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200602366 (i) All Or part of the Property, or a beneficial interest in a trust ownin,g aU or pan of tbe Property, is sold or othcrwi$e transferred (other than by devise or descent), and (ii) The Froperty is not occupied by the purchaser or grantee as his or her principal rcsidenc~, or the purchaser or grantee does so occupy the Property but his or net:' ct:'edit has not been approved in accordance with the requirements of the Secretary . (c) No Waiver. If circumstanc~ occur that would pennit l,.enaer to require immediate payment in full, but Lender does not require such payments, Lender does not waive its rights wjth respect to subsequent eVents_ (d) Regullltions of J-run Secretary. In many circumstances regulations issued by the Secretary will limit Lender's righl$. in tbe case of payment derault~, to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if llot permitted by regulations of the Secretary. (e) Mortgage Not Insured. BC;lffOWl:!r agrees that if this Security lnstrvIm'nt and the Note arc not detennined to be eligible for insurance under the National Housing Act wUhin 60 days from the date hereof, Lender may, at its option, requite jmmecliate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secrl:!tary dated subsequent to 60 days from the date hcrcrJf, deditdng to insure this Security Instrument and the Notc, shall be deemed conclusive proof of ~ucb ineligibility. Notwithstanding tbe foregoing, this option ltlAj not be exercised by Lender when the unavailability or insurance is solely due to Lender's failure to remit a mortgage insurance premium to tb.e Secretary , 10. Reinstll.t€ment. Borrower h3.'1 a right to be reinstated if Lender has required inunediate payment in fuU because of Borrower's faill.lre to pay an amount due UIlder the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. 'to reinstate the SeC1.lrity Instrument, J3orrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they arc obHg:;lUons of Borrower under this Security Instrument, forcclOllure costs and reasonable and customary attornEYs' fees and expenses properly associated with the 'foreclOSure proceeding. Upon reinstatement by J.lorrower. this Security Instrument :l.ud the obligation.'l that it secures shall remain in errect as if Lender had not required immediate payment in ful/. However. Lender is not required to permit reinstatement if: (i) Lender It;as accepted reinstatement after the cOtmneDcement of foreclosure proceedings within two years immediately precedin,g the commencement of a Cllrrent foreclosure proceeding, (ii) reinstatement wilt preclude foreclosure on different grounds in tbe futu.re. or (iii) reinstatement will adversely ;ffect the priority of the lien created by this Security Instrument 11. Borrower Not Rclea~d; Forbearan<:e By LendeJ:' Not Q Waiver. ltxtm$iotl of the time of payment or modmcation of amortization of the sums secured by this Sec;:tIrity Instrument granted by tender to any successor in interest of Borrower shall not operate to rclCl'l...e the H~bmty of the original Borrowtr or aorrower's successor in interest. lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise mooify amonization of the sums secured by this Security tnstrument by reason of any deIlUlIld made by the Original Borrower or Borrower's S1,Iccessors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of Of preclude the exercise of any right (If rtttl.~dy. 12. SUttessOI1i and Assigns Bound; .Joj~t .and SenraI Liability; C(J~Signers. The covenants and agre:emElnts of this Security ,In$lnt:J:Mnt shall bind and benefit the successors and assigns Of Lender and Borrower, subject to tbe provisions of paragraph 9(b), Borrower's covenants and agreements shall be joint .and. several. Any Borrower who co"signs this Security Instroment but does not execute the Notc; (a) h: co-signin~ this Security Instrument only to mortgage. grant and convey that 60JIower's interest in the Property wder the tenus of this Security Instrument; (b) is not personally obHgated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear Qr lmke any accommodations with regard to Ute terms of this Security Instrument or the Note without that BOfi:'OWer's CODsent, CIl,-4AINEI'SGOT I "nge ! of e Inltl9l9i~ 03/15/2006 8;43AM (GMT-06:00)