Loading...
HomeMy WebLinkAbout0510U~it~~K~t ('~~~r~~yrs. HorruHCr an~ l.~si.l~r cu~cn:~nt .~n.1 :~cr~~ a. tuliu~~,: 1. Pa~mcnt uf Principal and Interctil. Iiurr~~N~r ,h:Jl E,r~~mptit pay ~~hrn duc thr prin~ipal of :,nd ~ntrr~st un the indcbtcdncss c~ idrn~~.i hy thc Not~. prtp:-)'nt~nt :~ml latr ch:~~g~• :~• ~n~~ i.l~d n+ th~ \ote. :+nJ Ihc principal uf and int~r~st un any Fuiuir AJ~.~+i:rc tC~iliC~t ht• thz~ '1lnrt~;;ebz. 2. Fuodc for Taxes and Insurance. Subjcct t~• appli~ablc la~< <•r to a~~rittrn ~~aiver hy I.rnder. B:~rr~~v-•rr ,hall pa~. lo l.c~~de~ on th~ ~1:n~ monthl}• in.tatlm~nt~ i~f principal and intrrr.t arr {~ayuhl~ undcr Ihc tiutc, icntil th~ `~~t~ i~ p:~id in (ul1, a sum Iher~in "Fun~ls"1 cyu;+l tc, ~mr-t~~~llth of ~h~ ~r:-rl)' ta~~. aml :~.~r.~mcm. «hirh ma~~ aUain pn~~rity ~~~'~r thi; ~tortga~c. an~f ~round renls on thc Pr.~pcn}. il ;in}•. plu, .,nr-t~.clith u1 ~rarl~~ prrnuum installmcnts for har.~rd ~n,ur.~nce. plw unc-t~~rlith of ~carl~• prrmiimi imtallmcnt~ t.~r nu,ngagc ~nwr.~ncr. ~f an)•. all at r~awnahh~ c~timatc~l initiall~ and from timc lO limt` h~• f.~ndcr ~~n thr ha~i~ i~l :~~~~~ti~»~nh .uu1 hill~ ;+n~1 r~:~~~~iti~hl~ C~lim:~IC~ lhCre~~t "I~hc Fund. ~h:ill tk hc1J in :~n i~i.tituti.~n -h< <l~Fx~.it. ~~r .~cr~~unh ~~t H•hich ar~ in+urr~l or ~uarantrc~i h~~ a Fcdcral or ~l:it~ agcn~)' 1 inrluding I.cndcr i[ Lcn~i~r i, ~uch an ~mtituti~,n 1. I~nd~r ~hall :+pp!)• thc Fund; tu pa} ,ai~l ta~c~. :+~~r~~mcntti. in,uran~e prcmiuntti an~ grcnttid rrnh. I rn~cr ma~ n~,t rhatgr t~•r,~~ h~~l~linc and appl)in~ Ih~ Fun.l.. anal~nnc,:~i~t acc.~turi. ur verif~ing and «,n~p;ling .aid a~~~.,mc~~t, ;~n.l hill.. unlc„ I.rn~lrr pa). B~~rn~ti•rr intcm,t ~~n the Fun~k and appli~:-hlc la~• ~x:rmits l.en~+.rr t~~ mak~ tiurh a~•h:-rge. li,+rru~~er and Lr~ul~r m:-~ :egrr~ in ~~nung :~t thr tim< <,f ~~r~utii~n of this ~tortga~~ Iha1 intcrr.~ i~n thc F:isi~l~ ,h::!! 4.~ p,iiJ t.~ B~•rr.nv~r. :ui~1 unl~„ ~u~h agr~~n:cnl i, mad< <~r applia-hlc IaW' r~yuirel ~uch intcrr,: t~~ be ~+:-i~l. 1 rn~f~r ,h:~ll n~~t hr r~yuircJ t~~ p.~) li~,nu~~~r .~n~ inirrrit „r ~:irning, ~~n thc F~~nd~. Lrn~tr .hall gi~~ l~~ 13~~rnn~rr, ~~ith~~u[ ~h:uer. :~n annual :~cr~~-muni ~~f th~ I unu. ~h~~~~ing ~r~.litc an~l ~1~hit~ h~ th~ t~und~ and thr purEx»~ f~~r ~~hirh ~:~ch Jehit t~, thi Fund~ ~+a, m:i~lr. Ih~ I un~l. ar~ rk~l~;~~1 a, ad.l~tirnat ~e~un1~• trr thc ~um~ ~c~ured h~• thi. \tortg:-ge. lf thc amot-nt ~~f thr Fund, hcld h~~ I rn~i~r. t~~Lrthrr ~~ith th~ tuturr munthl~ u~.t.~tlmrntti .~( f~iin.1~ p:~~:~ble pni~r to th~ duc dates c~f t,~~c., a,.tti,nu»t~. intur.u~~c {~~~mium. an.i !,n,un~l r~nt+. ~hall ~~c«d thc :~m~~unt re.~uir~d t~~ ~.~~ ,ai~1 ta~~s, asussmcnt.. ~n,ur:in.~ pr~miumti and ~r~~und r~nh .~, ih~~ t:ill ~lur. ,unc ~~«•, ;hall Fk. :~t B~•rr.ncrr'. c~pti,~n. ~~thcr prcmptl~ r~paid ta Borru~~cr .~r crcdur.l tu Burn~~~cr un nu~nthh ~n.tallmrn~. ~•f 1=und.. ff ~hr :imuunt .~f thr Funds hcld h~' L~ndrr .hall nut bc ~uflicicnt to pa~~ t:-~r;. us,~:~mrnt,. ~n,ur.iiirr ~rrmi:nn. :~nJ ~r~,und rrntc as ~he~• fall duc. Bi~rr.~w~r .h:ill pa~ t~~ 1_~ndcr :~n) :urn,unt n«r.,ar~ tu ~n:iF.r u}~ th~ .I~ti.irni~ withi~~ ;0.1.~~. tna~t th~ dat~ n„uc~ i~ mailyd b)' I.cndrr to t3~,rnn~rr rcyur`tinc p:~)m~nt thcr~~~~. Up~,n pa~mrnt ~n f~;l1 uf all suni, ~•~~ureJ b~ th~. ~t„n~.~L~. 1 cn~tcr ~h::ll ~~~~snrt!~ ~rtun~! tu l3~,rn~"cr :+m• Funds held h~• I en.i~r. li under paragraph l~ h~r~~~t th~ Prrp~rt~ i. ,~~I~I ~~r th~ Pn,F•crt~ i, ~~thcn+i,~ :~~~~~i~r~d h} I ~n~~r. Lrn~ler ~hall applt. n~~ I.iirr than itum~di:~t~l~ pri~~r ~~~ thc ~:tlr ~~i thr PrrE~~rt~ ~,r ih .~~yuis~u~~n h~ Lrndrr. sm' I=und, h~l~ b}' Len~l~r :~t th~ t:n~~ ~~1 :~ppli::~tion :u a cr~Jit ag:umt th~ ~um. ,~.:ur~~i h~ thi, \t~~rtc:+t:~ 3. :lpplicalion uf Pa~mcnts. l nlr., ap~~li~ahlr I:t~. pr~,•i~leti ~~th~r~~i,c. :~II E~.~~m~nt. rci~i~tJ b~• Lr~id~r urnl~r th~ \~,t~ .~;~5 {~.ir.~~raF•h. I.~n~t'_ hr:c„t ,h.~ll hr :-p~LcJ h~ I rn.t~r fir,t in ~,,~~mrnt ~~t arrn,unts p:~~:ih(r t~, I~n~trr h~ Borm~•er unJ~r par:igranh ' h~rr~+f. th~n t.~ int~r~.t E~a)ahli ~~ii thr \~~tr. thrn t~~ th~ prin~ipal .~I thc ~c~t~, an.t thrn tn intrrrtit :+n~l ~nn~i~al ~~n .~m E=uturc Ad~anc~~. ~l. ('hrr}~c~: Licns. li~~r~.x.cr ,h.~l', p.~~ .~1! t,~~r~, .~,•r,•~sirnh .in.l ~~th~r char,•r.. finr. :~n.1 ~m~•~~~21i~~n. .~ttnhutahlc tr thc Pru~xrt~ ~~iiich ma~ an.~in a pri~,rit)' ~,~rr thi. \tar~_ae~. :uid I~a.~h.~lil ~~.n•m~~~t. ~~r ~ro:md r~nt~. if am. in th~ manncr pru~i~lc:ii un~lir p:~r:~~:aph ? h~rr~~~ ur. ~I nrt p:u~i ~n +urh nt:~nn.r. hi Burr.,~-~r m.~~,in~ p:~)mrnt. ~~hen :lu~. .iirrrtl}~ t~ thc pace~ ~h~icvE. 8„ir.~.5cr th:;tl pron:~r,l~ furt~~~t: te+ l.en:!e~ a!! r•+y,+:c, ~•f .~m~~nnt, ~iu~ i~nd~r thiti p:-r.~~raph, and in the e~ent liorrt~~~er :hall mal~r p.~)ment dtr~~tl~. li~~rn•~~~r ,h:~ll pr.»n{~th turni,li t~~ I.rsui~r r«~i~•t. r~iJcn.in~ ~uch (~:~~mcntti. Horrourr ,hall ~~runtE,th ~Ii,~t~.:rL~ an~ li~i~ ~~h~ch hc~, E~ni,r~t~ ~~~~r thi~ \t.~rtga~~~- {'r~~~•i~1r~t. th:,t B,,rn~~+•~r ~h.ill n~•t tx :~yuired t~~ .iiti~h.~~gc :~nt .u~n IiLn ,r I.~n~ .i, li~~n.~~~~r ~hall a!,rr~ in "nung t~+ thc F~:+~mrnt ~~t thr ~,hl~,~an,~~i ,~:urcJ h~ ,u~h hea in a manner a~crrtahlr t~~ l.~n~lrr. ~~r .h.yll in ,~u,,~ t.~ith .~,nt~•t ,~~:h lirie t.~. ~~~ .i~frn~} ~nf.,r.~mrnt ~~I ,u.h lien :n. I~s:~l pt~~:~rdin~. ~ctn~h i~{~~r.~tt [u pre~~nt thr ~nl~~r~~u~~nt i~! thr fi~n ,,r fvrli~tur~ ~~f ~hr 1'rvp~rt~ .~r .in~ E~:~rt thrr~~~f. ~. Ha~ard In+uranrc. Bt~rr~~.~~r .hall l,cc~ tti~ ir:i, r~~~~mrnt. n~+~~ c~i,r.nz ~~n c~r~.~tt~r c;«t~.1 rn th~ Pn~~•rrt~ imut~~1 ae~unst 1~~., h~ tirr. hat:~rd~ in:lu.i~J ~~ithin th~ t~rm "~~t~nil~,i ~,~~rraLr~ .:~n:! .:~.h „th~r iiat:~rd. a, I rn~i~r rnati reyu~re ~_ .~~ _ •L.•.~ ii•.• •.m~~~ittt ~l1 .~I1~~ i171U~f1 .tlil~~lllll~ dlll~ I~~f ~ll~fl Enri.~~. d~ ~.L'Ill1l'f tll.l\ f~UUlfi. i'I~+~IUC~i. u~.~i i cnu~i~ .~~...~ ~;.': :L'y::-."= ""-- ---- -- .u~h ~~+~rra~,r ~~cr«i that amuwit ~~t ..~«r.~cr rryuirr~t t.~ E~a~ thr •iiin. .r~~;rr~1 M It~~. ~1~~tt_~acc. ~~hc imc~r.~rnr ~:~rner 4,ru~•idii~, th~~ ic~,uren:~ .h.,ll hr .h~~.rn ht B~~-r~~"~r ,nhj~rt t~~ .ip~,<<~ti:~l t.~ I ~n,irr. pro~ided. th.~t .u~h :tr~~r~~~.~1 .hall nrI h~ unr.:~•,~n.~hl~ ~~i;hhrl~ ~Il }~ritn:um• ~~n tn.ui.+r.c~ ~,,~li.~~~ .h:~l! hr {~ai~1 :n Ih~ manncr pr~~~~~d~~ un~lrr p,~r.~cr.~ph ? ii~ir~+t .~r. it nut p.~~.i in ~:;:h Illdllllif. Il\ ti,~riv,.~r m:~kin~ ; acnt~nt. ~~ti~n du~. ~iirrcth tc~ thc in;ur:~n~c ~arn~r. .~ll i<<,uran:~ ~,~~liri~, anJ r~nr~~al. thir~,~t .ha?I h~ in !~~rm .~.:~E~tnhlr t:, I r~~~lrr .:n~l ,h,:ll ~n~{u~l~ .~ ,t.~n:lar~1 m~~rt~sagt ~lau~c' ~n (:~~~~T ,~; :ind in ~~,rm .~..c~t.ihlr t,, I.rnu~t. I r:~~l~; .h.~!i h:~~r Iti~ ri~ht L•~ h~dd tft~ ~.~li:ir. .~n~l r~nr~~:+l~ ther~,~f. an~! Bc~rn,;~~~ ,h.~!I prumpth furni,h tc, 1 rn~lr~ a!1 rrn;~,.+1 n~~t~~r, :+n~i .~fi rr~r~E~tti ~~I ~~:~i•1 , rrnuu~n, In thr <<rnt ~~t 1~~... B~,rn,~.~r ~h.:ll ,~~~r prt~~npt n~~ttc~ tu tiic ~mui.ui~~ :.~rner .i~ul I rn.irr. L~n.frr m,~~ ~nai:~ p~r~~t ~,f lu~, it n,+t ne.ulc (~rrmptl~ M IS,~rr~~w~r. l:nl~s~ Lcn~irr .~n.1 B<~rr~n+~r uttern~~.~ aLr~r in :~r~tisiL. in.ur:~n:~ , r~~~~r.i. ~h.~lf Fx aprlrcd t~• rc.t~,-:~ti~~n ~~r rc~.~ir ~~f thr Prupcrt~ .!.~m:~er.t. pr,,~i~it.i ,u:h rr~t~~ra:~~+n .~r rc~~.~~r n r~„nri:ii:.~lh tc.~,ihl~ .~nd th~ ~c.i:ntt uf tt~i. ~1~~rig:+gr i~ n.,t thereb~ im{~air~J. It ,u~~j r~.turat~~~n .•r r;~~.~;r i. ~:~•t ~~„n,~ini..~ll~ !_.~,~hlr ~,~ ~t thc ~~~unn .,f thi. \trrtga~;r ~,uuld Fx impa~n•d. thr ~n,urancr ~r..~~ed, •h:+tl hr ap{~fir.i n~ ihr ,um~ ,.•~urr~i M th~~ ~tt~rtga~~. ~.~~th th~ c~rc.~. if :,n}. paid t.~ Bc~rr~~~~cr L• th~ I'n~~ert~ i, .if,:+n~i,~ncc1 t~~ 13urr~~«ri. ~~r it 13~~rn~~~rr t:,iR, t,~ re~(~~~n~i tc~ I rnii~r ~}~thin ill da}, tn~m :h~ Jat~ m~t~.e i, m,~:l~.i 1,~• I.rn~i~~ u, B~+rr~~«rr th.~t thc in~~ir.~i~~r :.~r;irr ~~tirr, tt~ ~ettlr a cleim fi~r in,uranc~ henefit., LenJer u.~uthrrize~i tu c~~ll~ct :~n~i .~p~i~ th~ imur:ui:r ~r~~c~c:1, .~t Lrn~~r . uptn,n ~ithrr ;u r~~tur.~ti.,n ~~~ ~+:pair c~t th~ Pr~~~;ri} ~~r i~~ ~hr;u~~~..«<-~r.+. f,~ SFIi~ olufl,fl.«< - ~.SIIC» ~.C(ll~i~ altl~ ~;i~ff~`i\Cf t~lfll'flal~C .IllCi Itl '.~IiSt[l~. :tfl`. •i1~F1 .t4~~'i1~JiIl~R l+l (1fi`C~tl~ti 1lt ititllllEl.~~ ~fld~~ fl~:l Ctlt'i:L ~~r ~~~stp.~n~ thc .ii.~_ :I.~t~ ~~-. thr tn~mih~~ s•i,ta:lmrnt. r~fr~rrd tr in F~:~ra~~rapii, I:i~z~! '_ hrre;+t ~~r ch:+itic~ th~ .im~~i~nt «t ~u:h in,talimcnt, !S unJer par:ler~(~h tti hcrc~~t thc Pr.~~'rt~ ,. acyuir~~l h~ I.rnJrr. .~il r,zht. U(Ic ~n~l int~rest ot Bc.rruti~r in ;ind tu ar.~ in~ur;~n~~ ~~ii~;u~ anJ in at?~i t~ !hr ~r~u«<1~ thr«~~t rr,u'un~ tn~n: :7e~n:~zc t<, thr Pruprrt} pn~tt to th~ tiel~ ~~r a~yui,iuun ,t~.~ll F•.~„ t~~ l.rn~i~r ;r tiu c~tent ~~t th~ ,tun, .r~urr.i h~ thi, ~1,,rt~.sLr im~:it~liat~~~ pnur t~~ .u~h 5.:1e or a~yui~~n~,n. 6. Prescn:itiun :+nd 1laintcnancc uf f'ropcrt~: Lc~ticl~olct~: ('unduminium~: Planncd l nit Uc~clopmcnts. I~~~rm«<r ,iialf }.~cp thr P;~~p~rt} in g~~.~d re,~air and ,hall m•t ~un~mit ~~c~~t< <~r pcrmit unE~.urmrnt or ~cterior.~ti~,n of the Propert} ~t~~ ,h.~ll c~~ni~~'t~ ~~~th th~ pro~i,i„nti uf an} lea>~ it thi. ~t~~rt~.iL~ ~• ~~n .ti I~•.~.chrld It th~, ~1~~rtL.~g~ i, un :~ ~init i~~ .~ ~.~n.i~~ri~inium .~r ,~ ~~l:~nned un~t ~ic~rl~~~mcnl. Rorn~~~rr ,h:~ll ~+rrt.,rni .~II ~~~ Fi~~rr~}ti.cr~~ ,,hligau~,ns undcr thc drelarau~~n „~ ~~~~cn:,nt. .rr.~tin~ ~,r ~„~crn~h,~ t}i~ ~~~nJ,~mini>>m ~+r ~~ienn~~1 tonit ~lr~rl~,pmrnt. thr b}~-law. .~n~l rrg~ilati~~n~ .~f th~ ~~~n.i~~min~un~ ~,r {~tann~il u~iit ~Ir~ri.,pmcnt. .,nd :~~~tit~lu~nt .1~~.um~,~t~. ~; :~ "~n.i,,rninium t~r plenn~d ~~n~t ~i~trl~~~m~nt n~icr i~ ~~c.,~t~~i t,~ Kurn:~~~r an~l rc~~~rd~~l t~~e~~het uilh Shi. \1~•rtg:+~~. th~ ~~~v~n.~nl~ :~n~l .i~;r~rm~nt~ ri ~u~h ri~1~r .h.~ll ht i~~~u,-{~~~~•+1~•~ ;nt~~ .ut~~ ~h.~l'I :~nt~nt~ .~t~~i tiu~~~~l~nt~nt the ~~~~in.int~ :~ftt1 .~_L'«C^lc:ll~ ~~1 th:~ `~~~r1~~CC' a~ il ih~ ri.trr .tirrt :~ {~.+rt h~r~of. ~. {~f011'f11OO of Lender's til'l'Ufll}". ~) k~~ff~~'.~l'f ~.~i~~ i~~ ~illi~.'tll tF1C il~~~ifldfli~ Atl~~ :IliCl`llll'(1I5 i~`Ilf:~till'l~ Ifl lf!I• ~~~i:i~.t_L'i. ~~~ It :lll} d~U~~II ~~f (1~~~~CC~~lll~ ~ 1~ :~~(11111':f1~C~~ '.~fll~fl (ll.:ll'lI:III\ .Ii~C~I~ ~ l'IU:I'f ~ I+1ll'fC~S 1(1 lf1C ~f~~~li\~. in.'.udi~~_. h;rt ~~:~t linutcci t~,. cniii~~nt d~,i~i.nn. in"~f~ciic~. ~~at~ rnt~~r.rm~nt. rr .~rr.~siccntrnh ~,r ~r~~c~rdinL. im~~l~~nc a ha~~kru~t ~~r .1~_i.lrtit. th,n { ~n~1~r .~t 1 cn~icr'. ~~E~U~m. t-~x~n n~,hic I~~ Bnrr~~wrr. m:i~ in.~l;r ,u~h .~p{k:+r.~n.~~. J~~hur,; ~uch ,um. .~n.i ta~.r ~u:h a.ti~m .t. ci n~.e.•.:in t~~ ps~~trct { cndcr~. intrrr~t. inilu~lcric. hut m,t limrt~.1 t~~. ~li,hur.rmrnt ~•1 t~:~cunaF~lr .~1i~~rne)~• trc~ anV ~ntr} up~~n the {'n~~eri~ t~~ sn.~~.~ rr}~.:~r.. It I~n~i~r rr:~;utr;t Rti~rtgage inwran~e a~ .~ ium.tit:rn ~~( rn~+1.~n~ ttic I~r~n ~~..urc.t M th!ti ~t~~rt~.+~•r. B~•rc~~~~~r ,h.ill ~a} th~ ~ rc:~~~um. rryuire~l I~~ maint.~~n .!t.h in5uc.+~ic: i~~ rtTr:t un!il .i~~h tim~ .+• thr r~y~nrerocnt fr~ .u~h im.~ra:i~c ;~rm~nate~ in .~.~~,rdanti~ Hi[h B>>rr~~H~r'. et~.1 ItK t ~ ~~.;:,x ~5~. ed~t