Fillable HMFA 1-4 FAMILY/ TAX-EXEMPT FINANCING RIDER (New Jersey Housing and Mortgage Finance Agency)

Fill Online, Printable, Fillable, Blank HMFA 1-4 FAMILY/ TAX-EXEMPT FINANCING RIDER (New Jersey Housing and Mortgage Finance Agency) Form

Use Fill to complete blank online NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY (NJ) pdf forms for free. Once completed you can sign your fillable form or send for signing. All forms are printable and downloadable.

HMFA 1-4 FAMILY/ TAX-EXEMPT FINANCING RIDER (New Jersey Housing and Mortgage Finance Agency)

On average this form takes 2 minutes to complete

The HMFA 1-4 FAMILY/ TAX-EXEMPT FINANCING RIDER (New Jersey Housing and Mortgage Finance Agency) form is 4 pages long and contains:

  • 0 signatures
  • 0 check-boxes
  • 7 other fields

Country of origin: US
File type: PDF

U.S.A. forms for New Jersey Housing and Mortgage Finance Agency

BROWSE NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY (NJ) FORMS

Related forms
Fill has a huge library of thousands of forms all set up to be filled in easily and signed.
Fill in your chosen form
Sign the form using our drawing tool
Send to someone else to fill in and sign.
find another form
 
HMFA 1-4 FAMILY/
TAX-EXEMPT FINANCING RIDER
THIS 1-4 FAMILY/TAX-EXEMPT FINANCING RIDER IS MADE THIS day of
, , and is incorporated into and shall be deemed to amend and supplement the
Mortgage, Deed of Trust or Security Deed ("Security Instrument") of the same date given by the
undersigned ("Borrower") to secure Borrower's Note ("Note") to
("Lender") of the same date and covering the property described in the Security Instrument and located
at:
1) In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender
further covenant and agree that it will be a condition of default by the Borrower and grounds for
acceleration (Lender may require immediate payment in full of all sums secured by this Security
Instrument) if:
A. All or part of the Property is sold or otherwise transferred by Borrower to a purchaser or
other transferee:
(i) Who cannot reasonably be expected to occupy the property as a principal residence
within a reasonable time after the sale or transfer, all as provided in Section 143(c)
and (i)(2) of the Internal Revenue Code; or
(ii) Who has had a present ownership interest in a principal residence during any part
of the three-year period ending on the date of the sale or transfer, all as provided in
Section 143(d) and (i)(2) of the Internal Revenue Code (except that "100 percent"
shall be substituted for "95 percent or more" where the latter appears in Section
143(d)(1); or
(iii) Has an acquisition cost which is greater than 90 percent of the average area
purchase price (greater than 110 percent for targeted area residences), all as
provided in Section 143(e) and (i)(2) of the Internal Revenue Code; or
(iv) Who has a gross family income in excess of the applicable percentage of applicable
median family income as provided in Section 143(f) and (i)(2) of the Internal
Revenue code; or
B. Borrower fails to occupy the property described in the Security Instrument without prior
written consent of Lender or its successors or assigns described at the beginning of this 1-
4 Family Tax Exempt Financing Rider, or
/Users/mlawlor/Desktop/AA MICROSITE/DPA CHANGES/NJHMFA Main Site Edits/Lender Area Documents/HMFA612 TAX EXMPT RDR_final6_1_18.doc
C. Borrower omits or misrepresents a fact that is material with respect to the provisions of
Section 143 of the Internal Revenue Code in an application for this loan secured by this
Security Instrument.
D. Borrower covenants and agrees that Borrower shall within 60 days from the date hereof
and continually thereafter during the term of this mortgage occupy the Property as
Borrower's principal residence. This paragraph supersedes paragraph 6 of the mortgage
document.
References are to the Internal Revenue Code of 1986, as amended and in effect on the date of
issuance of bonds, the proceeds of which will be used to finance the purchase of the Security
Instrument and are deemed to include applicable Treasury regulations.
2) Mortgage Insurance. If Lender required mortgage insurance as a condition of making the loan
secured by this Security Instrument, Borrower shall pay the premiums required to maintain the mortgage
insurance in effect. If, for any reason, the mortgage insurance coverage required by Lender lapses or
ceases to be in effect, Borrower shall pay the premiums required to obtain coverage substantially
equivalent to the mortgage insurance previously in effect, at a cost substantially equivalent to the cost to
Borrower of the mortgage insurance previously in effect, from an alternate mortgage insurer approved by
Lender. Borrower shall pay the premiums required to maintain mortgage insurance in effect until the
requirement for mortgage insurance ends in accordance with any written agreement between Borrower
and Lender or applicable law. This paragraph supersedes paragraph 10 of the mortgage document.
3) Mortgagee’s Reliance on Borrower's Representations. Borrower hereby warrants and represents that
all affirmations made in the Mortgagor's Affidavit executed by the Borrower hereof, which have been
relied upon by the Mortgagee in the granting of this mortgage loan are true and correct. In the event
during the term of this mortgage loan it is discovered that Borrower has made any false statements on
the aforementioned affidavit, then the entire principal balance together with accrued interest shall, at the
option of the mortgagee, become immediately due and payable.
4) In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender
further covenant and agree that with regard to the 1-4 Family covenants as follows:
A. ADDITIONAL PROPERTY SUBJECT TO THE SECURITY INSTRUMENT. In addition to
the Property described in the Security Instrument, the following items are added to the
Property description, and shall also constitute the Property covered by the Security
Instrument: building materials, appliances and goods of every nature whatsoever, owned
by the borrower, now or hereafter located in, on, or used, or intended to be used in
connection with the electricity, gas, water, air and light, fire prevention and extinguishing
apparatus, security and access control apparatus, plumbing, bath tubs, water heaters,
water closets, sinks, ranges, stoves, refrigerators, dishwashers, disposals, washers,
dryers, awnings, storm windows, storm doors, screens, blinds, shades, curtains and curtain
rods, attached mirrors, cabinets, paneling and attached floor coverings now or hereafter
attached to the Property, all of which, including replacements and additions thereto, shall
be
/Users/mlawlor/Desktop/AA MICROSITE/DPA CHANGES/NJHMFA Main Site Edits/Lender Area Documents/HMFA612 TAX EXMPT RDR_final6_1_18.doc
deemed to be and remain a part of the Property covered by the Security Instrument. All of
the foregoing together with the Property described in the Security Instrument (or the
leasehold estate if the Security Instrument is on a leasehold) are referred to in this 1-4
Family/Tax-Exempt Rider and the Security Instrument as the "Property."
B. USE OF PROPERTY; COMPLIANCE WITH LAW. Borrower shall not seek, agree to, or
make a change in the use of the Property or its zoning classification, unless Lender has
agreed in writing to the change. Borrower shall comply with all laws, ordinances,
regulations and requirements of any governmental body applicable to the Property.
C. SUBORDINATE LIENS. Except as mandated by federal law, Borrower shall not allow any
lien inferior to the Security Instrument to be perfected against the Property without Lender's
prior written permission.
D. RENT LOSS INSURANCE. Borrower shall maintain insurance against rent loss for any
rental units in addition to the other hazards for which insurance is required by Uniform
Covenant 5.
E. ASSIGNMENT OF LEASES. Upon Lender's request, Borrower shall assign to Lender all
leases of the Property and all security deposits made in connection with leases of the
Property. Upon the assignment, Lender shall have the right to modify extend or terminate
the existing leases and to execute new leases, in Lender's sole discretion. As used in this
paragraph E, the word "lease" shall mean "sublease" if the Security Instrument is on a
leasehold.
F. ASSIGNMENT OF RENTS; APPOINTMENT OF RECEIVER; LENDER IN POSSESSION.
Borrower absolutely and unconditionally assigns and transfers to Lender all the rents and
revenues ("Rents") of the Property, regardless of to whom the Rents of the Property are
payable. Borrower authorizes Lender or Lender's agents to collect the Rents, and agrees
that each tenant of the Property shall pay the Rents to Lender or Lender's agents.
However, Borrower shall receive the Rents until (i) Lender has given Borrower notice of
default pursuant to paragraph 22 of the Security Instrument and (ii) Lender has given
notice to the tenant(s) that the Rents are to be paid to Lender or Lender's agent. This
assignment of Rents constitutes an absolute assignment and not an assignment for
additional security only.
If Lender gives notice of the breach to Borrower: (i) all Rents received by the Borrower
shall be held by borrower as trustee for the benefit of Lender only, to be applied to the
sums secured by the Security Instrument; (ii) Lender shall be entitled to collect and receive
all of the Rents of the Property; (iii) Borrower agrees that each tenant of the Property shall
pay all Rents due and unpaid to Lender or Lender's agents upon Lender's written demand
to the tenant; (iv) unless applicable law provides otherwise, all Rents collected by Lender
or Lender's agents shall be applied first to the costs of taking control of and managing the
Property and collecting the Rents, including, but not limited to, attorney's fees, receiver's
fees, premiums on receiver's bonds, repair and maintenance costs, insurance premiums,
taxes, assessments and other charges on the Property, and then to the sums secured by
the Security Instrument; (v) Lender, Lender's agents or any judicially appointed receiver
/Users/mlawlor/Desktop/AA MICROSITE/DPA CHANGES/NJHMFA Main Site Edits/Lender Area Documents/HMFA612 TAX EXMPT RDR_final6_1_18.doc
shall be liable to account for only those Rents actually received; and (vi) Lender shall be
entitled to have a receiver appointed to take possession of and manage the Property and
collect the Rents and profits derived from the Property without any showing as to the
inadequacy of the Property as security.
If the Rents of the Property are not sufficient to cover the costs of taking control of and
managing the Property and of collecting the Rents any funds expended by Lender for such
purposes shall become indebtedness of Borrower to Lender secured by the Security
Instrument pursuant to Uniform Covenant 9.
Borrower represents and warrants that Borrower has not executed any prior assignment of
the rents and has not and will not perform any act that would prevent Lender from
exercising its rights under this paragraph.
Lender, or Lender's agents or a judicially appointed receiver, shall not be required to enter
upon, take control of or maintain the Property before or after giving notice of default to
Borrower. However, Lender, or Lender's agents or a judicially appointed receiver, may do
so at any time when a default occurs. Any application of Rents shall not cure or waive any
default or invalidate any other right or remedy of Lender. This assignment of Rents of the
Property shall terminate when all the sums secured by the Security Instrument are paid in
full.
G. Any amounts received under Uniform Covenant 11, which could otherwise be paid to the
Borrower, shall, as a remedy, which may be exercised by the Lender at the Lender's
discretion, be retained by the Lender and applied to the Borrower's arrears under the Note
and the Security Instrument.
H. CROSS-DEFAULT PROVISION. Borrower's default or breach under any note or
agreement in which Lender has an interest shall be a breach under the Security Instrument
and Lender may invoke any of the remedies permitted by the Security Instrument.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions in this 1-4Family/Tax-
Exempt Financing Rider.
(SEAL)
Borrower
(SEAL)
Borrower
Download
Save PDF to desktop
Email
Email completed PDF
Send for Signing
Email for others to sign
Print
Print document
Choose a Field
Click on a field and
select the person that should complete it
Want to add a signature?
You can add a signature field
and assign it to someone else
to sign
Choose a Field
Click on a field and
select the person that should complete it

HMFA 1-4 FAMILY TAX-EXEMPT FINANCING RIDER (New Jersey Housing and Mortgage Finance Agency)

This document is locked as it has been sent for signing.

You have successfully completed this document.

Other parties need to complete fields in the document. You will recieve an email notification when the document has been completed by all parties.

This document has been signed by all parties.

Completed 28 January 2021

Message

View Audit Log
Print With Audit Log
Duplicate Document