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�oioo�3si (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including 5ection 341(d) of the Garn-St. Germain Depository Institutions Act of ] 982, 12 LT. S. C. 1701 j-3(d)) and with the prior approval of the S�cretary, require immediate payment in full of all sums secured by this Security Instrument if: (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferrad (other than by devise or descent), and (ii) The Property is nvt 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 nat been appraved 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 nat 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 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 Not Insured. $orrower agrees that if this Security Instniment and the Note are nat detearrxiined to be eligible for insurance under the Natianal Housing Act within 60 days from the date hereof, Lender may, at its option, require immediate payment in f'ull of all sums secured by this Security Instruzxa�ent. A written statement of any authorized agent of the Secretary dated subsequent to 60 days froxn the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the faregaing, 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. Borrower has a right to be reinstated if Lender has required 'unmediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclasure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower' s account current including, to the extent they are obligations of Borrower under this 5ecurity Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstaternent by Borrower, this Security Instrument and the obligations that it secures shall remain in effact as if Lender had not required immediate payrr►ent in full. However, Lender is not required to permit reinstaternent if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstacement 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 tune of payment or modification of arnortization 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 oniginal Borrower or Borrower's successor in interest. Lender sha11 not be required to commence proceedings against any successor in interest or refuse to extend tirne for payment or ptherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the ariginal Borrower or Borrower' s successors in interest. Any forbearance 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; doint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind azad benefit the successors and assigns of Lender and H�rrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreernents shall be joint and several. Any Borrower who co-signs this Securicy Instrument but does not execute the Nate: (a) is co-signing this Security lnstrument only to mortgage, grant and convey that Borrower's interest in tkae Property under the terms of this Security Instrument; (b) is not persanally obligated to pay the sums secured by this Security Instniment; and (c) agrees that Lender and any other Borrower may agree to extend, madiFy, forbear or make any accommodations with regard ta the terms of this Securitv Instrument or the Note without that Borrower's consent. 0451012520 FHA Deed of Trust-NE 4l96 VMP (y MP4R(NE) (0809) Wolters Kluwer Financial Services Pege 5 0( 9