201500161 - Laserfiche WebLink

Browse

201500161 future loan advances through the execution and recordation of one or more documents,then Lender shall obtain title evidence at Borrower's expense. If the title evidence indicates that the property is not encumbered by any liens(except this Security Instrument,the Second Security Instrument described in Paragraph 14(a)and any subordinate liens that the Lender determines will also be subordinate to any future loan advances),Lender shall request the Borrower to execute any documents necessary to protect the lien status of future loan advances. Borrower agrees to execute such documents. If state law does not permit the original lien status to be extended to future loan advances, Borrower will be deemed to have failed to have performed an obligation under this Security Instrument. (b)Tax Deferral Programs. Borrower shall not participate in a real estate taY deferral program, if any liens created by the tax deferral are not subordinate to this Security Instrument. (c)Prior Liens. Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a)agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b)contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or(c)secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to all amounts secured by this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument,Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or more of the actions set forth above within 10 days of the�ivin�of notice. 14.Relationship to Second Security Instrument. (a)Second Security Instrument.In order to secure payments which the Secretary may make to or on behalf of Borrower pursuant to Section 255(i)(1)(A)of the National Housing Act and the Loan Agreement,the Secretary has required Borrower to execute a Second Note and a Second Security Instrument on the Property. (b)Relationship of First and Second Security Instruments.Payments made by the Secretary shall not be included in the debt under the Note unless: (i)This Security Instrument is assigned to the Secretary; or (ii)The Secretary accepts reimbursement by the Lender for all payments made by the Secretary. If the circumstances described in(i)or(ii)occur,then all payments by the Secretary, including interest on the payments,but excluding late charges paid by the Secretary, shall be included in the debt under the Note. (c)Effect on Borrower. Where there is no assignment or reimbursement as described in(b)(i)or (ii)and the Secretary makes payments to Borrower,then Borrower shall not: Page 7 of 13 HECM First Deed Of Trust-2014