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<br /> 1 (i)All or parl uf tlte Pcoperty,ur a bcncficial intcrest in a tnut owning all or part of thc Property, is sold
<br /> or otherwlse transferrcd(othcr than by devisc or dcsccnt), and
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<br /> " (ii) The Propeny is not occupied by the purchaser or grantee as his or her�rincipal residence, or the
<br /> _ '' purchaser or grantee does so occupy the Property but his or her credit has not been approved in
<br /> � accordance�vith the requirements of the Secretary.
<br /> (c) No Waiver. if clrcumstances occur that would permit Lender to require immedia[e paymeru in full, but y,..
<br /> � Lender does not require such payments,Lender ducs not watve iis rights with respect ro subsequent events. ':�:r°.�
<br /> (d) Re�;ulations of HUD Secretary. In many circumstnnces regulations issued by the Secretary will limit , ..•_6Y�___�_
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<br /> Lender's dghts, in the case of paymenc defaults, to require immediate paymenc in full and foreclose if not . - --
<br /> paid.This Security Instrument does not authorize aaeleration or foreclosure if not permitted by regulatiuns ;:lr�_-=
<br /> � of the Secretary. , � "�"�_--
<br /> � (e) Martgage Not Insured.Horrower ugrees that if this Securiry Instmment and the Note aze not determineA -
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<br /> to be eligible for insurance under the National Housin�Act within 60 days from the date hereof, Lender " ' _
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<br /> may,at its option, require immediate payment in full of all sums cecured by [his Security Instrument.A , ._
<br /> �� written statement of any authorized agent of the Secretary dated subsequent to 60 days fram the date hereof, •
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<br /> decliniag to insure this Security Instniment and the Note, shall be deemed conclusive proof of such '• :�___
<br /> •�. ineligibiliry. Notwithstanding the foregoing, this option may not be exercised by l.ender wlien the ,.,;�,;r�,•LL�
<br /> unavailabiliry of insurance is solely due to I.ender's failure to remit a mon�age insurance premium to the ---'--�,,�.,�;.�
<br /> Secretary. '��
<br /> �� 10. Reinstetement. Bonow•er has a right to be reinstated if Lender has required immediate payment in full �.,��'w-
<br /> -• because of Borrower's failure to pay an amount due under[he Note or ehis Security Instrument. This right applies
<br /> even after foreclosure proceedings ue instituted. To reinstate the Security Instrument, Bonower shall tender in a �r ' i„
<br /> lump sum all amounts required to bring Bonower's account cunent including, to the extent they are obli�ations of /`-•
<br /> � Bonower under this Security Instrument, foreclosure costs and reasonable and customary attomeys'fees and expenses _
<br /> � properly associated with the foreclosure proceeding. Upon reinsta[emeac by Borrower,ti,is Sci:ueity Iustru�n:;nt �3 _
<br /> � �; che obligations that it secures shap remain in effect as if Lender had not required immediate payment in fuU. _
<br /> '' However, I.ender is not required to permit reinstatement if: (i) Lender has accepted reinstateinent after the �� _
<br /> commeacement of foreclosure proceedings within two years imiaediately preceding the commencement of a current _
<br /> . foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iil) . _
<br /> . reinstatement will adversely affect the priority of the lien created by this Secudry Instrument. � -
<br /> ' 11. Borrower Not Released; Forbearance By I.ender Not a Waiver. Eatension of the time of payment or '�-
<br /> modlfication of amortization of the sums secured by this Security Instrument granted by I..ender to any success�r in _ _
<br /> intemst of Bonower shall not operate to release the liabiliry of the original Bonower or Borrower's successor 1n
<br /> interest. Lender shall not be requlred to commence proceedings against any successor ia interest or refuse to extead
<br /> tirae for payraent or otherwise modify amortization of the sums cecured by this Security Instrument by reason of any �--'""�
<br /> ;�. �:��-�"�' demand made by the origiaal Bonower or Borrower's successors in interest.Aay forbearance by Lender in exercising
<br />_���•'' `' �'. � any right or remedy shall not be a waiver of or preclude the eaercise of any right or remedy. —
<br />�"�""' "' 12. Successors and Assigns Bound;Joint end Several �.tebllity;CaSigners. The covenants aud agreemeats
<br />�� + ���, of this Security Instrument shall bind and benefit the successors end assigns of Lender and Borrower, subject to ihe —
<br /> c= �•-��..• :� provisions of paragraph 9(b). Bonower's covenaats and agreements shall be joint and several. AnY Bonower who
<br /> . co-sigus this Se�tiriry Instn�ment but does not execute the Note:(a) is cc�-signiag this �ecurlry Instnunent only to �.._ _ _ 4 —_ _
<br /> _I•- mortgage. �rant and convey mat Borrower's interest in tuC Yiopeny under thc tcrnu Qf this Secudty instntmene;@j �-- -. —
<br /> `,.=��=-•;. • is aot personally obligated to pay the sums secured by this Securiry instrument;and(c) agrees that Lender and aay _
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<br />=`"�-�'�� � other Borrower may agree to extend, modify, forbear or make any accommodations with regazd to the terms of this __
<br />� ;.'.�,e;x Securiry Instrument or the Note without that Bonower's consent. _�_ _
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