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�o�ioso�s (i� All or part of the Property, or a beneficial interest in a trust owning all or part of the Properiy, 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 be�n approverl in accordance with the r�uirements of the S�retary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender dnes not require such payments, Lender does not waive its rights with respect to subsaquent ev�ts. (� Regalat3ons of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender' s rights, in the case of payment defautts, to require immediate payment in full and foreclose if not paid This Security Instrument does not authori� acceleration or foreclosure if not pennitted by regulations of the Secretary. (e) Mortgage Not Insnred. Borrower agrees that if this Se��rity Instrument and the Note are not deternnined to be elig�ble 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 a11 sums secure3 by tlus Se�urity Instnrment. A written statement of any authorized agent of the Secreetaryy date� subsequent to 60 days from the date h�f, declining to insure ttus Security Instrumart and the Note, shall be deemed conclusive praof of such ineligi'bility. Notwithstaonding the foregoing, this option may not ba exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insorance pre�mum to the Secretary. 10. Reinstatemen� Borrower has a right to be reinstated if Leader has raquired immediate payment in full b�ause of Borrower's failure to gay an a�nount due under the Note or this S�urity Instrument. This right applies even after foreclosure proc�edings are instituted. To reinstate the Security Instcument, Bonower shall teuder in a lump sum all amounts requireri to bring Borrower's a.c�unt current including, to the extent they are obligations of Borrower under this Sec�mty Instrument, foreclosure casts and reasonable aad customary attorneys' fees and eJCpenses properly associated with the far�losure proceeding. Upon reinstatement by Bonower, this Se�urity Instrument and the obligations that it secures shall remain in effec:t as if Lender had not required immediate paya►ent in full• However, Lender is not required to permit reimstatement if: (i) Lender has accepted reinstatement after the of fore�losure proceedings within two years immediately preceding the commencement of a cua�t foreclosure prac�eding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii� reinstatem+ent 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 modific�tion of amorti�ation of the sums s�urefl by this Security Insbnunent granted by Lender to any successor in interest of Borrower s�ll not operate to release the liability of the original Boirower or Bonower' s succes�sor in interest. Lender shall not be raquirefl to commence pro�edings against any successor in interest or refuse to extend time for payment or othervvise modify aznortirdtion of the sums se�ure� by this Sacurity 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 Bonnd; Joint and Several I3ability; Co-Signers. The covenants and agreements of this Se�urity Instrum+ent shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Bonower who ca-signs this Security instrament but does not execute the Note: (a) is co-signing this S�vrity Insfrument only to mortgage, grant and convey that Borrower's interest in the Properiy under the terms of this Security Instrumen� (b) is not personally obligated to pay the swns se�ured by this Se�urity Instrument; and (c) agr�s that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the termg of this $��rity Tnctr4unent or the Note without tb$t Bolrower's consent. 2200154985 ' ��D V4NNE VMP�-4N(Nq toao�l.o� �ea s or e ��