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�41106�8� (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or othexvvise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantes as his or her principal residence, or the purchaser or grantee does so occupy the Property but his or her credit has not be�en approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstanc� occur that would permit Lender to require immediate payment in full, but Lender does not require 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 unmediate payment in full and foreclose if not paid. This Security Instrument does not authorize accelerarion or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligible for insurance under the National Housing Act within 60 da.ys from the date hereof, Lender may, at its option, require immediate payment in full of a11 surns secured by this 5ecurity Insln�ment. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrument and the Note, sha11 be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised 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 Bonower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after fareclosure proceedings are instituted. To reinstate the Security Instrument, Borrower sha11 tender in a lump sum a11 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' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if (i) Lender has accepted reinstatement after the commencement of foreclosure proceedings within two years imm�iately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (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 secured by this Security Instrument granted by Lender to any successor in interest of Borrower sha11 not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender sha11 not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amorti�ation of the sums s�ured by this Security Instrument by re.a.son of any demand made by the original Borrower or Borrower' s successors in interest. Any farbearance by Lender in exercising any right or remedy sha11 not be a waiver of or preclude the exercise of any right or remedy. 12. 5uccessors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument sha11 bind and benefit the successars and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements sha11 be joint and several. Any Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to 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) agrces that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the teims of this Security Instrument or the Note without that Bonower' s consent. �-4N(NE) �oaa�) Page 5 of 8 � 11-07-000129 Initials:�'�