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201506794
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Last modified
7/21/2017 8:31:37 AM
Creation date
10/2/2015 11:06:02 AM
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DEEDS
Inst Number
201506794
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��1 5��7�4 <br /> Security Ipstrument.Borrower alsa has ex�cuted a�"irst Note and First Security Instrurnent. <br /> �b}Re�ationship of FirSt and Secvnd Seeurity Instrum�nts.Payments made by the Secr�tary <br /> shall not be included in the deb�under the First�o�e unless: <br /> �i}The First Security Instrument is assigned to the Secretary;ar <br /> �ii)The Secretary accepts reimbursemer�t by the ha�der af#he First Note for a11 payrnents made <br /> b�the Secretary. <br /> If the circumstances described in�i�or�ii}occur,then all payments by the Secreta.ry,in�luding <br /> interest on th�pavments but excluding late�harg�s paid by the Secr�tary,shall b�inc�uded in <br /> the debt under the First Not�. <br /> tc}Effec�on Borrower. Where there is no assignm�nt or reimbursement as described in(h}�i}or <br /> �ii)and the S�cretary mak�s payrnen�s to Borrower,then Barrow�r shall not: <br /> �i�Be required to pay amounts�wed under the First Note,or pay an�r�nts and revenues af the <br /> Property un��r Paragraph�4 t�the holder af the First l�ote or a receiver of the Praperty,until . <br /> �he Secretary has required payment-in-ful�of all outstanding principal and accrued interest <br /> under the S ecand N ot�;or <br /> (i i}Be obligated to pay interes�or shared appr�ci ati on under the First l�late at any time, <br /> whether accrued before or after the payrnen�s by the Secretary,and whether ar not accrued <br /> interest has been included in the Principal Balance under the�`irst Note. <br /> �d}No Duty of the Secretary.The Secretary has no duty to the ho�der of the First Note tv enfvcce <br /> co�enants af the Second Security Instrument or to take actions to preserve the�alue of th� <br /> Prop�rty,,e�en though the holder of the First l�ote may be una�le to co�lect amQunts ovved under <br /> the First Nate because of restric�ions in this Par�.graph 15. <br /> 16.Restrictions on Enforcement.Notwithstanding anything el�e in this Se�urity Instrument,th� <br /> Borrawer shall not be abl i gated ta�omp�y vvith the co�enants here�f,and Paragraph 24 shall ha�e n� <br /> forc�and effect,whene�er there is na outstanding balance under the Second Not�. <br /> 17.Farhearan�e by Lender N�t a Wai�er. Any forbearance by Lender in�x�rcising any right or <br /> r�medy shall not he a�vaiv�r af or preclude�he ex�r�ise�f any right or remedy. <br /> 18.Su��es��rs and Assigas Bound;Joint aad S��eral Liability.B�rrvwer may not assign any rights <br /> or ob�igations und�r this Security Instrument ar the Se��nd Nate,except to a trust that meets the <br /> r�qui rements of the Secretary.Borrower's cnWen�.nts and agreements shal l be�oint and several. <br /> 19.Natices. Any notice t�B�rrower pro�ided for in this 5ecurity Instrurnent sha�l be given by <br /> deli�ering it or b�mailing it by first ctass mail un�ess app�icable law requires use of another m�thod. <br /> The notice shall be dire�ted to the Prvper�Address or a.�y ather address a11 Borrowers j ointly designa�e. <br /> Any notice�o Lender shall be given by first class rnail to Lender's address stated herein ar any address <br /> Lend�r designates by no�i��to Borrov�rer.Any x7otire t�a Non-Borro�ving Spause pra�ided for in this <br /> 5ecurity Instrument sha�l be gi�en by deli�ering it or b�mailing it by first c�ass mail unless applicable <br /> law re�uires use af another method. The notice shall be direc�ed to the Praperty Address. Any n�tice <br /> pro�ided far in this 5ecurit_y Instrurnent sha�l be deemed to have been�iven tv Borr�wer,Lend�r,or <br /> P�u� s�r�� x�c M s���n���a af r�t--2o i s <br />
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