201406862 - Laserfiche WebLink

Browse

��14��5�� i nterest i r� a trust own�ng al 1 or part of the Property�i s sol d r�r othet-�vi se transferred and no other Borrawer retains tit�e to the Property in fee simple ar retains a�easeho�d under a lease far less than 99 years which is renewable or a lease ha�ing a remaining periad of not less than S�years�eyond the date of the 1��th birthday of the youngest Borrower or r��tains a life estate�or retaining a benefic�al int�rest in a trus�vvith such an interest in the Prop��rty}. A deferrat af du�and payable is not permitt�d when a Lender requires immediate payment in ful� under this Paragraph; or (c} Due and Payab�e with Secretary Appro�al. -- Lender rr�ay requ�re �mmediate payment in fu�1 �f a�l sums secured by�his Security Instrument, upon appro��al of the Secretary, if; �i}The Property ceases to b�th�pr�ncipal residence of a.Borrower for reasons oth�r than death and th�Property is not�he principal residence of at�east one other Borrower;flr �ii}For a period of longer than 12 conse�uti�e months, a.Borrower fai�s to occupy the Property because of physical or mental illness and the Property is nat the principal residence flf at least one a�her Bvrrower; or [iii�An obligatior�of the Borrower under this Securi�y I��strument is nat performed. A d�ferral of due and payable is not permitted�vhen a Lt�nder reQuires immediate payment�n full under Paragraph 1 D�c}. (d}Natice and Certification to Lender. Borrower shall cornplete and pro�ide to the Lender on an annual �asis a certification, in a form prescrih�d by the Lender, sta�ing whether the property rema�ns the Borrawer's Princi pa� Resi dence and, if app�i cabl e,the pri ncipa� r�s�dence of hi s or h�r Non-Borrowing Spouse. �Vh�re a Borrower has identified a Non-Borrowing Spouse�n paragraph 9,the Borrower shal� also complet�and provide to the Lend�ir an an annual bas�s a Non-Borrowing S�ouse certif�cation, in a form prescrib�d b}��he Lender, cert�fying that all requirements for the appl�cation af a I]eferrat Periad cont�nue to apply and continue to l�e met. During a Deferral Period,the Borrawer's annuai certif cations, required by this paragraph, must �flntinue to be cnmpleted and pro�ided t�the Lender by the,Von-Borrowing Spause. The B�rrower sha11 also notify Lender whene�er any of the e�ents listed �n this Paragraph �4�b}and �c}accur. �e}Noti�e to Barrower. Lender shall patify Borrower when��v�r the loan bec�mes due apd payable under Paragraph I 4 tb�and�c}. Lender sha�l not have the right to c�mmence foreclosure unti 1 Borrower has had 3�days after no�ic�to eith�r: �i}�arrect the ma�ter which resulted in the Security Instrumen�com�ng due and payable; or �ii�Pay the�alance in full; or �ii�}5e�1 the Proper�y f�r the lesser of the balance or 9.`i%of the appraised�alue and apply the net proceeds af�he sale to�vard the ba�ance; or �i�} Pro�id��he L�nd�r with a deed-in-�ieu of foreclos�are. (�}Notice ta Secretary and Non-Borrowing Spouse. Lend��r shall notify the Secretary and any Non-Borrowip�Spouse identif ed in Para�raph 9 whene�er��n_y e�ent listed in Para�raph ��(b} Page 5 of 1� HECM Se�ond Deed DfTrust--: a