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85006186
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85006186
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Last modified
10/18/2011 4:26:41 AM
Creation date
4/1/2008 5:31:57 PM
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DEEDS
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85006186
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f- 85-006186 <br />FHA ADDENDUM <br />As long as this mortgage is held by the Nebraska <br />Investment Finance Authority, the Lender may declare all sums <br />secured by this mortgage to be immediately due and payable if: <br />(a) all or part of the property is sold•or other- <br />wise transferred (other than by devise, descent or <br />operation of law) by Borrower to a purchaser or other <br />transferee: <br />(i) who cannot reasonably be expected to <br />occupy the property as a principal residence within <br />a reasonable time after the sale or transfer, all <br />as provided in Section 103A(d) and (j)(2) of the <br />Infernal Revenue Code; or <br />(ii) who has had a present ownership interest <br />in a principal residence during any part of the <br />three -year period ending on the date of the sale or <br />transfer, all as provided in Section 103(A)(e) and <br />(j)(2) of the Internal Revenue Code (except that <br />the language "100 percent" shall be substituted for <br />"90 percent or more" where the latter appears in <br />Section 103A(e)(1); or <br />(iii) at an acquisition cost which is greater <br />than 110 percent of the average area purchase price <br />(greater than 120 percent for targeted area resi- <br />dences), all as provided in Section 103A(f) and <br />(j)(2) of the Internal Revenue Code; or <br />(iv) who has an income in excess of that <br />established by the Nebraska Investment Finance <br />Authority under its applicable regulations or <br />program guidelines in effect on the date of the <br />sale or transfer; or <br />(b) Borrower fails to occupy the property <br />described in the mortgage without Lender's prior written <br />consent; or <br />(c) Borrower omits or misrepresents a material <br />fact in an application for this mortgage. <br />References are to the Internal Revenue Code in effect on <br />the date of execution of this mortgage, and are deemed to <br />include the implementing regulations. <br />FO%4 #85 -04 CLRK D. BROWN <br />NIFA 5/85 <br />CHERYL, A;, BR/ OWN <br />December 13, 1985 <br />
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