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201008U54 (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or atherwise transferred (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 doas so occupy the Property but his or her credit has not been approved in accardance with the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payxnent in full, but Lender does not require such payments, Lender dves not waive its rights with respect to subsequent events. (d) Regulatipns of HUD Secretary. In many circuxnstances regulations issued by the Secretary will limit Lender's rights, in the casc of payment defaults, ta require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if nat permitted by regulations of the Secretary. (e) Mortgage Not lnsured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligibla for insurance under the National Hausing Act within 60 days frnrn the date hereaf, Lender may, at its aption, require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretazy dated subsequent to 60 days from the date hereof, declining to insure this 5ecurity lnstrument and the Note, shall be decmed conclusive proof of such incligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrawer 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 even after foreclosure proceedings are instituted. To reinstate the Security Instrument, �3orrower shall tender in a lump sum all amounts required to bring Barrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foxeclosure proceeding. Upon reinstaternent 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 fareclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstaternent will preclude foreclosure on different grounds in the future, ar (iii) reinstat�ment will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Rele�sed; Forbearance Sy Lender Not a Waiver. �xtension of the tirne of payment or modi�cation of amortization of the sums secured by this Security Instrument granted by Lender to any successor 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 required to com�a�aence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security lnstrument by reason of any dernand made by the original Borrower or Borrower' 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. Suceessors 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 �orrower, subject to the pravisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Tnstrument but does nat executc the Note: (a) is co-signing this Securiry Instrument only to mortgage, grant and conv�y that Borrower's interast in the Froperty under the terms of this Security Instrument; (b) is not parsonally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any ather Borrower may agree ta extend, modify, forbear or make any accommadations with regard to the terms of this Security Instrument or the Note without that Borrower' s cansent, 8800906010 �80 Initials: VMP�•4N(NE) (oaa�).oi Page 5 Of e