201200656 - Laserfiche WebLink

Browse

20120065� (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otheiwise transfeired (other thaa by devise or descent), and (ii) The Property is not occupied by the purchaser or grant� as lus or her principal residence, or the purchaser or grantce does so occupy the Progerty but his or her credit has not been approved in accordance with the requirements of the S�retazy. (c) No Waiver. If circumstances occur that would permit Lender to require immer�iate payment in full, but Lender does not r�uire such payments, Lender does not waive its rights with respe�t to subsequent events. (� Regalations of HUD Secretary. In many circumstances regulations issue� by the Se�retary will limit I.ender's rights, in the case of payment defaults, to reyuire imme�iate payment in full and foreclose if not paid. This Se�urity Instmm�ent does not authorize acceleration or for�losure if not permitted by regulations of the Se�retary. (e) Mortgage Not Insured. Borrowar agrees that if this Security Instrament and the Note are not ddermined to be eligible for insurance under the National Housing Act within 60 days from the date heraof, Lender may, at its option, require immediate payment in full of all sums se�urefl by ttus Se�urity In.strumen� A written statement of any authorized agent of the Secretary date� subsequent to 60 days from the date hereo� declining to insure this Security Instrument and the Note, shall be deemed conclusive pr�f of such ineliglbility. Notwitbstanding the foregoing, this option may not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Sect'etarY• 10. Reinatatement Borrower has a right to be reinstatefl if Lender has required immediate payment in fiil1 because of Bonower' s failure to pay aa �nount due under the Note or this Security Instrument. This right applies even after foreclosure proc,eedings aze instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts require� to bring Bolrower's account curreut including, to the extent they are obligations of Borrower under this Security Instrument, fore,closure costs and reasonable and customary attorneys' fees and e�penses progerly associated with the fore�los�re proce�ing. Upon reinstatement by Bonower, this Se�urity �nshvment and the obligations that it se,cures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if (i� Lender has accepteri rein,a�atement after the commencement of foreclosure praceedings within two years imme�iately praceding the commencement of a c�rrent foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the firiure, ar(iu� reinstatement will adversely affeat the priority of the lien created by this Security Instrument. 11. Borrower Not Rel�sed; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums s�ure� by this Security Instrument �anted 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 sha11 not be required to commence procee�ings against any successor in interest or refuse to extend time for payment or otherwise modify amorti�ation of the sums secureri by this Security Instrument by reason of any demand made by the original Borrower or Borrower's succzssors in interest. Any forbearance by Lendar 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 Bonnd; Joint and Several Liability; CaSigners. The covenants and agreements of ttus Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Bonower's covenants and agreements shall be joint and several. Any Borrower who co-signs ttus Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey t1�at Borrower' s interest in the Properiy under the terms of this Se�urity Inslrumen� (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Bonower rnay agree to extend, modify, farbear or make any accommodations with regazd to the terms of this Security Instrument ar the Note without that Borrower' s conseat. 2200202789 D V4NNE Initlals:�e VMPC�-4N(Nq �oao�).o� Paee s or e -r �� � � �