98104131 - Laserfiche WebLink

Browse

, , , My amounts disbursed by Lender under this Paragraph shall become an additional debt of Borrower and be secured by this Securiry Instrument. These amounts shall bear interest from the date of disbursement at the Note rate, and at the option of Lender, shall be immediately due and payable. Borrower shall prompty discharge any lien which has priority over this Securky Instrument unless Borrower: (a) agrees in wrking to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests � good faith the lien � by, or defends against enforcement of the lien �, legal proceedings which in the Lender's opinion operate to prevent the ' enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Securky Instrument. If Lender determ�es that any part of the Property is subject to a lien which may attain priority over this � Securky Instrument, Lender may give Borrower a notice fdentifyhg the lien. Bonower shall satisy the lien or take one or more of � the actions set forth above within 10 days of the givhg of notice. � 8. Fees. Lender may collect fees and charges authorized by the Secretary. W 9. Grounds for Acceleration of Deb� � (a) Default. Lender may, except as limited by regulations issued by the Secretary in the case of payment defaufts, require immediate payment in full of all sums secured by this Secur'ity Instrument 'rf: (i) Borrower defaults by failing to pay in tull any monthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or (ii) Borrower defauks by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including section 341(d) of the Gam-St Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secretary, require immediate payment in full of all the sums secured by this Security Instrument if: (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantes as his or her princ�al res(dence, or the purchaser or grantee does so occupy the Property, but his or her credit has not been approved in accordance wkh the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require rcnmediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations Of HUD SeCI'et8ry. In many circumstances regulations issued by the Secretary will limk Lender's rights, in the case of payment defauhs, to require immediate payment in full and foreclose if not paid. This Security Instrument does not suthorize acceleration or foreclosure 'rf not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that ff this Security Instrument and the Note are not determhed to be eligible for insurance under the National Housing Act within # Of d8y8 (90� from the date hereof, Lender may, at iis option require immediate payment in full of all sums secured by this Securiry Instrument. A written statement of any authorized agent of the Secretary dated subsequent to # Of d8y8 (90) from the date hereof, declining to insure this Secur'ity Instrument and the Note, shall be deemed conclusive proof of such inelig�bility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is soley due to Lenders faiture to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Borcower has a right to be reinstated ff Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after forecbsure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the eMent they are obligations of Borrower under this Security Instrument, foreclosu�e costs and reasonable and customary attomey's fees and expenses propery associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as ff Lender had not required anmediate payment in full. However, Lender is not requ'aed to permit reinstatement 'rf: (i) Lender has accepted reinstatement a(ter the commencement of foreciosure proceedings within two years immediatey preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, 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 mod'rfication of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend t�ne for payment or otherwise modi(y amortization of the sums secured by this Securiry Instrument by reason of any demand made by the oripinal Bonower or Borrower's successors in �terest. My 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. Successors and Assigns Bound; Joint and Several Liability; Co-signers. Tne co�enants and agreements of this Security instrument shall bind and b�efit the successors and assigns of Lender and Borrower, subject to the provisions of Paragraph 9(b). Borrower's covenants and agrsements shall be Joht and several. My Borrower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security instrument ony to mortgage, grant and convey that Borcowers interest in the Property under the terms of this Securiry inst►ument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the tertn of this Security instrument or the Note wkhout that Borrower's consent. 13. Notices. My notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing k by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lenders address stated herein or any address Lender designates by notice to Borcower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided 'm this paragraph. 14. Governing Law; Severability. This Security instrument shall be govemed by Federel law and the lew of the jurisdiction in which the Property is bcated. In the event that any provision or clause of this Security Instrument or the Note F5813.LM0 (1/68) Paps 3 of b