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200902768 (i) Allor part of the Property, or a beneficial interest in a * owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), ~ (ii) The Property is not occupied by the purchaser or grantpe as his or her principal residence, or the purchaser or grantee does so occupy the Property but hik or her credit has not been approved in accordance with the requirements of the Secretary. t (0) No Waiver. If circumstances occur that would permit Len.dclr to require immediate payment in full, but Lender does not require such payments, Lender does not waive i$ rights with respect to subsequent events. (d) Regulations of HUD Secretary. In many circumstances re~ations 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 o~ foreclosure if not permitted by regulations of the Secretary. I (e) Mortgage Not Insured. Borrower agrees that if this Security Ilnstrument 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 paynient in full of all suPm secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated ~ubsequent 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 ma~ not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to ~t a mortgage insurance premium to the ~. i 10. ReinstatemeD.t. Borrower has a right to be reinstated if Lend~ has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or ~ Security Instrument. This right applies . even after foreclosure proceedings are instituted. To reinstate the S~ty Instrwnent, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current incl~, to the extent they are.obligations of Borrower under this Security Instrument, foreclosure costs and reasonable !and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement ~y Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had i not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Leqder has accepted reinstatement after the COn1mencement of foreclosure proceedings within two years innnediately 1 preceding the commencement of a current fo~losure p.ro~ing., (ii) reins~t. will p~ude foreclosure, ornl dif!erentgrounds in the future, or (Hi) remstatement Will adversely affect the pnonty of the hen created by this. ty Instrument.. 11. Borrower Not Released; ForbearllIlCe By Lender Not a Wa . Extension of the time of payment or modifiCation of amortization of the sums secured by this Security Instrunbt granted by Lender. to. any successor in interest of Borrower shall not operate to release the liability of the ori~ina1 Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedings against aiy successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured bt this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interes~. Any forbearance by Lender in eXerCising any right or remedy shall not be a waiver of or preclude the exercise of an~ right or remedy. 12. St,ccessorl and Assips Bound; Joint and Several Liability; <l=OooSiperl. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigDs of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shal~ be joint and several. Any Borrower who co-signs this Security Instrument 'but does not execute the Note: (a) isc{>-signing this Security Instrument only to mortgage, grant and convey that 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 Instn'nnent; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accominodations with regard to the terms of this Security Instrument or the Note without that BorroWer's consent.: fIIt-4NINEI (04071 Pille 5 af 8 09-01-000345 Initial,: ?liY\....- q.,fI) ,