201300804 - Laserfiche WebLink

Browse

201300804 significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insurance and other items mentioned in paragraph 2. Any amounts disbursed by Lender under this paragraph shall become an additional debt of Bonower and be secured by this Security Instrument 'these anounts 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 promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, 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 Security Imtnment If Lender deter nines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may give Bormwer a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 8. Fees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Acceleration of Debt. (a) Default. Lender may, except as limited by regulations issued by the Secretary, in the case of payment defaults, require immediate payment in full of all sums secured by this Security Instnment if: (i) Borrower defaults by failing to pay in full any ninthly payment required by this Security Instrument prior to or on the due date of the next monthly payment, or (ii) Borrower defaults 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, il' pemutted by applicable law (including Section 341(d) of the Gam-St. Gennain Depository Institution, Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secretary, requite immediate payment in full of all 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 grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances occur that would permit Lender to require immediate 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 Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Bormwer agrees that if this Security Instrument and the Note are not detemrined to be eligible for insurance under the National [Iousing Act within 60 days from the date hereof. Lender may. at its option. require immediate rayment in full of all suns secured by this 001123363626 Citibank 3 2 65 07 V2 FHA Mortgage WITH MGRS-NE Revised 4196 VMP item VMP4NINE)(1109)00 Wolters Kluwer financial Services Page S o110