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200905695 (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is said or otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as his or 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 reyuire 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 itrunediate payment in full and foreclose it 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, reyuire immediate payment in full of all scans secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to b0 days from the date hereof, declining to insure this Security Instrument and the Nate, shall be deemed conclusive proof of such ineligibility. Notwithstandtng 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. Reinstfttement. Borrower has a right to be reinstated if Lender has required imtediate payment in full because of Borrower's failure to pay an amount due under the Nate or this Security Instrument. This right. applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender iat 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 costs and reasonable and customary attorneys' fees and expr;nses 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 immediate payment in full. However, Lender is not reyuired to permit rei~tstatcment if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement al• a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, ar (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. 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 rei'use to extend time for payment nr otherwise modify amortization oi' the sums secured by this Security Instrument by reason oi' any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any rigltl 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 who co-signs this 5ecw•ity Instrument but does not execute the Nate: (a) is co-signing this Security Instrument only fo mortgage, grant and convey thak Borrower's interest in the Property under the terms of this Security Instrument; (b) is tot 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 ai' this Security Instrument or the Note without that Borrower's consent. 9- -000172 inmais: -4N(NE) (D4o7) Page 5 0l B