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<br /> (i)All or part of the Property,or a beneficial interest in a tnist owning all or part of the Property,is sold
<br /> or otherwise transferred(other than by devise or descent),and � _ , _
<br /> :.�. ��
<br /> (ii)The Progerty is not occupied by the purchaser or grantee as his or her principal residence,or the •� ''� "�---�`� �`
<br />. purchaser or grantee does so occupy the PropenY but his or her credit has not been approved in � ..�,�.�-�,.,�:_:
<br /> •. accordance wi[h the requirements of the Secretary. , '; �::��
<br /> `� � (c)1�Io Waiver.If ci�umstanc.es occur that would permit Lender to require immediate payment in fiil1, but �j�:�
<br /> � Leader dues not require such paymenu,L.ender does not waive iu rights vrith respect to subsequent events. ��" �: . _
<br /> .,; �. ,.f .
<br /> (� RegoilatIons of H[JD Secreifuy. In many circumstances regulations issued by the Secretary witl limit _ _-- '�� .:__- -
<br /> '. Lender's rights. in the case of payment defaults.to iequire immediate payment in fu11 and foreciose if not - -:,:�
<br /> ' paid.This Securiry Instrument dces not authorize acceleration or foieclosure if not petmitted by ragulations .•,y,�"�"�
<br /> � of the Secretary. �`�.
<br /> y�
<br /> (e)Mortgage Nnt Iasured.Borrower agrces that if thi5 Security Instrument and the Note ue not detetmined „�,•9 -
<br /> to be eligible for insurance under the National Housing Act within 60 days from the date hereof, Leader � �;,,s,.,�-�:._�,_-
<br /> � may, at iu oprion. require immediaze payment in full of all sums secured by this Security Inscrument. A .���._
<br /> written statement of any authorized agent of[he Secretary dated subsequent to 60 dats from the date hereof, ' s�wi�
<br /> � declining to insure this Securit5+ InstrumEnt and the Note, shall be deemsd conclusive proof of such � �-��''�
<br /> �--�.;_=—
<br /> ineligibility. Notwiihstanding the foregoing, this opuoa may not be exercised by l.ender when the ;-���-�=-` =
<br /> unavailability of insurance is solety due to Lender's failure to remit a mortgage insurance premium to the ��?`� �
<br /> • E��;
<br /> � �re� :��r�Y—
<br /> 10. Reinstatemeni. Borrower has a right to be reinstated if I.ender has required immediate payment in fu11 -�• e=-
<br /> ,;� �
<br /> because of Borrower's failure to pay an amount due under the Note or this Securiry Inswment. Tfus right applies . •.:, ' '�t
<br /> - even after foreclosure proceedings are instituted. To reinstate che Secur'sry Irstrument, Borrower shall tender in a �':,;�._�—
<br /> lump sum all amounu required to bring Borrower's account cunent including, to the extent they are obligations of '"
<br /> Borrower under this Security Inswment,foreclosure cosu aud reasonable and c�stomary atterneys'fees and expenses ��:�� ;� -
<br /> pmperly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and Y �:��
<br /> .:,. :
<br /> d�e obligations that it secures shall cemaia in effect as if Lender had not iequired immediate payment in fiill. ��..? �
<br /> � � However, Lender is not require3 co permit reinstatement if: (i) Lender has accepted reinstateuz�s after the � : �
<br /> wmmencement of foreclosure proceedings within two years immediately preceding the commeasement of a current r '; a�'
<br /> f o r e t l o s�r e p r a c e e d i n g, (i i) r e i n s t a t e m e n t w i l l p r e c l u d e f o r e c l o s u r e on different g r ounds in the future, or (iii)
<br /> - �-,::� ;, � •; �
<br />• reinstatement will adversely affect the priority of the lien created by[his Securiry Instnuaent. #� ;;. .�
<br /> II 1. Borrower Not Released; Forbearance By Lender 1�Ic:a Waiver. Eatension of the time of payment or = �f:
<br /> modificarion of amonizatioa of the suffis secured by tIus Security Insuumem b�ranted by Lender co any s�ccessor in � .� ' ��R��:�
<br /> interest of Borrower sh a l l not operate to re lease t he l i a b ili ry o t't h e o ri g i n a l B o n o w e r o r B o r r o w e r's s u c c e s s o r i n ' { �_
<br /> ' interest. Lender shall not be required to cosnmence proceedings aaainct any successor in interest or cefuse to extend _ .- -�?'�a�_,
<br /> time for payment ar otherwise modify amoni7ation of the sums sec�red by this Security Instn�ent by reason of aay .;��f'
<br /> „_-
<br /> demand made by the original Borrower or Bonower's successors ia interest.Any forhearance by Lender in exencising ?• .
<br /> � , any right or remedy shall not be a waiver of or preclude the eaercise of any right or remedy. . •,�.,,.��
<br /> 12.Succ�sors end Asslgns Bound:Joint aud 5evetal Llab�ity; Co-Signeis. The covenants and agreements ,_.�.,-__��►��-°°-
<br /> �, of this Security Instnunent shall bind and benefit the sucxessors aad assigns of Lender and Borrower.subject to the �1•_�_ --
<br /> provisions of paragraph 9(b). Borrower's covenants and agreemenu shall be joint aad several. Any Borrower who �``'�"��=- _
<br /> ' co.signs this Security Insuament but does not execute the Note: (a)is co-signing this Securiry Inscrument only to •:,�"` = - . __
<br /> un �;,.9_ °
<br /> :,._
<br /> � ' mortgage,grant and convcy that Borrower's interest in the Propecty under the terms of tlris Security Iastrument:(b) .s � �-
<br />. • is not personally obligated to pay the sums secured by this Security lnstniment;and(c)agrees that l.eader and aay • �='' °-�-��r:...=:
<br /> • � � other Boaower may agree to extend, modify,forbear or make any accommodations with regazd to the terms of this � �':: --._
<br /> ... . . �:��-•.
<br /> � . S e t u r i ty I n s m i m e n t o r t h e N o t e w i t L o u t t h a t B orrower's consent. � .. �'°��.
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