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<br /> � (i)All or part af the Propcny,or a bencficial interest in u trust owning aU or parc of the Property,is sold � ���
<br /> � or othenvise tr.�nsferrcd(other than by devise or descent), and ;•',�} � •�"-_
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<br /> (ii) The Properry i� not occupicd by the purchaser or grantee as his or her principal residence,or che . ��.•: vr_�-
<br /> purchaser or grantce docs so occupy tha Property but his or her credit has not �een approved in .:..,.�.�-S��>_�� _
<br /> accardnnc�with the requircments of the Secretary. �`` �3
<br /> (c) No Walver. lf circunistances occur that would permit Lxnder to require immedia�e payment in fuq, but -•-
<br /> Lender does not require such paymems, Lender ducs not waive its rights with respect to subsequenc events. • •�.;;
<br /> (d) Regulattons of HUp Secretary. In many circumst�nces regulations issued by the Secretary will limit
<br /> Lender's rights, in the case of payment defaults, ta rcyuire immediate payment in full and foreclose if not
<br /> paid.Thls Security Instrument doe�not authorlr.e acceleration or foreclosure if not permitted by regulations
<br /> of the Secretary.
<br /> (e) Mortgage Not lnsured.Bonowcr agrccs that if this Sccurity Instrument and the Note are not detern�ined '�: _
<br /> to be cligiblc for insurancc undcr the National Housing Act within 60 days from the date hereof, Lender `�_
<br /> ¢ may, at ics option, require immediaic payment in full of all sums secured by this Securiry Instrument. A _
<br /> ' ' written statcment uf any nuthoriud agcnt of thc Sccretnry dntcd subsequent to 60 days from the date hereof,
<br /> declining to insure this Securiry Instrument and thc Note, shall be deemed conclusive proof of such � '-
<br /> �• ineligibility. Notwithstanding the toregoing, th:s option may not be exercised by L.ender when the ���� —
<br /> unavnilability of Insurancc is solely dur. to l,cnder's failure to rcmft a mortgage insurance premium to [he ���s'��--
<br /> � Secretary. ��
<br /> 10. Reinstatcment. Bonowcr has a righc to bc retnstatcd if Lcndcr has required immediate payment in full •��=
<br /> because of BorrowePs iallure to pay an amount due under the Note or this Securiry Instrument. This right applies -
<br /> `=� even aftcr iorcclu�uia �ix�cdtngs arc iass£tate�. T� �!•inctatc che Sccurity Instrument, Bonower shall tender in a _
<br /> • lump sum all umounts required to bring Borrower's account current including,to the extent they are obligations of
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<br /> Bonower under this Security Instrument,foreclosurc custs and reasonable and customary attorneys' fees and expenses _
<br /> properly associated with the forcclosure procceding. Upan reinstatement by Borrower. this Security Instrument and �"_
<br /> the obligations that it secures shall remain in cffect �.g i1' L.r��dcr hnd not required immediate payment in Poll. �y����:�_
<br /> � However, l.ender is not required tu permit rcinstntement iL• (i) l.�nder has accepted retnstatement after the _
<br /> U commencement of fareclosure proceedings within two years imnicdiately preceding the commencement of a current
<br /> , ,�: foreclosure proceeding, (ii) relnstatement will preclude fareclosure on dif'ferent grounds in the future, or (itii
<br /> „.: reinstatemenc will advcrsely affect the priority of thc Iicn creatcd by this Sccurity Instrument. '��
<br /> ` 11. Borrower Not Rcicused; Forbcurance liy I.endcr Not u Wutver. �xtcnslon of the time of payment or �:,_�_„
<br /> +, modification of amonization of she surns securcd by this Sccuricy Instrumcnt grantcd by Lender to any successor in ___
<br /> �" tnterest of Bonower shali not operatc to rcicasc the linbility of thc uriginal Borrowcr or Borrower's successor in _
<br /> ;� interest. l.ender shall not be required to commence procerdings a�;ainst nny suceessar In interest or refuse to extend ___
<br /> �� time for payment or otherwise modify lmortiration of the sums secured by this Securiry Instrument by mason of any �._.::__
<br /> � demand made by the original Borrower or Borrower's successurs in interest. Any f'orbearance by Lender in exercising • �--�__
<br /> '' any right or remedy shall nut be a waiver of or preclude the cxercise of any right or remedy. ,�..,:�T f�
<br /> � 12.Successors and As�tgns Bound; Joint rnJ Severnl [.I��blUty; Co-SIRn�rs. The covenants and agreements =—
<br /> .�.�,_
<br /> � of this Securiry Instrument shaU bind and bene�t thc successors:u�d assigns ��f I.ender:+nd Borrower, subject to the ,_ �_
<br /> � provisions of paragraph 9(b). Borrowcr's coven�u�ts and agrcemcnts shall be joint and sc�pral. Any Bottower who
<br /> co-slgns this Securiry Instrument but does not execuce thc Note: (a) is cu-signing this Securiry Instrument only to '�+-� •�•
<br /> �tir•�.
<br /> - mortgage, grant and canvey that Borrower's interest in thc Properry undcr the terms of this Security Instrumenr, (b) :,a:,y ��r��
<br /> ` is not person�lly obligated to pay the sums sccured by this Securiry Ins[rumen�; :uiJ (c)agrees that L.ender and any „� � -..
<br /> : other Borcower may agree to cxcend, modif'y, forbe.ir��r nillcc any accomnwdatiuns with rcgard to the tcrms of this • ,� ��:�r.�`•; � �
<br /> � Security lnstrumcnt or thc Notc withaut ihat Borrowcr's conscnt. ~�;y-
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