201401199 - Laserfiche WebLink

Browse

��14�1199 2� Lender; and ��} to the am�unt due under the Not� secured hereby in ��} am�unts equal t� the nex� maturing installment or installm�nts vf �rincipal and �ii} with any balance to be credited to the next payment due under the Note. After payment ta Lender �f all fees, costs and ex�enses �incEudin� reasanable attorneys f�es} incurred by Lender under th�s Se�tion 2�, a!I awards of damag�s �n connectian with any c�ndemnation for public use of�r damage to the M�rtgaged Pr�perty, shal! be paid to Len��r t� b� ap�lied t� an account held f�r and nn b�half of Borrawer, which accvunt shall, at the option of Lender, either b� applfed t� th� am�unt d ue under the N�te as sp�cif��d in the preced�ng sentence, �r be disburs�d for the rest�ration. No amount appEied to the r�duction �f the principal am�unt du� in accordance vUith this Section ��b} sha�i be c�ns�dered an �ptional pr�payment as the t�rm is used in th�s Securfty �nstrument and the N�t� �e�ur�d h�reby, nor r�liev� Barrower from mak�ng reguiar monthly payments commencing on the first day of the first month following the date of receipt of the award. Lender is here�y authorized in the nam� of Barrower to �xecute and dei�v�r nec�ssary rel�ases or approvals ar to appeal fram such awards. �'I. TRANSFERS �F THE N[�RT�A�ED PR�PERTY �R INTERESTS IN B�RR�VIIER. �a} So Iong as the Loan �s insured or held by H U D, u n�ess �erm itted by Pr�gram �bl�gat��ns, Barr�wer shall n�t convey, assign, transf�r, ple�ge, hypothecat�, encumb�r ar atherwis� dispose of the Mortgaged �roperty or any interest th�rein �r ��rmit th� ��nveyance, assignment or transfer �f any interest �n Borr�wer ��f the effe�t of such con�eyance, ass'rgnment or transfer is the creatian or elimination of a Principal} without th� pr�or written ap�ro�al of H U D. Lender may �harge �arrower a fee, in accordance with Program ��Iigati�ns, for Lender's additianal r�sponsi�ilities reiated to B�rr�w�r's acti�n� in this Sectian �1. B�rr�wer do�s not need t� obtain the priar writt�n appro�al �f HUD: �a} for a canv�yance of th� M�rtgaged Property at a judic�af or nan- �udicial fore�losure sale under th�s Security �nstrument, �b} f�r inc�usion of the Mort�aged Pr�perty in a bankruptcy �stat� by operati�n of law under the Unit�d States Bankruptcy Cod�, �c} for an Enterest by inheritanc� ar by ��urt decre�, or �d} as �ermitted in Program �bligations. �b} if the L�an is n� Iong�r insured or he�d by HUD, S�rrower shail not c�nvey, assign, transf�r, pledge, hyp�thecate, encumber or oth�rwise disp�se of the Mor�gag�d Praperty or any interest th�rein or permit the conveyance, assignment ar transfer �f any �nter�st in B�rr�wer w�th�ut th� prior wri�ten approva� of Lender in �ts sole d iscr�tion. 22. EVENTS �F DEFAULT. The accurrence af any on� ❑r more of the f�llow�ng shalf constitute either a M�netary E�ent �f Default or a �ovenant Event �f Defa u It u nde r th is Secu rity I nstru ment: P�e�ious editions are ohsalete HUD MF 5ecurity instrumen# HL1a-940��M�Re�. n411�}