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200809797 (i) Allor part of the Property, .or a.beneficial interest in a trust.owning all or part of the Property, is sold or otherwise transferred (otber than by devise or descent), and (ii) . The . Property is. not.. occupied by. the purchas.er or grantee as his or her principal residence, or the purchaserot grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (e) No Waiver. IfcircutnstanceS occurthat wouldpennit Lender to require immediate payment in full,but LenderdoesDQtrequiresuch payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUDSecretary. 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 Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary; . (e) MortgageN9Hnsured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligibJefor insurance miller the National Housing Act within 60 days from the datebereof, Lender may, at its option, require immediate paymentinfull 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, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailabiJityof insurance is. solely due to Lender's failure to remit a mortgage insurance premium to the Sem:tary. to. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower'sfaiJure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's accomitcurrent including, to the extent they are obligations of Borrower underthisSecurity.Instrumen~, foreclosure costsand.reasonable.and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrinnent and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to pennit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure 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 (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Notlleleasedj Forbearance By Lender Not a WaJver. 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 proceedings against any successor in. interest or refuse to extend time. for payment orothel'Wise mo~iify amortization of the. sums secured by this Security Instrument by reason of any demand. made by the original Borrower or. Borrower's. successors in interest. Any forbearance by Lender in exercising any right ouemedyshall net be a waiver of or preclude the exercise of any right or remedy. 12. Successor8<andAssignsBound;Jointand Several Liability; Co.Signers. The covenants and agreements of this SecurltyInstrumentshall . bind and benefit the successors and. assigns of Lender and Borrower ,subj ect to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, granlan~,convey tl:,t Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; 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. ~,.4R(NE) (04071.01 Page 5 ot 8 'M.-i:~