200801300 - Laserfiche WebLink

Browse

200801300 remaining period of not less than 50 years beyond the date of the 100th birthday of the youngest Borrower or retains a life estate (or retaining a beneficial interest in a trust with such an interest in the Property); or (iii) The Propcrty ceases to be the principal residence of a Borrower for reasons other than death and the Property is not the principal residence of at least one other Borrower; or (iv) For a pcriod of longer than twelve (12) consecutive months, a Borrower fails to occupy the Property because of physical or mental illness and the Property is not the principal residence of at least one other Borrower; or (v) An obligation of the Borrower under this Security Instrument is not performed. (b) Notice to Lender. Borrower shall notify Lendcr whenever any of the events listed in Paragraph 9(a)(ii)-(v) occur. (c) Notice to Borrower. Lender shall notify Borrower whenever the loan becomes due and payable under Paragraph 9 (a)(ii)-(v). Lender shall not have the right to commence foreclosure until Borrower has had thirty (30) days after notice to either: (i) Corrcct the matter which resulted in the Security Instrument coming due and payable; or (ii) Pay the balance in full; or (iii) Sell the Property for the lesser of the balance or 95% of the appraised value and apply the net proceeds of the sale toward the balance; or (iv) Provide the Lender with a deed in lieu of foreclosure. (d) Trusts. Conveyance of Borrower's interest in the Property to a trust which meets the rcquirements of the Secretary, or conveyance of a trust's intercsts in the Property to a Borrower, shall not be considcred a conveyance for purposes of this Paragraph 9. A trust shall not be considcred an occupant or be considered as having a principal residence for purposes of this Paragraph 9. 10. No Deficiency Judgments. Borrower shall have no personal liability for payment of the debt secured by this Security Instrument. Lender may enforce the debt only through sale of the Property. Lender shall not be permitted to obtain a dcficiency judgment against Borrower if the Security Instrument is foreclosed. ] ]. Reinstatement. Borrower has a right to bc reinstated if Lender has required immediate payment in full. This right applies even after foreclosure proceedings are instituted. To reinstatc this Security Instrument, Borrowcr shall correct the condition which resulted in the requiremcnt for immediate payment in full. Foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding shall be added to the principal balance. Upon reinstatement by Borrower, this Security Instrument and the obligations that it secures shall remain in effect as if Lender had not required immediate payment in fu]1. However, Lender is not required to permit reinstatement if: (i) Lender has acccpted reinstatement after the commencement of foreclosure 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 (iii) reinstatement will adversely affect the priority of the Security Instrument. 12. Lien Status. (a) Modification. Borrower agrees to extend this Security Instrument in accordance with this Paragraph 12(a). If Lcnder determines that the original lien status of the Security Instrument is jeopardized under state law (including but not limitcd to situations where the amount secured by the Security Instrument equals or exceeds the maximum principal amount stated or the maximum period under which loan advances retain the same lien priority initially granted to loan advances has expired) and state law permits the original lien status to be maintain cd for 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 indicatcs that thc Property is not encumbered by any liens (except the First Security Instrument described in Paragraph 13(a), this Second Security Instrument and any subordinate liens that the Lender determines will also be subordinate to any futurc loan advances), Lcnder 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 tax deferral program, if any liens created by the tax deferral are not subordinate to this Security Instrument. BfS6 : 09/06 Page 4 11111111111111 1111 * F F 8 000 7 *