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2oioos��c (i) All or part nf the Property, or a beneticial intetest. in a tnitit owning all or part of thc; Propetiy, is sold or otherwise tran5l'erred (other than hy devise or descent), and (ii) "1`hc Propetty is not occupied by thc purchaset or grantee as his or her princiral residence, or the purchatier or grantec doeti so occupy the Property but his ot her credit has ni�t been approved in accordance with the requirements of the Secrelary. (e) Nu Waiver. If circutnstances occur that would pennit Lender to requirc immediate payment in full, hut Lendcr doe5 not require such pay�nents, Lender does not waive ils rights witla respect to subsequcnt events. (d) Regulations uf I�UD Sc�retary. In many circumstances regulatinns issued by the Secretary will limit Lcnder's rightti, in the case of payment defaults, tn require immcdiate payment in hill and foreclose iF not paid. This Security In�tnunent does not authorizc acceleration or foreclosure if noC pennittcd by regulations of the Secrctary. (e) Mortgrge Not Insured. F3nrrower agrees that if this Seeurity Instrument and the Note are not delertnined ta be eligible fi�r insuranec under lhe National H��using Act within 60 days from thc date hereoF, Lender may, at its optic�n, tequire immediate payment in full of all sums secured by thi� Security Instrument_ A writt.en statement pP any authc�ri2ed agent of fhe Secretary dated subsequenl to GO days fr��m the date hereof, declining to ineute lhis Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility_ Notwiihstanding the foregoing, this option may not be exercised hy Lendet when thc unavailability of insurance is solely duc to Lender's failurc tn remit a mortgagc intiurance premium to the Secretary. 10. Rcinstatemept. Borrower has a right tn be reinstated if Lendet hati required immediaie payment in full becausc of Bortower's failure lo pay an amount due under lhe Notc or this Secutity Instrutnent. This right applies even aft�;r fi�reclosurc pri�ceedings are in�lituted. '1'o reinstale the Security Insitument, Borrower shall tender in a lump sum all ainounts requited to bring Borrowcr's account eurrent including, to the extent they are obligations of $orrower under this Sectiirity Instrumcnt, foteclosure cotitti and teasonahlc and customary attorneys' fees and expenses properly assc�ciated with the loreclotiure proceeding_ iJpon reinstatcmeni hy Borrower, this Security Instrument an�l ihe obligations t.hat it secureti shall rcrtiain in effect as if Lender had nut requited immcdiate payment in fiill_ IIowever, Lender is not required to perniil reinstatement il�: (i) Lender has accepted reintitatement after the commencemcnt oF 1'oreclosure proceedings within lwo ycars immediately rreceding the commencement of a current I�[>teclosure proceeding, (ii) reinstatemcnt will precludc fi�reclosure on diffcrent grounds in thc future, or (iii) reinstatement will adversely affect ihe priority of the lien created by this 5ecurity In�ttument. 11. Borrower Not Released; Forbearance Sy Lender Not a Waiver. i;xtension oP the timc nf paymenl or moditication of umortization of the sums eecured by thiti Securily Instnimeqt granied by Lendcr to any successor in interest of Borrnwet shall nnt operate to release ihe liability of the original Borrower ot Borrower's successor in interest. Lender shall not bc required to cr�mmence proceedings against any succesvor in interest or re('utie to extend time 1'or payment or otherwitic rnodify amortization of the sum� secured by this Security Instrumer�t by reason of any aemand madc hy the orieinal I3prtower or Bprrower's suceestinrs in interest. Any fnrbeatance by Lender in exercising any ti�ht or rcmedy shall not he a waiver of ur preclude the exerci5e of any right or remedy. 12. Successors anrl Assigos Bound; .ioint and Severat Liability; Cu-Signers. The covenantti and agreements uf this Security Instrument shall bind and bene�t the succes�or5 and assigns ��f Lendet and Borrower, subject to the proVisions of paragraph 9(h). Sotrower's covenanls and agreemenls shall bc joint and several. Any Burrower who co-signs this Secutity Instniment but does not execute fhe Noie: (a) is co ihi5 Security InGttumenl only to tnortgage, grant and convey that Borrower'� inleresl in thc Propet1y under the terms of this Security Instrument; (b) is not personally obli�ated to pay the st�rras tiecured by this Security Instrument; and (c) agrees that Lender and any other Borrower may a�rec to exlend, modify, f'orbcar or make any accotnmodation5 with regard to the terms of this Security In�tnunent or the Note without ihat Borrnwer's consent. �-4R�NE) �ssa�� Page 5 of 8 Initials; � "