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200904417 (i) All or part of the Property, of a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser of grantee as his or her principal residence, or the purchaser ar grantee dots so occupy the Property but his or het credit has not bccrt approved in accordance with the requirements of the Secretary. (e) Vo Waiver. If circumstances occur that would permit 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 of HUD 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 Instrument does oat authorize acceleration ar foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligible far insuurance under the National Ilousing Act within 60 days from the date hereof, Lender may, al its option, require immediate payment in full of all sums secured by this Security Inslriunenl. A written statement of any authorized agent of the Secretary dated subsequent to ti0 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 of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary_ 10. Reinstatement. Borrower has a right to be reinstated if Lender has requited itturtediate payment in full because of Harrawcr's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. Ta reinstate the Security Instrument, Harrower shall lender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure casts and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding_ Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required inunediate payment in full. However, Lcndcr is oat required to permit rcinstatcmcnt if: (i) Lcndcr has acccptad rcinstatcmcnt after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure an different grounds in the future, ar (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Nnt Released; Forbearance By Lender Vnt a Waiver. Extension of the lime of payment ur modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall oat operate to release the liability of the original Banrawer ar Harrawer's successor in interest. Lcndcr shall not be required to commence proceedings against any successor in interest or refuse to extend time far payment ar otherwise modify 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 or remedy shall not be a waive:t of vt preclude the exercise of any right or re;tttedy. 12. Successors and Assigns Bound; Joint and Several Liability; Ca-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 who co-signs this Security Instrument but does oat execute the Note: (a) is co-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 Ittstrwnent; and (c) agrees that Louder and arty other Horrowcr may agree to extend, modify, forbear or make any accommodations with. regard to the terms of this Security Instnuent or the Note without that Borrower's consent. ~~~R(NE) (ggOT) Pege 5 of B Ini}ials:~ ~ ~,,'-L '