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2U1008793 (i) All or part of the Property, or a heneficial interest in a trust owning all or part of the 1'roperty, 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 on c�r principal residcncc, or the purchaser or grantee docs so occupy thc Property but his or her credit has noc been approved in accordance with the requirements of the Secretary. (c) No Waiver. if circumstances occur that would permit Lender to requirc ii�runediate payrnent in full, but Lender does not rec�uire such payments, Lender does not waive its ri�hts with res�ect to subsequent events. (d) Regulations of HUD 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 Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees lhat if this Security Instrument and the Note are not determined to be eli�ible for insurance under the National Housing Act wilhin 60 days from the date hereof, Lender may, at its option, require irrunediale payment in fuil of all sums secured by this Security Instrument. A writtcn statcment af any authorized agent of the Secretary dated subsequenl to 60 days from the date hereof declining t� insure this Security Inscrurnent and the Note, shall be deemed conclusive proof of such ineligibility. NotwiChstanding the foregoing, this oplion may nol 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. Borrower has a right to be reinstatcd if Lender has required irnmediate payment in full because of Borrower's fail�ire to pay an amount due under the Note or this Security Instrument. This ri�ht applics even after foreclosure proccedings arc instituted. To reinstate the Security instrumcnt, Bc�rrower shall tender in a lump sum all amounts required to bring Borrower's �ccount current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorncys' fees and expenses properly'assaciated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Tnstrument 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 foreclosure proceedings within two years iiz�mediately preceding the commencement of a current forcclosurc proceeding, (ii) reinstatement will preclude foreclosure on ditferent grounds in the future, or (iii) reinstatement wilt adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; �'orbearancc By Lender Not a Waiver. Extension of the time of payment or modification of amorcization of the sums secured by this Sccurity Instrumcnt granted by Lender to any successor in interest of Borrower shall not operate to release the liabilicy of lhe original Borrower or Borrower's successor in interesl. Lender shall not be required Co coirunence proccedings against any successor in interest or refiisc to extend time for payment or otherwise modify a�nortizacion of the sums secured by this Security Instrument by reason of any demand made by lhe original Borrower or $orrower's succcssors in intcrest, Any forbcarance by Lendcr in exercising any right or remedy shall not be a waiver of or preclude the exercisc of any ri�ht or remedy. 12. Successors and Assigns Bound; Joint and Several Liab'rl'rty; Co-Signers. The covenants and ��-ecmcnts of this Security Instrument shall bind and bene�C the successors and assigns af Lcndcr and Borrawcr, subject to the provisions of paragraph 9(b). Borrower's covenants and agreemcnts shall be joint and several. �ny Borrowcr who co-signs this Security Instrument but does not exccutc thc Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey lhat Borrower's interest in thc 1'raperty under the terms af this Sccurity Tnstrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or iYwkc any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 1351014603 / (� r Initlals: �^^' `, `� • �� �-4N(NH) (oao�) Page 5 of 8 e