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201402875
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Last modified
7/20/2017 11:13:54 AM
Creation date
5/15/2014 9:18:00 AM
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DEEDS
Inst Number
201402875
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��14��575 <br /> Borr�wer shall no�participate in a real estate�ax def�rral program, �f any liens created b�the <br /> tax deferral are no�subardinate�o this Security �nstrumen�. <br /> [c}Prxvr L�ens. <br /> �arrower shal�pramptiy d�scharg�any 1 i en which has priarity aver th�s S�cur�ty �nstrum�n� <br /> unless B�rrower: �a}agrees in vvr�t�ng�o the paym�nt af the abliga�i�n s�cured by�h���en in a <br /> manner acceptable to Lender;[b)con�ests�n good fa��h the lien by,flr defends against <br /> enfor��ment af the Iien ��, lega� proceedings�vhich�n the Lender's�p�n�on operate�o prever�� <br /> �he enforcement af the l�en or forfe��ure of any part of�he Proper�y; or(c�secures from�he <br /> holder of the�i�n an agreemen�satisfact�ry to Lender subordinating the Iien to a11 amoun�s <br /> secured by�his Security Instrumen�. �f L�nder de�ermines�ha�an�part of�h�Proper�y is <br /> sub�ect�o a l�en which may a�tain pr�or�ty over th�s Security Instrument,L�nder may g��e <br /> Borrovver a n�tice identifying the l�en. Borrawer�hal� satisfy the��en or take ane or more of <br /> the actions set for�h abov�within 1�days of�he gi��ng of notice.. <br /> 13.Relationsh�p to F�rst Security Instru�rn�nt. <br /> (a) Second Secur�ty Instrument. �n arder to secure pay�nen�s vvhich the Secre�ar�may make ta or <br /> on beha�f of Borrower pursuant ta Section�55�i��1��A� of the National Hausing Act and th�Loan <br /> Agreement,th�Secre�ary has required Borr�wer ta execute a Second N�te and th�s Sec�r�d <br /> Se�urity �nstrument.Barr�wer also has executed a First Note and First Secur�ty �nstrument. <br /> (b�Re�ationship of First and Second Security Instruments.Payments made by�he Secretary <br /> shall not be included in�he d�bt under the First Note unless: <br /> �i�Th�F�rst Security Ins�rum�nt�s ass�gned to the Secretary; or <br /> ���}The Secretary accepts rezmbursement by the holder of the F�rs�Note for al� payments xnade <br /> by th�S ec retary. <br /> �f the circums�ances described in�i}or�ii}�ccur,then al�payments by the Secretary, includ�ng <br /> �nteres�on�h�paymen�s bu�excluding�ate charges paid by the Secre�ary, shall be included�n <br /> the debt under�he Firs�Note. <br /> [c)Effect on Borrower. �TVhere�h�re�s no assignmen�or reimbursement as descr�bed in �b��i}or <br /> ��i�and�he Secretary makes payments�o Borrawer,then Borrower shal�not: <br /> [i}Be requ�red ta pay am�unts a�ved under the F�rst Na�e, or pay any rents and re�enues of�he <br /> Praper�y und�r Paragraph �9�o the ho�der of�he First Note ar a re�e��er of the Praper�y, until <br /> the Secre�ary has re�uired paym�nt-in-fu1� of all outstanding principa� and accrued interes� <br /> under the Second No�e; or <br /> (�i�Be a���gat�d�o pay �nteres�or shared appreciation ur�der the F�rs�Note a�any��me, <br /> whe�her accrued befor��r after the payrnen�s�y the Secreta.ry,and wheth�r or not ac�rued <br /> �nterest has been xnc�uded in the principal balance under�he F�rs�Note. <br /> (d�No Duty�f t�e SecrQtary, The Secretary has no duty to the holder of the First Note to enforce <br /> covenants af the Se��nd Security Znstrument or to take ac��ons�o pres�rve the�alue of�he <br /> Propert_y,e�en�hou�h�he hQld�r of�he First No�e ma_y be unabie to�o�iec�amounts a,w�d under <br /> Pabe 5 of lI HECM Second Deed��Trus� <br />
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