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201�0534� (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 transferred (other than by devise or desceat), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residc�ce� or the purchaser ar grante,e does so occupy the Properiy but his or her cre�it has not be,en approve�i in accordance with the renuirements of the Secretary. (c) No Waiver. If circumstances occur that would germit Lender ta require imme�iate payme� in full, but Lender does not require such payments, Lender dnes not waive its rights with respect to subseque�t eve�ts. (� Regalai3ons of HUD Secretary. In many circum.4tances regulations issuefl by the S�retary will limit Lender' s rights, in the c�se of payment defaults, to require immeriiate payment in full and fore�lose if not paid This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Brnrower agr�s that if this Se�urity Instrument and the Note aze not det�ned to be eligible for insurance under the National Housing Act within 60 days from the date hereo� Lender may, at its option, require immediate payment in full of all sums securefl by this Security Instmm�en� A written statement of any authorized agent of the Secretary dateri subsequent to 60 days from the date hareo� declining to insure tlus Security Instnmaent and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be �ercise�i by Lender wh� the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatemen� Borrower bas a right to be reinstated if Lender has require� immediate paymeea�►t in fu11 because of Borrower's failure to pay an amount due under the Note ar this Security Instrument. This right applies even afl:er foreclosure procxedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts re�uire� to bring Borrower's account current including, to the extent they are obligations of Borrower under tlus Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and ex�nses properly associate� with the for�losure procee�ing. Upon reinstatement by Borrower, this Seourity Instrument and the obligations that it secures shall remain in effect as if Lender had not required immerliate payment in full. However, Lender is not required to permit reinstatement if (i) Lender bas acceptad reinstatement aftea the commencement of foreclosure proceedings within two years imme�iately pre�ading the oommencement of a cameat foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the fubute, ar(iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums secure� by this Security Instrument granted by Lender to any su�r in interest of Borrower shall not ogerate to rel�se the liability of the original Bonower or Borrower' s su�sor in interest. Lender shall not be re�uired to commence proceedings against any successor in interest or refuse to extend time for payment or otheiwise modify amorti�ation of the sums se�ured by this 5ecurity Instrument by reason of any demand made by the original Brnrower or Borrowe�'s successors in interest. Any farbearance 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 Ass3gns Bonnd; Joint and Several Lf�b�il�ity; Co-5igners. The covenants and agreements of this Seeurity Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Bonowe�'s covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instcument but does not exe�ute the Note: (a) is co-signing this Security Instrument only to mortgage, Srant �d convey that �rrower' s interest in the Properiy under the terms of this Security Inslrumen� (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 acxommodations with regard to the terms of this Security Instrument or the Note without that Bonower' s consent. 2200144904 n v4r� ��u�:� — VMP��N(Nq (04o7).ot Paae s oi e