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pr 20100949i (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Section 341(d) of the Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secretary, require imnnediate payment in full of all suzns secured by this 5ecurity Instrument if: (i) All or part of the Property, or a beneficial interest in a tn.ist owning all or part of the Property, is sold or atherwise transfert'ed (other than by devise or descent), and (ii) The Property is nat occupied by the purchaser or grantee as his or her principa] residence, or the purchaser or grantee does so occupy the Froperty but his or her credit has not been approved in. accordance with the requirements of the Secretary. (c) No Waiver, If circumstances occur that would permit Lender tt> require immediate payment in full, but Lender does nat require such payrnents, Lender doea not waive its rights with respect to subsequent events. (d) Regulatians of HUD Seeretary. In many circuznstances regulations issued by the Secretary will limit Lender's rigk►ts, 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 re�ulations of the Secretary. (e) Mortgage Not Insured. Bort'ower 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, Lender rnay, at its option, require immediate payment in full af all sum5 Secured by this Security Instrument. A written statement af any authorized agent of the Secretary dated subsaquent to 60 days From the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not 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. Sorrower has a right to be reinstated if Lender has required imrnediate payment in full because of Borrower's failure to pay an amount due under the Note or this 5ecurity Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Bozrawer shall tender in a lump sum all amounts required to bring Bt�rrower' s account current including, to the extent they are obligations of Borrower under this Securiry Instrument, foreclosure cost5 and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Sorrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had npt required innmediate payment in full. However, Lender is not required to permit reinstatexnent if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years imrnediately preoeding the commencement of a current foreclpsure proceeding, (ii) reinstatemen;t will preclude foreclasure on di£ferent grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Sorrower Not Released; Farbearance Sy Lender Not a Waiver. Extension of the time of payment or modification of amo� of the sums secured by this Security Instruxnent granted by I,ender to any successor in interest of Sorrower shall not operate to release the liability of the original Borrower or Borrower' s successor in interest. Lender shall not be required to comm�nce proceedings against any successor in interest ar refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any dexnand made by the oridinal Borrower or Borrower' s successors in interest. Any forbearance by Lander 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 Bound; Joint and Several Liability; Co-Signers. The cavenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Tnstrument but does not execute the Nate: (a) is co-signing this Security Instrument only to rnortgage, grant and convey that Borrower's interest in the Prqperty under the terrns of this Security Instnunent; (b) is not personally abligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, rnodify, forbear or make any accomrnodations with regard to the terms of this 5ecurit Instrument or the Note without that Borrower's consent. 0451018798 FNA Deed of Trust-NE 4/96 ��f (� VMP4R(Nt� (0809) VMP � � l`J Pege 5 of 9 Wolters Kluwer Financial Services