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201109591
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Last modified
1/5/2012 9:48:56 AM
Creation date
12/22/2011 8:43:36 AM
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DEEDS
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201109591
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20110959� <br />Any amounts disbursed by Lender under this paragraph shall become an additional debt of Borrower and be <br />secured by this Security Instnunent. These amounts shall bear interest from the date of disbursement, at the <br />Note rate, and at the option of Lender, sha11 be immediately due and payable. <br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower <br />(a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; <br />(b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which <br />in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the <br />lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender <br />determines that any part of the Property is subject to a lien which may attain priority over this Security <br />Instrument, Lender may give Bonower a notice identifying the lien. Borrower shall satisfy the lien or take <br />one or more of the actions set forth above within 10 days of the giving of notice. <br />8. Fees. Lender may collect fees and charges authorized by the Secretary. <br />9. Grounds for Acceleration of Debt. <br />(a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of payment <br />defaults, require unmediate payment in full of all sums secured by this Security Instrument if: <br />(i) Borrower defaults by failing to pay in full any monthly payment required by this Security <br />Instrument prior to or on the due date of the next monthly payment, or <br />(ii) Bonower defaults by failing, for a period of thirty days, to perform any other obligarions <br />contained in this Security Instrument. <br />(b) Sale W ithout Credit Approval. Lender shall, if permitted by applicable law (including Section <br />341(d) of the Garn-St. Germain Depository Institutions Act of 1982, 12 U. S. C. 1701 j-3(d)) and with <br />the prior approval of the Secretary, require immediate payment in full of a11 sums secwed by this <br />Security Instrument if: <br />(i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is <br />sold or otherwise transfened (other than by devise or descent), and <br />(ii) 'The Property is not occupied by the purchaser or grantee as his or her principal residence, 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 Waiver. If circumstances occur that would perinit Lender to require immediate payment in full, but <br />Lender does not require such payments, Lender does not waive its rights with respect to subsequent <br />events. <br />(d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit <br />Lender' s rights, in the case of payment defaults, to require irnmediate payment in full and foreclose if <br />not paid. This Security Instnunent does not authorize acceleration or foreclosure if not pennitted by <br />regulations of the Secretary. <br />(e) M ortgage Not Insured. Bonower agrees that if this Security Instrument and the Note aze not <br />determined to be eligible for insurance under the National Housing Act within 60 days from the date <br />hereof, Lender may, at its option, require immediate payment in full of all swns secured by this <br />Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to <br />60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be <br />deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be <br />0451112110 <br />FHA Deed of Trust-NE 4/98 <br />VMP p VMP4R(NE) (1109) <br />W oiters Kluw er Ffnancial Senices Page 5 of 10 <br />
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