201009338 - Laserfiche WebLink

Browse

201pQ9338 (b) Sale Without Credit Approval. Lendcr shall, if permitted by applicable law (including Section 341(d) of the Garn�t. Gerniain Depository Institutions Act of 1982, 12 U.S.C. 1701j-3(d)) and with the prior approval of the Secretazy. re4uire iummediate payment in full of all sums secured by this Security Instnunent if: (i) All or part of the Prnperty, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or deacent), aud (ii) Thc Property Is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantce does sa occupy th� Property but his or her credit haa not becn approved in ac�ardance witb� the tequiaemeuts nf the Secretary. (c) No Waiver. If circumatances occiu that wauld permit Lender W z�quire immediato payment in full, but Lender dces not require suc� payments, I.ender does not waive its rights with respcct to subsequent eventa. (d) ReSulations o� HUD Secretary. In maay circumstanc�s regulations issucd by the Secretary will limit �.erader's rights� in the case of paynaent defaults, to require imrnediate payrnent in full and foreclose if not paid. This Security instrument does not autharize acceleration or forec.losure if not permitted by regulations of the Sacretary. (e) Mortgage Not In�sured. Borrower agreea that if this Security Inst�vment and the Note are not deternuned to � cligible for insurance under the National Housing Act within, 60 days frora the dazc hereof, Lender may, at its option, requir� immediat� payment in fWl of all sums secuared by this Security Instrument. A written statemeat of any authorized agen,t of the Ses,xotary dated aubsequent W 60 days from, the date hereof, declinin$ w insure this Secwriry Instrumcnt and the Note, s1�a11 be de$med conclusive proof of such ineligibility. Notwithstauding tlae foregoing� thia option may not be exercised by Lender when the unavailability af insurance is solely due to I.endcr failure W remit a mortgagc insurance premium to the Secretar�'• 10. R�ein�statam�nt. Borrower has a right w I�e reinstat�d if I.ender has required immediate payment in full because of Borrower's failure W pay an amount due under the Note or this Security Instrument, This right applies even after forecloswrc proceedings are insdtuted. To reinatate the Sacurity Instrument, Barmwer shall tender in a lump sum all amounts required to bring $orrower's account current includit�g, to the o�tent they are obligations of Borrowcr under thfis Security Inat�rrumemt. foreclosura costs and reasanable and customary aCtorneys' fees and expenses pmperly associated with the foreclosure proceeding. Upon xeinstatennent by Borrower, this Security Instrument and the obligations that it secures ahall remain in effect as if L�nder had not required immediate payment in full. Iiowever, I.eudex ia not required w permit reinstatemsnt if: (i) Le�nder bas accepted reinstatcment after the comm�ncement of foreclosure proceedings within two years immediaCelY Preceding th�s con�uencement af a current fore�losure Proceedin8� (ii) reinstatement will preclude foreclosure on different grounds in the fuCure, ar (iii) reinstatern�t will adver�ely affect the prioriry of t�e liea cneated by this Security Ins�ument. ii . Bonrowar Nat Releaes�d; Forbearance By I.eader Not a Waiver. Extension of the tinne of payment or madification af amortization vf the sums secured by this Security Insavm�t grantod by L�nder ta any successar in int�rest of Bprrower sha�l not operate to releasc t1�e liabiliry of che ori� Borrower or Borrawcr's successor in interest. L�endax aball nat be required W commer�ae proceediz�gs against any successor in interest or refuse to extend time for paymcnt or otl�crwise modi�fy aurortiyation of the sums secured by this Security Instn�ut bq reason of any demaad mad� by the origi�nal Bormwar ar Barrower's snccessors in interest. Any forbearance by Lender in exercising any right ar remedy shall not be a waiver af or preclude the exercise of aA,y right or remedy. 12. Snr�socs And Asstga� Bound; Joint and Se�v�al Liablllty; Co-Stgnera. The cavenants and agreernents of this Security lnstn�ment shall bind and bene�it the successors and assigns of L,ender and Borrower, subjact to the provisions of paragraph 9(b). Barrov�x's cavcnanta snd a�ts shall be joint and several. Any Borrovver who co-signs rhis Socurity I�strument but does not executc the Note: (a) i� co-si$niug this Security Instxv�ment only to mortgagc, grant and convey that Borrower's interest in the Praperty under the terms of this Security Instrumcnt: (b) is nat personally obligated to pay the aums secured by this Security Instrument; aad (c) agrees that Lender and any ot�er Borrovver may agneo to extead, awdify, faxbear or maloe any acc�mmodatians with regard to the terms of this 3ecuri Insavment or tt►c Nnte without that Borrower's consent. F►ra o.w a r�wc�e VMf' � Wdtera Kluwa FMw�Wd Suvla� arsa VMP4R1NE) (0809) Pp�6oFa