AgdaPkt 2003-03-24 - Laserfiche WebLink

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4,025 amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. 8. Fees. Lender may collect fees and charges authorized by the Secretary. Grounds for Acceleration of Debt. (a) Default. Lender may, except as limited by regulations 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 the debt when due. (ii) Borrower defaults by failing, for a period of thirty days, to perform any other obligations contained in this Security Instrument. (iii) Borrower defaults by failing to maintain the eligibility requirements set forth in the Agreement. (iv) Borrower defaults by failing to maintain the number of units set forth in the Agreement for the intended beneficiaries of said units, as required in the Agreement. (b) Sale or Encumbrance without Approval. Should the undersigned agree to or actually sell, convey, transfer, or dispose of, or further encumber the Property, or any part or portion of it, or any interest in it, without first obtaining the written consent of the Payee, at the option of Payee, the entire amount of the Agency Loan shall become due and payable. Consent to one transaction of this type will not constitute a waiver of the right to require consent to future or successive transactions. Should fewer than four (4) units remain affordable and available to very low income households at or below Fifty percent (50 %) of area median income, the entire amount of the Agency Loan shall become due and payable. Payor acknowledges that units within the Property will not be converted to condominiums within the first ten (10) years after completion of the rehabilitation of the Property by Payor. Should a conversion of the Property, or any part thereof, to condominiums take place, the entire Agency Loan shall be due and payable. (c) No Waiver. If circumstances occur that 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. 10. Reinstatement. Borrower has a right tc 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 are instituted. To reinstate the Security Instrument, Borrower shall tender in a lump sum all amounts required to bring Borrower's account current including, to the extent they are obligations of Borrower under this Security Instrument, foreclosure costs and reasonable and customary attorneys' fees and expenses properly associated with the foreclosure proceeding. Upon reinstatement by Na/2003 4