Second Security Instrument definition
Examples of Second Security Instrument in a sentence
Lender shall have no obligation to make further Loan Advances if the Lender or the Secretary determines that the lien status of the Security Instrument or the Second Security Instrument is jeopardized under State laws as described in Paragraph 12(a) of the Security Instrument or Second Security Instrument and the lien status is not extended in accordance with Paragraph 12(a).
If the Security Instrument has been assigned to the Secretary or the Secretary notifies Lender and Borrower that Loan Advances are secured by the Second Security Instrument, Lender shall have no further obligation to make Loan Advances under this Loan Agreement, unless the Secretary accepts later reimbursement by the Lender for all Loan Advances made, earned or disbursed by the Secretary.
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.
If the Security Instrument has been assigned to the Secretary or the Secretary notifies ▇▇▇▇▇▇ and Borrower that Loan Advances are secured by the Second Security Instrument, ▇▇▇▇▇▇ shall have no further obligation to make Loan Advances under this Loan Agreement, unless the Secretary accepts later reimbursement by the Lender for all Loan Advances made, earned or disbursed by the Secretary.
Lender shall have no obligation to make further Loan Advances if the Lender or the Secretary determines that the lien status of the Security Instrument or the Second Security Instrument is jeopardized under State laws as described in Paragraph 13(a) of the Security Instrument or Second Security Instrument and the lien status is not extended in accordance with Paragraph 13(a).
Lender shall have no obligation to make Loan Advances if it determines on the basis of title evidence that the Property is encumbered by any liens that jeopardize the first lien status of the Security Instrument or the second lien status of the Second Security Instrument, or if the Borrower refuses to execute any document approved by the Secretary to extend the first and second lien status to an additional maximum Principal Balance or an additional number of years.
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 Page 13 of 169/94 4230.1 REV-5 APPENDIX 68 Principal Limit and the combined Principal Balances on the First Security Instrument less accrued interest and the Second Security Instrument.
If the First Security Instrument has been assigned to the Secretary or the Secretary notifies Lender and Borrower that Loan Advances are secured by the Second Security Instrument, Lender shall have no further obligation to make Loan Advances under this Loan Agreement, unless the Secretary accepts later reimbursement by the Lender for all Loan Advances made, earned or disbursed by the Secretary.
If the title evidence indicates that the property is not encumbered by any liens (except this Security Instrument, the Second Security Instrument described in Paragraph 13(a) and any subordinate liens that the Lender determines will also be subordinate to any future loan advances), ▇▇▇▇▇▇ shall request the Borrower to execute any documents necessary to protect the lien status of future loan advances.
The proceeds shall be applied first to the reduction of any indebtedness under a Second Note and Second Security Instrument held by the Secretary on the Property, and then to the reduction of the indebtedness under the Note and this Security Instrument.