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201107553 (i) All or part of tha Property, or a beneficial interest in a trust owning all or part of the Properly, is sold or otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property 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 fulI, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Rewlations of IiUD Secretary. In many circumstances regalations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require unmediate payment in full and foreclose if not paid This Security Instrument does not authorize acceleration or foreclosure if not permitted by regularions of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are not deternuned to be eligible for insurance tmder the National Housing Act within 60 days from the date hereof, Lender may, at its option, require immediata payment in ftill of all sums secured by this Security Instrument. A written statement of any authozized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall 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 insurance premium to the Secretary. 10. Reinstatement Borrower 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 ttus Security Instrument, This right appiies even after foreclosure proceedings aze instituted. To reinstate the Security Insmiment, Borrower shall tender in a lump sum a11 amounts required to bring Bonower's account current including, to the extent they aze obligations of Bozrower under ttus Security Instrument, foreclosure costs and reasonable and customary attomeys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Bonower, this Security Insmiment and the obligarions 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 currettt foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reiastatement will adversely affect the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortizarion of the sums secured by this Security Instiument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Bonower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modify amortizarion of the sums secured by this Security Instrument by reason of any demand made by the original Bonower or Borrower's successors in interest Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; CaSigners. The covenants and agreements of ttus Security Instrument shall bind and benefit the successors and assigns of Lender and Bortower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements sha11 be joint and several. Any Borrower who casigns this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Bonower'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 thaf Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of tlus Security Instrument or the Note without that Borrow�er's consent. 135111Z227, - � /+ Initlels:� VMP�-4N(NE) (oaa�yot �e 6 a s l� r � �� .