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201101573 (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or othcrwise transferrcd (othcr than by dcvisc ar dcsccnt), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser ar grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the 5ecretary_ (c) No Waiver. If circumstances occur lhal would permil Lender to reyuire immediale paymenl in full, hul Lender does not require such payments, Lender does not waive its rights with respect to subsequent events_ (d) Regulations of HUD Secretary. In inany circuinstances regulations issued by the Secretary will liinit Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instnunent 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 statement of any authorized agent of the Secretary dated subsequent to 60 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 the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretaty. 10. Reinstatement. Bonower has a right to bc rcinstated if Lcndcr has rcquircd immediatc paymcnt in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Bonower under this Security Instrument, foreclosure cosls and reusonuble and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. 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 full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the commencement of a current forcclosurc procccding, (ii) rcinstatement will precludc forcclosurc on diffcrcnt grounds in thc futurc, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waivcr. 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 shall not operate to release the liability of the original Borrower or Borrower's successor in interest_ Lender shall not be required to commence proceedings against any successor in interest ar refuse to extend time for payment or otherwise modify amortization of the swns secured by this Security Instnunent 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. Thc covenants and agrecmcnts of this Sccurity Instrument shall bind and bcnefit thc succcssors and assigns of Lendcr and Bonower, subject to thc provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instnunent but does not execute the Note: (a) is co-signing this Security Instrument only to morigage, grdnt and eonvey that Borrower's interesl in lhe Properly under lhe terms of lhis Securily Instrumenl; (b) is not personally obligated to pay the sums secured by this Security Instruinent; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the teruis of this Security Instrument or the Note without that Bonower's consent. ��-s d �S / ��-4R(NE) �sso�� Page 5 of B � Initials�� a