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201007924 (i) All or part of the Property, or a beneficial interest in a trust awning all or part of the Pr�perty, i5 sald or otherwise transferred (other than by devise or descent), and (ii) The PrUp�rty is not occupied by the purchaser or garantee as his or her principal residence, or the purchas�r ar grantee does so occupy the Property but his ar her credit has not been approved in accordancr: with the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to requirs irnmediate payment in full, but T.ender does not require such payments, Lender does not waive its rights with respect ta subsequent events. (d) Regulations af HUD Secretary, In many circumstances regulations issued by Ghe Secretary will limit Lender's righls, in the case of payment defaults, to require immediale payrnent in full and foreclose if not paicl. This Security Instrument does not authoriz� acc�l�ratiun qr fareclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insur�d. Borrower agrees that if this Security Instrument and the Nofe arc no[ d�terminr:d to be eligible for insurancc uzuier the National Housing Act within 60 days from the date hereof, I,r:ndcr may, at its option, require imrn�diate payment in full of all sums secured by this Security Instrument. A written statement of any autharized agent af the Secretary dated subsequent to 60 days From lhe date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the faregaing, this aptian may not be exercised by Lender when the unavailability of insurance is svlcly du� to I,endc�r's failure ta remit a mortgage insurance premium to the Secretary. 10, Reinstatement, Borrower has a right ta b� reinstatsd if L,ender has required immediate payment in f'ull because af Borrower's failure to pay an amount due under the Nate or this Security Tnstrument. This right applies even after foreclosure procecdin�s ar� instituted. To reinstate the Security Instrument, �orrower shall tender in a lump sum all amounts required to bring Borrower's accaunt current including, to the extent they are obligations of Borrower under this Security Instrumsnt, foreclosure costs and reasonable and customary attorncys' fees and expens�:s properly associated with the forec:losure proce�ding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secur�s shall aremain in effect as if Lender had not required immediate payment in full. However, Lender is not requir�d ta pernxit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure �rnc�edings within twa years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstat�mcnt will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Sscurity Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of We time of payment or madification af amortization of the sums secured by lhis Sccurity Instrum�nt granted by I.ender to any successor in interest af Borrower shall not operate to releas� th� liability af the original Barrower or Borrower's successor in interest. L.ender shall nat be required to caznm�nc� prac;��dings aga'rnst any successor in interest or refuse to extend time for payment or otherwise modify amartixation af the sums secured by this Security Tnstrument by reason of any demand made by the original Borrower ar Borrower's successors in interest. Any forbearance by I,ender in exercising any right or remedy shall nat be a waiver of or preclude the exercise of any right or remedy. 12. Succcssars and Assigns Bound; Joint and Several Liability; Co-Signers. Thc cavenants and agr��ments of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrowcr, subjcct to th� provisions of paragraph 9(b). Barrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but daes not execute the Note: (a) is co-signing this Security Tnstrument only to mortgage, grant and convey tkxat Barrower's interest in the Praperty under the terms of this Security Tnstrument; (b) is not personally obligated la pay th� sums secured by this Security Instrurnent; and (c) agrees that L.ender and any cythcr Borrower 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. ��4�(��) (9601) Pxqe 6 of 8 Initials: " ��