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�a��oaiss (i) All ar part of the Properry, or a benef►cia] interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee daes so occupy the Property but his or her credit has not been approved in accordance with the requiremants of the Secretary. (c) No Waiver. If circumstances occur that would permit I,ender to require immediate payment in full, but Lender does not require such payments, [�ender does not waive its rights with respect to subsequent events, (d) Regulations af HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immcdiate payment in full and foreclose if nol paid. This Security Instrument does nat authorizc accel�ration or foreclosure if not permitted by regulatians of the Secretary. (e) Mortgage Nat lnsured. Borrower agrecs that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within bQ days fram the date hereaf, I,ender may, at its option, require immediate payment in full of all sums secured by this Security instrument. A written statemcnt of any authorized agent of the Secretary dated subsequent to b0 days from the date hereot; declining to insure this Security Instrument and the Note, shall be deemed conclusive praof af such ineligibility. Notwithstanding the foregoing, this option may nat be exercised by I,ender when the unavailability af insurance is solely due ta Lender's failure to remit a mortgage insurance premiurn to the Secretary. 10. Reinstatemcnt. Borrawer has a right to be reinstated if Lender has required immediate payment in full because af Barrower's Failure to pay an arnount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account curreni including, ta the extent they are obli�ations of Borrower under this 5ecurity Cnstrument, foreclosure costs and reasonable and customary attorncys' f�es and expenses properly assaciated wich the foreclosurc proceeding. Upon reinstatement by Barrower, this Security Instrument and the abligations that it secures shall remain in effect as if Lender haci not required immediate payment in full. Howevar, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclasure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclasure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security instrument. 11 . Borrower Not Released; Forbearance By Lender Not a Waiver. Extensian of the time of payment or modification of� amartization of the sums secured by this 5ecurity Tnstrument granted by Lender to any successor in interest af Borrower shall nat operate to release thc liability of the ariginal Borrower ar Borrower's successar in interest. Lender shall not be required tn commence praceedings against any successor in interest ar refuse to extend time for paymcnt or oiherwisc modify amortizatian of the sums secured by this Security [nstrument by reason of any demand made by the ariginal Borrower ar Borrower's successors in inrerest. Any forbearance by I.ender in cxercising any right or remedy shall not bc a waiver of or precludc che exercise of any right or remedy. 12. Successows and Assigns Boand; Joint and Several Liability; Co-Signcrs. Thc covenants and agrecments of this Security Instrument shall bind and benefit the successors and assi�ns af Lender and Barrawer, 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 Instrument but docs not execute the Note: (a) is co-signing this Seeurity Instrument only to mortgage, grant and convey that Borrower' s interest in the Property under thc terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Securicy Instrument; and (c) agrees that Lendcr and any other Borrower rnay agrec to extend, madify, forbcar or make any accommodations with regard co th� terms of this Security Instrument or the Nate without that Borrower' s consent. 8800901727 (��0901727 i��nmi5:l� VMP�-4N(NE) �oao��.o+ Pege 5 oi B