200602504 - Laserfiche WebLink

Browse

200602504 I ! notice to Lender. (c) Subsequent owner does not Uleet AHP income requirements. (d) In the case of <l refinancing prior to the end of the term of the Note, an amount equal to a pro rata share of the direct subsidy that financed the purchase, construction, or rehabilitation of the unit, reduced for cvery year the occupying household has owned the unit, shall be repaid t, from allY net gain realized upon the refInancing, l.U1less the property continues to be subject to a deed restriction or other legally enforceable retention agreement or mechanism. Provided that the Lender does not designate II default tUlcler the Note, the amollnts due and payable under the Note will be forgiven !IS follows: The principal amount of the Loan shall be reduced over the frrst 5 years by 1/60th of the original priucipal balance of the Loan for each month the Loan is outstanding. Such monthly reductions shall take effect in an.ears on the same day of the month the Loan was originally made. In the event of foreclosure the full an10unt of the principal remaining due shall be forgiven. 2. DESIGNATION OF DEFAULT AND REMEDIES, Lender shall give notice to Bonower and Senior Lien Holder prior to a designation of a default WIder the Note. The notice shall speeify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to BOlTower (and with respect to Senior Lien Holder, 60 days from the date the notice is given to Senior Lien Hulder), by which the default must be ctu.ed; and (d) that failure to cure the default on or before the dale specified in the notice may result in designation of a default under the Note and the sale of the Property. The notice shall further inf01U1 Bonower of the right to reinstate after designation of a default and the right to bring a court aclion to assert dle non-existence of a default or uny other defense of Borrower to II designation of default aud sale. If dle default is nol cured by Bon-ower on or before the date specified in the notice, and Senior Lien Holder has not exercised its right to cure the default, then Lender at its option may designate a default and require inmlediate payment of all Slil'l.'l not forgiven secured hy tIus MOltgage without further demand and may invoke the power of sale and any olher remedies pennitted by IIppticable law. Notwithstanding Lender's right to invoke any remedies herewlder, Lender may nol conmlcnce fowclosure proceedings or accept a deed in lieu of foreclosure, or exercise auy other rights or remedies hereafter mitH it has given Senior Lien Holder at least 60 days prior written notice. Lender shall be cntitled to collect all expenses incuned in pursuing the remedies provided in this section 2, including, but not limited to, reasonable attomeys' fees and costs of title evjdence. If Lender invokes the power of sale, Lender shall mail copies of a notice of sale in the manner prescrihed by applicable law to Bonower, Senior Lien Holder and to the otIler persons prescribed by applicabl~ law, Lender shall publish the notice of sale by public advertisement for the tinle and in the UllUlller prescribed by applic~ble law. Lender, without demand on BOlTowel', shall sell the Propcrty at public auction to tile highest bidder for cash at the tin1e and place and nnder the terllls desiguatcd in the notice of sale in one or more parcels and in any order Lender detennIDcs. Lemler may postpone sale of all or any parcel of the Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or its designee may pw-chase the Propelty at any sale. Lender shall deliver to the purchaser Lender's deed cOllveying the Propelty without any covenant or wan-anty, expressed oj' in1plied. The recitals in Lender's deed shall be primll facie evidence of the truth uf the statements made therein. Lender shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, but notlinuted to, reasonabk attomeys' fees; (b) to all sums uot forgiven by . this Mortgage; and (c) any excess to the persou or persons legally entitled to it. 3. SUBORDINATION. This MOltgage is subject and subordinate in all respects to the liens, terms, covenants and conditions of the First M0l1gage and to all advauces heretofore made or which may hereafter be made pursuant to the First M0l1gage, including all sums advanced for the purpose of (a) protecting or further sec1.U:ing the lien of the First MOl1gage, ctuing defaults by Borrower lUldcr the First M0l1gage or for any other purpose expressly pennitted by the First Mortgage; or (b) constructing, renovating, repairing, furnishing, fixturing or equipping the Property. The tenns and provisions of the First Mortgage are paramount and controlling, and they supersede any other tenus and provisions hereof in conflict dlerewith, In the event of foreclosure or deed in liell of forecloStue of the First MOltgage, any provisions herein or any provisiol1R in any other coUateral agreement restricting the use of the Property or otherwise restricting Borrower's &bility to sell the Property shaH have no fLU~ther force or effect on subsequent owners or purchasers uf the Property. PulY person, including his successors or assigns (other than BOlTower or a 2