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�01104340 (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or othcnvisc transfcrrcd (othcr than by dcvisc or dcsccnt), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or gantee 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 occiu that would permit Lender to requue immediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD 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 Sccurity Instrumcnt docs not authorizc acccicration or forcclosurc if not permittcd by rcgulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security lnstniment and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days fr�m the date hereof, Lender may, at its option, require immediate payment in full of all sums secured by this Security Inshument. 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. Nohvithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurancc is soicly duc to Lendcr's failurc to rcmit a mortgagc insurancc prcmium to thc Secretary. lU. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because vf Bvrrower's failure to pay an amount due under the Note or this Security Instniment. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amouuts 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 Bonower, this Security Instrument and thc obligations that it sccures shall rcmain in cffcct as if Lcndcr had not rcquircd immcdiatc payrncnt in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosiue proceedings within two years immediately preceding the commencement of a ciurent foreclosure proceeding, (ii) rein�tatement 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 amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borro�ver shall not operate to release the liability of the original Borrower or Bonower's successor in intcrest. Lcndcr shall not bc rcquircd to commcncc procccdings against any succcssor in intcrest or rcfusc to cxtcnd time for payment or otherwise modify amortization of the sums secured by this Security Instniment 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. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Secur'rty Instniment shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrurnent 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 Property under the terms of this Security Instrument; (b) is not personally obligated to pay the siims secured by this Security Instn►ment; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note withvut that Borrvwer's consent. II I I I' I�'I I I III I I I I IIIIIII I IIII II II II I I I I I I� I I'll q03300362997 0233 455 0508 VMP o-4N(NE) toao��.oi Page 5 of 8 I �r� �� • � .