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2�1�04�1� (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 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 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 full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD 5ecretary. In many circwnstances 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 aze 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 a11 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, 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 �� 5ecretary. 10. Reinstatement. Borrower has a right to be reinstated if Lender has required immediate payment in full because 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 amownts required to bring Bonower's account cunent including, to the extent they aze obligations of Bonower under this Security Instrument, foreclosure costs and reasonable and customary attomeys' fees and expenses I properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and ; the obligations that it secures sha11 remain in effect as if L,ender 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 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 Borrower'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 secured by this Security Instrument by reason of any '�, demand made by the original Borrower or Borrower's successors in interest. Any forbeazance 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 Security Instrument shall bind and benefit the successors and assigns of Lender and Bonower, subject to the provisions of pazagraph 9(b). Borrower'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 Bonower's interest in the Property under the tenns 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 Bonower may agree to extend, modify, forbeaz or make any accommodations with regazd to the terms of this '; Security Instrument or the Note without that Bonower's consent. II I I I' II'I I I III II I I I II IIII I IIII III II I I I I I I I II I III g03301217A40 0239 276 0508 Initlal {--J-��S VMP�-4NINE) roao�l.oi Paga 6 of 8