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�0110478� (� All or part of the Propexty, or a beneficial interest in a trust owning all or part of the Propeaty, is sold or otherwise transferrefl (other than by devise or descent), and (ii) The Property is not occupied by the p�chaser or grant� as his or lier principal resid�ce, or the purchaser or grant� does so ocxupy the Property but his or her cre�it has not been approved in accordance with the requirements of the �cretary. (c) No Waiver. If circumstances axur that would permit Lendex to require immediata paymerrt in full, but Lender does not require such paymenta, Lender dces not waive its righis with respect to subsequent eve�ts. (� Begulattons of HUD Secxetary. In many circumstances regulations issuefl by tha Secre�ary will limit Lender' s rights, in the c�se of paymenY defaults, to requira immediata payment in full and foreclose if not paid. This Security Instrument d�s not authorize acceleration or fareclosaue if not permitted by regulations of the Se�retazy. (e) Mortgage Not Insnred, Borrow� agrees that if this Security Instrument and the Note ate not ddermined to be eligible for insurance under the National Housing Act within 60 days from the date hereo� Lender �y, at its option, re4uire i�iate payment in full of all sums secured by this Se�urity Instrument. A written statement of any surthorized agent of the Secretary dated subsequent to 60 days from the date hereo� de�lining to insure this Security Instrume�nt and the Note, shall ha deemed conclusiva proof of such ineligibi�ity. Notwithstanding the foregoing, this option may not be exetcised by Lender when the unavailability of insurance is solely due to Lender's f�lure to reamt a mortgage ;nm�►.,ce premium to tha 10. Re�instatemen� Bonower has a right to be reinstate� if Lender has required immediate payment in full be�ause of Borrower's failure to pay an mmowrt due under tha Note or this Security Instrument. This right applies even aftee foreclasure proce�ings aze instituted. To reinstate the Se,curity Instrument, BoxY'owec' shall tender in a lump sum all amo�mts required to bring Bonowe�' s acxount cuaent including, to the e�tent they ara obligationa of Borrower under this Se�urity Instrument, foreclosure costs and reasonable aad customary attorneys' feac and expenses properly associateri with the for�losure proc�ding. Upon reinstatement by Borrower, this Security Instnmaent and the obligations that it secures sha11 remain in effect as if Lender had n�t requir� immediate payment in full. However, Lender is not re�uir� to pe�►it reinstatement if: (� Lender has �ted reinstatement after the commencement of for�losure proce�ings within two y�rs immediately preceding the c�mnn�cement of a current for�losure proceeding, (ii) reinstatemeat will preclude for�losura on diff�t gcounds in the firture, or (iu� reinstateenent will adversely affect the priority of the lien created by this Security Instrument. il. Borrower Not Released; Forbearaace By Lender Not a Waiver. Extension of the tima of paymmt or modification of amortization of tha s�mos se�ured by this Security Instrument g�anted by Lender to any su�ssor in interee4tt of Borrower ahall not operata to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be requirad to c�mmence Proc�ings against anY successor in interest or refuse to extend time for payment or otherwise m�ify anwrtization of the sums se�ured by this Security Instcument by reason of any demand made by the original Borrower ur Borrower's successors in interest. Any forbearanca by Lender in exercising any right or rem,e�y sha11 not be a waiver of or preclude the exercise of aay right or rem�y. 12. Snccessors and Assigns Bonnd; Joint and Several Liab�ility; CaSigners. The covenants and agreements of this Security Insbniment shall bind and benefit tha successors and assigns of Le,nder and Bonower, subject to the provisions of paragraph 9(b). Hortower's covenants and agreements shall be joint and several. Any Borrower who co-signs this 5ecurity Instrum�nt but do� not exe�ute the Note: (a) is co-signing this 5ecurity Instrument only to mortgage, grant and convey that Boaowar' s interest in the Property under the terms of this Security Inslrumen� (b) is not personally obligated to pay tha sums s�ured by this Security Instrument; and (c) agrees that Lender and aay other Borrower may agr� to extend, modify, farbear or make any accommodatians with regard to the terms of this Security Instrummt or the Note without that Borrower' s consent. 2200140217 � D V4NNE mw�:� — VMPC�-4N(NF� Io4o�).0� Paee s or s �� B � �