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~oloo2iz3 (i) All or part of the Property, or a beneficial interestin a trust awning 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 purchaseror granteedoes so occupy the Propertybut his or her credit has not been approvedin accordance with the requirements of the Secretary. (c) No Waiver. If circumstancesoccur that would permit Lender to require irnmediatepayment 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 requireimmediatepaymentin full and foreclose if not paid. This Security Instrumentdoes not authorizeaccelerationor foreclosureif not permittedby regulationsof the Secretary. (e) Mortgage Not Insured. Borrower agreesthat if this Security Instrumentand the Note are not deterrninedto be eligible for insuranceunder the National HousingAct within 60 days from the date hereof, Lender may, at its option, require immediate payment in full of all sums securedby this Security Instrument.A written staternentof any authorizedagent of the Secretarydatedsubsequentto 60 days from the datehereof, 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. Borrowerhas a right to be reinstatedif Lenderhas requiredimrnediatepaymentin 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 arc instituted. To reinstate the Secuxity Instrument,Barrower shall tenderin a lump sum all amauntsrequiredto bring Borrower's account currentincluding, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses pxoperly associated with the foreclosure proceeding. Upon reinstatementby Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not requiredimmediatepayment in full. However, Lender is not required to permit reinstatementif: (i) Lender has accepted reinstatementafter the connmencementof foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatementwill preclude foreclosure on different grounds in the future, or (iii) reinstatementwill adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Fprbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortizationof the sums securedby this Security Instrumentgranted by Lender to any successor in interestof Borrowershall not operateto releasethe liability of the originalBorraweror Borrower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortizatiouoF the sums securedby this Security Instrumentby reason of any demand made by the original Borrower or Borrower's successors in intexest.Any forbearanceby Lenderin exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or rennedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreementsof this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrumentbut does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interestin the Propertyunder the terms of this Security Instrument;(b) is not personally obligated to pay the sums securedby this Secuxity Instrument;and (c) agrees that Lender and any other Borrowermay agree to extend, modify, forbear or make any accommodationswith regard to the terms of this Security Instrument or the Note without that $orrower's consent. -4N(NE) (oao~ Page 5 of e Initials; l ~]'--~