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201101523 (i) All or part ot' 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) 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 Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) No Wairer. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Lender does not waive iis rights with respect to subsequent events. (d) Regulations of HIJD Secretary. In many circumstances regulations issued by the Secretary wiil iimit Lender's rights, in tlte case of payment defaults, to require immediate paymenE in fu[i and fozecIose if not paid. This Securiry Instrument does not authorize acceleration or foreclosure if noi permitted by regulatians of the Seczetary. (e) 1�Iortgage Not Insnred. Bonower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing 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 instrument. A written sta[ement of any authorized agent of the Secretary dated subsequent to 60 days from the da[e hereof, declining to insure this Security instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoina, this option may not be exercised by Lender when the unavailability of insurance is soiely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's faiture to pay an amount due under the Note or this Security Instrument. This ri�ht applies even after foreclosure proceedings are instituted. To reznstate the Security Instz�ment, Borrower shail tender in a lump sum al] amounts required to bring Borrower's account current including, to the extent they are obligations af Borrower under this Security Instrumeat, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceedzng. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in fuil. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement aftez the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreciosure proceeding, (ii) reinstatement wiIl precIude foreclosure on different grounds in the future, or (izi) reinstaiement will adversely affect the priority of the lien created by this Security Instrumen[. 11. Borrower 1�;ot Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shail not operate to release the Iiability of tlze original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceed.ings against any successor in interest or refuse to extend time for payment or atherwise 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 Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Insirument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). $orrower's covenants and agreements shalt be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the No[e: (a) is eo-signing this Security Insttvment only to mortgaae, �rant and convey that Borrower's interest in the Property under the [erms of this Security Instrument; (b) is not personally obliaated to pay the sums secured by this Securiiy instrument; and (c) agrees [hat Lender and any other Borrower rnay a�ree to extend, modify, forbear or make any accommodations with regard tn ihe terms of this Security Instrument or the Note without that Borrower's consent. 11 000204 inifiefs �-4NfNE) IOa07) Page 5 of 8 OO