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201108354 (i) All or part of the Properry, or a beneficial interest in a trust owning all or part of the Property, is sold or othervvise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as lus or her principal resid�ce, or the parchaser 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 immeriiate payment in full, but Lender does not re�uire such payments, Lender does not waive its rights with respect to subseque�t ev�ts. (d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or for�losure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security �nstrument and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument• A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date heraof, declining to insare this Security Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, ttus 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 ta the Secretary. 10. Reinstatemen� Borrower has a right to be reinstated if Lender has required immediate payment in full because of Brnrower' s failure to pay an amount due under the Note or this Securiry Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Securiry Instruin�►t, Borrower shall tender in a lump sum all amounts required to bring Borrower' s account current including, to the extent they are obligations of Borrower under this Security Inshvment, foreclosure costs and reasonable and customary attorneys' f�s and expenses properly associatefl with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immerliate 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 current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the firture, or (iii) reinstatement 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 aYnortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower svall not operate to release the liability of the original Borrower or Borrower' s successor in interest. Lender shall not be requu�ed to commence proceedings against any successor in interest or refuse to extend time for payment or otheiwise modify amortization of the sums securerl by this Security Instrument by reason of any demand made by the original Borrower 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. Snccessors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Bonower's covenants and agreements shall be joint and several. Any Borrower who co-signs this Security Instrument but does not elcecute the Note: (a) is co-signing this Security Tnstrument an1Y to mortgage, grant and convey that Borrower' s interest in the Property under the terms of this Security Instnxment; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Horrower may agree to extend, modify, forbear or make any accommodarions with regard to the tzrms of this Security Instrument or the Note without that Bonower' s consent. 2200169888 �� D V4NNE i�ei : VMP�-4N(NE� (oam).ot Page 5 of 8 � � �� ��'" _._.__..