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200808377 (i) All or part of the Properry, or a beneficial interest in a trust owning all or part of the Property', is sold or otherwise txmuferred (other th&1 by devise or descent), and (Ii) The Propeny is not occupied by the putchaser or grantee as his or her principal residence, Or the purchaser or grantee does so occupy the Property but hi8 or her credit has not been approved in accord.ance with the requirements of the Secretary. (c) No Waiver. If circUIIlBtaIU;e5 occur that would p~xmit 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 or BUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defm1lts, to requiIe iIl1IIl:Cdiate payment in full and foreclose if not paid. This Security Instrument doe& not authorize acceletation or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instnunent and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days from. the date hereof. Lender may, at its option, require immediate payment in fp.ll of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary elated subsequent to 60 days from the \late hereof, declining to insure this Security IllBtrum.ent and the Note. shall be deemed conclllSive proof of sucb ineligibility. NotWithstanding 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 mongage ioo.Irance premium to tbe secrerary . 10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full bec~ of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstllIe the Security Instrument, Borrower shall tender in a lump sum all amounts requited to bring Borrower's account current including, to the extent they are obligations of Borrower undet this Security Instrument, foreclosute costs and reasonable and CUStOID.1ry attorneys' fees and expenses properly associated wilh the foreclosure ptoceed.lng. Upon reinstatement by Borrower, this Security Instrument and the obligations thar it secures shall remain in effect as if Lender had not required inllllediate payment in full. However, Lender is not required to pennit reinstalement if; (i) Lender has accepted reinstatement afret the commencement of foreclosure proceedings within two years immediately preceding the commencemem of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (Hi) reinstatement wilt adversely affect the priority of the lien created by this Security lnsuument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modifIcation of amortization of the S"lllm 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 su.cce&flor in interest. Lender shall not be required to commence proceedins;:; against any successor in iuteresl or refuse to eXlfmd time for payment or othetwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrowet or Borrower'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 remed.y. 12. Successors and Assigns Bouod; Joint and SeV'erM Liabilityi Co--Signers. The covenants and agreements of this Security Instrument shall I;lind IIl1d benefit the 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 this Security InstruInenL but does not eJt,ecute the Note: (a) is co-signing This Security Instrument onlY to mortgage. grant and. convey that Borrower's interest in the ProperLY under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured. by thi8 Security .Il$l1ll1IleJlt; and (c) :agrees that 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 that Borrower's consent. 4S\4RINEI1ge01) pegs 5 Dr 8 'nltI~IS:~\.