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�` 20�104362 (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including Secrion 341(d) of the Gam-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the S�retary, require immediate payment in full of all sums secured by this Security Instrument if: (i) All or part of the Property, or a beneficial interest in a mxst owning all or part of the Property, is sold or otherwise transfened (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 grant� 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 pernut 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) 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 Security Instnuuent does not authorize acceleration or foreclosure if not permitted by regularions of the S�retary. (e) Mortgage Not Insure,cl. Borrower agrees that if this Security Instrument and the Note are not determin�l to be eligible for insurance under the National Housing Act wit�in 60 da,ys from the date hereof, I�ender may, at its oprion, require immediate payment in full of all sums secur�i by this Security Instrument. A written statement of any authorized agent of the Secretary date� subsequent to 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive pr�f 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 S�retary. 10. Reinstatement. Bonower has a right to be reinstazed 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 proccedings aze instituted. To reinstate the Se�urity Instrument, Borrower shall tender in a lump sum all amounts required to bring Bonower's account current including, to the extent they are obligations of Bonower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the for�losure proceeding. Upon reinstatement by Bonower, this Security Insmament and the obligations that it s�ures 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 commencement of for�losure proceedings within two years immediately preceding the commencement of a current foreclosure procee�iing, (ii) reinstatement will pr�lude foreclosure on different grounds in the future, or (ui) reinstatement will adversely affect the priority of the lien created by this 5ecurity Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modificarion 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 Bonower or Bonower's successor in interest. Lznder shall not Ue require�i to commence proc,eedings against any successor in interest or refuse to extend time for payment or otherwise modify amortizarion of the sums secured by this S�urity 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 remeriy shall not � 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 Se�urity Instrument 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 Se.curity Instrument but does not execute the Note: (a) is co-signing this Security Instnunent 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 sums s�ured by this 5ecurity Instrument; 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 tlus S�urity Instrument or the Note without that Borrower's consent. FHA Deed of Trust-NE VMP � Wolters Kluwer Financial Services �� � \, 4/98 VMP4R(NE) 10809) Page 5 of 9