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201103373 (i) All or part of the Property, or a beneficial interest in a trust 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 gantee 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 Waiver. If circumstances occur that would permit Lender to require immediate payment in fu11, but Lender does not require such payments, Lender does not waive. its rights with respect to subsequent events. (d) Regalations of H[TD Secretary. In many circumstances regulations issued by the Secretary will limit Lender' s rights, in the case of payment defaults, to require unmediate payment in full and foreclose if not paid. Tlus 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 oprion, require immediate payment in full of a11 sums secured by this Security Insttument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Insttument and the Note, sha11 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 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 Instrument. This right applies even after foreclosure proceedings aze instituted. To reinstaate the Security Instrument, Bonower sha11 tender in a lump sum a11 amounts required to bring Borrower' s account current including, to the extent they aze 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 Bortower, this Security Instrument and the obligations that it secures shall rema.in 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 foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, 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 Waiver. Extension of the time of payment or modification of amorti7ation of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower sha11 not operate to release the liability of the original Bonower or Bonower' s successor in interest. Lender sha11 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 this Security Instrument by reason of any demand made by the original Bonower or Borrower' s successors in interest. Any forbearance by Lender in exercising any right or remedy sha11 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 Instrument sha11 bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Bonower's covenants and agreements sha11 be joint and several. Any Borrower who casigns 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 Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regazd to the terms of this Security Instrument or the Note without that Bonower' s consent. 2200122217 D V4NNE mniei8: . VMP�-4NINE) roao�l.ot Page 5 of 8 � �. ... � � C