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201303279
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201303279
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Last modified
12/31/2013 2:55:30 PM
Creation date
4/25/2013 3:49:24 PM
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DEEDS
Inst Number
201303279
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201303279 <br /> Borrower shall not participate in a real estate tax deferral program,if any liens created by the <br /> tax deferral are not subordinate to this Security Instrument. <br /> (e)Prior Liens. <br /> Borrower shall promptly discharge any lien which has priority over this Security Instrument <br /> unless Borrower:(a)agrees in writing to the payment of the obligation secured by the lien in a <br /> manner acceptable to Lender;(b)contests in good faith the lien by.or defends against <br /> enforcement of the lien in,legal proceedings which in the Lender's opinion operate to prevent <br /> the enforcement of-the lien or forfeiture ufany part alike Property:ur(c)secures from the <br /> holder of the lien an agreement satisfactory to Lender subordinating the lien to all amounts <br /> secured by this Security Instrument.If Lender determines that any part of the Property is <br /> subject to a lien which may attain priority over this Security Instrument,Lender may give <br /> Borrower a notice identifying the lien.Borrower shall satisfy the lien or take one or more of <br /> the actions set forth above within 10 days of the giving of notice. <br /> 13.Relationship to First Security Instrument. <br /> (a)Second Security Instrument.In order to secure payments which the Secretary may make to or <br /> on behalf of Borrower pursuant to Section 255(i)f l)(A)of-the National Housing Act and the Loan <br /> Agreement,the Secretary has required Borrower to execute a Second Note and this Second <br /> Security Instrument.Borrower also has executed a First Note and First Security Instrument. <br /> (b)Relationship of First and Second Security Instruments.Payments made by the Secretary <br /> shall not be included in the debt under the First Note unless: <br /> (i)The First Security Instrument is assigned to the Secretary;or <br /> (ii)The Secretary accepts reimbursement by the holder of the First Note for all payments made <br /> by the Secretary. <br /> If the circumstances described in(i)or(ii)occur,then all payments by the Secretary,including <br /> interest on the payments but excluding late charges paid by the Secretary,shall he included in <br /> the debt under the First Note. <br /> (c)Effect on Borrower.Where there is no assignment or reimbursement as described in(b)(i)or <br /> (ii)and the Secretary makes payments to Borrower,then Borrower shall not: <br /> (i)Be required to pay amounts owed under the First Note,or pay any rents and revenues of the <br /> Property under Paragraph 19 to the holder of the First Note or a receiver of the Property,until <br /> the Secretary has required payment-in-full of all outstanding principal and accrued interest <br /> under the Second Note;or <br /> (ii)Bc obligated to pay interest or shared appreciation under the First Note at any time, <br /> whether accrued before or after the payments by the Secretary,and whether or not accrued <br /> interest has been included in the principal balance under the First Note. <br /> (d)No Duty of the Secretary.The Secretary has no duty to the holder of the First Note to enforce <br /> covenants of the Second Security Instrument or to take actions to preserve the value of the <br /> Property,even though the holder of the First Note may be unable to collect amounts owed under <br /> Page 6 of 10 HECEl Second Deed Of Trust <br />
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