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20�1055�� {b) Sale Without Credit Approval. Lender shall, if germitted by applicable law (including Section 341(d) of tlie Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with che grior approvai of the Secretary, require immediate payment in full of a11 sums s�ured by this 5ecurity Instnunent if: (i} All ar 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 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 buc his or her credit has not been approved in accordance with the requirements of the Seczetary. (c) No Waiver. If circumstances occur that would permit Lender to requise immediate payment in full, but Lender does not r�uire such payments, Lender does not waive its rights with resp�t 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 fore�lose if not paid. This Se�urity Instrument does not authorize acceleration or foraclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agr�s that if this Securiry Insmiment and the Note aze not determined to be eligible for insurance under the National Housing Act within GU days from the date hereaf, Lender may, at its option, require immediate payment in full of all sums secured by this Security Insm�ment. A written statement of any authorized agent of the Se�retary dated subsequent to 60 days from the date hereof, declining to insure this S�urity Instnunent and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, tlus option may not be exercis� by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borrower 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 Instivment. This right applies even after for�losure proceeflings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fe�s and expenses properly associated with the for�losure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effe�t as if I.ender had not required immediate payment in full. However, Lender is not required to g�rmit reinstatement if: (i) Lender has accepted reinstatement after the commencement of foreclosure pzoceedings within two years immediately prece�iing the commencement of a cunent fore.closure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the futwre, or {iii) reinstatement will adversely aff�t the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of che time of payment or modificarion of ainortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower`s succ�ssor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to emend time for payment or otherwise modify amortization of the sums se.cured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbeazance by Lender in exercising any right or remedy sha11 not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and 5everal Liability; Co-5igners. The covenants and agr�ments of this Securiry Instrument shall bind and benefit the successors and assigns of Lender aud Borrower, subj�t to the provisions of paragraph 9(b). Bonower's covenants and agre.ements shall be joint and several. Any Bonower who co-signs this Security Instrument but does not exe�ute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and canvey that Bortower's interest in the Frogerty under the terms of ttus Security Tnstrument; (b) is not personally obligated to pay the sutns secured by this Security Instrument; and (c) agrces that Lender and any other Borrower may agree to extend, modify, forbear or rnake any accommodations with regard to the terms of this Se�vrity Instrument or ttie Note without that Borrower's consent. FHA Deed of Trust-NE VMP � Wolters Kluwer Finencial Services � � � a�se — `i 108091 4 Pege 6 of 9