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20090515.2 (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is said ar otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or :grantee as his ar her principal residence, or the purchaser. or grantee. does so occupy the Property but his or her credit, has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances occur That Would permit Lender to require immediate payment in full, but Lender does oat rcquit'e such payments, Lender does 'not waive its rights with respect to subsequent events. (d) Regulations of` HUD Secretary. In many ctrcurnstances 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) Mortgage. Not Insured, Borrower agrees that if this Security Instrument 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 full of all sums secured by this Security Instrument. A Written statement of any authorized agent of the Secretary; dated subsequent to 60 days frprti the date hereof, declining to insure this Security .Instrument and Che Note, shall be .deemed conclusive proof of such ineligibility.. Notwithstanding `the foregoing, this option rriay 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. lq, Reinstatement. Borrower has a right to be reinstaied if .bender has required immediate payment.. in full because 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. Tq reinstate the Security Instrument, Harrower shall tender 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 lnstntment, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Harrower, this Security Instrument and the obligations thaC it secures shall remain in effect as if Lender had oat required .immediate payment in full. However; Lender is not required to permit reinstatement if; (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings ,within two years immediately preceding Che commencement of a current foreclosure proceeding, (ii) reinstatement will preclude Yoreclosure on different grounds in the' future, ar (iii) reinstatement Will adversely affect the priority of the lien created by this Security Instrument. 11. Barrownr Not Released; Forbearance By Lender Not a Waiver, Extension at' 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 successortn interest. Lender. shall not be required to commence proceedings against any successor in interest or refuse to extend time far payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower ar Borrower's successors in interest. Any forbearance by Lender in exercising any right ar remedy shall not be a waiver of nr preclude the exercise of any right ar remedy. 12. Suec~sors and Assigns Bound; Joint and SeveraN 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 who co-signs this Security Instrument. but does not execute the Ngte: (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 Instrument; and (i;) agrees that Lender and any other Borrower may agree to extend, modify, ,forbear ar make any accomtnpdations with regard to the terms of this Security Instrument or the Note, without that Borrower's consent. O12 295426 -4RlNt<1laaorl.a~ Pi~g4 5 Of 8 ~°~~