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201209649 (i) All or part of the Property, or a beneficial interest in a trust owning all or par[of the Property, is sold or othenv3se iransferred (other than by devise or descent), and (u) The Property is not occupied by the purchaser or grantee as his or her principal residence, or ihe purchaser or grantee does so occupy fhe Property but his or 6er 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 respec[to subsequent events. (d) Regulations of HUD Sectetary. In many circumstances regulations issued by the Secre[ary will limit Lender's rights, in the case of paymen[ defaults, to require immediate paymen[ in full and foreclose if not patd. This Security Instrument does not anthorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e)Mortgage Not Insured. Borrower a�ees Ihat if this Securiry Instrument and the Note are not determined to be ellglble for insurance under the National Housing Act witLin 6D days from the date hereof, Lender may, at its option, require immediate payment in full of all sums secured by this Securiry InshvmenL A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insare Utis Security Instrument and fl�e Note, shall be deemed conclusive proof of such ineligibiliry. Notwithstand3ng the foregoing, this option may not be exercised by Lender when the unavaila6ility of insurance is solely due ro Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstete�nent. Borrower has a right to be reinsta[ed 3f Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Inslrument. This right applies even after foreclosure proceedings are insti[uted. To reins[ate ihe Sewrity Inslrument, Borrower shall [ender in a lump sum all amounts required to bring Borrower's account current including, to ihe e7c[ent they aze obligations of Borrower under this Security Iustrument, foreclosure costs and reasonable and customary attomeys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower. Wis Security Instrument and the obligations that it secures shall remain in effect as if Lender had not requ'ved immediate payment in full. However. Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencemen[ of foreclosure proceedings withiu two years immediately preceding the commencemen[ of a current foreclosute proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the fu[ure, or {iii) reinstatement will adversely affect the pflority of the lien created by tLis Security Instrument. 11. Borrower Nat Releasad; Forbearance By Lender Not a Waiver. F�ctension of the time of payment or modification of amortiza[ion of We sums secured 6y thls Security Instrument granted 6y Lender to any successor in interest of Borrower shall not operate to release ihe liability of the orIglnal Borrower or Boaower's successor in interest. Lender shall not be required ro commence proceedings agalns[ any successor in interest or refuse [o e�ctend time for payment or otherwise modify amortizatlon of the sums secured by this Securily Instrument by reason of any demand made by Ihe original Borrower or Borrower's successors in interesL My forbearance by Lender in eacercising any right or cemedy shall not be a waiver of or predade the exercise of any right or remedy. 12. Snccessors and Assi�a Bound; Joint and Several Lisbility; Co-Signers. The cwenants and agreements of fhis Securily Insirument shall bind and bene�t the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's cwenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrumenl but does not e�cecute the Note: (a) is co-signing this Security Instrument only ro mortgage, grant and convey that Bonower's interest in the Property under the terms of tltis Security Iastrument (b) is not personally obligated to pay the sums secured by this Security Insirument and (c) agrees that Lender and any other Borrower may agree to estend, modify, for6ear or make any accommodaflons with regazd ta the terms of this Security Instrument or ihe Note without Wat Borrower's consent. � �(�,yryJ�� 897c�04688 ��^' �-4N�y (9802).01 Page 5 of B