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�oi�vi�� (i) All or part of the Property, or a beneficial interest in a tn�st owning ali or part of the Property, is sold or otherwise transferred (other than by devise ar tlescent), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Pz'operty but his or her credit has not been approved in acc�rdance with the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit I,ender [o require imnnediate payment ut full, but Lender does not require such payments, Lender does not waive its rights with respect ta subsequent events. (d} Regulatioas of HUD Secretsry. in many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defauits, to require immecfiate payment in full and foreclose if not paid. This 5ecunty Instrument does not authorize acceteration ar foreclosure if not permitted by regulations of the Secretary. {e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the I�iote are not determined to be eligible for insurance under the l�ationai Housing Act within 60 days from the date hereof, Lender may, aE its option, require immediate payment in ft�ll of ali sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrumeni and the Note, shali be`"deemed eonclusive proaf of sueh ineligibility. I�Iotwithstanding the foregoing, this aption may not be exercised by Lender when the unavailability of insuzance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. I0. Reittstateraep�t. Borrower has a right to be reinstated if Lender has required immediate payment in fuli because of Borrower's failure to pay an amount due under the Note or this Secarity Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shatl tender in a lump sum ail amounts required to bring Borrower's account current including, to the extent they are obligaiions of Borrower under this Secuziry Instrument, foreclosure costs and reasonable and customary attorneys` fees and expenses properly assaciated with the forcclosure proceeding. (Jpon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate paytnent in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of forectasuce proceedings within two years immediately preceding the cotnmencement of a etitren[ foreclosure proceeding, {ii) reinstatement wiil preclude foreclosure on different grounds in the future, or (iu) reinstatement wi11 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 time of payment or modification of amortization of the sums seceued by this Security Instrument granted hy Lender to any suceessor in interest of Borr�wer shall not operate to release t2ze liability of che original Borrower or Borrower's svccessor in interest. L,ender shall not be re�uired to commence proceedings against any successor in interest or refuse to extend time foz payment or atherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Bonower or Borrower's successors in interest. Any forbearance by I.ender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right o�' rem�dy. 12. Suceessors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenanis and agreements of [his Security Instrument sha11 bind and benefit the successors and assigns of l.,er�der and Borrower, subject to the provisions of paragraph 9(b). Bonower's covenants and agreements shall be joint and severai. Any Borrower who co-signs Lhis Secarity Instivment but does not execute the Note`. (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Propercy under the terms of this Security Instrument; (b) is not personaily obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations wiEh regard to the terms of this Security Instrument or the Note withou[ chat Borrower's consent. /' I1 _ -0 _ 1-000072 Initials: C '7 . �-4�IdlNE) toao�l Pape 5 of 8 � q � T � ^ ��"[T