201008098 - Laserfiche WebLink

Browse

2Q1008098 9. Grounds for Acceleration of Debt. (a) Default. L.ender may, except as limited by ragulatians issued by the Secretary in the case of payrnent defaults, require immediate payrnent in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failang to pay in fuli any znonthly payznent required by this Security Instrument prior to or an the due date af the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perfornn any other abligations contained in this Security Instrument. (b) Sale Without Credit Appraval. Lender shall, if pez�mitted by applicable law (including section 341(d) of the Garn-St Germain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secretary, require irnmediate payment in full of all sums secured by Chis Security Insmzment if: (i) All or part of the Praperty, ar a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, ar the purchaser ar grantee does so occupy the Property, but his or her credit has not been approved in accordance with the requirements of the Secretary. (c) No Waiver. If circumstances accur that would pern�it J...ender to require immediate payment in full, but Lender does not require such payments, Lender does not waive its rights with respect to subsequent events. (d) Regulations of HLTD Secretary. In many circumstances regulations issued by the SecreCary will liunit Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclase if not paid. 'T'his Security Instrument does not authorize acceleration or foreclosure if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this 5ecuriry Insmzment and the Note are not determined to be eligible for insurance under the National Housing Act within 60 days from the date hereof, Lender may, at its option, require itnmediate payrnent in full of all sums secured by this Security Instrument. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrurnent and the Note, shall be deerned conclusive proof of such ineligibility. Notwithstanding the foregaing, this option rnay not be exercised by Lender when the unavailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 1.0. Reinstatement. Bo:rrower has a right to be reinstated if �.ender has required immediate payment in full because of Borrower's failure to pay an arnount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instruznent, Borrower shall tender iz� a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Borrower, this 5ecurity Instrument and the abligations that it s�cures shall remain in effect as if Lender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender has accepted reinstatem.ent after t]�e commencement of foreclosure proceedings within two years ir�u�nediately preceding the cammencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the future, or (iii) reinstatement will adversely affect the pxioriry of the lien created by this Securiry InstrumenC. 11. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time of payment or modification of amortization of the sums secured by this Securiry Inshument granted by Lender to any successor nz iz�terest o:F Borrower shall not operate to release the liability of the original Borrower or Borrower's successor in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend time for payment ox oCl�erwise xnodi�y amortization of the sums secured by this Security Instrument by reason of any demand made by the original $orrower or Borrower's successors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the �xercise of any right or remedy. GV2171-5 (696) Page 5 of 8 FHA Nebraska Deed of Trust I IIIIII IIIII IIIII IIIII IIII� IIIII IIIII IIII� IIIII IIIII IIII IIIIIII III IIIIII IIIII II'll III'I IIII I'II � ti � � � � a 9 � 4 � v � ti � � �y� �