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200810165 (i) All or part of the Property. or a beneficial interest in a trust owning all or pari of the Property, is Sold or otherwise transferred (other thaIl by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchal)er or grantee does so occ1.lpy the Pfoperty but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circuri1stances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Lender does ijot waive its rights with respect to subsequent events. (d) Regulatiol1!i of ffiJ)) 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 Instrumentdoes not authorize acceleration Qr foreclosure if riot peunitted by regulations of the Secretary; . .. . . (e) M()rtgage Not Insured; Borro\\ier agrees thalif tbisSecurity Instrument and the Note are.nOf determined to be eligible fot insurance under the Natioilal Housing.. Act within 60 days ftom the d~teherl<Of,.. Lender may, at. its option, require immediate paYll1em in . fun of all sumss~cured bY1hiS Security JnstrumeIlt,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 unavailability ofinsmanceissolely due toLender'sfaihire toiemit a mortgage insuram;.e premiumtotbe Secretary. 10. Reinstatement. Borrower ha<l a right to be reinStated if Lender has required imme<iiatepayment in full because of Borrower's failure to pay an amtlUntdue under the Note or this Securlty)nstrument. This right applies even after foreclosure proceedings are instituted. To reinstate the. Security Instrument, Borrower shall telider in . a lump sum all amounts required to bring BOrfower'saccount current including, to the extent they are obligations of Borrower under tbis Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses Properly associated with the foreclosure proceeding. Upon reinstiltemel1t by BorroWer, this Security Instrument and the. obligations . ~hat .. it secures shall remain. in effect as if Lender had. not required immediate payment in fulI. lIowever, Lender is not required to permit reinstatement if: (i) Lender has accepted. reinstatemlmt after the commencement of foreclosureproceectings within tWO yeats immediately preceding the commencement of a current fotecIosureproceeding, (ii) reinstatemel1t wiU preclUde foreclosure on different grounds in the I'umre, or (iii) reinstatement will adversely affect the priority of the lien created by this security Instrument. 11. Borrower Not Released; J.<'orbearance By Lender Nota Waiver. Extension of the time of payment or modification of amortization of the .sums secuied by this Security Instrurnent granted by Lender to any successor in interest of Borrower shallllot operate to .release the liability of the original Borrower or Borrower's successor in interest, Lender shaII not be required to cOminence proceedings against any successor ill interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this SeCUrity Instrument by reason of any demand made by the original BOffoweror Borrower's successors in interest. Ariy 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-Signers. The covenants and agreements of this Security Instrument shall bind and 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 wbo co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument onlyl:O mortgage, grant and convey tbat 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 tennsof this Security Instrumem or the Note without that Borrower's consent. e-4RINEII0407).Ol (!D P.g. r, of a 0120288104 IOilIOls::J21-