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<br /> � � 97- 1U6860 : -
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<br /> _ � (i)Alt or part of 1hc Property,or a bcnc�ciel intcrest in a wst owning all ar part of thc Propcny,is sold or �"'
<br /> othcrwise transtcrred(other than by dcvisc or dcsccnt),end
<br /> ,��� (ii) 'Ihc Property is not occupicd by the purchascr or grantec es his or her principal residencc. or thc _� '�''
<br /> purchaser or grant,ce docs so occupy the Property but his or her credit has not becn approved in accordance -
<br /> �� „ with the rcquircmcnts of thc Sccrctary. _
<br /> � (c) No Waiver. If circumstances occur that would permit Lendu to require immediate payment in fuU, but s�---
<br /> ' Lcader does not rcquire such payments,Lcndcr does nat waive its rights with resptxt to subscqucnt evcnts. -
<br /> � (d) Regulxtions of HUD Secrttary. In many circumstsu�ces reguladons issued by the Sccretary will limit _-
<br /> . s�: Lender's rights,in the caso of payment defaults,to reyuira immediate paymcnt in fuA and forcclose if not paid. _
<br /> This Security Insuument does�at authorue acce}:ration or foreclosure if not permitted by regulations of the �,�
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<br /> (e)Mortgage Not Insnred.Borrowcr agrees that if this Security Inswment and the Note arc not determined to
<br /> ' �, be eGgible for insuranco nnder the Na6onnl Housing Act within b0 clays from U�e clate l�ereof,Lender may.at °
<br /> ' its opdon, require immediate payment in full of all sums secured by this Security Ioswmen� A written =-
<br />- statement of any authorized agent of the Secretary dated subsec�uent to 60 days from the dato hereof,decUning _
<br /> to insure this Security Instrument and the Note, shaU be deemed c�nclusive proof of such ineligibility. -'
<br />� � ' Notwithstanding tha foregoing. this option may not be exercised by Lender whcn the unavailabillty of _
<br /> � insurance is sokly due to Lcnder's failurc to remit a mortgage insurancc premium to the Secretary. -
<br /> � 10.Reinstatement.Borrowcr has a right to be reinstated if Lender has requirod immediate payment in fuq bocausc
<br /> of Borrower's failuro to pay an amount due undcr the Nou or this Security Instrumen�This righi applies even after -
<br />;� foreclosuce proccedings are instltuted.To reinstate the Security Instrument, Borrower shell tender in a lump sum all '
<br /> - amounts required w bring Borrower's account current including,to the extent thoy are obligadons of Borrower under _
<br />_ ��° this Securiry Inswment, foreclosure costs and reasonable and customary attorneys' fees end expenses pmperly
<br /> '.::r`�;�;,�;.: assaciaced with ihe i�xcc:Josuro p��i;i,�iiig. L'�a reuisieie�eat �y Sar,-awc., this S�.urtty Iasirussiant and shc
<br />_}'�" '�••`�' obligtuions that it secures shall remain in effect as if Lender hAd not required immediate payment in full.Howevu,
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<br /> J"' ' �•' " t,ender is not required to putnit reinstatsment if: (i) Lender has accepted reinstatement after the commencement of
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<br />�,.,�}�,�� ,, foreclosure pmceedings within two years Immedlately preceding the commenament of a current foroclosure
<br /> _=�•{°,: f proceuiing, (u)reinstatement will preclud� foccxlosure on different grounds in the fuwre, or (ifi)ninstaument wW
<br />'Y"'°',:;,.�::, advecsely affoct the priority of the Gen created by this Security Inswmen�
<br />=;:.;�i�Yt.°� 11. Borrower 1Vot Rek�C; Fo�6e�rsnce Br Lender Not a Waiver. Extension of the time of payment or
<br />-=�`�"`=�`� modif'�cation of amorti�ation of the sums secured by this Security Insuument grantcd by Lender to eny successor in
<br />�'��M-.-- interest of Borrower shaU not operate to releasa the liability of the original Borrower or Borrowu's successor in interest
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<br />�;.- -�'',. I.ender shall not be required W commence proceedings against any successor in interest or refuse to extend dme for
<br /> ►'�� ' paymcnt or otherwise modify aroortizadon of thc sums secured by this Security Instrument by reason of any demand
<br /> -_-��� made by the orlginal Borrower or Borrowu's successors in interesG Any forbearance by L.ender in exercising any right
<br />� or remedy shall not be a waiver of or preclude the exercise of any right or remcdy.
<br />-�`�`�=�� 12.Successors and Aastgns Bound;Joint and Several Liabflity;Co•Signers.The covenants and agreements of
<br /> =- `_c-'`�`=� this Security Instrument stiall bind and benefit the successors and assigns of Lender and Borrower, subject w the
<br />==";,i��� provisions of paragraph 9(b). Borrowcr's covenants and agceements shall be joint end seveial. Any Borrowu who
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<br />;',-r;:,r,.;�?•• . � co-signs this Security Instrument but does not execute the Note: <a) is co-signing this Security Instnunent only w
<br /> � �.���'i. mortgage,grant and convey that Borrower's interest in the Property under the terms of this Security Instrument;(b)is
<br />—'�'�"� not personally obUqaLed to pay the sums secured by this Security Instivment;and(c)ugrxs that Lender and any other
<br />� ��°'�� Borrower may agree t,o extend,modify, forbear or make any accommodaqons with regard to the terms of ihis Securiry
<br />- --=-- — Instrument or the Note without that Boaower's consenG
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