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200603973 (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise traIl',ferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as 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 dle requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require i1ll1llediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of BUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require i1ll1llediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulatiol1<; of dIe Secretary. (e) Mortgage Not Insured. Borrower agrees that if dIis Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days from ilie date hereof, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of ilie Secretary dated subsequent to 60 days from ilie date hereof, declining to insure iliis Security 111<;trument and ilie Note, shall be deemed conclusive proof of such ineligibility. Notwiilistanding ilie foregoing, this option may not be exercised by Lender when ilie unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to ilie Secretary. 10. Reinstatement. Borrower has a right to be reinstated if Lender has required i1ll1llediate payment in full because of Borrower's failure to pay an amount due under the Note or dIis Security Instrument. This right applies even after foreclosure proceedings are il1<;tituted. To reinstate ilie Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under iliis Security Il1<;trument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, iliis Security Instrument and dIe obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings wiiliin two years immediately preceding dle C01ll1llencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (Hi) reinstatement will adversely affect ilie priority of the lien created by iliis Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of dIe time of payment or modification of amortization of ilie sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release ilie liability of dle original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedings agail1<;t any successor in interest or refuse to extend time for payment or odlerwise modify amortization of the sum<; secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude ilie exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of iliis Security Instrument shall bind and benefit ilie successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs dlis Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under ilie terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees dlat Lender and any oilier Borrower may agree to extend, modify, forbear or make any acco1ll1llodations with regard to ilie terms of this Security Instrument or ilie Note without iliat Borrower's consent. fG-4RINE) (9601) @ Page 5 of 6 ,."..~~~