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20110461G (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) Tha Property is not occupied by the purchaser or grantee as his or her principal residence, or the putchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Se,cretary. (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 HiTD Secretary. Tn many circumstances regulations issued by tine Secretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in full and fore�lose if not paid. This Secutity Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Se�retary. (e) Mortgage Not Insnred. Borrower agrees that if this Security Instrument and the Note aze not deternrined to be eligible for insurance under the National Housing Act within 60 days from the date hereo� Lender ma.y, at its option, require immedia#e 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 5ecurity Instrument and the Note, sha11 be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this oprion 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 Sectetary. 10. Reinstatemen� Bortower 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 aze instittuted. To reinsta,te the Security Instrum�ent, Bonower sha11 tender in a lump sum all amounts required to bring Bonower'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 e�enses 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 Lender had not requured 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 forecloswe proceeding, (ii) reinstatement will pxeclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect tha 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 Bonower 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 snccessor in interest or refuse to extend tixne for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Bonower or Bonower' s successors in interest. Any forbearance by Lender in exercising any right or remedy shatl not be a waiver of or preclude the exercise of any right or remedy. 12. Snccessors and Assigns Bonnd; 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 paragraph 9(b). Borrower's covenants and agreements sha11 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 Borrower' s interest in the Property 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 Bonower ma.y agree to extend, modify, forbear or make any accommodaxions with regard to the terms of this Security Instrument or the Note without that Bonower' s consent. 2200139626 V4NNE mrea�s• VMP�-4N(NE) (oao��.o1 Paga 6 of 6