201008907 - Laserfiche WebLink

Browse

2oioos9o� (i) All or part oF thc Praperky, ar a bc;n�ficial int�rest in a trust owning all or part of the Property, is sold or c�therwi� transferred (other than by devise or descent), and (ii) Th� Property is not occupied by the purchaser or grantee as his or her principal residencc, or thc purchaser or 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 circumstanc.cs accur that wauld permit L,ender to require immediate payment in full, but L.ender does not require such payments, I.ender d�cs nUt waiv� its rights with respect to subsequent events. (d) Regulations of HUD Secretary. In many circumstances r�gulatians issued by the Secretary will limit Lender's rights, in the case of payment defaults, tn reyuire imm�diate payrnent in full and foreclose if not paid. "This Security Tnstrument does not authorize acceleration or foreclnsur� if not permitted by regulations of the Secretary. (e) Mortgage Not Insured. Barrower agrees that if this Security Instrument and the Note are not determined to b� �ligiblr. fc�r insurance under the National Housing Act within 60 days from the date hereof, T.ender may, at its option, require immediate paycnent 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 Tnstrument and the Note, shall be deemed conclusive proof of such ineligibility. Natwithstanding the foregoing, this option may not be exercised by I.ender when the unavailability of insurance is solely due to T�ender's failure to remit a mortgage insurance premium to the Secretary- 1Q. Reinstatement. Borrower has a right to be reinstated if T..ender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this 5ecurity Instrument. This right applies even after foreclosure proceedings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required ta bring Barrawer's accaunt current including, to lh� �xlGnl th�y ar� abligatians aF Borrower under this Security Instrumcnt, for�closure casts and r�asonable and custamary attorneys' fees and �xp�ns�s properly associatEd with th� fareciasure praceeding. Upan reinstatement by Barrower, this Security Instrurn�nt and the obligations that it secures shall remain in effect as if Lender had not required immcdialc payment in full. However, l.ender is not r�quir�d to permit reinstatement if: (i) Lender has accepted reinstat�me:nl aPter lhe commencement of foreclosure proceedings within two years immediately preceding the commencement of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different graunds in the future, or (iii) reinstatement will adversely affect the priority of the lien created by this Security Instrumcnt. 11. Borrower Not Released; Farbearanee By Lendet Nak a Waiver. Bxtension of the time af payrrxent ar modilicalion of amortizdtion of the sums secured by this 5ecurity Instrument granted by Lender to any successor in interest c�f Barrower 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 ref'use to extend tim� for payrnent or otherwise modify amortization of the sums secured by this Security Tnstrument by reason of any demand made by the original Borrower or Borrower's successors in interest. Any forbearance by T,ender in exercising any righC ar remedy shall not be a waiver of or preclude the exercise af any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants and agreements of this Security Instrument shall bind and benefiC the successors and assigns of Lender and Borrower, subject to the provisions of paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who c�-signs this Sccurity Tnstrum�nt but da�s not executc thc Note: (a) is co-signing this Security Tnstrument only to martgag�, grant and convey that Borruwer's int�r�sl in th� Prapc:rCy under the terms of this Security Tnstrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees thak Lepder and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Stcurity Instrument or the Nat� without that Bt�rraw�r's consent. ��4R(NE) �saoi i Paqe 6 ot 8 initia . �