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200909603 (i) All or part of the Property, or a beneficial interest in a trust owtung 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 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 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 IUD Secretary. In many circutnstanees 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 Nut 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 rnay, at it<s 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 from the date hereof, declitung to insure this Security Instrument and the Notc, shall be deemed conclusive proof of such ineligibility. Notwithstanding die foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a tortgage insurance prertuum to the Secretary. 10. Reinstatement. Borrower has a right to be reinstated if bender has required immediate payment in fitll because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings arc instituted. To reinstate the Security Iustruuient, Borrower shall tender in a lump sutn all atnounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under dais Security Instrument, foreclosure costs 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 immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after die commencetncnt of foreclosure proceedings within two years immediately preceding tie commencement of a current foreclosure proceeding, (ii) reinst<ltctncnt will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of die 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 die 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 refuse to extend time fc~r paytnent or otherwise modify amortization of the sums secured by this Security InstrumenC by reason of atry demand made by the original Borrower or Borrower's successors in interest. Any li~rbcarance 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 agrcctnents of this Security Instrument shall bind and benetit 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 Note: (a) is co-signing this Security Instrwxccnt only to mortgage, grant and convey drat Borrower's interest in die Property raider 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 tnake any accommodations wide regard to the terms of dais Security Instrument or tic Nose without that Borrower's consent. Inltlals: ~~ -4N(NE) (0407) Page5of8