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<br /> (i)All or part of the Property,or a beneficial interest in a trust owning all or part of thc Prop�rty,is so •.•` ,t� _
<br /> or othenvise transferred(other than by devise or descent), and �.'r"�
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<br /> (ii) The Property is not occupied by the putchaser or grantec as his or her pdncipal resldence,or the ,�;ta:�`
<br /> purchaser or grantee dces so occupy the Property but his or her credit has not been approved in �
<br /> � accordance with the requirements of the Secretary.
<br /> (c)No Watver. If circumstances occur that wouid pern�it L.ender to require immediate nayment in full, but
<br /> Lender does not require such paymenu, L,end�r does not waive its dghts with tespect to subsequent events. _
<br /> . (d) Regulations of �iUD Secretary. In many circumstances regulations issued by the Secretary will limit _
<br /> I.ender's rights, in ttie case af payment defaults, to requite immediate pay�nent in full and foreclose if not -_
<br /> paid. This Securlty Inatrument does nat authorize acceleration or foreclosure if nat pernutted by regulations ,�.;;�9.�
<br /> of the Secretary. -
<br /> (e)Mortgage Not Insured.Bonower agrees that if this Securiry Inatrumcnt and the Notc are not determined _
<br /> to be eligible for Insurance under the Nadonal Housing Act within 60 days froin the date hereof, La:dar _i_
<br /> may, at its option, require immediate payment in full of all sums secured by this Security Instrument. A
<br /> written statement of any authorized agent of the Secretary dated subsequcnt to 60 days from the date hereof,
<br /> declining to insure this Securiry Instrument and the Nate, shall be deerned wnclusive proof of such --
<br /> �. ineligibiliry. Notwithstanding the foregoing, this option may not be exercised by Lender when the �
<br /> r; unavailability of insurance is solcly due to Lender's failure to remit a mortgage insurancc premium to the
<br /> - ,� . Secretary. �
<br /> 10. Reinstutement. Honower has a right tc be reinstated if Lender ha.s re�uired immediate paymant in full
<br /> __,_ _._ _ h�rs���ce of Bnrrower's failure to pay an nmount due under the Note or this Secudty Instrument. Tt►is right applles ';_
<br /> even after forealosure proceedings aze instituted. To reinstate the Security Instrument, Bonower shall tender in a �_
<br /> � ' lump sum all amounts required to bring Borrower's account cunent including, to the extent they aze obligations of =-
<br /> Borrower under this Securiry Instrument,fareclosure costs and reasonable and customary attorneys'fces and expenses
<br /> properly associated with tbe foreclosure proceeding. Upon reinstatement by Borrower,this Security Ivstrument and �.
<br /> the obligations that it secures sliall remain in effect as if Lender had not required immediate payment in full. _
<br />� However, Lender is aot required to permit reins[atement if: (i) Lender has acapted reinstatement after the —
<br /> ' commenament of foreclosure proceedings within two yeazs immediately preceding the commencement of a curnat _
<br />- foreclosure proceeding, (ii) reinstatement wlll preclude foreclosure on diffennt grounds in the future. or (ii[) __
<br /> reinstatement will adversely affect thc pdority of the lien created by this Security Instrument. _ -
<br /> 11. Bocrower Not Released; Forbeai�ance By Lender Not a Waiver. Excension of the time of payment or _
<br /> modlfication of amortization of the sums secured by this Security Instrurnent granted by Lender to any successor in =
<br /> lnterest of Borrower shall not operate ro release the liability of the original Borrower or Bonower's successor in �-
<br /> - ' Interest. L.ender shall not be required to commence proceedings against any successor in imer�st or refuse to extend �`
<br /> : � ttme for payment or otherwise maiify amorttzation of the sums secured by this Securiry Instrument by reason of any �`�`
<br /> demand made by the orlginal Bonower or Bonower's successors in incerest.Any forbearance by Lender in exercising °==
<br /> uny right or reraedy shall not be a waiver of or preclude the exercise of any dght or remedy. —_---
<br /> 12. Successors und Asslgns Bound; Joint und Several Liability; Co�igners.The covenants and agmemeats �.;'___.,�_
<br /> ' of this Security Tnstrument shall bind and beneflt the successors and assigns of I.ender and Bonower,subject to ehe `—�_:.
<br />' provisions of paragraph 9(b),Borrower's covenants and agreements shall be joint and several. Any Borrower who = _
<br /> co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Securiry Instmment only to a:-=
<br /> mortgage, grant and convey that Borrower's interest in the Propeny under the terms of this Se,curity Instrumcnt: (b) �;�;�
<br /> is not personally obligated to pay the sums secured by this Security lnstrument;and(c) agrees that Lender and any --
<br /> other Bonower may agree to extend, modify, forbeaz or make any accommodations with regard to the terms of thls "-
<br /> Security Instrument or the Note without tSat Bonower's consent. `.'�:.�"_
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