201105544 - Laserfiche WebLink

Browse

20�105544 7. Charges to Borrowerand Protection of Lender's Rights in the Property. Borrowershallpay allgovernmental or municipal charges, fines and impositions that a.re not included in Paragraph 2. Borrower sha,ll pay these obligations on time directly to the entity which is owed the payment. If failure to pay would adversely affect Lender's interest in the Properly, upon Lender's request Bonower shall promptly furnish to Lender receipts evidencing these payments. If B onower fails to malce these payments or the payments required by Paragraph Z, or fails to perform any other covenants and agreements contained in this Security Inshumettt, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as a proceeding in bankruptcy, for condemnation or to enforce laws or regulations), then Lender may do and pay whatever is necessary to protect the value of the Property and Lender's rights in the Property, including payment of taxes, hazard insura.nce and other items mentioned in Paragraph 2. Any amounts disbursed by Lender under this para.graph sha11 become an additional debt of Borrower and be secured by this Security Inst�ument. These amounts shall bear interest from the date of disbursement, at the Note rate, and at the option of Lender, shall be immediately due and payable. Borrower sha11 prompfly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner a.cceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Inslxument, Lender ma.y give Borrower a notice identifying the lien. Borrower shall satisfy the lien or ta.ke one or more of the actions set forth above within 10 days of the giving of notice. 8. Fees. Lender may collect fees and charges authorized by the Secretary. 9. Grounds for Acceleration of Debt. {A) Default. Lender may, except as limited by regula.tions 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 in full any monthly payment required by this Security Instrument 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 obligations contained in this Security Inshvanen� (B) Sale Without Credit Approval. Lender shall, if permitted 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 immediate payment in full of all sums secured by this Security Instrument i£ (i) All or part of the Property, or a beneficial interest in a trust owning all or part of the Properly, 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, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accorda,nce with the requirements of the Secretary. (C) No Waiver. If circumstances occur tha.t would permit 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 HUD 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 permitted by regulations of the Secretary. {E) Mortgage Not Insured. Borrower agrees that if this Security Instrument 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 immediate payment in full of all sums secured by this Security Inshumen� A written statement of any authorized HCFG-00703 FHA Deed of Truat-NE Reviaed 4l96 VMP� 11110 Wolters Kluwer Financial Servi�a 201107204.0.0.0.4002J20110224Y Page 4 oi 8