Common use of HUD Obligation Clause in Contracts

HUD Obligation. If the Lender has no further obligation to make payments to Borrower because of Section 3.2., the Secretary shall assume the rights and obligations of Lender under this Loan Agreement, except the Secretary shall not assume any obligation of paying flood, fire and other hazard insurance from Loan Advances.

HUD Obligation. If the Lender has no further obligation to make payments to Borrower because of Section 3.24.2., the Secretary shall assume the rights and obligations of Lender under this Loan Agreement, except the Secretary shall not assume any obligation of paying flood, fire and other hazard insurance from Loan Advances.. If the Secretary makes Loan Advances to Borrower under the Second Security Instrument, the

HUD Obligation. If the Lender has no further obligation to make payments to Borrower because of Section 3.24.2., the Secretary shall assume the rights and obligations of Lender under this Loan Agreement, except the Secretary shall not assume any obligation of paying flood, fire and other hazard insurance from Loan Advances. If the Secretary makes Loan Advances to Borrower under the Second Security Instrument, the portion of the Principal Limit available for Loan Advances shall be the difference between the current Principal Limit and the combined Principal Balances on the Security Instrument less accrued interest and the Second Security Instrument.

HUD Obligation. If the Lender has no further obligation to make payments to Borrower because of Section 3.2.3.3, the Secretary shall assume the rights and obligations of Lender under this Loan Agreement, except the Secretary shall not assume any obligation of paying flood, fire and other hazard insurance from Loan Advances.