Bound; )dint and Several Liability; I,:o-Signers. The covenants and agreements of this Security Instrument shall b;nd and benei°it the successors and as.5igns of Lender and Borrower, subject to the pro visions of paragraph 9(03. Borrower's covenants and agreements shall be joint and se,jeral. Any Borrower who co-signs this Security Instrument but sloes not execute the Note: (a) is cosigning 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 terms 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 claws rnail unless applicable: law requires use of another niethod. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. t--4R(NE) r ~seu~ia . 5 of s L- Initlett: 1