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2oioo7ss3 (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 transfetred (other than by devise or descent), and (ii) The Property ia not occupied by the purchaser or grantee as his or her pr�incipal residence, or th� purchaser or grantee 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 Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of IiUD 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 Secutity Iustrument does not authorize acceleration or foreelosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Inatrument and thc Note are not determined to be eligible for insurance undet the National Housing Act within GO days &om the date hereof, Lender may, at its option, requixe immediate payment in full of all sums secured by this Security Instrulnent. A written statement of any authorized agent o£the Secretary dated subsequent to 60 days fram the date hereof, declining ta insure this Secunity Instrurnent and the Note, shall be deemed conclusive proof of such in�ligibility. Notwithstanding the foregoing, this option may not be exercised by Lender wlaen the unavailability of insurance is solely du� to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower has a right to �e reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount duc under the Note or this Security Iustrument. This right applies even after foreclosure proceedings are instituted. �o reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Bo�rtower's account current including, to the extent they are obligations of Sorrower under this Security Tnsfiunent, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the fareclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures aha11 remain in effect as if Lender had not required immediate payment in full. F-Iowever, Lender is not requiared 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 diffe�rent grounds in the future, or (iii) reinstatement will advcrsely affect the priority of the lien created by this Security Instrument_ 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extensian of the time of payment or modification of arnortization of the sums secwed by this Security Instrument granted by Lender to any 5uccessor in interest oF Borrower shall not operat� to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify arnortization of the sums secured by this Security Instrument by reason oF any demand made by the original Borrower or Bortower'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 Buund; Joint and Several Liability; Co-Signers. The covenants and agr�ements of this Security Instrument Ghall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenanta and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does nat execute the Note: (a) is co-signing this Security Instruynent only to rnox-tgage, gran,t and convey that Borrower's interest in the Property under the terms of this Security Instniment; (b) is not personally obligated to pay the sums secured by this Security Insttument; and (c) agrees that Lender and any other Borrower rnay agree Co extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. �� ��-4R(NE) �sao�� Page 5 of e Initials:_�