Common use of Foreclosure Procedure Clause in Contracts

Foreclosure Procedure. [For illustration only. Needs state adaptation as provided in the instructions attached.] If Lender requires immediate payment in full under Paragraph 9, Lender may invoke the power of sale and any other remedies provided in this Paragraph 20, including, but not limited to, reasonable attorney's fees and costs of title evidence. If Xxxxxx invokes the power of sale, Lender shall give notice of sale to Borrower in the manner provided in Paragraph 16. Lender shall publish and post the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorney's fees; (b) to all sums secured by this Security Instrument, and (c) any excess to the person or persons legally entitled to it. [Add any state-specific provisions in accordance with the instructions attached and HUD Handbook 4165.1 REV-1, Chapter 4] [Number as final paragraph.] Riders to this Security Instrument. If one or more riders are executed by Xxxxxxxx and recorded together with this Security Instrument, the covenants of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)]. [ ] Condominium Rider [ ] Planned Unit Development Rider [ ] Shared Appreciation Rider [ ] Other [Specify] BY SIGNING XXXXX, Xxxxxxxx accepts and agrees to the terms contained in this Security Instrument and in any rider(s) executed by Xxxxxxxx and recorded with it. Witnesses:

Foreclosure Procedure. [For illustration only. Needs state adaptation as provided in the instructions attached.] If Lender requires immediate payment in full under Paragraph 911, Lender may invoke the power of sale and any other remedies provided in this Paragraph 20, including, but not limited to, reasonable attorney's fees and costs of title evidencepermitted by applicable law. If Xxxxxx invokes the power of sale, Lender shall give notice of sale to Borrower in the manner provided in Paragraph 16. Lender shall publish and post the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorney's fees; (b) to all sums secured by this Security Instrument, EPM; and (c) any excess to the person or persons legally entitled to it. [Add any state-specific provisions The following language is mandatory in accordance with the instructions attached and HUD Handbook 4165.1 REV-1, Chapter 4] [Number as final paragraphall cases.] If the Lender’s interest in this EPM is held by the Secretary of Housing and Urban Development (the Secretary) and the Secretary requires immediate payment in full under Paragraph 12, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 (“Act”) (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph or applicable law. Riders to this Security InstrumentEPM. If one or more riders The following Riders are to be executed by Xxxxxxxx Borrower [check box as applicable] and recorded together with this Security Instrument, the covenants of each such rider Rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)]. [ ] Condominium Rider [ ] Planned Unit Development Rider [ ] Shared Appreciation Rider [ ] EPM:  Other [Specify] specify]: _______________________________________________________ BY SIGNING XXXXX, Xxxxxxxx accepts and agrees under seal to the terms contained in this Security Instrument and in any rider(sRider(s) executed by Xxxxxxxx and recorded with it. Witnesses: BORROWER: __________________ By:_________________________(SEAL) Name:_____________________________ __________________ By:_________________________(SEAL) Name:______________________________ ______________[Space Below This Line for Acknowledgement]____________ State of _______________________ ) ) ss.: County of ____________________ ) On the <<DAY>> day of <<MONTH>>, in the year <<YEAR>>, before me, the undersigned, a Notary Public in and for said State, personally appeared <<BORROWER>>, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that s/he executed the same in her/his capacity, and that by her/his signature on the instrument, the individual, or the person or entity on behalf of which the individual acted, executed the instrument. __________________________________ Notary Public SCHEDULE A

Foreclosure Procedure. [For illustration only. Needs Mortgagee needs to adapt this provision to state adaptation law so as provided in the instructions attachedto ensure that HUD has full enforcement authority for a shared equity mortgage under state law.] If Lender requires immediate payment in full under Paragraph 912, Lender may invoke the power of sale and any other remedies provided in this Paragraph 20, including, but not limited to, reasonable attorney's fees and costs of title evidencepermitted by applicable law. If Xxxxxx invokes the power of sale, Lender shall give notice of sale to Borrower in the manner provided in Paragraph 1617. Lender shall publish and post the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorney's fees; (b) to all sums secured by the HOPE Mortgage; (c) to all sums secured by this Security Instrument, SEM; and (c) any excess to the person or persons legally entitled to it. [Add any state-specific provisions The following language is mandatory in accordance with the instructions attached and HUD Handbook 4165.1 REV-1, Chapter 4] [Number as final paragraphall cases.] If the Lender’s interest in this Security Instrument is held by the Secretary of Housing and Urban Development (the Secretary) and the Lender requires immediate payment in full under Paragraph 12, the Lender may invoke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 (“Act”) (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Lender of any rights otherwise available to a Lender under this paragraph or applicable law. Riders to this Security Instrument. If one or more riders The following Riders are to be executed by Xxxxxxxx Borrower [check box as applicable] and recorded together with this Security Instrument, the covenants of each such rider Rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)]. [ ] Condominium Rider [ ] Planned Unit Development Rider [ ] Shared Appreciation Rider [ ] :  Other [Specify] specify]: _______________________________________________________ BY SIGNING XXXXX, Xxxxxxxx accepts and agrees under seal to the terms contained in this Security Instrument and in any rider(sRider(s) executed by Xxxxxxxx and recorded with it. Witnesses: BORROWER: _____________________ By:____________________________(SEAL) Name:_____________________________ _____________________ By:____________________________(SEAL) Name:______________________________ ______________[Space Below This Line for Acknowledgement]________________ State of ______________________ ) ) ss.: County of ____________________ ) On the <<DAY>> day of <<MONTH>>, in the year <<YEAR>>, before me, the undersigned, a Notary Public in and for said State, personally appeared <<BORROWER >>, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that s/he executed the same in her/his capacity, and that by her/his signature on the instrument, the individual, or the person or entity on behalf of which the individual acted, executed the instrument. ____________________________________

Foreclosure Procedure. [For illustration only. Needs Mortgagee needs to adapt this provision to state adaptation law so as provided in the instructions attachedto ensure that HUD has full enforcement authority for a shared appreciation mortgage under state law.] If Lender requires immediate payment in full under Paragraph 912, Lender may invoke the power of sale and any other remedies provided in this Paragraph 20, including, but not limited to, reasonable attorney's fees and costs of title evidencepermitted by applicable law. If Xxxxxx invokes the power of sale, Lender shall give notice of sale to Borrower in the manner provided in Paragraph 1617. Lender shall publish and post the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorney's fees; (b) to all sums secured by this Security Instrument, XXX; and (c) any excess to the person or persons legally entitled to it. [Add any state-specific provisions The following language is mandatory in accordance with the instructions attached and HUD Handbook 4165.1 REV-1, Chapter 4] [Number as final paragraphall cases.] If the Lender’s interest in this XXX is held by the Secretary of Housing and Urban Development (the Secretary) and the Secretary requires immediate payment in full under Paragraph 12, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 (“Act”) (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph or applicable law. Riders to this Security InstrumentXXX. If one or more riders The following Riders are to be executed by Xxxxxxxx Borrower [check box as applicable] and recorded together with this Security Instrument, the covenants of each such rider Rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)]. [ ] Condominium Rider [ ] Planned Unit Development Rider [ ] Shared Appreciation Rider [ ] XXX:  Other [Specify] specify]: _______________________________________________________ BY SIGNING XXXXX, Xxxxxxxx accepts and agrees under seal to the terms contained in this Security Instrument and in any rider(sRider(s) executed by Xxxxxxxx and recorded with it. Witnesses: BORROWER: __________________ By:_________________________(SEAL) Name:_____________________________ __________________ By:_________________________(SEAL) Name:______________________________ ______________[Space Below This Line for Acknowledgement]____________ State of _______________________ ) ) ss.: County of ____________________ ) On the <<DAY>> day of <<MONTH>>, in the year <<YEAR>>, before me, the undersigned, a Notary Public in and for said State, personally appeared <<BORROWER>>, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that s/he executed the same in her/his capacity, and that by her/his signature on the instrument, the individual, or the person or entity on behalf of which the individual acted, executed the instrument. __________________________________ Notary Public SCHEDULE A