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2oioo952� (i) All qr part of the Property, or a beneficial interest in a trust awning all or part of the Property, is sold or �thcrwise transferred (other than by devise or desccnt), and (ii) The Aroperty is not occupied by the purchaser or grantee a.� his or her principal residence, or the purchaser or grantee does so occupy the Properry but his or her credit has not been approved in accordance with the requiremcnts of thc Secretary. (e) No Waiver. Tf circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Lender docs not waive its rights with respect ta subsequent events. (d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require imrnediate payment in full and foreclase if nat paid. This Security Instrument does not authorize acceleratian or fareclasure if not permitted by regulations ofthc Secretary. (e) Mortgage Nat Insured. r3orrower agrees that if this Securiry Instrument and the Nate ar� not deterrnined to be cligible for insurance under the Natianal Housing Act within 60 days from the date hereaf, Lender may, ac its option, require immediate payment in full of all sums secured by this 5ecurity Instrument. A written statement of any autharized agent of the Secretary dated subsequcnt to 60 days From the date hereaf, declining to insure this Security [nstrument and the Note, shall be deemed conclusive proaf of such ineligibility. Natwithstanding the foregoing, this option may nat be exercised by Lender when the unavailability of insurance is solely due ta Lender's failure to remit a mortgage insurance premium to thc Secretary. lp. Reinstatement. Borrower ha.s a right to bc rcinstated if Lender has required immediate payment in full becausc of Borrower's failure ta pay an amount due under the Note or thia Security Inscrument. This right applies even after foreclasure proceedings are instituted. To reinstate the Security Instrument, Borrawer shall tender in a lump sum all amaunts required to bring Barrawer's account current including, to the extent they are obligations of Barrower under this Security Instrumeni, foreclosure costs and reasonable and customary attarneys' fees and expenses properly associated with the foreclosure proceeding. LJpon rcinstatement by Borrower, this Security Instrument and the abligations that it secures shall remain in effect as if Lender had not required immediate payment in full. �owever, I,ender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure procecdings within two years immediatcly preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on difterent grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security [nsirument. 11. Borrower ]Vot Rcleased; Forbearance By [.ender Not a Waivew. Extension af thc time of payment or madification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest af Borrower shall not aperate to release the liability of the original Borrawer or Borrower's successor in interest. Lender shall not be rcquired to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amartization of the sums secured by this Security Cnstrument by reasan of any demand made by the original Sarrower or Borrower's successors in interest. Any forbearance by Lcnder in excrcising any right or remedy shall not be a waiver af or prccludc the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several I,iability; Co-Signers. The covenants and agreements of this Security Instrumenl shall bind and benetit tha successors and assi�ns af Lender and I3orrower, subject ta the provisions of paragraph 9(b), Borrower's covenants and agreements shall be joini and several. Any Borrower wha co-signs this Security Instrument but does not execute th� Note: (a) is co-signing this Security Cnstrument only ta mortgage, grant and convey that Borr�wer's interest in the Froperty under the terms of this Security Instrument; (b) is nat personally obligated ta pay thc sums secured by this 5ecurity Instrument; and (c) agrees that Lender and any other Sorrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this 5ecurity Instrument or the Note withaut that Borrower's consent, 1351016745 �.�' � � Initials: VMP�-4N(NE) (o4oi).ot Page 5 ot e ��'