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�011047 (i) All or part of the Properly, or a bene�cial interest in a trust awning all or part of the Property, is sold ; or otherwise transferreti {other than by devise or descent}, and i. (ii) The Property is not oecupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does sa oecupy the Progerty but his or her credit has not been approved in ac�cordanc�e with the requirements of the Secretary. � (c) No Waiver. If circumstances oec:ur that would permit L.ender to require immediate paytr�ent in full, but C.end�r does not require such payments, Lender daes not waive its riglits with respect to subsequent events. (d) Regolations of HUD Sec�tary. In many circumstances regulations issued by the Secretary wiil limit Lend�;r's ri�hts, in the case of payrnent defaults, to require immediate payment in full anr3 foreclose if noe paid. This Security Instruznent does not authorize acceieration or foreclosure if not permitted by regulations of the Secre:cary. (e) Mortgage Not Insuuned. Borrower agrees thal if this Security Instrument and the Note are not determined to i�e e3igible for insurance under the National Hausing Act within 60 days from the date hereof, Lender may, at its option, require immediate payment in full of aIl swns secured by chis Seccurity Instrumene. A written stalement of any autharized agent of the Secretary dated subsequent to 6Q days from ehe date hereof, declining to insure this Security InstrumenE and the Note, shall be deemed canclusive proof of such ineligibility. Natwithstandiag the foregoing, this option may not be exereised by Lender when the unavailability of insurance is solely due ta Lender's failure to remit a morEgage insurance premium to the Secretary. 10. Reinstatemen� Borrower has a right to be reinstated if Lender has required immediate payment in full because af Bc�rrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even aEter foreclosure proceedings are instituted. To reinstate the SecuriCy Instrument, Barrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of &xrower under this Security Instrument, foreclosure costs and reasonable and custoznary attorneys' fees and expenses properly associaced with the foreclosure proceeding. Upon reinsfatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not reGuired immediate payment in full. However, Lender is not required to perrnit reinstatement if: (i) Lender has accepted reinstatement after the � commencement af foreclasure proceedings within two years immediately prececfing the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in lhe future, or {iii} ' reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Re{eased; Forbearance By I.snder Not a Waiver. Extension of the time of paymenT or modification of amortization of the sums secured by this Security Insirument granted by Lender tc3 any successor in interesi of Borrower shall not operate to release the liability of the ariginal Borrower or Sorrower's successor in interest. Lender shali not be required to commence proceedings against any successor in interest or refuse to extend lime for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original �rrower ar Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or pret:lude the exercise of any right or remedy. 12. Sutcessars and Assigns Bound; Joint and Severa! Liability; Co-Signers. The cavenants and agreements ot this Security Instrument shall bind and benefit the successors and assi�ns of Lender and Barrower, subject to the provisions of paragraph 9{h). Borrower's covenants and agreements shall be joint and several. Any Borrower �vho c:o-signs this Security Instrument Uut does not execute the Note: {a) is co-signing this Sec;urity Instrument only io 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 mav agree to extend, modify, forbear or rnake any accomrnodations with regard to the terms of this Securiiy Instrument or 1he Note without that Borrower's consent. 7�-04R�0162 �n{��s: 6� . �u �-4N(N� (0407) Page B ot 8 �