Common use of Deferral Period of Loan Due and Payable Status Clause in Contracts

Deferral Period of Loan Due and Payable Status. Where the last surviving Borrower dies and an Eligible Non-Borrowing Spouse met and continues to meet all requirements established by the Secretary, the due and payable status will be deferred until the Property is no longer the Principal Residence of an Eligible Non-Borrowing Spouse, an Eligible Non-Borrowing Spouse fails to ensure all other requirements established by the Secretary are met, or an Eligible Non- Borrowing Spouse dies, whichever occurs first. During the Deferral Period, the Lender shall have no obligation to make Loan Advances but the Lender may not require immediate payment in full until the end of the Deferral Period. The Lender may continue to add to the outstanding Principal Balance the amounts that accrue in accordance with Subsections 2.3.2, 2.3.3, 2.12.3, and 2.13.3. The Lender shall notify an Eligible Non-Borrowing Spouse that the due and payable status of the Loan is in a Deferral Period only for the amount of time that an Eligible Non- Borrowing Spouse continues to meet all requirements established by the Secretary and the Property continues to be the Principal Residence of an Eligible Non-Borrowing Spouse. Once the Deferral Period ends, the HECM is immediately due and payable. The Deferral Period is not available to any Ineligible Non-Borrowing Spouse. The Deferral Period will terminate or become unavailable to an Eligible Non-Borrowing Spouse at the time he or she becomes ineligible.

Deferral Period of Loan Due and Payable Status. Where Only a Due and Payable status as a result of the death of the last surviving Borrower borrower is eligible for a Deferral Period and only where the last surviving borrower dies and an Eligible eligible Non-Borrowing Spouse Spouse, identified by a borrower, met and continues to meet all requirements established by the Secretary, the due . The Due and payable Payable status will be deferred until the Property property is no longer the Principal Residence principle residence of an Eligible identified Non-Borrowing Spouse, an Eligible identified Non-Borrowing Spouse fails to ensure all other requirements established by the Secretary are met, or an Eligible Non- identified Non-Borrowing Spouse dies, whichever occurs first. During the Deferral Period, the Lender shall have no obligation to make Loan Advances but the Lender may not require immediate payment in full until the end of the Deferral Period. The Lender may continue to add to the outstanding Principal Balance the amounts that accrue in accordance with Subsections 2.3.2, 2.3.3, 2.12.32.8.3, and 2.13.32.9.3. The Lender shall notify an Eligible identified Non-Borrowing Spouse that the due Due and payable Payable status of the Loan is in a Deferral Period only for the amount of time that an Eligible Non- identified Non-Borrowing Spouse continues to meet all requirements established by the Secretary and the Property property continues to be the Principal Residence principle residence of an Eligible such a Non-Borrowing Spouse. Once the Deferral Period ends, the HECM Loan is immediately due and payable. The Deferral Period is not available to any Ineligible Non-Borrowing Spouse. The Deferral Period will terminate or become unavailable to an Eligible Non-Borrowing Spouse at the time he or she becomes ineligible.

Deferral Period of Loan Due and Payable Status. Where Only a Due and Payable status as a result of the death of the last surviving Borrower is eligible for a Deferral Period and only where the last surviving Borrower dies and an Eligible Non-Borrowing Spouse met and continues to meet all requirements established by the Secretary, the due . The Due and payable Payable status will be deferred until the Property is no longer the Principal Residence of an Eligible Non-Borrowing Spouse, an Eligible Non-Borrowing Spouse fails to ensure all other requirements established by the Secretary are met, or an Eligible Non- Non-Borrowing Spouse dies, whichever occurs first. During the Deferral Period, the Lender shall have no obligation to make Loan Advances but the Lender may not require immediate payment in full until the end of the Deferral Period. The Lender may continue to add to the outstanding Principal Balance the amounts that accrue in accordance with Subsections 2.3.2, 2.3.3, 2.12.32.8.3, and 2.13.32.9.3. The Lender shall notify an Eligible Non-Borrowing Spouse that the due Due and payable Payable status of the Loan is in a Deferral Period only for the amount of time that an Eligible Non- Non-Borrowing Spouse continues to meet all requirements established by the Secretary and the Property continues to be the Principal Residence of an such Eligible Non-Borrowing Spouse. Once the Deferral Period ends, the HECM Loan is immediately due and payable. The Deferral Period is not available to any Ineligible Non-Borrowing Spouse. The Deferral Period will terminate or become unavailable to an Eligible Non-Borrowing Spouse at the time he or she becomes ineligible.

Deferral Period of Loan Due and Payable Status. Where Only a due and payable status as a result of the death of the last surviving Borrower is eligible for a Deferral Period and only where the last surviving Borrower dies and an Eligible Non-Borrowing Spouse met and continues to meet all requirements established by the Secretary, the . The due and payable status will be deferred until the Property is no longer the Principal Residence of an Eligible Non-Borrowing Spouse, an Eligible Non-Non- Borrowing Spouse fails to ensure all other requirements established by the Secretary are met, or an Eligible Non- Non-Borrowing Spouse dies, whichever occurs first. During the Deferral Period, the Lender shall have no obligation to make Loan Advances but the Lender may not require immediate payment in full until the end of the Deferral Period. The Lender may continue to add to the outstanding Principal Balance the amounts that accrue in accordance with Subsections Sections 2.3.2, 2.3.3, 2.12.32.8.3, and 2.13.32.9.3. The Lender shall notify an Eligible Non-Borrowing Spouse that the due and payable status of the Loan HECM is in a Deferral Period only for the amount of time that an Eligible Non- Non-Borrowing Spouse continues to meet all requirements established by the Secretary and the Property continues to be the Principal Residence of an such Eligible Non-Borrowing Spouse. Once the Deferral Period ends, the HECM is immediately due and payable. The Deferral Period is not available to any Ineligible Non-Borrowing Spouse. The Deferral Period will terminate or become unavailable to an Eligible Non-Borrowing Spouse at the time he or she becomes ineligible.