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201103645 (i) All or part of the Progerty, or a beneficial interest in a trust owning all or pazt of the Prope�ty, is sold or otherwise transfeaed (other than by devise ar descent), and (u� The Progerty is not occupied by the purchaser or grantee as his or her principal residence, or tha purchaser or grantes does so ocxupy the Property but his ar her cre�iit has not been approved in accordance with the renuirements of the Secretazy. (c) No Waiver. If circumstances occur that would permit Lender to require immediate paym� in fiill, but Lender does not require such payments, Lender d�s not waive its rights with respect to subsequent eve,nts. (� Regalations of HUD Secretary. In many circwnstances regulations issued by the Seeretary will limit Lender' s rights, in the case of payment defaults, to require imme�iate payment in full and for�lose if not paid. This Security Instn,maent dces not authorize acceleration or foreclosure if not permitted by regulations of the Se�retary. (e) Mortgage Not Insured. BonoweT agrees that if this Security instrument and the Note ara not d�nefl to be eligible for insurance undar the National Iiousing Act within 60 days from the date heaeo� I.ender may, at its option, r�uire innnediate payment in fu11 of all sums se�ured by this Se�urity Instrumen� A written statem�t of any authoriz� agent of the S�retary dated subsequent to 60 days from the date he�eo� declining to insure this Security Instn�ment and the Note, shall be deemed conclusive proof of such inelig�ibility. Notwithstanding the foregoing, this option may not be exercised by Lender whe� the unavaila.bility of ins�u�ance is solely due to Lender's failure to remit a mortgage insiu�ce premium to the �• 10. Re�tnstatemen� B�rrower has a right to be reinstated if Lender has required immediate payment in full be�suse of Bonower's failure to pay an amount due under tha Nots or this Security �nstrument. This right applies even after for�losure proceedings are instituted. To reinstate the Security Instrwment, Borrower shall tendea in a luunp sum all a�oimts required to bring Bouower's acxount current including, to the eartent they are obligations of Boaower under this Security Instrument, for�losure costs and reasonable and customary attomeys' f� and expenses Pr'oP�'lY associate� with the foreclosure proc�ding. Upon reinstatement by Bonowet, t1�is Security Instrument and the obligations that it secures shall remain in effect as if Lender had not re�uired immediate payment in full. However, Lender is not required to pe�it reinstatement if (i) Lender has accepted reinstatement after the commencement of far�losure proceedings within two years imnnediately preceding the commenceme� of a cuae,at foreclosure pra�ding, (ii) reinstatem�t will pr�lude for�losure on different grounds in the firt�ne, or (iu� reinstatement will adversely affect the priority of the lien created by this Security Tn ,,,,en 11. Borrower Not Rele.�sed; Forbear�nce By Lender Not a Waiver. Extension of the time of payment ar modification of amora7ation of the simas se�ured 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 Bonower' s successor in interest. Lender shall not be requirad to commence proc�dings against any successor in interest or refuse to extend time far payment or otheiwise modify amortization of the sums securad by this Se�urity Instn�ment by reason of any demand made by the original Borrower or Bonower's successors in interest. Any forbemrance by Lender in exercising any right ar remedy sha11 not be a waiver of or pr�lude the e�ercise of any right or remedy. 12. Sncc�sors and Ass3gns Bonnd; Joint and 5everal Liab�ility; Co-5igners. The covenanYs and agreements of this Se�urity Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of para.graph 9(b). Borrower's covenants and agr�ments shall be joint and several. Any Borrower who co-signs this Security Instrument but doe.s not ex�ute tha Note: (a) is co-signing thia Security Instrument only to mortgage, grant �d convey that Bonower' s interest in the Properiy under the terms of this Security Instrument; (b) is not personally obligated to pay the sums se,c�ed by this Se�writy Tn.etr�r„ent; and (c) agrees that Lender and any other Bonower may agrce to extend, modify, forbear ar make any accommodations with regard to the te�►s of this Sec�mty Instrument or the Note without that Borrower' s consent. 2200131403 , D V4NNL i�a�:�� — VMPG�-4N(N� l04o�).ot PaBe 6 of 8 n � 1�