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20100838� (i) All or part of the Property, or a beneficial interest in a trust owning all or pazt of the Property, is sold or otherwise transferred (ather than by devise or descent), and (ii) The Pcoperty is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property but his or her credit has not becn approved in aceordance with the requirernents of the Secretary. (c) No Waiver. If circiunstances occur that would permit Lender to requira immediate payment in full, but Lender does not require such payments, Lender does not waive its rights with, respect tn subsequent events. (d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of pa}nneni defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security InsCrument and the Note are not determined to be eligible for insurance under the National Housing Act withzn 60 days from the date hereof, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Seczetary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the fore�;oing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender' s failure to retnit a mortgage insurance premium to the Secretary, 10. Reinstatement. Sorrower has a rzght to be reinstated if Lender has required irnmediate payxnent 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, Barrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent th�y are obligations of Borrower 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. Hawever, Lender is not required to permit reinstaternent if: (i) Lender has accepted reinstatement after the comnr►encement of foreclosure pmceedings within two years immediately preceding the commencement of a curcent foreclosure proceedin�, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Securiry Instrument. 11. Sorrower Not Released; Forbearance Sy Lender Not a Waiver. Extension of the time of payznent or modification of amortization of the sums secured by this Security Insm�ment 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 Yo commeace proceedings againsi any successor in interesi or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any deznand made by the original Borrower or $orrower'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. ]2. Successors and Assigns Sound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Securiry Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreeznents shall be joint and several. Any Borrower who co-signs this Security Instrumant but does not execute the Note: (a) is co-signing this Security Instrument only ta mortgage, grant and convey that Barrower's interest in the Property under the terms of th,is Security lnstrurnent; (h) is nat pers�nally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Bor►'ower may agree Yo extend, modify, forbear or make any accommodations wiCh regard to the terms of this Security Instrument or the Note without that Borrower's consent. 1351014892 �nicis�s: �-4N�NE) (OaO�) Page 5 of B �