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201100��5 (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) 'T'he Property is not occupicd by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property but his or her credit has not bccn approved in accordance with the requiretnents of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to rc:yuire immediate payment in full, but Lender cloes not rcyuire such payments, Lendcr does not waive its rights with respect to subseyuent events. (d) Regulations of H[JD Secretary. In many circumstances regulations issued by the Secrctary will liznit I.ender's righls, in lhe case of payment defaults, to require imrnediate payment in full and forc;close if not paid. This Security Instrument does not authorize acceleration or foreclosure if not pertnitted by rc:gulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrutnent and the Note are not determined to be eligible for insurance under the National I�Iousing Act within 60 days from the date hereof, Lender may, at its option, require immediate payment in full of all sums secured by this Security lnstrument. A written statement of any authorized agent of the Secretary dated subseyuent to b0 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 thc unavailability of insurance is solely due to Lender's failure to remit a mortga�;e insurance premium to thc Secretary. 10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This righ[ applies even afler forcclosure proceedings are instituted. To reinstate the Security Instrument, �3orrower shall tencler in a lump sum all amounts required to bring Borrower's account current including, to the exlcnt they are obligations of Borrower under chis Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenscs properly associated with the foreclosure proce�ding. Upon reinstatement by Borrower, this Security Instrument and the obligations that il sccures shall retnain in �ffect as if Lender had not required irnmediate payment in full. However, Lender is not required to permit r�instatement if: (i) Lender has accepted r�instatement after thc commencement of foreclosure proceedings within two years immediately preceding the commcncement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, ar (iii) reinstatemenl will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the tirne of payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in intc:rest. Lender shall not be required to commence proceedings against any successor in interesC or refuse to extend tirne for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by Lc:nder in exercising any right or rc.medy shal] not be a waiver of or preclude th� exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrowcr, 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 does not execute the. Note: (a) is co-signing this Security Instrumtnt only to mortga�e, grant and convey that Borrower's interest in the Property under the terms of this Security Tnstrumenl; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Iaendcr and any other Borrower rnay agree lo extend, znodify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. �-4N�NE) Ioao�1 m Page 5 of 8 (1, Q1�1-000204 Initials: � . Ur)