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201002493 (i) All or part of the Property, or a beneficial interest in a trust ownixxg all or part of the Property, is sold or odxerwise 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 grarxtee 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 tlxat would permit Lender to require irruxxediate payment in full, but Lerxder does not require such payments, Lender does riot waive its rights with. respect to subsequetxt 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 ixxxmediate payment in full and foreclose if not paid. This Security Instrument does trot authorize acceleration. or foreclosure if not permitted by regulations of tlxe Secretary. (e) Mortgage Not Insured. Borrower agrees drat if this Security Instrument and the Note are not. deternxined to be eligible for insurance under the National Housixxg Act witlxirx 60 days from the date hereof, Lender may, at its option, require ixnrnediate payment in full of all stuns secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequerxt to 60 days from the date hereof, declirxing to insure this Security Instrument axed the Note, shall be deemed conclusive proof of such ineligibility. Notwitlxstanding tlxe foregoing, Axis option may axot be exercised by Lexider when tlxe urxavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to tlxe Secretary. 10. Reinstatement. Borrower has a right to be reinstated if Lexider has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instnunent. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all anxounts required to bring Borrower's account current including, to the extetxt they are obligations of Borrower under this Security Tnstrurnent, foreclosure costs and reasoxxable and customary attorneys' fees and expanses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument arxd the obligations that it secures shall retrain 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 th.e corxxnxencement of foreclosure proceedings within two years inunediately preceding the commencement of a current foreclosure proceedigg, (ii) reinstatement will preclude foreclosure on different grounds in tlxe future, or (iii) reinstatement will adversely affect the priority of tlxe lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extexxsion of the time of payment or modii'ication of amortizationx 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 tlxe original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extexid time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of atxy demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lender in exercising any riglxt 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 arxd assigrxs 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-sigxxs this Security Instrument but does riot execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in tlxe Property under the teens of this Security instrument; (b) is not persoxxally obligated to pay the suers secured by dais 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 of this Security Instrument or the Note witlxout that Borrower's axxxsent. ~jj~®4RINE) Issoil Page 5 of 8 Initials: `lJ