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<br /> ` (i)AU or parc of thc Property, or a bcncficial intcrest in a trust ciwning all or purt of thc Property, is sold
<br /> _ K or othcnvisc trnnsfcrrcd(o[hcr than by dcvlsc or desccnU,and `.
<br /> ' ' (ii) The Property is not oaupied hy the purchascr nr grantcc ;�s his on c�r principal residcnce, or thc �;;
<br /> - ;:� purchascr or grantec daes so cecupy the Praperty hut his or her credic has not bccn apprervcd in �
<br /> L', accordance wich the requi rements of the Secretary. �,
<br /> ' (c) No Wniver. lf circumstanccs oceur �hat would pern�it I.cndcr to rcyuirc immcdiatc paymcnt in full. hut �_
<br /> , �w� L.ender does nat require such pnyments,Lender dacs not waivc its rights with respect to subscqucnt cvcnts.
<br /> y, (d) �2c�ulations aY HLJD Secretary. In many circumstances regulations issucd by chc Sccrctary will limit
<br />' ' l.ender's rights, in the casc af payn�ent defaults, to require immediate paymcnt in full and fnrcclosc if not
<br /> ; paid.This Security lnstrument does not authorize acceleration or t'oreclosure if not pennittcd hy rcgula[ions
<br /> ;a of the Secretttry.
<br /> � (e)Mort�age Nnt Insured.Borrower agrees that if this Sccurity lnstrument and thc Notc arc not dctcrmined
<br /> �, to be cligible for insurancc under the National Housing Act within 60 days from thc datc hercof, Lender
<br /> may, at its option, require immediate payment in full of all sums secured by this Securicy Instrument. A
<br /> . � written statement of any authorized agent of the Secretary dated subsequsnt to 60 days from thc dpte hcreof,
<br /> declining ta insure this Securiry Instrument and the Note, shall be deemed conclusive proof of such
<br /> ineligibiliry. Notwithstanding the foregoing, this option may not be exercised by Lendcr when thc
<br /> ., � unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium ta the `
<br /> . Secretsuy.
<br />= 10. Rcinstatement. Borrower has a right to be rcins[ated if L,ender has required immediate payment in full
<br /> because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies
<br /> even after foreclosure proceedings ure instituted. To reinstate the Security Instrument, Borrower shall tender in a
<br /> _ lump sum all :unounts required to bring Borrower's account current including, to the extent they are obligations of
<br /> Borrowet under this Security Instrument,foreclosure costs and rensonable and customary attomeys' fees a�nd axpenses
<br /> properly associated vrith the Foreclosure proceeding. Upon reinstatement by Borrower,this Security Instrument and
<br /> the obligutions thnt it sccures shall rcmain in effect as if Lender hnd not required im.-nediate payment in full.
<br /> � � However, L.ender is not required to permit reinstatement if: (i) L.ender has accepted reinstatement after the
<br /> commencement of foreclosure proceedings within two yeurs immediately preceding the commencement af a current
<br /> � foreclosure procceding, (ii) rcinstatement will precludc foreclosure on different grounds in the future, or (iii)
<br /> reinstatement will adversely af[ect the pnorny of the iien creaced by this Sccurity i,�stiu�r�ent.
<br /> -• I1. Borrower Not Relc�sed; Forbeara�cc By Lender Not u WAtver. Extension of thc timc of paymen[ or
<br /> ' " " " modification of umartization of the sums secured by this Security Instrument gramed by Lender to any successor in
<br /> '. interest of Borrower shall not operate to rcleasc the liability of the origin�l Bottower or 8orrowcr's suaessor in
<br /> • interest. I.ender shall not be required�o commence proceedings�gainst any successor in irnerest or refuse to extend
<br /> time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any
<br />','� � � .- demand mnde by the original Borrower or Borruwcr's successors in interest.Any forbeazance by Lender in exercising
<br />= any right or remedy shall nat be a waivcr of or preclude thc exercise of any right or rcmedy.
<br />� •• • 12. Successors and AssiRns Bound; Joint und Sevcral Liability; Co-Slgncrs. The covenants and agreemeuis
<br /> � ' of�his Security Instrument shall bind and benefit the successors and assigns of l.ender and Borrower,subject to the
<br />� ' . provisions of para�raph 9(b). Borrowcr's covenants and agreements sh�ll be joint and several. Any Borrower who
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<br />�:,.}..:_. . ,..• co-signs this Security Instrument but does not execute the Note: (n) is co-signinp, this Security Ix�strument only to
<br />� . �uongage.Frant and convey that Borrower's interest in the Properry under tlic ternts of thla Security lnstrument; (b)
<br /> ��.� is not personaUy obligated to pay�he sums secured by this Securiry Instrument; and (c) ngrees that Lender and any
<br />� other Borrower may lgree to extcnd, modify, for6ear or make any accommodations with regard to thc terms of this
<br />�;y�� Ser,urity Instrument or the Note�vithout that Borrower's conscnt.
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