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2o�ooso4� (b) Sale Withoat Credit Approval. Lender shall, if pernutted by applicable law (including Section 341(d) of the Garn-St. Germaian Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secretary, require immediate payment in full of all surns secured by this Security Instrunnent if: (i) All or part of the Property, or a ben�ficial interest in a trust owning all or part af 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 residenc�, or the purchas�r or grantee does so occupy the Property but his or her credit has nat been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circwnstances occur that would pernut Lender to require imrnediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of �I[JD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payrnent defaults, to require immediate payment in full and foreclose if nat paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrawer agrces that if this Security Instrunn.ent and the Note are not determined ta be eligible for insurance wnder the National Housing Act within 6U days fram the date hereof, I,ender may, at its option, require innme�iate payment in full of all sums secure� by this Security Instrume;nt. A written statement of any authorized agent of the Secretary dated subsequent to b0 days frorn the date hereof, declining ta insure this Security Instnunent and the Note, shall be deemed conclusive proof of such ineligibility, Notwithstanding the foregoing, this option may not be exercise.d by Lender when the unavailability af insurance is solely due to Lender's failure to rernit a mortgage insurance prernium to the Secretary. 10. Reinstatement. Borrower has a right to be reinstated if Lender has require� immeciiate payrnent in full because of Bonower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrurnent, Borrower shall tender in a lurnp sum all amounts required to bring Borrower's account current including, ta the extent they are obligations of Banawer under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expez�.ses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Se�urity Ir�strument and the obligations that it secures shall rernain in effect as if I.ender had not required immediate payment in full. However, Lender is not required ta permit reinstatement if: (i) Lender has accepted reinstatement after the comrnencement of foreclosure proceedings within two years innnne�iately preceding the commencennent of a current foreclosure proceeding, (ii) reinstateament will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Se�urity Instrurnent. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of arnortization of the swms secured by this Security Instrumenc granted by Lender to any successor in interest of Borrower shall not operate tv release the liability of the original Borrawer or Borrower's successor in interest. I.ender shall not be required to commence proceedings against any successor in interest or refuse to extexa�d time for paynnent or otherwise rnodify amortization of the sums secured by this Security Instrument by reasan of any demand made by the original Borrower or Borrower's successars in interest. Any forbearance by I.�nder in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. �2. Successors and Assigns Baund; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and bene�it the successors and assigns of Lender and Boz�rower, aubject to the provisions of paragraph 9(b). Borrower's covenants and agreernents shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Pmperry under the terms of this Securiry Instrurnent; (b) is not personaJ.ly obligated to pay the sums secured by this Security Instrurnent; and (c) agrees that Lender and any other Borrower may agree to extend, modify, farbeaz or make any accommodations with regard to the terms of this 5ecurit Instrument or the Note without that Borrower's consent. FHA Deed of Trust-NE 4/86 VMP � VMP4RINE) (08�91 Wolters Kluwer Financial Services Page 5 of 9 �y i � � � i v..� 5 { � � ��. - � i . .