HUD-50149-A Rider for Section 184A Mortgage (LEASEHOLD)

OMB Approved No.
(Exp. )

RIDER FOR SECTION 184A MORTGAGE
(LEASEHOLD)
THIS RIDER FOR SECTION 184A MORTGAGE is made this _________day of ______, 20___ 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:
[Property Address]
ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender
further covenant and agree as follows:
A.

The interests of the Borrower in the property described above were created by a lease agreement from The
Department of Hawaiian Home Lands, as lessor, dated _________________, 20____ and identified as Lease No.
__________. Any reference to the “Property” shall be construed as referring only to the interest of Borrower created
by such lease or any replacement lease (as applicable).

B.

Defaults under the Security Instrument will be deemed by the Department of Hawaiian Home Lands to be defaults
under the lease.

C.

If the Security Instrument is assigned to the Secretary of Housing and Urban Development (“Secretary”), the
Secretary will assign the Security Instrument to the Department of Hawaiian Home Lands to perform applicable
foreclosure proceedings.

D.

This Security Instrument may be assumed, subject to credit approval by the Lender/HUD and certification of eligibility
by the Department of Hawaiian Home Lands to an assumption of the existing lease or the grant of the new lease.
Assumption shall not cause any adjustment of the interest rate.

E.

Any form of transfer and succession of property subject to the Security Instrument will require an assumption of the
Security Instrument, subject to credit approval by the Lender/HUD and certification of eligibility by the Department of
Hawaiian Home Lands.

STATEMENT OF OCCUPANCY. Borrower(s) will occupy the subject property as a principal residence within sixty (60) days of the
loan closing. In the case of new construction, borrower(s) must occupy within 60 days of completion of construction and/or issuance of
the Certificate of Occupancy. Borrower(s) further understand that occupancy is a requirement for the life of the Section 184A mortgage
and that the home shall not be vacated or converted to rental while encumbered with a Section 184A mortgage. Borrower(s) further
confirm and understand and agree that failure to occupy the property as a principal residence as provided above, shall constitute a
default under the terms and conditions of the loan, and upon the occurrence of such default the whole sum of principal and interest
shall immediately become due and payable at the option of the holder of the Note.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants in this Rider for Section 184A Mortgage.
_______________________________________________ (SEAL)
Borrower
_______________________________________________ (SEAL)
Borrower
Privacy Act Statement. This statement is provided pursuant to the Privacy Act of 1974, 5 USC § 552a. The authority for collecting
personally identifiable information (PII) in the Regulatory Consistency Communication Board (RCCB) Electronic Feedback Form is
based in Section 313 of Public Law 112-95.

Form HUD 50149-A (date)

OMB Approved No.
(Exp. )
Public reporting burden for this collection of information is estimated to average .5 hours per response, including the time for
reviewing instructions, searching existing data sources, gather and maintaining the data needed, and completing and reviewing the
collection of information. HUD may not collect this information, and you are not required to complete this form, unless it displays a
currently valid OMB control number.
This information is required in order for an eligible homebuyer to obtain a benefit and for HUD to administer the Loan Guarantee
Program for low-income Native Americans, Alaska Natives, and native Hawaiians (24 CFR Parts1000 and 6000). The requested
information is necessary to determine the income and credit worthiness of low income homebuyers. If HUD did not collect this
information, it would prevent HUD from guaranteeing mortgages to eligible homebuyers. While no assurances of confidentiality are
pledged to respondents, HUD generally discloses this data only in response to a Freedom of Information request.

Form HUD 50149-A (date)