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200805380 (i) All ot part of the Property, or a beneficial Interest in a rrust owning all or part of the Propeny, is sold or othetwi5o tramiferred (other thm by de\tl.se or descent), and (ii) The Property is not oecupied by the puICJ1.aser or grantee as his or her principal resid.ence, or the purchaser or grantee doe$ so occupy the Property but bis or her credit ~ nOt been approved in accordanCe with the reqllirements of the Secretary- (e) No WaNer. If circumstances occur that would permit Lender to require immcd.iare payment in full, but lADder does not req\lire such payll1tllts, J,..endcr does nQt waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary. In many circumstances regulations issued by the secretarY will.1in1i.t Lender's rights, in the case of' payment d,efaulUi, to require iDJ:mediate pa}'l1)eDt in full and foreclose if not paid. 'Ibis Soeurity Wtr\.m1Cnt does not BUthorlze acceleration or foreclos\U'O if not pmnittcd tly regulations of the Secretary. (e) Morlp&e Not Iosurtd. Borrower agrees that if this Securlty IDs\t1lDl.Cnt IlDd the Note am not drJtem)jned to b.e eligible for insuranCe UD.det the. National Housing M.t within 60 dayS from the dare hereof, Le.nder may. at iUi option, requim imxnediaUI payment In full of all sums secured by this Security InstrWnent. A written ~t of any authorized llgent of the secretaIy dated S\lbscquent to 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of lIudl ineligibility. Notwithstanding the foxcgoing. thi6 option ttJAy not be e:wcisc6. by Lender when the unavailability of insurance is solelY due to Lender's failure to mnit a mortgllie insurance premium to the SecteW')' . 10. RciJUtatement. Borrower bas a right to be reinstated if Lender has required imJ.nediate payment in fUll because o( Borrower's failure to pay an amount due und.er the Note or this Security IDstI\1lIl.CIlt. Tbi& right applies even after foJ'tclos'Q.re pIOC$fing8 arc mmrutcd.. To reinstate the Se:curlry Instrument. Borrower sbBll tender in a lwnp 5\\ID aU amOUnts t1lqI1ired. to bring Borrower's account wnent including, to the eJl,t8tlt theY are obll.gad.oDS of BorroWC!' weIer this Security Inst:roInl!:llt, foreclosure costs and reasonable and customary attorneys' f=s and expe.RScs properly lIS!iociated with the forc:closure ptoceediDg. Upon tdnItateJllCllt by 'Borrower, this 5e<mitY Instrument and tbe obligauOIl8 that it SecurCl shall remain in eftc:ct as if Lcnd.er had not requited iImnediate payment in full. However, lAnder is not required to permit reinstatemllIlt if: (i) Lender has accepted rclnstarement after ttw conunenccment of foreclosure proceedings within two years i.u:nnediately preceding the comm~ent of a current foreclosutt proceeding I (ii) reinstatement will pxec1ude foreclosure on diffettnt growtds in tbe future, or (ill) reins~t Will advetSe1y affect the priority of the lien created by this Sec\lrity Instroment. 11. Borrower Not B.eleased, Forbearance By Lender Not a Waiver. Extension of the tUne of payment or modification ot amortization of the swns secured. by this Security Ins1:rUmC:I1t granted by Lender to my ~$or in intereSt of Borrower shall not oporare to release the liability of the original Borrower or Borrower's s\lCCfSsor in intereSt. Lender shall not be required to commence proceedings against any Sua:csllor in intexest or refuse to extend time for payment or otherwise modify amortization of the sums 8CCUIcO 1)y this Security Instrument. by reason of any demand made bY the original Borrower or Borrower's SI.1tCCSsors in hnerest. Any forbearance by Lender In exeIclsing any right or remedy shall not be a waiver of or preclude the exercise of any right Ot remedy. 12. Sutcesson and AssigDll Bound; Joint and Several Liability; Co-Signers. The covenantS aDd ~ of this security ltlstrument shall bind and benefit the suceessors and assips of Lender and Borrower, subject to the provisions of paragIllPh 9(b). Borrowe1"S covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instn1ment but doCl not execute the Note: (a) is co-signing this SccuIity lnstrument only to Jl;l.ortgage, grant and convey that )3orrowet's interest in the PropertY under the termS ot this Security Instrument; (b) is not personalty obligated to pay the sums ~ by thi& Security InstruInCD.t; and (,) agrees tha1l.ender and my other BOItOwcr way agree to exte:nd, modify, forbear or mlllm any ~mmodations with regard to the teml5 of this Security InstruD'lent or the Note without that Borrower's consent. _4FtlNI!.I \S8011 Page 5 or 6 ln~JJJd25