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<br /> (i)All or pan of thc PropeiKy,or a beneficial interest in a trust owning all or art of thc Properry. is sold �"-
<br /> o r o t h e r w i s e t r a n s f e r r e d(o t h c r t h a n b y d e v i s e o r d e s c e n t),and ����.
<br /> (ii) The Property is not occupied by the purchaser or grantce as his or her principal residence. or t he :<:�=�_ ___
<br /> purchaser or gran[ee does so occupy the Property but his or her credit has not been approved in �,u�
<br /> 1 Accordance with the requirements of the Secretary. _���
<br /> (c) No Wuiver. If circumstances accur that would permit I.ender to require immediace payment in full, but '���
<br /> . , � Lender does not requlre such payments,Lender does not waive its rights with respect to subsequent events. ::;ku�-_-�
<br /> (d) Regulstions of HUD Secretary. In many circumstances regulations issued by the Secretary will limit t y,-----
<br /> '�� Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not �
<br /> �; paid.This Security Instrument does not authorize acr.eleration or foreclosure if not perniltted by regulations --_
<br /> � of the Secretary. -
<br /> � (e)Mortgage Not Insured.Borrower agrees that if this Securlty Instrument and the Note are not determined
<br /> ta be eligible for insurance under the National Housing Acc within 60 days from the date hereof, I.ender _
<br /> � may, at its option, requirc immediate payment in full of all sums secured by this 5ecurity Instrument. A =
<br /> writtcn statement of any authorized agent of thc Secretary dated subsequent to 60 days from the oate Ucteof,
<br /> � declining to insure �his Security Instrument and the Note, shall be deemed conclusive proof af such -
<br /> • ineligibllity. Not�vithstanding the foregoing, this option may not be exercised by Lender when the ,.
<br /> ' unavailability of insurance is solely duc to Lender's failure to remit a morcgage insurance premium to the ;;-
<br /> � Secretary. `
<br /> , 10. Reinstatement. Borrower has a right to be rcinstated if Lender has required immediatc payment In full �-
<br />� �-� "'--`� because of'Bor�uwer's fat�ur ta pay an a.�noum due ur.der�h� Nntr�r rhi�Securtty Instrument. This right applies
<br /> . even aRer foreclosure proceedings are instituted. To retnstate the Security Instrnment. Borrower shall tender in a
<br /> � lump sum all amouttts required to bring Bonower's account current including, to the extrnt they are obligations of
<br />' � Borrower under this Security Instrument,foreclosure costs and reasonable and customary at[orneys' fees and expenses
<br /> properly associated with the foreclosure proceeding. Upon reinstatement by Bonower, this Security Instrument and
<br /> �' the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full.
<br />� .,,,� � However, I.ender is not required to permit reinstatement if: (i) Lender has acceptcd reinstatement after the
<br /> commencement of foreclosure proceedings within two years immediately preceding the commencement of a cunent —
<br /> , foreclosure proceedin�, (ii) reinstatement will preclude foreclosure on different grounds In the future, or (iii)
<br /> . reinstatement will adversety affect the priority of the lien created by this Security Instrument.
<br /> il. Borrower Not Released; Forbearance By Lender Not a Wniver. Extension of the time of payment or
<br />_ ' modification of amortization of the sums secured by this Security instrument granted by Lender to any successor in
<br /> � .� interes[ of Bonower shall not operate to release the liabilitv of the original Borrower or Bonower's successor in
<br /> interest. Lender shall not be required to commence proceedings against any successor in in[erest or refuse to eztend
<br /> � time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any _
<br /> demand made by the original Borrower or Bonower's successors in interest.Any forbearance by I.endar in exerclsing
<br />- . � Any right or remedy shall not bc a waiver of or prccludc the exercise of any right or remedy. ___ �
<br />- 12. Successors and Asslgns Bound; Joint and Several I.iabiltty; Co-Sisners.The covenants and agreements `�
<br />- of this Security Instrument shall bind and benefit the successors and assigns of Lender and Bonower, subject to the _
<br />-•�� � provisions of paragraph 9(b). Bunower's covenants and a�reements shall bc joint and several. Any Barrower who �y�,�
<br /> co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Inscrument only to R:---
<br /> ' - mortgage, grant and convey that Borrowei•'s interest in the Property under the terms of this Security Instniment; (b)
<br /> , is not personally obligated to pay the sums secured by this Security Instrument; and(c)agrees that Lender and any . _
<br /> - other Borrower may agree to extend, modify, forbear or make any accommodat{ons with regard to the terrns uf this ��=.:F.-.._,--
<br /> Security Instrument or the Note without that Borrower's consent. � �'"
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