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<br /> (i)All or part of the Propeny, or a beneficial intcrest in a trust owning all or part of the Property,is sold -
<br /> or otherwise transferred(othcr than by devise or descent),and �"'='
<br /> (ii) Tlie Property is not occupied by the purchaser ar grantee ns his or her principal resldence, or the �'�--- _..
<br /> purchaser or grantee does so occupy the Property but his or her credit has not been approved in � ____
<br /> accordance with the requirements of the Secretary. - _
<br /> (c) No Walver. If circumstances oceur that would permit Lender to require immedtate payment in full, but .
<br /> Lender doas not require such paymenu,Lender does no[waive its rtghts with respect to subsequent events.
<br /> (d) Regulatlons ot HLJD Secretary. In many circumstaaces regulations issued by the Secretary will limit
<br /> Lender's rights, in ihe case of payment defaulGS, ro require immediate payment in full and foreclose if not -
<br /> . paid.This Security Instrument does not authorize acceleration or foreclosure if not pennitted by regulations -
<br /> of the Secretary. ,
<br /> (e)Mortgage Not Insured. Bonower agrees that if this Securlty Instrument and the Note aze not determined
<br /> to be eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender „ °,_
<br /> may, at its option,require itnmediate payment in full of all sums secured by this Securlty Instnunent. A __
<br /> •'� written statemeat of any authorized agent of the Se,cretary dated subsequent to 60 days from the date hereaf, __
<br /> ' declining to insure this Securiry Inscrument and the Note, shall be deemed wnclusive proof of such __
<br /> •?�� ineligibility. Notwithstanding the foregoing, this option may not be eaercised by Lender when the
<br /> unavailabiliry of insurance is solely due to Lender's failure to remit a mortgage insurancc premium to the
<br /> � � ; Secretary.
<br /> "�! 10. Reinstatement. Horrower has a dght co be reinstated if Lendcr has re�uired im�nedlate payment in full
<br /> - ��: because of Borrower's failure to pay aa amount due under the ivote or chis Securiiy InstrutuGnt. Tiii� i;gY�t aF�,2les
<br /> even after foreclosure proceedings are instituted. To reinstate the Securiry Instrument, Bomower shall tender in a
<br /> � lump sum all amounta required to bring Borrower's account currsnt including, to the eatent they are obligations of �
<br /> Bonower under t1ils Security Instrument,foreclosure costs and reasonable and customary attorneys'fees and expenses �:._
<br /> properly assaciated with the foreclosure proceeding. Upon reinstatem�ent by Bonower, this Security Instrument and .
<br /> the obligations that it secures shall remain in effect as if Lender had not required irnraediate paymsnt in full. �_____
<br />- � However, I.ender is not required to permit reinstatement if: (i) Lender has accepted reinstatement after the =
<br /> c.ommencement of foreclosure proceedings within two years immedlately preceding the commencement of a curreat -
<br /> foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different �rounds in the future, or (iii)
<br /> � ' reinstatement wUl adversely affect the prioriry of the lien created by this Securiry Instmment.
<br />-. 11. Borrower Not Released; For6es�rance By Lender Not a Wsilver. Extension of the timo of payment or
<br /> '�� " modificatlon of amortization of the sunu secured by this Secudry Instrument granted by l.ender to any successor in �
<br /> y - • � interest of Borrower shall not operate to release the l�ability of the orlginal Borcower or Bonower's successor in -�
<br /> � 1 �+� interest. Lender shall aot be required to commence proceedings agaiast any successor in interest or refuse to extead ��
<br /> • time for paymeat or otherwise modify amortization of the sums secuced by this Securlty Instn�ment by reason of any ��_
<br /> •:�. demand made by the originsl Borrower or Borrower's successora tn interest. Any forbearance by Lender in exercf sing ■_:
<br /> :. any riqht or remedy sliall uot be a waiver of or preclude thc cscrcisc of any right or remedy. _
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<br /> .- a 12.Snccessors and Assigns Bound; Jolui and Se�eral l,tabitity; Co�ignere. The cavenanrc and aar�r►.,.�nra ____
<br />- ' �• of this Security Instrument shall bind and benefit the successors and assigns of Lender anci Borrower, subject to the
<br />�:,,.,,.::_ provisions of paragraph 9(b). Borrower's covenanu and agreements shall be joint and several. Any Borrower who _
<br />'�"''`==�. co.signs this Securiry Instrument but does aot execute the Note: (a) is co-signing this Security Instroment only to . -
<br /> = mortgage,grant and convey that Bosrower's interest in the Propercy under the terms af this Se�curtty Instnuaent; (b) --
<br />-•� , is not personally obligated to pay the sums secured by this Security Instrument; and(c) agrees that Lender and any —
<br /> other Boaower may agree to extend.modify, forhear or make any accommiodations with regard to the eerms of this . - _
<br /> . '" Security Instnunent or the Note witluout that Bonower's consent. �°-sY=�
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