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201140304 (i) All or part c�f thc Property, or a beneficial interest in a trust owning all or part of th� Property, is sold or otherwi� transferred (c�ther than by devise or descent), and (ii) The Property is not pt;cupicd by the purchaser or grantee as his or her principal resid4nce, or the purchascr or grantee docs so occupy the Property but his or her credit has nok becn approved in accordance with th�: requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender dc�cs not r�yuire such payments, Lender does not waive its righls with respect to subsequent events. (d) Kegulations of HUD Secrctary. In many circumstances regulations issucd by thc Secretary will limit Lender's rights, in the case af payment defaults, to require iinmediate payment in full and foreclose if not paid. This Security Instrument does not authori�e acceleration or foreclosure if not permitted by rcgulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this S�curity Instrument and the Note are not determined to be eligible for insurance under the Nat'ranal Hausing Act within 60 days from the date her�c�f, Lender may, at its option, require immediate payment in full of all sums secured by this Security Ir�strument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days frc�m the date hereof, declining to insure this Security Instrument and the Note, shall be deemed a�nclusive proof of such ineligibility. Natwithstanding the fc�ragning, this option may not be exc;rr.iscd by Lender when the unavailability of insurance is solely duc to I.ender's failure to remit a mortgage insurance premiuni to the Sccrclary. ].0. Rein.statement. I3orrower has a right to be reir�Cated if I,ender has required immediate payment in �u1r because pf Barrower's failure to pay an amount due under the Notc or this Security Tnstrument. This right applies even aftcr forcclosure proceedings are instituted. To reinsta�c the Security Tnstrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are phligations of B�rrowcr undcr this Security Instrument, foreclosure costs and re:asc�nable and customary attorneys' fees and cxpenses properly associated with the foreclosure proceeding, tJpon reinstatement by Borrower, this Security Instrument and the: obligations that it secures shall remain in effect as if T.ender had not required immediate paymcnl in rur1. I�owever, T.ender is not required to perrnit rcinstalcment if: (i) L.ender has accepted r�instakement after the comm�nccment of foreclosure proceedings within two y�ars immediately preceding the cammencement of a current foreclosure prc�ceeding, (ii) reinstatement will precludc f�reclosure on different grounds in the future, or (iii) reinstatement will advcrsely affcc:t the priority of the lien creaked by this Security Tnstrument. 11. Barrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of am�rtixatian af the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall nc�t operate to release the liability c�f the original Bonower or Borrower's successor in inkcrest. Lender shall not be required to commencc paroceedings against any successor in intcrest or refuse to extend tim� f��r payment or otherwise modify amortizatian of the sums secured by this Security Instrumcnt by reason of any demand made by the original Borrower or Bprrower's successors in interest. Any fnrbcarance by T.ender in exercising any right or remedy shall not be a waiver of or precludt; ihc exercise of any right or remedy. 12. Successors and Assigns Bound; .�oint and Several Liability; Co-Signers. The cavenanls and agreements of this Secuarity Instrument shall bind and benefit the successnrs and assigns of L,ender and Borrawer, 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 Instrumcnt but does not execute the Note. (a) is co-signing this Security Instrument only to mortgage, grant and convey that 13orrnwcr's interest in the Prap�:rty under the terms of this 5ecuriky Instrument; (b) is not persnnally abligated to pay the sums secured by khis Security lnstrument; and (c;) agrees that L.ender and any other �3orrower may agre� to ex[ettd, modify, forbear or make any at;commodations with regard t� [he terms of this Security Instrument or lhe Nole without that Borrower's consent. � 4R(NE) �asoti Page 6 of $ �