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20110�14� (i) All or p�rt of t�e Property, ar a bene�cial interest in a t.rust owning a11 or pazt of the Property, is sold or otherwis� transfen�d (other than by devise ar�t), and ` (u� Tha Properiy is not occupieri by the pur�haser or grantee as his or her principal resid�ce, or tha pur�aser or grant� does so ocxupy the Properry but lois or her cr�it has not been approve� in accordance with �►e requirements of the Secretary. (c) loTo W�er. If circua�astances occur that would p�rmit Lender to r�uire imnnediata payment in full, but Lender does aaot r�uire su�kh paymeats, Lender does not wasve its rights with respe�t to subse�uent events• (cn Itegalal3oras of HiTI� Secretary. In many cixcuanstances regulations issued by the Se�retazy will limit I,ender' s rights, in the case of payment defaults, to require imme�iate payment in full and foreclosa if not paid This Security Instrument does not authoxiz� acceleration or fore�losure if not permitted by regulations of ttae S�cretary. (e) Mortgage Not Tns�r�. Borrower agr�s that if tlus Secwrity Instrwment and the 10Tot� are not det�mined to be eligible for insurance under the National Housing Act within 60 days from the date her�� Lender may �t its option, require immediats payment in full of all sums se�ured by this Security Instrumen� A written stateme�t of any authorized agent of the Secretary date� subsequent to 60 days from tha date hereo� �lining to insure this Se�urity Instrument and the Note, shall be d�med eonclusive proof of such ineligibiiln'ty. 1�Totwitbstanding the foregoing, this option ma.y not be exercised by Lender when the unavailability of insurance is solely due to Lender° s failure to remit a mortgage insurance gremium to the Secretary. 10. Reinstatemen� Borrower fias a right to be reinstate� if Lender has required immediate payment in full because of Borrowe�'s failure to pay an amount due under the Note ar this Security instrument. This right applies even after foreclosure proce�ngs are instituted. To reinstate the Security Instrument, Borrower sh�ll tender in a lump sum all amounYs required to bring Borrower° s account current including, to the extent they aze obligations of Borrower under this Se�rity Instrument, for�losure costs and reasonable and customary attorneys' fces and expenses properly associated vc�th the far�los�u�e proce�ding. Upan reinstatement by Borrower, this Seeurity Instrument and the obligations tbat it secures shall remain in effe�t as if Lende� had not required immediate payment in full• However, Lendar is not seqiaired to pexmit rein�Ystement if (i) Lender has accepte3 reinstatement after the commencement of f�reelosure procee�ings within two years imme�iiately pre�eding the aammencement of a current foreclosure pracee�ing, (a�) reinstatement will preclude foreclosure on diffezent grounds in the fuh�re, or (iii) reinstatement will adversely a�ect the priority of the lien created by tliis Security Instrument. 11. Borrower Not Rele�sed; Forbearance By Lender Not � Waiver. Extension of the time of payment or modification of amorti�on of the sums secured by this 5ecurity Instrument granted by Lender to any successor in interest of Bonower shall not operate to release the liability of the original Borrower or Borrower' s successor in interest. Lender sha11 not be re�uirefl to commence procx�dings against any successor in interest or refuse to extend time for payment or otherwise modify amorti�tion of the sums se�ured by this Se�urity Instcvment by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbe,arance by Lender in e�ercising any right or remedy shall not be a waiver of or pr�lude the exercise of any right or remedy. 12. Snccessors and As�tgns Bonnd; Joint and 5everal Liability; Ca5�gners. The covenants and agr�ments of this Security Instrument sha11 bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b)> �orrower's covenants and agreements sha11 be joint and several. Any Bo�ower who co-signs this Security Instrument but does not exe�ute the Note: (a) is co-signing this S�urity Instrument only to �ortgage, grant and convey that Borrower' s interest in the Property uader the terms of this Seaurity Instrument, (b) is not personally obligated to pay the sums secure� by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regazd to tl►e terms of this Security Instrument or the Note without that Borrower' s consent. 2200183491 D V4NNE i�tu�8: � VMP�-4N(NFa ro4o�l.ot aeBe s ot a