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20�iO4685 (i) All or pazt of the Property, ar a beneficial interest in a trust owning all or pazt of the Property, is sold or otherwise transferred (other than by devise or descent), and (u� The Property is not occupied by the purchaser ar grantee as his or her principal residence, or the purchaser or grante� does so ocxupy the Properly but his or her c�it has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances a,cur that would permit L�der to require immediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsaquent events. (� Begalal3ons of HUD Secretary. In many circwnstances regulations issued by the Secretary will limit Lender' s rights, in the c�se of payment defaults, to re�quira imme�iate payment in full and foreclose if not paid. This Se�urity Insttimnent do� not authorize acceleration or foreclosura if not pennitted by regulations of the Secretary. (e) Mortgage Not Insnred. Borrower agrces that if this Security Instrument a�nd the Note are not determinefl to be eligi'ble for insurrance under the National Housing Act within 60 days from the data herea� Lender maY, at its option, require °vnme�iiate payment in fiill of all sums se�ured by this Se�urity Instrument. A written statement of any axrthorized agart of tha Secretary datefl subsequmt to 60 days from the date he�eo� d�lining to insure this Security Inst�vment and the Note, shall be d�mecl conclusiva proof of such inelig�bility. Notwithstanding tha foregoing, this option may not be exercised by Lmder when the unavailability of insurance is solely due to Lendet's failure to remit a mortgage insurance premium to tha Secretary. 10. Reinstatemen� Borrower has a right to be reinstated if Lender has required immediate payment in fiil1 because of Bonower' s failure to pay aa amount due under the Note or this Security Inslnzment. This right applies even after foreclosure pra�edings are inatituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amowits required to bring Bouowe�'s account current including, to the extent they are obligations of Bo2TOwet' undeT this SeCUTIty Tnatrnmen far�losure costs and reasonable and customary attorneys' fees and expenses properly associatad with tha for�losure proceeding. Upon reinstatement by Bonower, this Se�urity Insnim�ent and the obligations that it secures sl�all remain in eff�t as if Lender had not required immediate payment in full. However, L�der is not required to permit reinstatement if (i) Lender has accepted reinstatement after tbe of for�losure proceedings within two yea�s immediately prer,eding the commencement of a cuirent foreclosure pra�ing, (ii) aeunstatennent will preclude for�losure on differex►t grounds in tha future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Inshvment. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extenaion of the time of gayment or modification of amortir�tion of the sums seeured 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 ar Borrower' s successor in interest. Lender shall not be required to comm,ence pra�dings against any successor in interest or refuse to extend time for payment ar otherwise modify �on of the sums secured by this Security Instrument by reason of any demand made by the originat Bonower or Boaower's successors in interest. Any forbearanc� by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Snccessors and Assigns Bonnd; Joint and Several Liabilfty; Ca53gners. The covenants and agreements of this Security Instiiunent shall bind and benefit the successors and assigns of L�der and Bosower, subject to tbe provisions of Paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Inshwnent but daes not execute the Note: (a) is co-signing this Security Instcvment oniy to mortgage, grant and convey that Bonower's interest in the Properiy under the terms of this Security Instrument; (b) is not parsonally obligated to pay the sums secured by this 5e�urity Insttiiment; and (c) agrees that Lender and any other Borrower may agree to extend, modif}', forbea�r or make any accommodations with regard to the terms of this Security Instrument or the Note without that Bosower' s consent. 2200130406 n v4Nx�. �nttials:�, — VMP�-4N(NF� loao�l.o� Peea 6 of 8