201303483 - Laserfiche WebLink

Browse

201303483 Lender's interest in the Property.If the Property is vacant or abandoned or the loan is in default,Lender may take reasonable action to protect and preserve such vacant or abandoned Property without notice to the Borrower. 7.Condemnation.The proceeds of any award or claim for damages,direct or consequential,in connection with any condemnation or other taking of any part of the Property,or for conveyance in place of condemnation,shall be paid to Lender.The proceeds shall be applied first to the reduction of any indebtedness under the Second Note and this Security Instrument.Any excess proceeds over an amount required to pay all outstanding indebtedness under the Second Note and this Security Instrument shall be paid to the entity legally entitled thereto. 8.Fees.Lender may collect fees and charges authorized by the Secretary for the Home Equity Conversion Mortgage Insurance Program. 9.Grounds for Acceleration of Debt. (a)Due and Payable.Lender may require payment-in-full of all sums secured by this Security Instrument if: (i)A Borrower dies and the Property is not the principal residence of at least one surviving Borrower;or (ii)All of a Borrower's title in the Property(or his or her beneficial interest in a trust owning all or part of the Property)is sold or otherwise transferred and no other Borrower retains title to the Property in fee simple or retains a leasehold under a lease for not less than 99 years which is renewable or a lease having a remaining period of not less than 50 years beyond the date of the l00th birthday of the youngest Borrower or retains a life estate(or retaining a beneficial interest in a trust with such an interest in the Property);or (iii)The Property ceases to be the principal residence of a Borrower for reasons other than death and the Property is not the principal residence of at least one other Borrower;or (iv)For a period of longer than 12 consecutive months,a Borrower fails to occupy the Property because of physical or mental illness and the Property is not the principal residence of at least one other Borrower;or (v)An obligation of the Borrower under this Security Instrument is not performed.. (b)Notice to Lender.Borrower shall notify the Lender whenever any of the events listed in Paragraph 9(a)(ii)-(v)occur. (c)Notice to Borrower.Lender shall notify Borrower whenever the loan becomes due and payable under Paragraph 9(a)(ii)-(v).Lender shall not have the right to commence foreclosure until Borrower has had 30 days after notice to either: (i)Correct the matter which resulted in the Security Instrument coming due and payable;or (ii)Pay the balance in full;or (iii)Sell the Property for the lesser of the balance or 95%of the appraised value and apply the Page 4 of 11F HECM Second need 01 trust