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<br /> 97� 10�i'79 � , . � .� _�
<br /> (i;All or part of the Properiy,or a beaeficial interest in a trust owning all or part of the Property,is sold or �
<br /> _ . otherwisc transfetred(otber than by devise or descent).and ,- - - �--- - -
<br /> " (a'} The Property is noi occupied by the pu�haser or giantee as his or hes principal residence, or the . .; ' , .. ��
<br /> purchaser or grantee does so occupy the Property bnt his or hec aredit has not becn approved in accordance ,.
<br /> wiih the requirements of the Serntary. � �� • �
<br /> , (c) No Walver.If circumstances occar that would permit Lender to require immediarc payment in 5il1,but • � .
<br /> • Ixnder does not require such payments,Lendea does noi aaive its rights anth respect to subsequent events. • . ,
<br /> 4d) R¢gulations of HUD Secretary. In many circumstances regulations issued by the Secaretary will limit ' _
<br /> Lender's rights.in the case of payment defaulis,to require immediate payment in full and foreclose if not paid. � � -. . � �`"""�' y
<br /> � 'Ihis Secarity Insm�ment does not auWorize accelerarion or foreclosure if not permitted by regulations of ihe � `�
<br /> Secaret2ry. � . ,'�.
<br /> S (e)Mortgage Not Inswed.Borrower a�ees that if this Security Insuument and the Note are aot detem�ed to -r ,�;,�,���'Qt
<br /> �� be eHgi'ble for insurance under the National Housing Act within 60 days from the date haeof,Lender may,at �, . . , ' —
<br /> j i t s o p ti o n, r e q u i z e i m m e d i a t e p a y m e n t i n f u ll o f a ll s u m s s e c u r e d b y t h i s S e c u ri ty I n s tr u m e n t A w r i u e n � . ,• �`
<br /> 1 statement of any authorized agent of the Secretary dated subsequent w 60 days from the date hereof,declining ! ` � '`"&,�•�
<br /> ,� to u�siu�e this Security Instruraent and the Note, shall be deewed canclusiv� proof of such ineligibility. F. - , ' � _°�.,
<br /> 1�Iotwithstanding the foregoing, this option may not be exercised by L.endea when the unavailabtL"ty of j .��
<br /> insurance is solely due w Lender's faiture tn remit a mortgage�n��*�*+ce premium tn the Secretary. � 'F
<br /> �' 10.Reinstateme�t Borrower has a right to be reinstarcd if Lender has required immediate paymeat in full because � . . j�'"`T•
<br /> ',�. of Borrower's failure to pay an amovnt due undez ihe Note or this Security Instrumea� 'I�is right applies even aft�ea •, . ,,;�
<br /> , fo�clos�ae pruc�mgs are u�so�wted.To rea�state the S�ity Inshument, Bormwer shall tender in a tump s�m all . . .�-�.� -.
<br /> amo�ts required to bring Borrower's accouni cwrent including,w We extent they are obligations of Borrower under , � �'
<br /> . this Security Instmment, foreclosure costs and rea�anable and customary attomeys' feas and expenses properly ,� ; �,t�%:
<br /> associated with the forectosure proceeding. Upon rcinstatement by Bocrower, this Security Insuument and the ; ,� �.':�,.��.. -
<br /> � �.�.
<br /> obligations that it seaues shall remain in effect as if I.ender had not required immediats payment in full. However, `
<br /> Lender is not required to pem�it reinstatement if: (7 Lender has accepted reinstatement after the commencemem�f : �� ; ' `
<br /> foreclosure praceedings within two years immediaiely preceding the commencement of a curreni forectosure . � :�'� :
<br /> proceed"mg, (a) reiustateanent wiU preslude foreclosure on differ�t grounds in the fuwre,or (ni)reinsta[ement will • �;.� ;9� �;;.
<br /> adversely affect the priority of the lien created by this Se�nrity InsuumenG � � :,; ,
<br /> `� 11. Borrower Not I8elease�; For6esiraure By Lender Noi a Waiver. fixtension of the time of payment or � ; - -- '�= .:.- f �'
<br /> � modification of amor�ation of the sums secvred by this Security Instrument grantEd by Lender to any successor in ` � ' =:
<br /> �. '.. T .
<br /> interzst of Borrowea shall not opeiate w release the liability of the original Borrowe�or Borrowe�'s successoi in interest ; ,;;,�,� �• -
<br /> Lend�shall not be uffed w cammence ''"r+� y� _.
<br />, req ' proceedings against any successor in intemst or refiue w extend time for
<br /> payment or oth�wise modify amo�tion of the snms secured by this Sec�uity Insavment by reason of any deanand �"�`� ��^
<br /> .::.�.�: .
<br /> made by tfie originai Borrower or Boirower's saccessors in interest My forbearance by Lender in exercising any right -• r���� � � :
<br /> Y P� Y�t or remed . ;v:��.
<br /> ar reaned shall not be a waiver of or lude the exercise of an y ,.,.
<br /> 12.Saccessors and Assigas Bound;Joint and Several Liab�lity;Co-Signers.'Ihe covenauts and ageements of _. ��'�� �
<br /> this Seavri Instrument shaU bind and benefit the successors and assi s of I.ender and Boirower, sub'ect to the �;:.������*'',~,
<br /> �S+ � J -��u�r��
<br /> � provisions of paragraph 9(b). Bonower's covenants and agreements shall be joint and seveial.Any Borrowcr who ' ' . .
<br /> co-signs this Security Inswment but does not eaecute the Note: (a) is co-signing this Securiry Instrument only to � �. +..,�.�.,�—
<br /> � mortgage.grant and wnvey that Borrowea's interest in the Property under the terrms of this Security Insorument;(b)is .�„�,.:,,m,,; _..
<br /> not peasonally obligated w pay the sums secured by this Security Insuument;and(c)agrees that Lender and any other ��_ -� t}�-�"°��'
<br /> Borrower may agree w eatend.modify,fo�or make any accummodations with regard w the terms of this Security �`��•
<br /> Instrument or the Note without thai Borrower's consent � �''f'"'.��
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