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201000849 2~ 11 .............:._.:.l,.iXt,1.~....~a_..........-.-.._.............................. (i) All br pail of the Property, or 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) Thy Property is not occupied by the parchaaex or grantee as his ox her principal residence, ox the purchaser ar grantee does so occupy the Property but his or her credit has not bean approved in accordance with the requixements of the Secretary. (c) No W8liver. If circumstances occur that would pexmit Lendex to require immediate payment in full, but Lender dais not xequixe such payments, Lendex does not waive its rights with respect to subsequent events. (d) Regtrigtiana aIP HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's r~ghts, in the case of payment defaults, w require immediate ,payment in full and foxeclosr, if not paid. This':Security Instxument does not authorize acceleration or foxeclosure if not permitted by regulations of the Secr~tary. (e) Martg~ge Not Insured. Harrower agrees that if this Security Instrument and the Note are net determined to be eligible fax insurance under the National Housing Act within 60 days from the date hereof, Lender may, at lts option, require immediate payment in full of all sums secured by this Security Instrument. A wxltten statement of any authorized agent of the Secxetary dated subsequent to 5D days from the daft hereof, declining (a insure this Security Instxutnent and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may nut be exercised by Lendex when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance pxemium to the Secretary. 1Q. Reinstate~nlent. Harrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Nate or this Security Instrument. This right applies even aftex foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tandex in a lump sum all axnou~ats required to bring Horrower's account current including, to the extent they are obligations of Borrower under this Secuxity Instrument, fareclasuxe costs and reasonable and customary attoxneys' fees and expenses properly associated with the foreclosure proceeding, Upon reinstatement by $orxowex, this Security Instrument and the obligations thaC it secures shall remain in affect as if Lendex had net xequired 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 the commencement of a current foreclosure pxaceedting, (ii) reinstatement will preclude foreclosure an different grounds in the future, ar iu x@instatement will advexaely affect the priority of the lien created by this Security Instrument. ( ) 11. Borrower~Not Released; Forbearance By Lender Nat a Wairver. Extension of the time of payment ax modification of amoxtization of the soma secured by this Security Instrument granted by Lender to any successor in interest of Boxrowei• shall not operate to release the liability of the original Borrower ar Horrower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest ar refuse to extend time fax payment or! otherwise modify amortization of the sums secured by this Security Instxument by xeason of any demand made by the original Horxower or Borrowex's successors in interest. Any forbearance by Lander in exercising arty right or xemedy shall net be a waiver of or preclude the exercise of any right or remedy. X2. Suc~ssor~ and Assigns Bound; ]'clot and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and $arrower, subject tv 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 Nate: (a) is cosigning this Security Instrument only to mortgage, giant andJ~ convey that Harrower's interest in the Property under the terms of this Security Instrument; (b) is not pexaonally obligated to pay We sums secured by this Security Instxument; acrd (c) agrees that Lender and any ether Barrawer may; agree to extend, modify, forbear or make any accamrnodations with regaxd to the terms of this Security Instrument br the Nate without that Harrower's consent. ~~R(NEl Iveo~l Ppe a pf 9 Inhiele; 6~.5. I~