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<br /> � (i)All or part of thc Property,or a bencCiclal intcrest!n a trust owning sU or pazt of thc I'ropercy,is so or
<br /> othcrwise transfencd(othcr than by dcvise or descent),and �
<br /> (ii) The Property is nm. occupied by ihe piuchaser ar grnntee as 4is or her nrincipal residence, or the
<br /> purchaser or grantee does so occupy the Property but his or her cre�lit has not been approved in accordunce -
<br /> with tl�c requaemcnts of the Secretary. ••
<br /> (c) No Waiver.If cucumstances occur that would permit Lcnder to requfre immediate payment in fuA, but � ,�_;
<br /> • Lender dces not require 9uch payments,i.ender does not�vaive its righcs with respect W subsequent events. •-_��W- �
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<br /> (d) Regulatlons o! HUD Secretary. In many circumstences reguladons issued by the Secretary will limit � .
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<br /> Lender's rights,in the case of payment defaults,to require immediate payment in fuU and foreclose if not paid. A� .^;__
<br /> This Securiry Inslrument does not authorize acceleredon or foreclosure i£not permiaed by reguladons of the ._
<br /> Secretary. -
<br /> • (e)Mortgage Not Insured.Borrower ngrees that if ihis Security Instrument and the Note are nat dctermined to -_-
<br /> be eligible for insurance undcr ihe Nadonal HousinB Act within 60 days frnm the date hereof,Lender may.at •=�
<br /> its opdon,require immediate payment in full of all sums secured by Lhis Securlry Instzvmen� A written � �;_r_
<br /> ;� statement of any authorized agent of the Secretary dated subsequens w 60 days from the date hereof,declining � _.+,, ;^��
<br /> co insure this Securiry Insuament and ihe Note,ahall be deemed conclusive proof of such ineligibility, .�
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<br /> Notwithstending the foregoing, this opdon may not be exercised by Lender when the unavailability of 3 �!
<br /> ��. insurance is solely due to Lender's fullnre to remit a mortgage ins�rar►ce premium to the Secretary. � .�,
<br /> • 10.Reinstatemen�Bo�rowcr has a right to be reinstated if Lender has required immediate payment in full because ";'.,::; :
<br /> N of Borrawer's failure to pay an arr►ount due under ihe Note or this Security Instrumen�'It�is ri�ht applles even after �;�
<br /> forecYosure proceedings ere instia�ted.To reinstate the Security Instnm►ent, Borrower shall tender in a lump sum sU ..' ;:
<br /> ' __.__� amounu req►dred to bring Borrower's account cucrent including,w tfie extent they are obligations of Borrower under � �, •,
<br /> this Security Instnunent, foreelasure costs and reasonable and customary sifomcy� fas and :.�i,..^n� PtQF"-��; ,' y �;
<br /> essociated with the foreclosure proceeding. Upon reinstatement by Botrower. this Security Instrument and tho •yyi t�, .
<br /> obligadons that it secures shall remain in effect as if Lendec had not required immediate payment in fuU.However, ,, r:
<br /> Lender is not required to permit reinstatement if: (i) Y.ender has accepted reinstatement after the commencement of ''+ • J :� ,
<br /> foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure y ` ,�-
<br /> pruceeding. (li) :einstatement will precluda forcclosure on different grounds in the fuwre, or(ui) reinstatement wUl ;;`� j
<br />' adversely affect the priority of tho lien creuted by this Security InstrumenG
<br /> il. Borruwer Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or �
<br /> '� modification of amortization of the sums secnred by this Securiry Instnunent granted hy Lender uo any successor in ���� -
<br /> interest of Botrower shall not operate to release the liability of the original Borrower or Borrower's successor in interesG _«�_
<br /> I.ender shall not be required eo commence proceedings against any successor in interest or refuse to eatend time for — __
<br /> payment or otlienvise modify amorti�ation of the sums secured by this Security Instrument by reason of any demand
<br /> ' " made by the original Borrawer or Borrower's successors in interest AnY forbearance by Lender in exercising any right
<br /> - " or remedy shall not be a waiver of or preclude the exercise of eny right or remedy. ;�,
<br /> 12.Successors And Asslgns Boundi Joint and Several Liability;Co-Sigmers.'Il►e covenants and agreements of __ -�,�,
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<br /> 1�, this Security Inswment shall bind and benefit the successors and assigns of Lender and Borrower, subject to the
<br />_ , pmvisiores of paragraph 9(b). Rorrower's covenants and agreements shall be joint and several. Any Borrewer who =__ . --__—___
<br /> a, . � .. ca-sians �is Secnrity Ictstrument but dces nnt exec+.tte the Nnte: (a) is co-signing Ihis Ser.urity Instr�ment only to _ -_ _ -
<br /> �:,-�.;�::. .. ma rt ga ge,gcant and convcy that Bom►wer's intemst in the Froperty under the terms of this Security lnstrument;ro)is _____
<br /> - not personally obGgated Lo pay the sums secured by this Securiry Instrument;and(c)agrees that Lender s�nd uny other _
<br /> Bocrower may agree to extend.modify,forbear or make any accommadations with regard to the terms of this Security :=�:�..�.z.—�--__
<br /> - •• Instrument or the Note without that Borrower's consenG
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