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200801986 (i) All or part of the Property, or a beneficial interest in a trust owning all or pan of the Property, is sold or otherwise tnll1sferred (other thiU1 by devise or descent), .n1d (ll) The Property is nOt OCC\l-pied by the pur~haser or grantee as his or her principal residence, or the purchaser or grantee dOE$ so QCcupy the Property but nis or ber credit has Dot been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require unmediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of JWl) Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instnunent does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if tbis Security Instr\II:nent and the Note are not determined to be eligible for insurance under t)1e National Housing Act within 60 days from the date hefOOf, Lender may, at its option, require iro.tnediate payment il1 full of all swns secured by this Security Instnunent. A written statement of any authorizecl agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instxument and the Note, sh811 be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lend.er when the unav'ailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary . 10. Reinstatement. Borrower bas a right to be reinstated if Lender has required ixmnediate payment in full because of Borrower's failure to pay an 2lIlount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are il1stituted. To reinsrate the Security Instrument, B011'ower shall tender in a lump sum all amounts required to bring Borrower's account cutrent including, to the extent they are obligations of 'Borrower under this Security Instrmnent, foreclosure costs and reasonable and customiU)' artomeys' fees and expenses properly associated witll the foreclosure proceeding. Upon reinstatement by Borrower, this security Instrument and the obligations that it secutes shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not requited to permit reinstafement if: (i) Lender bas accepted reinStatement after the commencement of forecloS\lI'i': proceedings within two years immediately preceding the commencement of a current foreclosure proceeding. (ii) reinstatement will preclude foreclosure on different grounds in the future, or (Ui) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Nqt Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modificatiol1 of amortization of the sums secured by this Security lnstrument granted by Lender to any successor in interest of Borrower shall nor operate to release the liability of the original Borrower or Borrower's SU~$Or in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modit'y amortiza.tion of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrowef's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Slgners. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assign!? of Lender and Borrower. subject to the provisions of paragraph 9(b). Borrower's covenarttS and agreements shall be joint and several. Any Borrower who co-signs this Sec\1rity Insmunent but does not execute the Note: (a) is co~signing this Security Instroment only to mortgage, grm1t and convey thar Borrower's interest in the Property under Ute terms of this Security In5troment; (b) is not personally obligated to pay tl1c !l1lIIlS secured by this Security In$trument; and (c) agrees tha.t Lender and any other Borrower may agree to extend, modify. forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without tlm Borrower's consent. Gls4RlNEI (96011 P~~.. 6 01 8 Initial~, M j:- &-