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20110227� . �. {i) All or part of the Property, or a beneficial interest in a trust uwni��g all or part of the Property, is sold or otherwise transferred {oiher than by devise or desoent), and (ri) 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 cxedit has not been a�roved in acoordan�e with the requirements of the Secretary. (c) No Waiver. If circumstances oocur that would permit Lender to require immediate payment in fiill, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulatians of AUD Secretary. In many circumstances reguladons issued by the Seeretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. Tlus Security Instrument does not suthorize aoceleration ar foreclosure if not permitted by reguiations of the Serretary. (e} Mortgage Not Iosored. Barrower agrees t.hat if this Security InsWment and the Note are not determined to be eiigible �or insurance undet the National Housing Act within GO days from the date her�f, Lender may, at its option, require immediate payment in full of all sums secured by this Secwrity Instrument. A written statement of any authorized agent of #he Secretary dated subsequent to 60 days from the date hereo� decliaing to insure this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, tlris option may not be exercised by Lender when the unavailability of insurance is solely dne to Lender's failure to remit a martgage insurance premium to t6e Secxetary. iQ. Reinstatement Horrower has a right to be reinstated if I.ender has required immediate payment 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 proceeclings are instituted. To reinstate the Serurity In�Wment, Bonower shall te,nder in a tump sum ail amounts required to briag Borrawer's account current including, to the extent they aze obligatio� of Borrowez under this Securify Instrument, foreclosure costs and reasonable a�d cu'stomary attorneys' fees and expenses properiy associated with the foreclosure praceeding. Upon reinstatement by Boxrower, this Security Instrument and the obligarions that it secures shall remain in effect as if Lender had not required immediate payment in fnll. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of forealosure prorcedings within two yeazs immediately preceding the cemmencement of a cuttent foreclosure proceeding, {ri) reinstatement will pteclude foreclosure on different grounds in the future, or (ui) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 1L Borrower Not Released; Forbearance $y I.ender Not a Waiver. Extension of the time of paymea�t or modification of amartizadon of the sums secured by this Sewrity Insbrument granted by Lender to any sua�eessor in interest af Bonower shall not operate ta relea9e the liability of the original Borrower or Borrower's suocessar ut interest. Lender shall not be required to commence proceedings against any suooessor in interest or refuse to ext�d time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Bocrower or Borrower's suocessors ia interest. Any forbearance by Lender in exerc;ising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Suc�essors aud Ass�gna Bound; Joint and Seveiaf Liability; Co-Signers. The covenants and agreements of this Securiry Instrument shall bind and benefit tbe successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shatl be joint and several. Any Borrower who c�-signs this Security Instrument bat does not execute the Note: (a) is co-signing this Security Instrumezat oniy to mortgage, grant and oonvey that Bonower's interest in che Property under the terms of t6is Se�urity Instrument; (6) is not personally obiigated to pay the sums secured by this Security instr�ment; and {c) agrees that Lender and any other Borrower may agree. to eatend, modify, forbear or make any a000mmodations with regard to the terms of this Security Instrument or the Note w,�thout that Borrower's wnsent, � � �-4N{NE) (040�) Pe9e 5 M 8 1 2-oao�sa Inilials: �� M � / �