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20110729v (i) All or part of the Property, or a betleficial interest in a trust owning a11 or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) Tha Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Properly but his or her credit 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 does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HiTD Secretary. In many circumstances regulations issued by the Secretary will Iimit Lender' s rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid, This Security Instrument does not authorize acceleration or foreclosure if not germitted 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 days from the date hereo� Lender may, at its oprion, require immediate payment in full of a11 sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Secutity 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 inswance premium to the Secretary. 10. Reinstatemenk Bonower 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 Instrument. This right applies even after foreclosure proceedings aze instituted. To reinsta.te the Security Instrument, Bonower shall tender in a lump sum a11 amounts required to bring Borrower' s account current including, to the e�ctant they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attomeys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Secwrity 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 immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatexnent will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the priority of the Iien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Wsiver. Eactension of the time of payment or modification of amortization of the sums secured by this Security Insnument granted by Lender to any successor in interest of Bonower sha11 not operate to release the liability of the original Bonower or Bonower' 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 secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbeatance 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 Several Liability; Co-Sfgners. The covenants and agreements of this Security Instrument sha11 bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of pazagraph 9(b). Bonower's covenants and agreements sha11 be joint and several. Any Bonower who co-signs this Security Instrument but does not execute the Note: (a) is casigning 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) agrees that Lender and any other Borrower ma.y agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. 22001726i6 � v4NNE InIUaIs:� VMP�-4N(NE) (040».0� Pege 5 of 8