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201107400 (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold ar otherwise transferred (other than by devise or d�t), and (u� The Properiy is not ocxupied by the purchaser or grantee as his or her principal residence, or the purcheser or grantce does so acxupy the Properiy but his or her credit has not been approved in accordance with the requirements of the Secretaty. (c) No Waiver. If circumstances oc;cur that would parmit Lender to require imme�iate paymea�t in fu11, but Lender does not require such payments, Lender does not waive its righls with respect to subsequent events• f� Reb'o�at�ona of HUD Se,cretary. In many circumstances regulatione issued by the S�retazy will limit I,ender' s rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument d�s not autharize acceleration or fore�losure if not permitted by regulations of the Secretary. (e) Mortgage Not Insur�. Boirower agr�s that if this Security Instrument and the Note are not detexmined to be eligble for insur�ce under the National Housing Act within 60 days from the date he�� Lender may, at its option, require immediate payment in full of all sums se�ure� by fhis Se�rity Instrument. A written stateme�t of any authoxized agent of the Secretary dated subsequent to 60 days from the date her�� declining to insura this Se�arity Inslrument and the Note, shall be deemed conclusiva praof of such ineligibility. Notwithstanding tha 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 insurmice premium to the 10. Reinstatemen� �rrower has a right to be reinstated if Lender has reQuirerl immediate payment in full because of Bonower's failure to pay an ffinount due under tha Note or this Security Instrument. This ri P, h t aPplies even after foreclosure procesdings are instituted. To reinstaYe the Security Instrument, Borrower shall tender in a lump sum all amounts re�uired to bring Borrower's account current includin8, to the e�ctent they ara obligations of Borrower under this Security Instru�nt, fore,closure costs and reasonable and customary attorneys' fees and expenses properly associatefl with the for�losure proceeding. Upon reinstatement by Bonower, this Security Instrument and the oblig�ions that it secures shall remain in effe�t as if Lender had not required immerliate payment in full• However, Lender is not requu��l to permit reinstatement if (i) Lender has acceptefl reinstatement after the commencement of fore�losure proceedings within two yeazs imme�iately preceding the comnaencement of a current foreclosure proceeding, (ri) aeinstatement will greclude for�losure on diffe�ent grounds in the firture, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrument. 11. Bortower Not Released; Forbearance By Lender Not a Waiver. Extmsion of the time of payment or modification of amortization of the sums se�ured by this Security Instrument granted by Lend�r to any success°r in interest of Bonower shall not operate to release the liability of the originat Borrower or Boaower' s successor in interest. Lender shall not be require� to commence proceedings against any successor in int�st or refuse to extend time for payment or otherwise modify amortization of the sums se�urefl by this Security Instaument by r�son of any demand made by the original Borrower or Bonower' s successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of ar preclude the exercise of any right or remedy. 12. Succ�sors and Assigns Boand; Joint and Several Liability; CaSigners. The covenants and agre,ements of this Se�urity Instrvment shall bind and benefit the successors and assigns of Lender and Boaower, subject to tha provisions of paragraph 9(b). Borrowe�'s covenants and agreenaents sha11 be joint and several. Any Borrower who co-signs this Security Instrument but does not exe�ute the Note: (a) is co-signing this Security Instrument only to mortgaga, Srant and convey that Bonower' s interest in the Properiy under the te�ms of this Se�urity Instrumen� (b) is not personally obligated to pay the sums secured by this Security Tn ,,,,en� and (c) agre� that I,ender and any other Borrower may agra to extend, modify, forbear or make any accommodations with regard to the tera►s of this Sec�mty Instnunent or the Note without tbat Borrower' s consent. 2200170874 V4NNE � VMP�-4N�Nq loao�).o� Pe¢e s ot s �