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2 01009109 (i) All ar part of the Property, or a beneficial interest in a trust owning all or part af th� PrUp�rty, is sald or otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as his c�r h�r principal r�sid�nc�, ar the purchaser or grantee does so occupy thc Property but his c�r h�r credit has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances accur that would pecmit Lender ta require immediate payment in full, but Lender does not require such paymenls, J.endcr dUCS n�t waiv� its rights with respect to subsequent events. (d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secxetary will limik Lender's rights, in th� cas� of paym�nt d�faults, Co r�yuir� imm�diat� payrnent in full and foreclose if not paid. This Security Instrunn�n[ da�s nut autkxarix� acc�l�ratian ar far�closure if not permitted by regulatians of the Secretary. (e) Mortgage 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 the date hereof, T..ender may, at its option, require immediate payment in full of all sums secured by this Security Tnstrument. A written statement of any authorized agent of the Secretary dated subsequenl to 60 days from the date hereof, declining to insure this Sccurity Instrument and the Note, shall be a��a cc�nclusive proof of such ineligibility. Notwithstanding ihc foregoing, this o�tion may not be excrcised by I,endcr when the unavailability of insurance is salely du� ta Lend�r's failur� tc� r�mit a martgage insurance premium ta thr: Secretary. 10. Rein.sts�temcnt. Borirawer has a right ta be reinstated if I,ender has required immediate payment in full because oF Barrower's failure to pay an amount due under the Note ar this Security Instrument. This right applies ev�n aftcr fareclosur� proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this 5ecurity Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrvment and the abl'rgations that it secures 5narr remain in effect as if Lender had nat required immediate payment in full. However, L.ender is not required to permit reinstaternent if: (i) L�nder has acceptsd reins[atcm�nt after lhe camtnencement of fareclusure proceedings within two yeary immediattly preceding thc: cammencement of a current fareclosure proceeding, (ii) reinstatement will preclude fareclasur� an different gruunds in thc Future, or (iii) reinstatement will adversely affect the priarity of the ]ien created by this S�curity Instrument. 11. Bprrower Not Released; Forbearance By Lender Not a Waiver. �xtension af the tim� of paymcnt ar modification of amortization of the sums secured by this Security Instrument granted by I.,ender to any succ�ssar in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interest. L.ender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwis� mndiPy amc�rtication of lhc sums secured by this Security Instrument by reason of any demand made by the original Barrower or Sorrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not b� a waivcr of or �rcclude the exercise of any right or remedy. 12. Successors and Assigns Bound; J�int and Scveral Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and btneFit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrawcr's covcnants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Tnstrument only to mnrigage, grant and convey that Bctrrc�w�r's intc:r�sf in lhe Property under the terms of this Security Tnstrument; (b) is not personally obligated ta 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 accammodations with rsgard ta the terms of lhis Security Instrument or the Note without that Borrower's consent. ��4R(NE) �seoi i Page 5 of e Initials: '"