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20��04�Q5 (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) 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 Sectetary. (c) No Waiver. If circumstances occur that would permit Lender to require unmediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of Hi7D 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 Instrument does not authorizQ acceleration or foreclosure if not pernutted by regulations ofthe Secretary. (e) Mortgage Not Insured. Bonower agrees that if this Security Instrument and the Note aze not determined to be eligible for insurance under the National Housing Act within 60 da.ys from the date hereo� 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 da.ys from the date hereof, declining to insure this Securitty Instrument and the Note, sha11 be deemed conclasive 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 Secretary. 10. Reinstatemen� Bo�ower has a right to be reinstated if Lender has required immediate payment in full because of Borrower' s failure to pay an aanount due under the Note or this Security Instrument. TYus right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Bonower 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 attomeys' 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 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 foreclosure proceedings witJnin two years immediately preceding the commencement of a current foreclosute 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 Tnstrument. 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 Bonower sha11 not operate to release the liability of the original Bonower or Borrower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to e�ctend 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 forbearance by Lender in exercising any right or remedy sha11 not be a waiver of or preclude the exercise of any right or remedy. 12. Snccessors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument sha11 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 Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower' s consent. 2200139732 D v4r1NE Initials: ��' VMP�-4N(NE) (oao7).o� Page 6 of 8 � U