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<br /> • (i)All or part af thc Praperty. or a beneficiul lntcrest in a trust owning all or part af the Propeny, is sald _
<br /> or otherwise transfened(other than by dcvise or descent),and
<br /> (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the o=
<br /> : purchaser or grantee does so occupy the Property l�ut hls or her credit has not been approved in �
<br /> . accordance with the requirements of the Secretury. �.,''
<br /> (c) No Waiver. If circumstances occur that would permit Lender to reyuire im�rnediate payment in full, but ,.. ,_
<br /> ` Lender does not requlre such payments,Lender does not waive its rights with respect to subsequent events.
<br /> �, (d) Regulations of HUD Seeretary. In many eircumstnnces regulations issued by the Secretary wlll limit
<br /> Lender's rights, in the case af payment defaults, to require fmmediate payment in full and foreclosc lf not
<br /> ��� paid,This Securiry inscrument does not authorize acceleration or foreclosure if nat permitted by regulations _
<br /> of the Secretary.
<br /> � (c) Mortgage Not Insured. Borrower agrees thu[if this Securiry lnstrument and the Note are not detcmrined
<br /> to be efigitsle for insurance under the National Housing Act within 60 days from the date hercof, Lender �,;`
<br /> may,at its option, require immediate payment in full of all sums secured by this Security Instrument. A
<br /> wriaon statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof,
<br /> � declining to insure this Security Instrument and the Nate, shall be deemed conclusive proof of such
<br /> ineligibiliry. Notwithstanding the foregoing. this option may not be exercised by [.ender when the
<br /> unavailability of insurance is solely due to L.ender's failure to remit a martgage insurance premium to thc
<br /> � Secretary.
<br /> L 0.Iteinstatement. Borrower has a right to be retnstated if L.ender has required immediate payment in full
<br /> rp����eP nf Annower's failure to pay an amount due under the Note or this Security Instrument. 'I'his right applies
<br /> � ., evea afler foreclosure proceedings are instituted. To reinstate the Securiry Inscrumeni. 8o�i�we� shatl tcndcr in a
<br /> lurnp sum aU amounts requlred to bring Borrower's account current including, to the extent they are obligations of _
<br /> Borrower under this Secudty Instrument, foreclosum costs and reasonable and customery attorneys'fees und expensea
<br /> ,. properly associated with the foreclosure proceeding. Upon reinstatcment by Bottowcr. this Security Inst�umcnt und
<br /> ' � the obligations that it secures shall remain in effcct as if Lender had not rcquircd {mmedtate payment in full. —
<br /> However, Lender is not required to permit reinscacement if: (i) Lender hus a.cepted reinstatement after the
<br /> • commencement of foreclosure proceedings wtthin two years immediately precedin�the commencement of a current
<br /> foreclosure pr�ceedIng, (ii) rcInstatement will preclude foreclosure on different grounds in the future, or (iii)
<br /> reinatatement will adversely�ffecr the prioriry of the lien created by this Security Instrumcnt.
<br /> 11,Borrower Not Released; Forbeurance By I.ender Not a Waiver. Extension of the time of payment or
<br /> � • mod[ficatlon of atttonization of the sums secured by this Security Instrument granted by Lender to any successor in
<br /> • �� interest of Bonower shall not operate to release the liability of the origtnal Bonower or Bonower's successor in
<br /> ' interest.L.ender shall not be requlred to commenee proceedings against any suceessor in interest or refuse to extend
<br />' time for paymers or otherwise modify amortization of the sums secured by this Security Instrument by reason of any -:
<br /> demand made by the original Bonower or Bonower's successors in interesc.Any forbearance by Lender in exercising �--
<br />= any right or remaly shall not be a waiver of or preclude the exercise of any right or remedy. __
<br />-� 12.Successors and Assigns Bound;Joint and Several Liability; Co-Signers.The covenunts und agreements -
<br /> `.A, of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the �::.
<br /> provisions of paragraph 9(b). Bonower's covenants and agreements shall be joint and several. Any Borrower who _
<br />= co•signs this Security Instrument but does not execute the Note: (a) is co-signing this Securiry Instrument only to __
<br /> • mortgage. grant and convey that Borrowcr's interest in the Property under the terms of this Security Instrument; (b) _ _
<br /> is not personally obligated to pay the sums�ccurcd by this Sccurity Insttumenr and(c)agrces that Lender and any
<br /> other Borrower may agree to extend,modify, forbear or make any accommodations with regard to the terms of this
<br /> Securiry Instrument or the Note without that Borrower's consent. _ '
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