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2osoos74o (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 341(d) of the Gam-St. Germain Depository Institutions Act of 1982, l2 U.S.C. 1701j-3(d)) and with the prior approval of the Secretary, require immediate payment in full of all sums secured by tkiis Security Instrument if: (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 transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser ar grantee as his or her principal residence, or the purchaser or grantee does so occupy the Froperty but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but L,ender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HLJD 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 Security Inscrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insnred. Borrower agrees that if this Security Instruament and the Note aze not determined to b� eligible far insurance under the National Housing Act within 60 days from the date hereof, T.ender may, at its option, require imrnediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrwnent aud the Note, shall be deerned conclusive proof of such ineligibility. Notwithstaz�ding the foregoing, this option may nat be exercised by I.ender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower 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, Borrower shall tender in a luanp sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, fareclasure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Barrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had nat required imrnediate payment in full. Hawever, Lender is not required to permit reinstatement if: (i) I.,ender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the conunencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority af the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification af amartization of the sums secured by this Security Instrument granted by Lender to any successor in interesc of Borrawer shall not aperate to release the liability of the original Bonawer or Borrower's successor in interest. Lender sha11 not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortization of the sunas secured by this Security Instrument by reason of any demand 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. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Tnstrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's coven.ants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Nate: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that J.,ender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Securit Instrument or the Note without that Borrower's consent. FHA Deed of Trusi-NE � • 4/86 VMP � VMP4RINE) (0809) Wolter9 Kluwer Flnancial Servlcas t, �'� � � Page 6 of 8 �VJ� + t 9� � i a�� * �+' y {