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24i10343� (i) All or part of the Properiy, or a beneficiat interest in a irust owning a11 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 Properiy but his or her credit has not been approved in accordance with the xequirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender daes not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of H[JD Secretary. In many circumstances regulations issued by the Secretary will liznit 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 Insur�. 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 da,ys from the date hereof, Lender may, at its option, require immediate payment in full of a11 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, sha11 be deemed conclusive groof 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 Secretary. 10. Reinstatemen� Bonower has a right to be reinstated if Lender has required immediate payment in full because of Bonower's failure to pay an amount due under the Note or this Security Instxument. This right applies even after foreclosure proceedings aze instituted. To reinstate the Security Instrument, Bonower shall tender in a lump sum a1I amounts required to bring Bonower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable 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 rexnain in effect as if Lender had not requised 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 forecloswre proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement wilI adversely af�ecf the priority of the lien created by this Security Instrument. 11. Borrower Not Relessed; Forbearance By Lender Not a Waiver. Extension of the time of payment or modificaxion of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Bonower 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 or refuse to extend time for payment or othervvise modify amortization of the sums secured by ttus Security Instrument by reason of any demand made by the original Borrower or Bonower' s successors in interest. Any forbeatance by Lender in exercising any right or remedy sha11 not be a waiver of or preclude the axercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Lisbility; Co-Signers. The covenants and agreements of this Security Instrument sha11 bind and benefit the successors and assigns of Lender and Bonower, subject to the provisions of paragraph 9(b). Bonower's covenants and agreements sha11 be joint and several. Any Bonower who casigns this Security Instrument but does not execute the Note: (a) is casigning this Security Instrument only to mortgage, grant and convey that Bonower' s interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the suxns secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbea.r or make any accommodations with regazd to the terms of this Security Instrument or the Note without that Borrower' s consent. 2200122430 y4� Inki VMP�-4NINE)1oao�J.o� Pega 6 of 8