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201107513
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Last modified
10/12/2011 4:31:49 AM
Creation date
10/7/2011 4:22:13 PM
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DEEDS
Inst Number
201107513
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�o�io�51� <br />Any amounts disbursed by Lender under this paragraph shall become an additional debt of Bonower and be <br />secured by this Security Instrument. These amouuts shall bear intetest from the date of disbursement, at the <br />Note rate, and at the option of Lender, shall be immediately due and payable. <br />Borrower shall promptly discharge any lien which has priority over this Security Instrument unless Borrower <br />(a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; <br />(b) contests in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which <br />in the Lender's opinion operate to prevent the enforcement of the lien; or (c) secutes from the holder of the <br />lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender <br />determines that any part of the Property is subject to a lien which may attain priority over this Secutily <br />Insirument, Lender may give Borrower a notice identifying the lien. Bonower shall satisfy the lien or take <br />one or more of the actions set forth above within 10 days o£the giving of notice. <br />8. Fees. Lender may collect fees and charges authorized by the Secretary. <br />Grounds for Acceleration of Debt. <br />(a) DefBUlt. Lender may, except as limited by regulations issued by the Secretary, in the case of payment <br />defaults, re�uire immediate payment in full of all sums secured by this Security Instrument if: <br />(i) Bonower defaults by failing to pay in full any monthly payment required by this Security <br />Instrument prior to or on the due date of the next monthly payment, or <br />(ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations <br />contained in this Security Instrument. <br />(b) Sale Without CreditApproval.Lender shall, if permitted by applicable law (including Section <br />341(d) ofthe Garn-St. Germain Depositary Institutions Act of 1982, 12 U.S.C. 1701j-3(c�) and with <br />the prior approval of the Secretary, require immediate payment in full of all sums secured by this <br />Security Instrument if- <br />(i) All ar part of the Property, or a beneficial interest in a hvst owning all oz part of the Property, is <br />sold or otherwise transferred (other than by devise or descent), and <br />(ii) The Propetty is not oecupied by the purchaser or grantee as his or her principal residence, or the <br />putchaser or grantee does so occupy the Property but his or her credit has not been approved in <br />accordance with the requirements of the Secretary. <br />(c) No Waiver. If circumstances occur that would permit Lender to require immediate payment in full, but <br />Lender does not require such payments, Lender does not waive its rights with respect to subsequent <br />events. <br />(d) Regulationsof HUD Secretary. In many circumstancesregulatiotis issued by the Secretary will limit <br />Lender's rights, in the case of payment defaults, to require inamediate payment in fiill and foreclose if <br />not paid. This Security Instrument does not authorize acceleration or foreclosure if not permitted by <br />regulations of the Secretary. <br />(e) Mortgage Not Insured.Borrower agrees that if this Security Instrument and the Note are not <br />determined to be eligible for ine�rance under the National Housing Act within 60 days from tbe date <br />hereof, Lender may, at its option, require inamediate payment in full of all sums secured by this <br />Secutity Instrument. A written statement of any authorized agent of the Secretary dated subsequent to <br />6� days from the date hereof, declining to insure this Security Instnunent and the Note, shall be <br />deemed conclusive proof of such ineligibility. Notwithstanding the foregoing, this option may not be <br />FHA Daed of Trust-NE �8 <br />VMP � VMP4R(NE) (1105).00 <br />Woltars Kluwer Fimancial Services Page 5 of 10 <br />
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