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HomeMy WebLinkAbout0610« - lturroH•rr and l.ender cove~ant and agrc~ as fulluws: 1. Paymcnt ot Principal und Intrrrat. F;urruwe~ shall promptl}• pay whrn due thr princip.+l uf a~nd intrrest un thr indi•bt~~!nrss r~•idenced ~-y the \ute, prepa~~ment and IatecharKes.,~ Nn~.~~~+~~+;~ c--~• tiute, and ehe princip:-1 uf und intrr.•st un anr Fulurr Ad~:~m•~•ss~Y•urtd by this 1lurtgage. •~. F undx for't'axi•s and Insuri~ncc. Suhji~•t t~~ applu :~b1~• !:~w ~~r t~ ~:~ H•nu~•n «:~i~ ~•r h~~ Lrndrr. K~~rn ~~vrr ~h:ell p;~>• t~~ 1.~•nde•r ~~n thr d:~y mur~thl~• installmenls uf pnnripai .ind int~•rrst ar~• p:~>:~1~If• und~•r th~• \utc•, until the \~~t~~ i. pa-d ~n fuil. :~ ~um ~ h~•rr~n "F'unds"~ ~v~uui tu un~- ...Ip6 ..f ~-.o.~.....1~. ~,.....c ,~n.1 ~~ecn~cros.ntc w•hirFi ~n:~v :~tl:un Ufl~~fl(~' u\'~•f l~ll~ \turtcu~.•_ :uid ~:ruund n•Illti UIl ~f11• E~f~~{~C~~Y.lf:lll~'. {1~UtiU11P •.... . ... . .. . ..... .. . . .. . . . iwrlfth uf yt~:-rly premium in~t.~llm~•nt. fur h.izard in,ur.u~~•~•. plus ~~m-t~~~•1(th ~~f cr:~rly prrmiwn in.r.~linu•nt. fur murt~;:~~;~• insur.uu•i•. if:~ny, all uc ;ec-sunubl>• ~•stimat~~i mit~all~~ and frum timr t~~ tin.r b~ I.~•nder ~~n thi• basi: uf a~s~•..~n~•nt< and Inll. und r~ :~.~~u:~hir rsumata•x thi•-~rd. The Funds ~hall be held in an institutiun the dr{w~sit~ or .icc~~unt~ ~~f ~v:~i~ h:~m u~sun~ ~~r ~;uur:~nt~~y1 !~y :~ F~rli•ru! ur tit:-t~• a~;rncy t includi~K Iw•nder if I.rnder is such an institutionl. I.rndrr +h:~ll apply th~• F'und. tu p.~y ~:iid t:~x~•v, :+.si•s.m~•nts, intiur.~m•~• prr~niums .~nd Kruund rents. I.endrr may nut charKe for so holdinK and applyinK thr h'und:. :uia1~•iin~; said ac~•~~unt, ur ~•erifyinK :~nd cumpilink suid us;e~mrnts and b~lls, unless l.ender pu~•s Rorr~~H•er ioterr.t on thr Fun~l. c~nd a{,piic;~hlt• law p~•nnit. I ~•ndi~r t~~ maki• such a chartii•. Kurruwrr und I.ender may aKrer in writing at the time of rxeYVtiun ~~f thi~ \turt~;:iKr th:-t inti•n•.t un th~• Fwidti shall lK• p:~id tu liurnn+~~~r, and unless Kuch agrc~e~ment is mxde or applicable I.iw rryuirrs such int~•r.•st t~~ ta• p:~id, IA•ndt•r ~h.~H n~~t tH• n~~uinyl tu pay li~~rruw~•r .in~• inU•n•St uf rarninKs on the Funds. l.rnder sh:~ll Kivc to Rurr~~w~er, withuut ~•hurKe, an annu:~l a~•~-~~untin~; ~~f th~• Fu~~ds ~h~~~a•inK cntilits :u~d dehit. tu the Funds and the pur~~se for w•hich t•arh debit to the Funds ~~•as mad~• 'rr~«• F~~~~~h :~re plcd~~~1 a~ ud~iitiunal .irunt>• f~~rlh~•.um, uYVn~i b~• this ~1urtKa~;e ' If the amount uf the Funds h~~ld h~~ 1~•ndrr, tuy;rth~•r with the futur.• m~mthh installm~•nt~ ~~f Fwid. p:~~~ahl.• pri~~r toth~•duc•datr~uftaxrs, .issr~sm~•nts, insurunrc premium~ and Kr.~und rrnt~, shnll rx~••.-c~1 tht• :~nu~unt nY~wn~l t~~ p.~y ~:~id tux~•s. :+.sr.,m~•nts, inaur.~ncr pn•miums and ~ruund rent.:i~ thry fall due. such ~•x~•e.. :hall b~•. at Is~~~r~~K~~~r'. upt~~~n. c•~th~~r pr~unptly rrpuid t~~ l4~~rruw~•r ~~r ~•n•diti~l tu li~~rruwer un munthlt• installments uC Nunds. If thc• arn~~unt ~:f tht• h'und. held h~ 1.•ndrr .h:ill n~~t tx• .ufficirnt to pa~• taxe•v, :~..r:.me•nts, insurance prem~um.:+nd Kround rents as thry faU duc•. It~~rruw•~•r.h:~ll p:~~' u~ 1~•n~ii•r :~n>• :un~~nnt ~u~•~•~s.~n• t~~ ~u:~k~• up the defi~~i~•n~~>~ w•ithin:uida~}'s irum ine ~iait~ naficr iv m:~iit~ai i~v ixmii•r i~~ ii~~rn~~.~•r rryur.i~~~R j~..~~~~.-~~< <Ec:°~:::f l'pm payment in ful! uf all sums s~~•urcti! h~• this \~nrika~;~•. 1.~•ndt•r ~h:ill pr~~mp~l>• rrfund tn knrrn~~rr :~nc funds h~dd by I.r~id~•r. If under p:-r:-Kr~~ph IK hereuf the Ym4~rt}• is suld ~~r thf• 1'r~~{x•rty i. nthrnvi~~• ;u•yu~n•d b}• i.~•ndi•r. la•n~irr +hull appl~~, n~~ Ic-trr than ~inm~Yfiut~•h• priur t~~ the sale cf the F'rupert>• or itsacyui~itiun h~~ 1~•nd~•r, nn~• Fwid: h~•l~i h}~ 1 A•ndrr:~t th~• t~~rn• ~~f.~}~plii•:~tiun a.:~ cn•dit :~tiuinst th~•sums.~•curtd h}• [his ~1ortKuKr. :i. Application of Paymenty. l'nlc•s~ appG~•abl~• IuK~ pn~~•idt~. ~~thrr~~~.~•. .~11 pa~•m~•nt~ r~Y-ei~~~Y! by I.~•n~it•r wider the tiutr and ~~araKr::phs 1 and '? hereof shall trt•:ippli~d b~• 1 ~•ndi•r fir.t ~n p:~~ cm•nt ~~f amuunt~ p:-~•:~hl~~ t~~ 1~•ndi•r h}• It~~rruwt•r undrr parxKraph'l. herrnf. thrn to intemst payable on th~• ;~utr, tht•n t~~ thr prim•ipal ~~f thr \~~tr. an~! thcn tu ~nt~•rt•~t :ind pnni•ipal un :~n}• Futurt• Ad~•.~ncrv. t. (~hargev; Li~•ns. iinrnn.e•r~hall p~~~ :ill t:~x~••.:fa~rn.Filrtli>:Itl~! ~~th~•r, li:~r~:~••. lin~••:uid im{~~~:.:~~~u~:~ttnhutahl~• t~~th~• I'ru~x•rt~• ~chi~•h m:iy c~ttain a pri~~ritc u~•rrthi~ ~l!~rtka~;~~. sind Ir:~.~•}i~:lil ~~:icnu•nt~ ~~r ~n•un~f n•:~t~. if:~n~. in thr ~n;~nn~•r F~r~~~ ukri un~1~~r {~.~r.~-;r.~ph'3 hc•n-~~fur. ;f not {raid in.urh rn:~nnt•r. h~~ fi~~rr,~.~rr+n:~F:ii:ti {~;~>m~~nt ~+h~•n ~iu~•. ~tir.•rtit t~~ ih~• }~.~~«•~•th~•n•~i li,~rn~~c.•r~h:~ll ~~r~~roptl~• Curni~}i tuLrnd~•r ~II n~~tici•.: uf ;~muunt~ du~~ und~•r thi. p:i::~Rr.~ph. :~n~1 i~~ !ti.• ~•~ ~•n! k~~.-r•>~+e•r .h:~l't m:~k~• E~:~e~n~~nt ~iu~•~ tl~~. K~~rr~~~.~•r ~h:~ll pnnnptlc funu.h tu I.rnder rr~-t•i{>t. e•~~i~i~•n~~in~: ~u~•h p.~~ ~i~.~~it• 1{~~rr,~.~«•r ~h:~lt E,r,~in~~tic ~li~~ l~.~r~:~• :~nc ir~r. ~ch~~ h!i.~. pri,~nh ~~~~~rttu<~l~~rt~;:~~;~•. pn,~~idtKl.that 4turn~~crr:h:~l1 rn~tlN•nti~wr~K1t~~~li~rhnrRr:~n~ -u~ h fi~~~i•~,I~~ilC.f. ft~~rr•~ce~ r.tl.~II;~R7~~~~m~~nltnR[~~ttu•~~.~ein~~nt~,f;h~•~~t~G~;:~u~~t:.en~un•d b~• ~urh h~•n ~n :~ m:~nn~•r :i~•c~•ut:~~~i~• t~~ L~•rnl~ r_ ~~r ~h.ili tn ~;~.~~~i i.~itl: ~~~St~ •t ~u~ h!u~n i.~ ~.r,l~•t~•n~1 ~ n2~~r: ,•c:u~nt ~~f:u~ h li~ n!n b•~:al {~n~~ rwl~nk. ~.~hich ~~prratr tu E;n•ei•nt th~• e•nf~~rr~•m~ nt r~( th~• !i~ n~~r ;~~rt~ rtTir~, ~~t th~ 1'n~~•. rt~ ~~r :~:i~ ~~:~rt thr:~•,~f -~. H.izard In.ur:ine~•. K~~rn~:ee•r ~h.~l! k~•.•{~ th~ iin{~r~~~~~:n~•nt~ n~~~~ ~•c~~tin~: ~~r hrn :~tt~•r rr~ i1~~~i ~m thr 1'r~~prrt~ ~n~ure•d.iRainst I~~.. b~• tirr. ir~z:~rd. inciudr~l ~~ithit~ th~~ !~•rn~ ' ~•~i~~n~i~ ~l ~ •,~~•r.iR.•. .~n~i <,~~~t~ ~~tti~•r tr.ii,~nl~ .~• I.~•n~i~•r ~n:~e re•yutn-;us~! ~n ~w~h :~m~~unt.:~nd Cnrsu~•h {~~•ri~~~ls :i: L~~n~l~•r tn:~} r~•yuir«•. pr,~~ ~~1~•~!. th:~t I ~•n~1~~r ~ic:~;i rn~t n ~,uin~ th:~t t~i~~ .+~n~~u~it ,~! •u~ h ~ ,~~~•r:+~;r rx~ ~•r~1 th:~, :~m~~unt ~~f ~-~~~•~~r:~~;t• n~~{uirtYl tu p:~~' tii~~ ~um~ ~~•~ unyi 4~c thi~ ll~~rt~.~~:i• "I~hr in~ur:~n~ ~•,•:irru~r {~r~~~. ~~lin~ tli~~ in.ur.in~ ~ •I~.~II ~ ~ ~ h ,•. .. . . I:, . . .•.~~•r ~~:%"~•, t t...~p~~n,~.ei h~. I.~ ., ~~ r E~r„l i~i~•~! th:~t ~u~ h :~j-j,rn:~,t1 ,h.ili n~~t h~• ~nr~:u ~~r.~h:~ •a~thh~ i~l :~I! {~r. ini~:~~~- ~,..:~~~:r:~.~ . ;~•.. .. - .t: ,L ~ ~~.~~,i i:~ ~h. ..~.,:.:i~ r ~~r••, i,i~.! .., ., ~ ~~.~r.i~;r.~E~h'' k~~•n•~~i ~~r. ~f _ ~t p.~ui in ..u~•h rt1:~t:nrr h~ 1{.~rr~.i~r.* m.eF.ir~~: {~.:~:.~~ n?. ~.~h~ c, ~lu~ . a;•• ~ ±'~, ?.. •F;~ ;tr~~.~r ~ttr~~ r:~rru r :~II msur:inr<• p~~li+ .r~ :ind rrn.•«.ti. th~•rr~,i -+~.+il h.~ in i.,•tn .~~ ~~~{~:.+i~(~ i~, I.•tu~~-•.in~1 ~f~.ill ~nriwl~~.~ .t:~n~i:~r~i tn~~rt~aRr~•Inu.r in f:+~~urnf ~nd in furni .irct•ptahlrt~~ l~~n~irr l.~•r~1~~r ~~e:~li h.i~~ th~ •:~;t~t c~ i,"'.,?,!,~ ,~.~;:, ;, •.~=i~i r~ .,, ..t.~i~ th~ r~~„! .~nri {:~•rr•~~ee•r ~~i:~ll ~~r~~inptle furn~~h t~~ i.•nde•r u:l rrn~•w:il rn~ti<~~•.::nil all r„~ipt• ~~t ~~:u~i E!f~~il]ili:il~ fn tti. ~~. n! ~~( i, {t.,, r,~.+rr ~.:.~il ~i~~ ~~r~~r.:~~! fi~~Ul'P G~!}le•II::Uf:iiitY/.tf~!t•f u~d Iw~nder. (w~n~lt•r m:+c m.ik~• p- •,,f ~~f i~::• if n~~t ::~,uf.~ pr•~:nptlc h~ I:~~rn~t~~ r l'nlr.. I,t•ndt•r .~n~i li~~rr~~~v~•r ~~th.~nc~~~~ .:~:r~~• ~n L~r~t~u~;. ::i~~sr.~n~ ~~ {~r~~~ ~• i~ ~h.~1E ka .~~~~~1u~~; t~~ r:••t~~r.~U~m ~~r re•p,nr „f thr 1'ru~~F•rt}- ~i,unaKrd. pru~ideri .u~•h r~••t,~r.it:~.r ~~r n p.~:r i• ~ ~ ~ .. ~~nir.~ll~ f~:~-il,1.~ ,~n~+. ,h~ .~~~ unt~ ~~( thi. ~t~:rt~;:~~;~• ~~ n~~t th~•rnc~ impuir~•d. If .uch r~•sturc+tiun rr n•p:t~r ~• n~~t ~•~ ~~n~~nu~ .~li~ I~ .~.,i~t. ~~r :f th~• :~ ~ ~irit~ ~~f t!:i~ ~l~~rt~:.~~~• ~ti~~ui~i i~~ ::np:urr~l. th~• in~ur.~nre• pn„ ~•„1=.ha111~r:~pplitKl tnthrsum.sE•c~rtrlhcttii~~l~~rt~::+R~• ~c~ttith~•~~x,~,• ~!.~n~.{~.u~it~~li"rr~~~a.~r {tih~ {~r„{,•.•tc~::il~.~nr~~~r~~rlh~'li~~rr~~~c~•r.~~rifli~~rn~~~~erfailst~~ r~.;pund tn [.c•ndt•r ~ ithiii ;u d:~~• }n~tii th~~ ,l:+t. r.~~ei~ ~ i~ ~„ .,i~~i h~ I..•r.~l~•r t,• It~,rn..~.•r th:~t the~ ~n.ur.+n~•~~ ~ arrie•r ~,tfrr• t~~ •~ ttlr a~ laim f~~~ ~n.ur.+ncr h~•nf•fit.. 1~•n~{~•r t<.~i:th~~rv~•~t t~~ ~ ~~li., r .~~n: .~E~p,i: !~~~• ~r>ur,~n~ ~• {~n,~ ~. ~'~ .~t I. n~1~•r • ~~pti~~n ~•it}u~r t~~ n••t~~r:+h~m ~~r r~•pair ~~f th~• !'ri~{~rt~• nr th~• .um~ ~~~rurrd h~ thi~ ~L+rt~:.~k~ l'nles: I~•nder and Ftnrn~~crr ~~th~•n~ i~.• :+~:r~•.~ :n :~ .:tici~..+n ~. •u~ h n E~i~it~ ,~ti~~u ~~f ~~n ~~ ~ t~,!• t~~ pnn~~ipal ~h.~ll n~~t rxtr+~~i r,r {~~~tpun~• tti~~due• ~~at.~ uf the m~~nthi~ in~t:illfIIrll~~ r. f~•rr~•~i t:~ in ~~.~r.~~r.:{;t:~ '.~n~1 _:.~~r~ ~~! ;~r ~ h.~n~;~• t~~,~ .~::~,~unt ,~f ~w h ~n:t:,Ilm~•nt< If umirr par:~kr:~ph 1`+ hen•uf thE~ f'n~pc•rtt~ i. ai•ywr~-~~ t~r iw•n~1~ r.~It n~:tii ;~tl. .,r.~? cz:t< n••t ~,r f:~~rr,~..•r ~n .~n~? !.~ :u« in.izr.~n~ r Ew~l:~ :~~~:~nd in :uid t~~ thF• pnu•t~e~ds the•rE~r~f rr~ultink fn~n: ~1:irn:~~:~• t~~ 1'n~{~~ rte pn•~r t•~ ti;~ -.+E~• ~.:++yui~iu~~n ~h.~ll F'•~~~ t~~ ir•n~i~•r t~~ thr ~~xte•r.t ~~f the• :um. ~e•~vnti! hc thi~ ~1urtKaKc~ immFrliat~•lt• 1i•ir~r tu .u, h.:il~~ ~~r .i~ r{u~~it~~,n t~ 1'rtwer~•atiun:+nd~t.iint~•nt+nc~~~~f1'ru~~a•rty:L~•:~.~•huld.:l~~~nd~~minun:~:I'I:~nni•dl-nitl)i~ci•lupm~~nt~.lt~~m~u~•rxr~:~llKrep tht• !'n~~•rty' in ~;~»~d n•p:iir ::n~i ;h,ill n~~t ~ ~~~ntnii ~c.~~t.• .~r {,~ n.:ut ~c:~{,:ur:tv•r.t ~~r ~?~ t~~n~~r:~t~~~n ~~f th.• I~r~~p~•r.~ :~n~i .h:~U r~m~~~lc ~n~th tht• {:n~~~:i„n~ ~~f an}• I~~:r. t• ~f ttii~ \l~~r?~:~~;.~ ~- ~~n .~ 1~:~•, h,~~~i (f t'r~~> \l~,•r~;.it;~• ~~ ~~n :~ unit in :~ ~ ~~~~,i~,tntn~urn ~~r:~ pl:~nnc~~! un~t dr~~•1~~~~~ne•nt. }turr~~~.vrr sh:~ll p~•rfi,rns .~II ~~f Fi~~rr~~«~ r~~ ,:i~:~~:.~t:,.i,~ ;~,~,{• r t'tu ~i~•~ ;:~r.~t~• ,: ~•r ~ ,~e~•n,,nt. ~ r~ .:*n~,~.r ~:~~ee•rnu:~: th~•e~~nd~~min:um ~~r pl.u~nc•d ~nit dt•c~d~~p~n~•nt. thr• hc I~~w~ :~n,i nkulnu„n. ~~f th~ ~.~r.~+.:,rr::~i:u~:~ ~~r plnnr.~~~i uiut ~1~•~~•f~,~~~ne•nt. .~nd ~un~titu~•n: d,~<•umt•nt~ If .: ~ nnif:~m~n~um n. pi:~nr~~•~9 i:rut ~lr~.•1~•{~~n~•nt r~i~~r ~~ ~~~• ~~,r~•,1 s~~ It~~rr~~.~~ r.~n~1 r•~i.~nl~•~t t~~R~•tti~•r ~c~th th:: ~t~~rty;a~;r. thr i•~~cenart. cind ~;;r.~~•c;n•nt• ~f .~,~ h rc~i~•r ~ .~ii ` ~~ i: ~r{" ,.,'• ~i in' .,r~i "..~.. .~:n~•:~~f :~ri,! "ii~~~ ~ ln~~r.t tt:, r„~. ,..~:~:..~n~9.~~;r~ ~~~~u ut• ~f lhi~.'.l~~rt~;.~~:~•.+~ ifthe• n~l~•r ~.t~rr .~ p:~rt h~ re•~~f i Yr~teetion ot I.ender'x tiecurity. 1f IS~~rruNrr fa~l~ t~~ perf~~mi tht• ~~uce•nant• and aKrre•mrntti c~~nt.nne~1 in thiy 11~~rtKaRe. or if an~ a~~tiun ~~r prncec~inK tv cummrr.ced whi~•h m~itrnallc .+ffr~ t~ IA~ndt~r's ir.trrc•~t ~~ iht• E'r~~prrt~•. ~ni~luffinK. hut n~~t Iimite~l t~~, em~nent dumain, in~~~l~•Fr.e~•, cude enfurcrm~nt. ur arranKement~ ~~r pnK•redi~i~;~ ~n~~ul~~inK a bankrupt ~~r dr~e~e~le•nt, tt~t~n Iw•nder at I.~~ndvr'v uption.upon nuti~r t~~ R~~rrnw•rr may make such appear:+ncre, dishur~~• ~u~~h sumw and t.+ke such :~cU~~n a:: ~s nrcr:;~;arc to prutc~-t I.end~r's intereat, ~nrludinK. :~ut nut 1~mttcKl tn, dishur!:rment uf rra~~~n:~hir aU~~rn~•c~~ fk•f•ti and rntn~ upvn thr f'rnprrt}• tu mak~• repaira. lf l.ender required m~,rtKaKe invusani r av a c~~nditi~m ~~f m:+k~nK tht• luar. ~r~ urev! i~~ th~. :11~~rt~;aK~•. linrn.wrr ~h:~ll pa~~ thF~ pre~m~un~~ r~~uired to maintain vu~h in~u~ancc~ in e`fri•t until ~uch tim.~ a~ th~• rryuin•m~•nt f~~r ~w•h in~ur:in~•e• t~•rminat.•. ~n a~ r~~rd:inre N"Ilfl Rt~f~UN'Pf ti;ind I.ender'e ~ntten aKre•emrnt ,~r appii~~able I.:+w'. F3~~rr~~+'t•r ~hall p.+c th~• .+m~~unt ~~f all mnrt~;:+~~• ~n~ur.+rr~~ prt•miu~n~ in the~ manr.er pro~-ided under par:+Kra{~h 'l hrrr~>f An}~ arn~~unts dishurvrd hc (~•ndNr pF~~~u:~n[ t~~ ttu~ p.+r,~~;r.iph ,-, u~ih ir~trr~.t ther~~nrt. sh:~ll he~-~~nu• add~U~mal ~ndt~htedness of I~UR~~N'Pf se•~~ur~d h~~ thi~ ~1urtK:~K~•. t'nle5~ fiurrnw~~•r :+~~d l~•ndrr :+kr~•r In nth~•r te•rrn~ nf ,r.~~~mt•nt. such :un~wnt~ xhall ~x~ pacable upon n~~Ui~~• fr~~m I.Fndrr t~, -~nrrnKer r~•yu~•~t~nK {+:+}'mrnt thrrr~~f. and .h:~ll h~:-r int~•r.•st fr~~~n th~• dett• ~~f d~.Lur~e•mrnt at the rate pay:-hir from un,~ b~ UmF• ~~n ~~utst:+nd~n~: pnn~~~pal un~1~•r th~• ~~~t~• u~l~~~~ pa}me~nt ~~f ~nte•r~:~t .:t ~urh rd~Y v1~W1(I ~M cnntrary t~~ applicahlr I.iw~. in which Nvent ~u~•h :~m~~un!~ ~h:~!i FN~ar intrre•.t at thr h~Kh~•~c ratt• pe•rnu-=ihl~• und~•r :~p4~1~~ :~hiF~ law~. \~~think c~mtain~d tn this paraKraph ;, shall rfY~u~rF 1.t•ndt•r tu ~nrur an} rxpentiF• ~~r take .+ny~ acUun hr•rt•und~~r. . 1* :.'h~( ~~ F~;;f ~