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201009350 (i) All or part af the Property, or a beneficial interest in a truat owning all or part of the Property, is sold or ptherwise transf'erred (other than by d�vise or descent), and (ii) The Property is nnt occupi�:d by the purchaser or grantee as his or her principal residence, or the purchaser or grantee docs sn occupy the Property but his or her credit has not been approved in accordance with thc requirernents of the 5ecretary. (c) No Waiver. Tf circums[anc�s accur that would permit L.ender to require: immediate payment in full, but L,ender does not rcquire such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD S�cretary. In rnany circurnstances regulations issued by the Sccrelary will limit L,ender's rights, in th� case of payment defaults, to require immediate payment in full and foreclose if nat paid. 1'his Security Tnstrum�nl does not authorize acceleration or foreclosure if nat permit��d by r�gulations of thc: Sc:cretary. (e) Mortgage Not Insured. Borrower agrees lhal if this Security Instrument and the Note are not determined tc� be eligible for insurance under the National IIc�using Ac:t within 60 days from the date hereof, Y.ender may, at its option, require imm�diat� payment in full of all sums secured by this Security Tnstrument. A written statement of any authoriaed agcnt �f thc Sccrc:tary dated subsequent to 6U days from the date hereof, declining to insure lhis S�curity Instrument and ths Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding thc farcgoing, this option rnay not be exercised by Lender when the unavailability of insurance is solcly duc tn I�ender's failure ta remit a mortgage insurance premium to the Secretary. 10, Reinstatement. Borrower has a right tc� be reinstated if Lender has reyuired immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Tnstrument. This right applies even after foreclosure procc:e.dings are instituted. To reinstate the Security Tnstrument, Borr�wer shall tender in a lump sum all amaunts r�quired to bring Borrower's account current including, to th� extent they are abligatians of Borrower under this S�curity Instrument, foreclosure costs and reasonable and customary altarneys' fe�s and �xp�ns�s properly assaciated with the foreclosure proceeding. Upon reinstat�m�nt by Borrawer, this Security Instrurnent and thc �bligatic�ns that i[ yecures shall remain in effect as if T.endcr had not rcquired immediate payrnent in full. However, Lend�r is n[�[ required to permit reinstatement if: (i) Lender has 7GC�PLG(� reinstatsment after the commencem�nt af fareclasure proceedings within two years immediately preceding the camrnencement af a current foreclosure proceeding, (ii) re'rnstaternent will preclude foreclosure on different grounds in the Puture, or (iii) reinstatement will advr:rscly affect the priority of the lien created by this Security Instrument. 11. Borrow�r Not Released; Forbearance By Lender Not a Waiver. Extension of the timc of payment �r mc�dific:atian c�f amartization of the sums secured by this Security Instrument granted by Lc:nder t« any successor in interest of Borrower shall not operate to release the liability of the original Borrc�wer cir Borrc�wer's succcsticar in int�rest. Lcnder shall not be reyuired to commence proceedings against any successor in inlerest or refuse to extend time for payment or otherwise modify amortization of the sums sccurt;d by this SeGUriky Instrument by reasnn af any dernand made by the original Borrower or Borrower°s successors in interest. Any forbcarancc by I.,�:ndc:r in exercising any right or remedy shall not be a waiver of or prcclude lhe excrcise of any right ar rsmedy. 12, Successors and Assigns Bound; Joint and S�v�ral I.iability; Co-�i�ners. The covenants and agr�ements of this Security Tnstrument shall bind and b�nefit th� succ�ssors and assigns of L.ender and Borrower, subject to the provisions of paragraph 9(b). Bc7rraw�r's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrurnent but does not execute the Note: (a) is co-signing this Security Instrument orily to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is n�t persanally pbligat�d to pay the sums secured by this 5ecurity Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations wilh regard to the terms of this 5ecurity Instrument or the Note without that Borrower's consent. � 4RINE) �g�o Paga 5 of 8 Initials ,•`� �