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200610533 (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 transferred (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 the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in 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 circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require umnediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary . (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not detemlined to be eligible for insurance under the National HOUSUlg Act within 60 days from the date hereof, Lender may, at its option, require ulllnediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, decluling to insure tins Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. NotwitIlstandulg the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage ulsurlUlCe premium to the Secretary. 10. Reinstatement. Borrower has a right to be reinstated if Lender has required unmediate payment ill full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even aner foreclosure proceedings are instituted. To reulstate tile Security Instrument, Borrower shall tender in a lump sum all atllOlUlts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs at1d reasonable and custOlnary attorneys' fees and expenses properly associated with the foreclosure proceedulg. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required inunediate payment in full. However, Lender is not required to permit reillstatement if: (i) Lender has accepted reulstatement after the COlmnencement of foreclosure proceedings withill two years inmlediately preceding the COllUllencement of a current foreclosure proceedillg, (ii) reinstatement will preclude foreclosure on ditferent grounds UI 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. Extension of the time of payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedillgs against any successor ill interest or refuse to extend tune for payment or otherwise modify amortization of the sums secured by tins Security Instrument by reason of lUlY demand made by the origillal Borrower or Borrower's successors UI ulterest. Any forbearance by Lender ill 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 covenlUlts and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender lUld Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants lUll agreements shall be joillt and several. Any Borrower who co-signs tins Security Instrument but does not execute tile Note: (a) is co-signing this Security Instrument only to mortgage, grlUlt lUld convey that Borrower's interest UI the Property under the temlS of this Sec'Urity instrument; (b) is not personally obligated to pay the sums secured by tins Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make lUlY accommodations with regard to the tenns of this Security Instrument or tile Note without that Borrower's consent. .-4N(NE) (0407) @ Pagd 0[8 ,";,," ~