201101407 - Laserfiche WebLink

Browse

� 201101407 (b) Sale Without Credit Approval. Lender shall, if pemutted 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 unmediate payment in full of all sums secured by this Security Instrument if: (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Property, is sold or otherwise transfened (other than by devise or descent), and (ii) The Property is not occupied by the purchaser or grantee as his or her principal residence, or the 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 circumstances occur that would pernut Lender 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 HL7D Secretary. In many circumstances regulations issued by the Secretary will limit Lender's rights, in the case of payment defaults, to require immediate payment in full and foreclose if not paid. This Security Instrument does not authorize acceleration or foreclosure if not pernutted by regulations of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and the Note are uot det�mrnined to be eligible for insurance under the National Housing Act within b0 days from the date �ereof, Lender may, at its option, require immediate payment in full of all sums secured by this Se�urity Instr�arnent. A written statement of any authorized agent of the Secretary dated subsequent to 60 days from the date hereof, declining to insure this Security Instrument and the Note, shall be deemed conclusive praof of such ineligibility. Notwithstanding the foregoing, this option may not be exercised by Lender when the una�ailability of insurance is solely due to Lender's failure to remit a mortgage insurance premium to the Secretary. 10. Reinstatement. Bonower has a right to be reinstated if Lender has required immediate payment in full because of Borrower's failure to pay an amount due under the Note or this Security Instrument. This right applies even after foreclosure proceedings aze instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts requir� to bring Borrower's account current including, to the extent they are obligations of Bonower under this Security Instrument, foreclosure costs and reasonable and customary attomeys' fees and expenses properly associated with the foreclosure proceeding. 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 full. However, Lender is not required to pernut reinstatement if: (i) Lender has accepted 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 lien created by this Security Instrument. 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 Security Instrument granted by Lender to any successor in interest of Bonower shall not operate to release the liability of the original Borrower or Borrowrs's successor in interest. Lender shall not be required to commence proceedings against any successor in interest +or r�fuse to �extend time for payment or otherwise modify amortization of the sums secured by this Security Instnunent �y � of any demand made by the original Borrower or Bonower's successors in interest. Any forbearance by i� im ea�eaocisiug any right or remedy sha11 not be a waiver of or preclude the exercise of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Signers. The covenants am�d ag�nnents of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, su�ject to the provisions of paragraph 9(b). Borrower's covenants and agreements sha11 be joint and several. Any Bornower who co-signs this Security Instrument but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that Bonower's interest in the Properiy under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent. FHA Deed of Trust-NE VMP 0 Wolters Kluwer Financial Services � 4/96 VMP4R(NE) (0809) Page 5 of 9 ") . �