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�O1iO313� (i} All or part of 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 Properfy is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does sa occupy the Properly but his or her credit has not been approved in accordance with the requirements of khe Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regnlations of IiUD Secretary. In many circumstances regulations issued by the Secretary will limit 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 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 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 Secretary. 10. Reinstatement. F3onower has a right to be reinstated if Lender has required immediate payment in full Uecause 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 liorrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attomeys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Bonower, 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 wmmencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (u) reinstatement will preclude foreclosure on different grounds in the future, or (ui) reinstatement will adversely affect khe priority of the lien created by this Security Instntment. 11. Borrower Not Released; Forbearance B� 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 shall not operate to release the liability of the original Borrower or Bonower'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 otherwise modify amortization of the sums secu.red 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. Snccessors and Assigns Bound; Joint and Se�eral Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and bene�t the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9{b). Bonower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument 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 Properly under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Sec;urity Instrument; and (c) agrees that Lender and any other Barrower may agree to elctend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. II I IIII�I II IIIIIIII II�I� II'i IIII II III IIII II'll Initials: � a I ° VMP�-4N�NE) toao��.o� Pege 6 of 8 �/� fi