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2oiioo�o� (i) All or parl of the Yroperty, or a bcnt;ficial interest in a trust owning all or part of the Property, is sc�ld or otherwiae transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as his ar her principal residence, or lhc purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances occur that wcyuld permit Lender to require immediate payment in full, bul L.ender does not reyuire such payments, I.ender doc:s not waive its rights wilh respect to subsequent events. (d) Regulations of HUD Secretury. In many circumstances regulations issued by the Secretary will limil Lender's ri�hts, in the case of paynicnl defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument docti n�k authorize acceleration or lorecic�sure if not permitted by regulations of the Secretary. (e) Mortgage Not Insur�d. Borrower agrees Wat if this Security Instrument and the Note are not determincd to be eligible tbr insurance under the National Housing Act within 60 days from the date hereof, T.,ender rnay, at its option, require imm�;�liate payment in full of all sums securc:d by this Security lnstrument. A wriiten statement of any authorized agent of the Secretary dated subsequcnt Ca 60 days from the date hereof', declining to insure this Security Instrumcnt and the Note, shall be decmcd conclusive proof of such incligibility. Notwithstanding the fnregoing, this option may not he exercised by Lender when the un;availability of insurance is sal�ly due to L.ender's failure to remit a mortgage insurance premium to the Sccretary. lU. Reinstatement. Borrvwer has a right to be reinstated if I.,cndcr has required immediate payment in full bec:ause of Bonower's failure to pay an amount due under the Note or this Security Instrument. This right applies even af[c:r fc�reclosure proceedin�s arG insGituted. 'To reinstate the Security InsCarument, Borrower shall tender in a lump sum all an��unts required to bring Borrow�r'S accaunt current including, to lhe extcnt they are abligations of 13orrower undcr lhis Security Instrument, foreclosurc costs and reasonable and customary aftc�rn�ys' fees and expenses properly associatcd wilh the foreclosure proceeding. i7pc�n reinstaternent by ]3orrower, this Sc:curity Instrument and the obligations lhal il secures snarr remain in cffcc:l as if L.ender had not required imn�GdiaCc payment in full. However, T.cndcr is nvl required to permit rcinstatement if: (i) Lender has acceptcd reinstaCement after the commencemcnt c�f foreclosure proceedings wiihin two years irnmediately preceding lhe cc�mmencernent of a current Forcclosure proceeding, (ii) reinstaternent will preclude foreclosure on diffcrent grounds in the future, or (iii) rainstatement will adversely affcct the priority of the lien created by lhis Securily Instrurnent. 11. Borrower Not Releas�d; Forbearance By Lender Not a Waiver. I'sxtension of the tiine of payment or mc�dification of amortization af lhe sums secured by this 5ecurity Instrumenl granted by L.ender to any successor in inlcrest of Borrower shall not operate tn release the liability of the original Borrc�wcr ar Borrower's successor in intcrest. I_ender shall not be requircd lo cammence proceedings against any successor in int�rest or refuse to extend tizne far payment or otherwise modify amarCizatiUn af the sums secured by this Security Instrument by reasan of any damand made by the original Borrower or Barrawer's successors in interest. Any forbearance by I,�:ndur in exercising any right or remedy shall not be a waiver nf Ur preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint s�nd Several Liability; Co-Signers The cc�vcnanCs and agreements cyf khis Security Instrument shall bind and benefit the successors and assigns of I,ender and F3carruwer, subject to the provisions of paragraph 9(h). Borrower's �ovenants and agreements shall be joint and se:vcrdl. Any Barrower who co-signs this 5ecurity Tnstrumcnl but does not execute the Note: (a) is co-signing lhis S�:c:urity Instrurnent only to rnortgage, grant and convcy that Bprrower's interest in the Property under the terms of th'rs Security Instrument; (b) is not personally obligated lo pay the sums secured by this Security Tnstrument; and (c) agrees that L.ender and any other Borrower may agrce to extend, modify, forbear or make any accammodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. � 4R(NE) �ssoil Paga 5 af 8 Ini � (/