201104059 - Laserfiche WebLink

Browse

�01104059 as i has of : not of it or Fees. Lender may collect fees and charges authorized by the Secretary. Grounds for Acceleration of Debt. (a) Default. Lender may, except as limited by regulaflons issued by the Secretary in the case of payment defaults, require immediate payment in full of all sums secured by this Security Instrument if: (i) Borrower defaults by failing to pay 9n full any monthly payment requ9red by this Security Inshvment prior to or on the due date of the next monthly payment, or (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obl�gaHons contained in this Security Instrument. (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including sectiott 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 immediate 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 transferred (other than by devise or descent), and (ii) The Property is not occupied by We 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 c�rcumstances occur that would permit Lender to require immediate payment in full, bnt Lender does not require such payments, Lender does not waive its rIghts with respect to subsequent events. (d) Regulations of HUD Secretary. In many c9rcumstances 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 foreclosnre if ttot permitted by regulallons of the Secretary. (e) Mortgage Not Insured. Borrower agrees that if this Security Instrument and fhe Note are not detem�ined to be eligible for insurance under the National Housing Act within 60 DAYS from the date hereof, Lender may, at its option require immediate payment in full of all sums secured by th9s 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 Instrument and the Note, shall be deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may 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. 10. Reinstatement. Borrower has a rIght to be reinstated if Lender has required imn►ediate payment in full because of wer's failure to pay an amount due under the Note or this Security Instrument. This rlght applies even after foreclosure edings are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to Bortower's account current including, to the extent they are obligations of Borrower under this Security Instrvment, : osure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure eding. Upon reinstatement by Bonower, this Security Instrument and the obligations that it secures shall remain in effect ender had not required immediate payment in full. However, Lender is not required to permit reinstatement if: (i) Lender ccepted reinstatement after the commencement of foreclosure proceedings within two years immediately preceding the encemettt of a current foreclosure proceeding, (ii) reinstatement will preclude foreclosure on different grounds in the , or (iii) reinstatement wili adversely af�'ect the prlorlty of fhe lien created by this Secarity Instrument. 11. Borrower Not Rele,ased; Forbe�rance By Leader Not a Waiver. Extension of the time of payment or moditicaflon ortization of the sums secured by this SecurIty Instrument grattted by Lender to any successor in interest of Borrower shall erate to release the liability of the original Bonower or Borrower's successor in ittterest. Lender shall not be required to ence proceedings against any successor in interest or refuse to extend time for paymettt or otherwise modify amortization sums secured by this Security Instrument by reason of any demand made by the original Borrower or Borrower's ssors in interest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the 3se of any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co-Sigaers. The covenants and agreements of Wis �ity Instrument shall bind and benefit the successors and ass�gns of Lender and Bonower, subject to the provisions of ;raph 9(b). Borrower's covenants and agreements shall be joint and severat. Any Borrower who co-slgns this Security nnent but does not execute the Note: (a) is co-signing this Security Instrument only to mortgage, grant and convey that rwer's interest in the Property under the terms of tl�is Security Instrument; (b) is not personally obllgated to pay the sums ed by this Security Tnstrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or any accommodaHons with regard to the terms of this Securlty Instrument or the Note without that Borrower's consent. 13. Notices. Any noflce to Borrower provided for in this Security Instrument shall be given by delivering it or by malling first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address y other address Borrower designates by noflce to Lender. Any notice to Lender shall be given by flrst class mail to >r's address stated herein or any address Lender designates by notice to Bonower. Any noflce provided for in this Security ment shall be deemed to have been given to Bonower or Lender when given as provided in this paragraph. 1590-4NE (08/97) Page 4 of 7 Initials: ��