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��104693 (i) All or part of the Property, or a beneficial interest in a trust 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 grante,e do� so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) No R'aiver. 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 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 Se�urity Instrument does not authorize accelerarion or for�losure if not permitt�i by regularions of the Secretary. (e) Mortgage Not Insured. Barrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days from the date her�f, Lender may, at its option, require immediate payment in full of all 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, d�lining to insure this Security Instrument and the Note, shall be d�med 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 Se�retary. 10. Reinstatemen� Bonower 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 Insta'ument. This right appli� even after for�losure proceedings are insrituted To reinstate the S�urity Instrument, Borrower shall tender in a lump sum all amounts required to bring Bonower's account cunent including, to the extent they are obligations of Borrower under this S�urity Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures sha11 remain in eff�t as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender bas accepted reinstatement after the commencement of foreclosure proceedings within two years immediately pr�eding the commencement of a current foreclosure proceeding, (ii) reinstatement will pr�lude for�losure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this S�urity Instrwnent• 11. Barrower 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 grant� by Lender to any successor in interest of Bonower 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 othetwise modify amortization of the sums s�ured by tlus Sec,vrity 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 remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Sever�l Liability; Co-Signers. The covenants and agreements of this S�urity Instrument shall bind and benefit the successors and assigns of Lender and Bonower, subj�t to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co-signs this S�urity Instrument but does nat 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 terms of this S�urity Instrument; (b) is not personally obligated to pay the sums s�ur� by this Security Instrument; and (c) agrees that Lender and any other Barrower may agr� to extend, modify, forbear or make any accommodations with regazd to the terms of this Security Instrument or the Note without that Borrower' s cansent. �-00 096 Initial • y � � �-4N(NE) (oao>> Paye s o+ s f �