Common use of Additional Amounts Secured Clause in Contracts

Additional Amounts Secured. Any amounts disbursed by Xxxxxx under this Section 6 will become additional debt of Borrower secured by this Security Instrument. These amounts may bear interest at the Note rate (if any) from the date of disbursement and will be payable, with such interest, upon notice from Lender to Borrower requesting payment. [If (i) the Borrower is in default under the Note, (ii) the mortgage securing the first lien note is an FHA-insured mortgage, and (iii) the default results solely from a violation of a legal restriction on conveyance as defined by 24 C.F.R. § 203.41 (such as an owner-occupancy requirement), then the Borrower will not be liable for the Note Holder’s costs and expenses, including attorneys’ fees; the Borrower will, however, be liable to repay the outstanding amount of principal provided to make the Property affordable as low- or moderate-income housing plus a reasonable rate of interest, as applicable.]

Additional Amounts Secured. Any amounts disbursed by Xxxxxx under this Section 6 will become additional debt of Borrower secured by this Security Instrument. These amounts may bear interest at the Note rate (if any) from the date of disbursement and will be payable, with such interest, upon notice from Lender to Borrower requesting payment. [If (i) the Borrower is in default under the Note, (ii) the mortgage deed of trust securing the first lien note is an FHA-insured mortgagedeed of trust, and (iii) the default results solely from a violation of a legal restriction on conveyance as defined by 24 C.F.R. § 203.41 (such as an owner-occupancy requirement), then the Borrower will not be liable for the Note Holder’s costs and expenses, including attorneys’ fees; the Borrower will, however, be liable to repay the outstanding amount of principal provided to make the Property affordable as low- or moderate-income housing plus a reasonable rate of interest, as applicable.]

Additional Amounts Secured. Any amounts disbursed by Xxxxxx under this Section 6 will become additional debt of Borrower secured by this Security Instrument. These amounts may bear interest at the Note rate (if any) from the date of disbursement and will be payable, with such interest, upon notice from Lender to Borrower requesting payment. [If (i) the Borrower is in default under the Note, (ii) the mortgage deed securing the first lien note is an FHA-insured mortgagemortgage deed, and (iii) the default results solely from a violation of a legal restriction on conveyance as defined by 24 C.F.R. § 203.41 (such as an owner-occupancy requirement), then the Borrower will not be liable for the Note Holder’s costs and expenses, including attorneys’ fees; the Borrower will, however, be liable to repay the outstanding amount of principal provided to make the Property affordable as low- or moderate-income housing plus a reasonable rate of interest, as applicable.]