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201202731
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Last modified
4/9/2012 8:47:52 AM
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4/9/2012 8:47:52 AM
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DEEDS
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201202731
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�Q1�Q273� <br />Any amounts disbursed by Lender under this paragraph shall become an additional debt of Bonower and be <br />s�ured by this Securiry Instrument. These amounts shall bear interest from the date of disbursement, at the <br />Note rate, and at the option of Lender, shall be immediately due and payable. <br />Bonower 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 proccedings 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 Borrower a notice identifying the lien. Bortower shall sarisfy the lien or take <br />one or more of the actions set forth aliove within 10 days of the giving of norice. <br />8. Fees. Lender may colle,ct 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 Se�retary, in the case of payment <br />defaults, require immediate payment in full of all sums s�ured by this Se�urity Instrument if: <br />(i) Bonower defaults by failing to pay in fu11 any monthly payment required by this Security <br />Instrument prior to or on the due date of the next monthly payment, or <br />(ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations <br />contained in this S�urity Instrument. <br />(b) Sale Without Credit Approval. Lender shall, if permitte� by applicable law (including Secrion <br />341(d) of the Garn-St. Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with <br />the prior approval of the S�retary, require immediate payment in full of all sums secured by this <br />S�urity 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 transferred (other than by devise or descent), and <br />(ii) The Property is not occupie� by the purchaser or grant� as his or her principal residence, or the <br />purchaser or grantee does so occupy the Properiy but lus or her credit has not been approved in <br />accordance with the requirements of the S�retary. <br />(c) No Waiver. If circumstances occur that would permit Lender to require imm�iate 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 S�retary will limit <br />Lender's rights, in the case of payment defaults, to require immediate payment in full and for�lose if <br />not paid. This Security Instrument does not authorize acceleration or for�losure if not permitted by <br />regulations of the Secretary. <br />(e) Mortgage Not Insured. Borrower agrees that if this S�urity 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 sums secured by this <br />S�urity Instrument. A written statement of any authorized agent of the Secretary dated subsequent to <br />60 da.ys from the date her�f, 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 />FHA Deed of Trust-NE <br />VMP � <br />Wolters Kluwer Financial Services <br />4/96 <br />VMP4R(NEI (1109) <br />Page 5 of 10 <br />
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