200305403 - Laserfiche WebLink

Browse

200305403 (i) All or pan of the Property, or a beneficial interest in a tmst owning all or part of the Property, is sold or ,ihcnvi,e muistcrrcd (other than by devise or descent), and (ii) 'fhc Propcov is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordnar : with the requirements of the Secretary. (c) No Waiver. It circumstances occur that would permit Lender to require immediate payment in full, but Lender does not inquire such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HUD Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of he Secrctarv. (e) Mortgage Not insured. Borrower agrees that if this Security Instrument and the Note are not determined to be eligible I'or insurance under the National Housing Act within 60 days from the date hereof, Lender may, at its upiiou, require iounediate payment in full of all awns secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the dale hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive proof of such incligihility. Notwithstanding the foregoing, this option may not be exercised by Lender when the unavailability of insuranc(: is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Itein.stnlemenl. Ent rower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure m pay an amount clue under the Nom or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum ell anwmds rcquircd m bring Borrower's account current including, m the extent they are obligations of Borrower under this Serums, Instrument, hac dosme costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this Security Instmment and [tic obligations that it secures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required m permit reinstatement if: (1) Lender has accepted reinstatement after the commencement of torcclosurc proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (ui) reinstatement will adwcrscly at toot the priority of the lien created by this Security Instrument. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization or the sums secured by this Security Instrument granted by Lender to any successor in interest of Rorrowcr shall net operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not do rcyuircd to commence proceedings against any successor in interest or refuse to extend time for payment or otherwise modity amortization of the sums secured by this Security Instrument by reason of any demand eerie by dm original Borrower or Borrower's successors in interest. Any forbearance by lender in exercising any right of remedy shall not tee a waiter of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co- Signers. The covenants and agreements of this Security Inamri,ow shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(h). Rnrrnwer's covenants and agreements shall be joint and several. Any Borrower who co-signs this Sc urity Instrunent but does not execute the Note: (a) is co -signing this Security Instrument only to uuvtgege, -,nut and ent,cv that Borrower's interest in the Property under the terns of this Security Instrument; (b) is not personally obligated to pas, the sums secured by this Security instrument; and (c) agrees that Lender and any other Borr rover may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security IuslrumcnL or the NOW without that Borrower's consent. 481NE1 ucou cane s of "t"',