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2oioo9533 (i) All or part of the Property, or a benef►cial interest in a trust owning all or part of th� Property, is sold ar atherwise transferred (other than by devis� ar descent), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal r�sidence, or the purchascr or grantee does so occupy the Propc;rly but his or her credit has not been appruvcd in accordance with the requirements of the Secretary. (c) No Waiver. If circumstanc�s occur that would permit Lender tU r�quir� immediate payment in full, but Lender does not require such paymcnts, I.ender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Secreka�'y. In many circumstances regulatians issued by the Secretary will litnit Lender's rights, in the case pf payment defaults, to require irnmediate paymcnt in full and foreclose if nc�t paid. This 5ecurity Instrument da�s not authorize acceleratian ar for�cic�sure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured, Borrower a�rees lhat if this Security Instrument and the Note are not determined to be eligible for insurance under the Natianal Housing Act within 60 days frpm th� date hereof, Lender may, at its option, require immediate paymcnt in full of all sums secured by tkAis Security Tnstrument. A written slatement of any authorized agent of the Sc:cretary dated subsequent to 60 days fram the date hereoF, declining to insure this Security Instrument and lhe N�te, shall be deemed conclusive pr�of ot' such ineligibility. Natwithstanding the foregoing, this aptiUn may not be exercised by L,ender when the unavailability af insuranc;� is solely due to L.ender's failurs Ca remit a mortgage insurance pr�mium to the Secretary. 10. Reinstatement. Borrower has a right to be reinstated if L.ender has required immediate payment in full because of Borrower's failure ta pay an amount due under the Nc�te or this Security Tnstrument. This right applies even after foreclosure prc�ceedings are instituted. 'I'o reinstate thc Se�urity Tnstrument, Borrower shall tender in a lump surn all ampunts required to bring Borrower's accaunt current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure casts and reasonable and custamary attorneys' fees and expenses properly assaciat�d with the foreclosure proceeding, iJpun reinstatement by Borrower, t,his Security Tnstruinent and the obligations that it serures shall remain in effect as iP I.ender had not required imm�diatc payment in full. However, Lender is n�t re:quired to permit reinstatem�nt if: (i) Lender has accepted r�instatement after the commencement of foreclpsure prpu�cdings within two years immediately preceding the commencerrA�nl of a current foreclosure proceeding, (ii) reinstat�xa;ient will preclude foreclosur� an different grounds in the futurc, or (iii) reinstatement will adversely affect the priority of the lien created by this S�curity Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Exkension of the time of paymcnt or modification of amortization of the sr�ms sc:cured by this Security Instrum�nt granted by L.ender to any successor in inl�rest of Borrower shall not operate to r�lcase the liability of the ariginal Borrower or Borrower's suc:ccssor in in�erest. I,ender shall not be required ta commence proceedings against any successor in interest or refusc to extend time far payment or otherwise modify amortizati�n of the sums secured by this Se:curity Tnstrument by reas��n of any demand made by the original Borrower or Borrower's successors in interest. Any farbearance by T.,ender in �xGrcising any right or rem�dy shall not be a waiver of ar precludc the exercise of any right ctr remedy. 12. Suceessors and Assigns Bound; Joint and Several Liability; Co-Signer�. The covenants and agr�cments of this Security Instrument shall bind and benefit the successors and assigns oP I.c:nder and Borrower, subject to the provisions pf �aragraph 9(b). Borrower's covenants and agreements shali be joint and several. Any Bortpwc:r who co-signs ihis Security Tnstrument but does not execute the Note: (a) is co-signing this Security Instrum�nt only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrum�nt; (b) is not personally obligated to pay the sums secured by lhis Security Instrum�nt; and (c) agrees that L.ender and any ather Borrower may agres ta exkend, modify, forbear or mak� any accommodations with regard to the terms of this Security Instrument or the Note wiGhc�uk that Sorrower's consent. ��4R�NE) �ssoi� Paga 6 af 8 Initials: Y �