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�oiop�s�2 (b) Sale Without Credit AppravaL Lender shall, if permitted by applicable 1aw (including Section 341(d) of the Garn-St. Germain Depository lnstitutipns Act of 1982, 12 U. S. C. 1701,j-3(d)) and with the prior approval of the Secretary, 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 a11 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 ar her principal residence, or the purchaser ar �rantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (e) Na Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lezader does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary. In rnany circumstances regulations issued by the 5ecretary will limit Lender' s rights, in the case of �ayment defaults, to require immediate payment in full and foreclose if not paid. This 5ecurity instrument does npt authorize acceleration or foreclosure if npt permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender may, at its option, require unrnediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent ta 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be deerned conclusive proof of such ineligibility. Natwithstanding the foregoing, this option may nat be exercised hy Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. l0. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amounC due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security lnstrument, Borrower shall tender in a lump sum all amounts required to bring Borrawer's account current including, to the extent they are obligations of Sorrawer under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain 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 the commencement of foreclosure proceedings within two years immediately preceding t1�e commencernent of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different ground5 in the future, or (iii) reinstatennent will advers�ly affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization of the surns secured by this Security Instrun�ent granted by Lender to any successor in interest of Bprrower sha11 not operate to release the liability of the original Borrower or Borrower' s successor in interest. Lender shall not be required to comm�nce proceedings against any successor in interest or refuse to extend time for payment or otherwise nnodify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successqrs in interest. Any forbearance by Lender in exercising any right or re�tedy sha11 npt be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Baund; Jaint and Several Liability; Co-Signers. The covenants and agreements of this Security lnstrument shall bind and bene�t the successors and assigns of Lender and �rrower, subject to the provisions of paragraph 9(b). Sorrower's cavenants and agreements shall be joint and several. Any Borrower wha co-signs this Security lnstruraent but does not execute the Note: (a) is co-signing this Security Instxument only to mortgage, grant and convey that Borrower' a interest in the Property under the terms af this Sccurity Instrument; (b) is not personally obligated to pay the sums secured by this 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 Securitv Instrument or the Nate without that Sorrower' s consent. 0451015175 FHA Deed of Trust-NE A/96 VMP � �'�� VMP4R(N� (0809) Wollers Kluwer Financial Services �Y Page 5 of �