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20100749� (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is spld or otherwise transfez�red (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 docs 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 circurnstances occur that would permit Lender to require immediate payment in full, but Lender does not xequire such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HiJD Secretary. In many circurnstances 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 $ecretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrurnent and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days frorn the date hereof, Lender may, at its option, require immediate payment in full of all suzns secured by this Security Instrument. A written statement of any authorized agent of the Secr�tary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this pption may not be exercised by Lender when the unavailabiliCy of insurance is solely due to Lender's failure to remit a mortgage insurance prernium ta the Secretary. 10. Reinstatement. Sorrower 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 Note or this Security Instrument. This right applies sven after foreclasure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrawer's account current including, ta the extsnt they are obligations of Bonower under this Security Instrument, foreclosure casts and reasonable and custornary attprneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinsCatennent by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if J.,ender had not required 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 proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by Chis Security Instrument. 11. Borrower Not Released; Farbearance By Lender Not a Waiver. Extension of the time of payment or modi�cation of amortization of the sums secured by this Security Tnstrument granted by I.ender to any successar 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 rsquired to cornrnence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization pf the sums secured by this Security Instrument by reason of any dernand made by the original Bprrower or Borrower's succ�ssors in interest. Any forbeazance by Lender in exercising any right ar 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 and assigns of Lender and Borrower, subject to Che provisions of paragraph 9(b). Borrower's covcnants and agreernents shall be joint and several. Any Borrower who ca-signs this Security Instrument but does npt execute the Note: (a) is co-signing this Security Instrurnent only to mortgage, grant and canvey that Borrower's interest in the Property under the terms af this Security Instrument; (b) is not persanally obligated to pay the sums secured by this Secuxity Instrurnent; and (c) agrees that I.ender and any other Borrawer may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. II I I I� IIII I I I II IIII I I I1� ��I��I III II I I I I I I I I II III q0322S308016 0233 267 0508 VMP�-4N�NE) (qao7l.ot Page 5 of 8 Initlals:�