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200111413 (i) All or part of the Property,or a beneficialinterestin a trust owning all or part of the Property,is sold or otherwise transferred (other than by devise or descent), and (ii) The Propertyis not occupiedby the purchaseror granteeas 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 accordance with the requirements of the Secretary. (c) No Waiver. If circumstancesoccurthatwouldpermitLenderto require immediatepaymentin full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary. In many circumstancesregulationsissued by the Secretarywill limit Lender'srights, in the case of paymentdefaults,to require immediatepaymentin full and forecloseif not paid. This Security Instrumentdoes not authorizeaccelerationDr foreclosureif not permittedby regulations of the Secretary. Je) Mortgage Not Insured. Borroweragreesthatif this Securityinstrumentand the Note are not determined to be eligible for insuranceunder the National Housing Act within 60 days from the date hereof, Lender may, at its option, require immediatepaymentin full of all sums secured by this SecurityInstrument.A written statemenlDf any authorizedagentof the Secretarydatedsubsequentto 60 days from the date hereof, declining to insure 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 unavailabilityof insuranceis solely due to Lender's failure to remit a mortgageinsurancepremiumto the Secretary. 10. Reinstatement. Borrowerhas a right to be reinstatedif Lenderhas required immediatepaymentin full becauseof Borrower's failure to pay an amountdue under the Note or this Security Instrument.This right applies even after foreclosureproceedingsare instituted. To reinstatethe Security Instrument,Borrower shall tenderin a lump sum all amountsrequiredto bring Borrower 'saccountcurrentinciuding, to the extentthey are obligationsof Borrowerunderthis Security Instrument )~oreclosurecosts and reasonableand customaryattorneys'fees andexpenses properly associatedwith the foreclosureproceeding. Upon reinstatemenby Borrower,this Securityinstrumentand the obligations that it secures shall remain in effect as if Lender had not required immediatepayment in full. However, Lender is not required to permit reinstatementif: (i) Lender has accepted reinstatementafter the commencementbf foreclosureproceedingswithin two years immediatelyprecedingthe commencemenbf a current foreclosure proceeding, (ii) reinstatementwill preclude foreclosure on different 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. Extensionof the time of paymentor modificationof amortizationof the sums securedby this Security Instrumentgrantedby Lenderto any successor in interest of Borrowershall not operateto release the liability of the original Borroweror Borrower's successor in interest. Lendershall not be requiredto commenceproceedingsagainst any successorin interestor refuse to extend time for paymentor otherwisemodify amortizationof the sums securedby this Security Instrumentby reasonof any demandmadeby theoriginalBorroweror Borrower'ssuccessorsin interest. Any forbearanceby Lenderin exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co- Signers. The covenantsand agreements of this Security lnstrumentshall bind and benefitthe successors and assigns of Lenderand Borrower,subjectto the provisions of paragraph9(b). Borrower'scovenantsand agreementsshall be joint and several. Any Borrowerwho co -signs this Security Instrumentbut does not executethe Note: (a) is co- signing this Security Instrumentonly to mortgage,grantand convey that Borrower'sinterestin the Propertyunderthetermsof this Security Instrument ;(b) is not personallyobligatedto pay the sums securedby this Security Instrument;and (c) agreesthat Lenderand any other Borrowermay agreeto extend,modify, forbearor makeany accommodationsvith regardto the termsof this Security Instrument or the Note without that Borrower's consent. Initials 4N(NE) I9802l.01 Page 5 of 8 QR�HL ID