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201506793
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Last modified
7/21/2017 8:31:31 AM
Creation date
10/2/2015 11:03:33 AM
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DEEDS
Inst Number
201506793
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��1 5��7�3 <br /> (�)Prior Liens, <br /> Borrower shall pr�mptly discharge any lien�vhich has priority over this S��urity Instrument <br /> unless Borrawer: (a}agrees in writing to the paymen�of the abligation se�ured by the lien in <br /> - a manner acceptable�v Lend�r; �b�contests in good faith the lien�y,or defends against <br /> enfarc�ment of the lien in,legal proceedings which in the Lender's opini�n op�rate to pre�ent <br /> the enforcemen�af�he 1 ien�r farfeiture nf an�part of the Praperty;vr�c�secures frvm the <br /> holder of the�i�n an agreement satisfactory ta Lender subordinating�he lien to all amounts <br /> secured by�his Security Instrument. If Lender determines that any part�f the Property is <br /> subje�t to a lien which rnay at�ain pr�arity o�er this Securiry Instrument,Lender may gi�e <br /> Borrower a notice identifying the lier�, Borrower shall satisfy the lien or take one or mor�af <br /> the ac�ions set forth above within ten�1�}da_ys af th��i�in�of notice. <br /> 15.Reiat�onship to Second Security Instrument. <br /> �a}Secand Security Instrument.In order to secure payments which the 5ecretary rnay make to�r <br /> on�ehalf of Borrower pursuant to Section 255�i}�1}�A}af the I�1at�onal Housing Act and the Loan <br /> Agr�ement,the Se�retary has r�quired Borrower t�execute a Second Not�and a Secand S��ur�ty <br /> Instrument on the Praperty. <br /> (b)Relat�onship of First and Secand Security Instruments.Payments rnade by the Secretary <br /> shall not be included in the de�t under the Note unless: <br /> �i}This 5ecurit�Instrument is ass��ned to the Secretary; nr <br /> (ii�The Secretary acc�pts reimbursemen�by the Ler�der far alI payments made by the <br /> S�cr�tary. <br /> I f the circumstances described in(i)or(i i}occur,then all payments b�the 5ecretary, <br /> includin�interest on the payments,but excluding late charges paid by the Secretary, shall be <br /> �ncluded in the deb�und�r the N�t�. <br /> �c)Effect�n Borrower. Where there is no assignment ar reimbursement as des�ribed in(b}�i}or <br /> (ii}and the Secretary makes payments tv Borrower,then Borrower shall na�: <br /> �i�Be required�o pay amounts awed under�he Note, or pay any rents and re�enues of the <br /> Praperty under Paragraph 23 to Lender or a recei�er of the Prvperty, until the Secretary has <br /> required payment-in-full of all outstanding princi�al and accrued int�rest under the S�cand <br /> Nate;�r <br /> tii}Be obligated to pay interest or shared appreciation under the Note at any time,v�hether <br /> accrued before or after the payments b�the Secretary,and�hether or not accrued interest has <br /> been included in the principal ba�ance ur�der the l�late. <br /> �d}No Duty of th�Seeretary.The Secretary has no duty ta L�nder to enf�rce co�enants of the <br /> Se��nd Security Instrument ar�o take acti�ns to preserve the�a1ue�f the Property,even th�ugh <br /> Lender may be unabl�to callect amounts owed under the Note because�f restrictions in this <br /> Paragra�h 15. <br /> Page S vf 14 HECM First I3eed Of Trust-2Q 15 <br />
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