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2oiooss5s (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 341(ci) of the Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701,j-3(d)) and with the prior approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument if: (i) All or part of thc Property, or a beneticial 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 thc purchaser or grantee as his or her principal residence, or the purchaser or �rantee 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 circumstances occur that would permit Lender to require iinrnediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subseyuent events. (d) Re�utations of HiJD SecrMa� In many circ�imstances regulations issued hy the Secretary will limit Lender's rights, in the case of payment defaults, to require irrunediate payment in full and foreclose if' not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations ofthe Secretary. (e) Mortga�e Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days from thc date hereof, 1�ender may, at its option, require immediate payment in tull of a11 sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date Ilereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithscanding the foregoing, this option may not be exercised by Lender when thc unavailability of insur�nce 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 Lendcr has required immediate payment in Full because of Borrower's failure to pay an amount due undcr 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 lurnp sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrurnent, 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 Leiader had not required immediate payment in full. However, Lender is not required to permit reinstatement if; (i) Lender has accepted reinstatement after the cominencement of foreclosure proceedings within two ycars immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on dif'ferent grounds in the future, or (iii) reinstatement will adversely affect the priority of the licn created by this Security Instrument. 11. Rorrower Not Rcleased; Forhearance T3y Lender Not a Waiver. Extension of the time ot payment or modification of amortization of the sums secured by this 5ecurity 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 intcrest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise mndif'y annortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower �>r 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 I3oiand; Joint and Several �,iabi►ity; Co-5igners. The cc�venants and agreements of this Security Instrun�ent shall bind and bene�t the successors and assigns of' Lender and Borrower, subject to the provisions of paragraph �(b). Borrower's covenants and agrcements shall be joint and scvcral. Any Borrower who co-signs this Security Instrument but does not execute the Note; (a) is co-signing this Sccurity Instrument only to mortgage, grant �nd convey that Borrower's interest in the Property under the terms of this Security [nstrument; (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 make any accommodations with regard to the tenns of this S ccurity Instrument or the Note without that Borrower's consc FHA Deed Df TiUSt-N[ ��`_��/// 4/96 VMP �N � ^ 1 9V VMP4R1NE1 108091 Woltr.rs KIUw2r Fin�nCi21 SCfviC25 �,1�'l. Page 5 of 9 �i *1 ,� „} t j , _� �,