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�0110�12� (� All or part of the Property, or a beneficial interest in a trust owning all or part of the Properly, is sold or otherwise transfeired (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as lus or her principal reside�nce, or the purchaser or grant� does so occupy the Property but his or her c�edit has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but Lender d�s not require such payments, Lender daes not waive its rights with respe�t to subsequent eve�rts. (cn Regulations of HUD 5�retary. In many circumstances regulations issuefl by the Secretary will limit Lender' s rights, in the case of payment defaults, to aequire immediate payment in full and foreclose if not paid This Security Instrument does not authorize acceleration or fare�losure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Boirower agrees that if this Se�urity Instcvment and the Note ara not determine�l to be eligible for insurance under the National Aousing Act within 60 days from the date hereo� Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretazy dated subsequent to 60 days from the date hereo� declining to insure this Se�urity Inslrument and the Note, shall be deemed conclusive prc�of 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 t�►e Secretary. 10. Reinstatemen� Borrower has a right to be reinstate�i if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrumen� This right aPPlies even after foreclosure praceedings aze instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum a11 amounts require� to bring Borrower' s account current including, to the extent they are obligations of Borrower under this Security Instrument, for�losure costs and reasonable and customary attomeys' fees and expenses properly associated with the for�losure proc�ding. Upan reinstatement by Borrower, this Se�arity Instrument and the obligations that it secures sha11 remain in effe�t as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if (i) Lender has acceptefl reinstatement after the commencement of fore�losure proceedings within two yeazs immediately prece�ing the commencement of a cmrent foreclosure proc�ding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reu�►statement will adversely affect the priority of the lien created by this 5ecurity Instrament. 11. Borrower Not Released; Forbearance By Lender Not a R'aiver. Extension of the tima of payment or modification 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 successor in interest. Lender shall not be required to commence proc,eedings against any successor in interest rn' refuse to extend time for payment or otherwise modify amortization of the sums s�urefl by this Security Instrument by reason of any demand made by the original Borrower or Barrowe�'s successors in interest. Any forbearance 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 Assigns Bonnd; Joint and Several Liability; CaSigners. The covenants and agr�ts of tlus Security Tn.cmm+en sha11 bind and benefit the successors and assigns of Lender �d Borrower, subject to tbe provisions of paragraph 9(b). Borrower's covenants and agre,ements shall be joint and several. Any Bonower who co-signs this Security Instrument but does not ex�ute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Properiy under the terms of this Se�urity Inshvment; (b) is not personally obligaterl to pay the sums s�ured by this Security Instrument; mid (c) agr�s th$t Lender and anY other Bonower may agr� to extend, modify, forbea�r or make any acxommodations with regard to the terms of this Security Instrument or the Note without that Borrower' s consent. 2200154009 �D v4NNE i�d�: vMPC�.4N(NE� loao�l.o� Page b of H � `.