201208501 - Laserfiche WebLink

Browse

201208501 Any amounts disbuised Uy Lender under th�s paragraph shall become an additional delx of Borrower and Ue secured by t17is Security Inscrument. These a�nounts shall Uear interest from the date oP disbursement, at the Note rate, and at the option of i_ender, shall be iminediately due a�zd uayable. Borrower shall proinptly discl�arge any iien ��hich has prior�ty over this Security LnsU•ument uniess Boi�•o��er (a) agrees in writinp to tlie payment nf t3ie obligat�on se�uT-ed by the lien in a manner acceptab7e to Lender; (bj contests �n good fa�th flie tien by,or defends a�a�nst enforcement of the lien in,iegal proceedings w•h[ch in the Lender's opin�on operate to prevent the enf'orcement of the lien; or(c; secures fi•om the holder of tl�e lien ai� a�reernent saeisfactor-y to Lender subordinating t}�e lien to this �ecursty Instr�nnent. Lf Lender determines that any part of the Property�s sifbject to a lien �3d��cTi may attain pr�ority over tlus Secur�ty fnstrument, `ender tnay give Borrow•er a notice identif'y�i�g the lien. Borrower shalt satisfy the (ien cir cake one or more o�the t�ct�ons sef forth al�ove ��thin f 0 days of thc giving of notice. 8. Fees.Lendar may collect fees and charges author�zed by the Secretary. 9. Grounds for Acceleration of DebE. (a) DefauFt, Lender�nay, exoept as limited by re�ulations �ssued by�he Secretary, �n the case of payment defaults,require immediate payment in fulE of all smns secured by th"rs Security Instrtnnent if: (i) BorrOw•er defaulcs by taiting to pay itt fult any monthly payment rec�uired by th�s Security Instrument Ur�or ta or on the due date of the next monthly pays»ent, or (ii) k3orrc�wer defaults by faitin�,for a peric�d of thi�rty days, to pertbnn any other oi�li�at�ons contained�n this Security InsVument. (b) Sale Witnout CreditApproval_Lender shall, if penY�itted by applical,le ia�v (i��cluding Section 341(d) of the Garn-St. Gennain Deuository histitutions Act of 1982, ]2 U.S.C. �701 j-3(d}) and �vith the p,-ibr appr-oval of the Secretary, req«ire immediate Payment in futl of all sums secui-ed by tl�is Security I3istrument ii: {i) Alt or part of the Property_or a benefic�al interest�n a trust owning al] or part of the Prouerty. is sold or otherw�se transfen-ed(other than by dev�se or descent),and (ii) The Property�s not occup�ed by the purchaser or�r�ntee as his or t�er principat residence.or the purchaser or grantee does so oceupy the Property but h�s or her credit has not Ueen approved in accordance wiN� the requireanents of the Secretary. (c) No Waiver. If circumstances occur that �5rou.ld pennit L_ender to requn-e imn�ediate payment in fu.11, but Lender does not require such nay,iients; �ender does not wair-e its rights with respect to suUsequent events. (d} Regulationsof I-EUD Secretary.In many circumstances regulations issued by the Secretzry will (imit Lender's r�t?hts, sn the case of payment cxefaults> to i-equire itnrnediate payinent�n full and foreclose ifi �iot uaid. �1-h�s Security tnstrument does no2 aiithor3ze accelerat]on or foreclosure if not pennitfed by reguiations of tI�e Secretaiy. (e) Martgage Not Insured.Borrowe,-agrees that if this Secw•ity Instrument and the Note are not determined to t�e eligibte for�nsurance under the National Housing Act within 60 days from the date hereof, Lender may, at its option,requu-e imtnediate pay�nent uz ful] of all sums secured by this Security Ensfrur»ent. A wr�tten statement of any flutharized age��t of the Secretar}�dated s��Usequent to 60 days from the date hereof: decli��in�to insure this Seeurity Instrtnnent and the lVote, sliall be deemed conelus�ve proof of such �neligiUility. Narivithstandina the fore�oin�;, this option tnay not be FHA D66d u(TrusbNE 4/96 VMP� VMP4R(NE)(�105).00 Wolters Kluwer flnanciai Services f'age 5 of'10 �� .....__..__._...._... .._.........._._...�........_..