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200705777 (i) Allor part of the Property, or a beneficial interest in a trust owning all or part of the Property. i:;; sold or otherwise transferred (other than by devise or descent). and (ij) The Property is not occupied by the purchaser or grantee as his or her princJpal ICesidence, or the purchaser or grantee does :;;0 o(;Cupy the Property but h1s Or her credit bas not been approved in accordance with the requirements of the Secretary. (0) No Waiver. If" circumstances occur tbat would permit Londer to requir-e immediate payment in full, but Lender does not require such payments. Lender does not waive its lights with respect to SUbsequent events. (d) Regulationll of HOD Socrctllry. In many ctrcwnstances regulations issued by the SecretaI)' will l1mit Lender's right:;;, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize accele...alion 0... foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not In8Ured. Borrower agrees that if this Security Instmment and the Note are not detenntned to be eligible for insurance under the National Housing Act within 60 days from the date hereof. Lender may, at its optlon. require inunediate payment in full of all sums secured by this SeCurity mstJ"lW)ent. A written statement of 8JlY authorized agent of the Secretary dated sublilequent to 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be deBmed conclusive proof of such tnel1gtblltry. Notwitbstandtng the foregoing, tb1s option may not be exercised by Lende... when tbe unavailability of Insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. ReinBtatcm....t. Borrower has a right to be reinstated 1f Lender has required immediate payment In full because OT Borrower's failure to pay an amOunt due undor the Note or this Secur1ty Instrument. This right applies e-ven after foreclosure proceeding:s are :Instituted. To re1n.state the Security Instrument, Borrower shall tender in a lutUp sum all amounts required to bring Borrower's account current includlIlg, to the extent they are obligations of Borrower under this Security Instnnnent. foreclosul.e costs and reasonable and customary attorneys' rees and expenses properly aSSOciated with the foreclosure proceeding. Upon reinstatement by Borrowe.... thi:;; Security Instl'1llllent and the obligations that it secures shall relll8in in effect as if Lender had not ICequired immediate payment in full. However. Lender is not ...equired to pennit reinstatement If: (0 Lender hall accepted rejnstatement after the commencement of foreclosure proceedings within two years ilnmediately preceding the commenCeJllent of a cu...rent foreclosure proceeding, (it) reinstatement will p...eclude foreclosure on different grounds in the future. or (iil) re1nstatement will Ildve...:sely affect the prio.-ity of the lien c...eated by thi:s Securlty Instrument. 11. Borrower Not ReI_sed; Forbearance By Lender Not II Waiver. extension of the time of payment or modification of amorttzation of the sum:s secured by this Security Instrument granted by Lender to any successor Iu intetest of Borrower shall not operate to release the liability of the original Bor.-ower or Borrower's Successo... in interest. Lender shall not be "'"quir-ed to commence proceedings against any succellsor in intere:st 0... refuse to extend time for payment 0... otherwise modifY amortization of the sums secured by tlUs Security Instrument by reason of any demand made by the original Souower or Borrower's SUCCeSsors in interest. Any forbearance by Lendl!-l' In exercising any right Or reUl.edy shall not be a waiver of or preclude the exerci:se of any right Or ...emedy. 12. SUCCeB9OJ'1!I and Assigns Bound: Joint end Several Liability; Co-Signen. The covenants and agreements of this Security Inst:nuDent shall bind and benefit the successors and assigns of Lender and BOI'TOW~r, subject to the provJ:slons of parag...aph 9(b). Borrower',. covenants and agreements :;;hllll be Joint and several. Any Borrower who co-signs this Security Instrument but doe:s not execute the Note; (8) is co-slgnlllg this Security Instrument only to mortgage. grant and convey that Borrower'" interest tn the Property under the term:s of this Security Instrument: (b) is not personally obligated to pay the sums secll.red by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend. modtiy. forbear Or make any aCCOIDlllodations with regard to the terms of this Secwity In:strument or the Note without that Borrower's consent. ~ V--4 N(NE) (0401)_01 Pagc 5 Qf 0; InllI....~