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<br /> (i)A!I or part ot the Property,or a beneficisl interest in a trust owning all ar part of thc f'ro�rty,is
<br /> sold or otherwise transferred(other then by devise ar descent),nnd
<br /> (ii)Tha F'roperty is not occupied by the purcheser or grantee es his or her princip�l r�sidence,or the
<br /> purcheser nr grentee does ro occupy ¢he Property but his or her credit hes not be�n approved in
<br /> accordance�vith the requiramentra of the Secretery. �
<br /> (c) No W�iver. I�circumstances occur thet would permit Lerider to require immedi ate payment in
<br /> full, but I,ender dc�+ not require such paymenta,Lender does not waive,its rights with respect to
<br /> aubsequent events.
<br /> (d)Re�ulations ut HUD Secretary.In meny circumstances regulations issued by theSecretary will
<br /> limit I,ender's rights, in the case of payment defatdts, to require immediate payment in full and
<br /> foreclose if not �aid. "This Security Inatrument does not authonze acceleration or toreclosure if not
<br /> permitted by regulations of the Secretary.
<br /> (e) Mort�a�e Not Insured. I3orrower agrees that if this Security Instrument and tt�e Kote are not
<br /> determined to be eligible for insurance under the Rational Housing Act within 60 days Irom the date
<br /> hereof, I.,ender mey, at its option, require immediate payment in full of all sums secured by this
<br /> Security Instrument.A written statement of any authorized agent of the Secretary datedsubsoquent to
<br /> 60 days fram the date hereof, declining to insure this Security Instrument and the �rote,shall be
<br /> deemed conclusive proof of such ineligibility. Notwithstanding the foregoing,this optian mey not be
<br />- exercised by l.ender �+hen the unavailebility nf insurance is solely due to Lender's failure to remit a
<br /> mortgage insurance premium to the Secretary.
<br /> 10. Roiustatement.Borrower hes a right to be reinstated if L,ender has required immediete payment in
<br /> full because oF Borrower's failure to pay an amount due under the Note or this Security Instr�irnent.This right
<br /> applies even after foreclosure proceedinga are instituted.To reinstate the Security Instrument.Rorrower shall
<br /> tender in a lump sum all emounts required to bring Borrower's account current including,to the extsnt they
<br /> are obligations of Borrower under thia Security Inetrument,f�reclosure costs and reasonable end customary
<br /> attornays' tees and oxpenses properly associated with the foreclosure proceeding. Upon reinstatement by
<br /> Borrower,this Security Instrument and the obligations that it secures shall remain in effect asif I.ender had
<br /> not required immediate payment in full. However, L,ender is not required to permit reinstatement if: (i)
<br /> Lender has accepted reinstatement atter the commencement of foreclosure prceeedings within two years
<br /> immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will
<br /> �iCCIUdC IOfCCI09UfCOt1�If[6CCfltgfOUIIt�.S tn LfIC iuiilic�ui�liij ii.1i'ioi,BL��?l��.191��SL�`•'CTcP1��ffrrt the�rinrity
<br /> of the lien created by thia Security Instrument.
<br /> I1. Borrowex Nat Released; Forbearance By Lendcr N4t � Waiver. Extension ot the time �f
<br /> payment or modification of amortization of the sums secured by this Security Instrument granted by l,ender
<br /> to any successor in interest of Borrower shall not operatc to release the liability of the origi nal Borrower or
<br /> Borrower's successar in interest.Lender shall not be required to commence proceedings againstany successor
<br /> in interest or refusa to extend time for payment or otherwise modify amortization ot the sumssecured by this
<br /> Security Instrument by reason of any demand made by the original Borrower or Borrower's si�ccessors in
<br /> interest.Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the
<br /> exercise of any right or cemedy.
<br /> 12. Successors and Assi�ns Bound; Joint and Several Lisbility; Ca�Si�ners.Thecovenants and
<br /> agreements uf this Security Instrument shall bind and benefit the successors and assigns of Lender and
<br /> liorrower,subject to the provisions of paragraph 9(b). Dorruwer's covenants and agreements shall be joint and
<br /> several. Any IIorrower wha co-signs this Security Instrument but does not execute the Note: (e) is co-signing
<br /> this Security Instrumentonly to mottgage,grant and convey that IIorrower's interest in the Property under the
<br /> terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security
<br /> Instrument;and(c)agrees that Lender and any other I3orrower may agree tu extend,modity.torbear or rnake
<br /> any accommodations with regard to the terms of this�ecurity Instrument or the Note withoutthat Borrower's
<br /> consent.
<br /> 13. Notices. Any notice to I3orrower provided for in this Security Instrument shell be given by
<br /> delivering it or by mailing it by first class mail unless applicable law requires use of another method. The
<br /> notice shall be directed to the Property Addres,.or any other address Donower designates by noti ce to Lendc:r.
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