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201206�79 (ii) The Property is not occupied 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 accordaace with the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment 'vn full, but Lender does not require such payments, Lender does not waive its rights with respeit to subsequeat events, (d) Regulations of HUD Secretary. In many circwnstances regulations issued by the Secretary will limit Lender' s rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid Ttus Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Bonower agrees that if this Security Instrument and the Note are not determitted to be eligible for insurance under the National Housing Act within 6 0 DAYS from the date hereof, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary daied subsequent to 6 0 DAYS from the date hereof, declining to insvre this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender' s failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement Bonower 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 foreclosure proceedings are instituted. To reinstate the Security Instrument, Bonower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they aze obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attomeys' fees and expenses progerly associated with the foreclosure proceeding. Upon reinstatement by Bonower, this Security Instr�ment and the obligations that it secures shall remain in effe�t 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, (ii) reinstatement will preclude foreclosure on differeat 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 Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured by this Security Instxument granted by Lender to any successor in interest of Bonower shall not operate to release the liability of the original Bonower or Borrower's successors in, interest. Lender sha11 not be required to commence proceetiings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Secutity Instrument by reason of any demand made by the original Bonower or Borrower' s successors in interest. 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. Suceessors and Assigns Bound; Joint and Severa[ Liability; Co-Signers. The covenants and agreements of this Security Instruxnent shall bind and benef�t the successors and assigns of Lender and Bonower, subject to the provisions of pazagraph 9(b). Bonower's covenants and agreements shall be joint and several. Any Bonower who co-signs this Security Instrument 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 Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secwred by this Security Instrument; aad (c) agrees that Lender and any other Bonower may agree to extead, modify, forbear or make any accommodarions with regard to the terms of this Security Instrument or the Note without that Bonower's consen�. 13. Notiees. Any notice to Borrower provided for in this Security Insirument shall be given by delivering it or by mailing it by first class mail unless applicable law requites use of another method. The notice shall be directed to the Property Address or any other address Bonower designates by notice to Lender. Any narice to Lender shall be given by first class ma.il to Lender' s address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. FHA NEBRASKA DEm OF TRUST - MERS �� NmOTZ.FNA 07/03/12 Page 5 of 9 www.docmaglc.com II I � I III I II I Q I II I01 I I II I I il i il il I I I I011 I i i il l il i ili