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HomeMy WebLinkAbout0929 t4„rru~rr and la•nder c~~~~rn:int ~~n~1 aKr~y .+a f~~lluwx 1 Peymrnl uf 1'rincipal and Inten•Mt. liurtuacr xMall pn~mptl~• y~:~t Nh~•n dui• th~• pnn~i~„~I ~~t :~ud int~•n~.t „n th~• u~d~ht~~ln~.~. r~ ~dencrd b~' lhr Nutr. prrpavmrnt und IatrchnrKrx t~N pn~v~ded ~n thr N~~le..ind thr pnnt'ip.tl nf .~nd ~ntrr~•xt ~~iti ati~ F:~tur~ :~~1~ .u~~ ti~•~vnv1 h~• lh~s MurlKeKr. tundH fur"1'nxrnand InMUre~nc~~. ~ut~~r~'t lu.~p~~I~c.~hl~• I:~N ~~r lu:l Nflll~•IL N.u~rr h> I.~•m1rr. ft~~rn.~~~ r.l~.~li t~~l.. n~l~•r~~n thrd.~p in~~~ithly ~nslullmenti+ u( pnncip.il aind ~ntrr~~rt ~rr p.~) abl~• under th~• \~~tr, u~~til th~• ti,~tr i. paid ~n full. •~:m ~ i~~~r~•in F un~i, ~~~~~ual tu ~~nr tN~rlilh uf the v~~arh' l:ix~: un3 xxsrssnu•nt, whii•h ma~• att:nn {~n~~ntv uti~•r Ihi. \1~~rt~;n~;~•, :~nd ~r~~und r~•nt. "n th~• f'r,~~~~•rt> if :~fi> . pluv ~~nr tNrlfth uf yrurly~ prem~um tn~tallm~•ntr: fur halard ~nKUrance. plu. ~~~u~ twrlfth uf ~'~~atly prr~niuni in,t:~llm~•nt~ G~r mur1K,~~;~• in.ur.in~ if anp. :~II ~~a reas:~nublv rshmatt~l iniht~llv and from timt• t~~ Un~r te~• 1.~•ndi•r ~~n th~• has~, uf :~..r.sinrnt. .uid hill. :~nd r~•.~ti~~nal~lr ~•.un~.~t~•, th~•rc.~f The F~ndr: ~hxll hr helA ~n a~n inydtuUun the de~~ait~ ur :iccuunts ~~f wh~ch an• intiunvl ~~r ~;u.~r.~~~t~titii h~• F~tilrral ~~r ~t.itr .~~;t•n~•~• ~~nrlud~nK l.rnder if IA•nder ~s auch an ~nxt~tution?. l.ender ahuli :?p{,I>~ tht• Funds t~~ ~~ay ,.u~! t.ixr,. :~..~•..rm•nt~, in~ur:uu pn•miwu, and kru~nd rentei. l~endrr may nut charge fur ezo huld~nK and apply~nK the• Funde, :?nai~~i~nK .<ud a~ ~ nunt. ~~r crnfvin~ .~n~i ~~~~nj~~l~n~; ,.+~d ,isac:~.ymrntc: and b~lle, unlrwa I.rnder pays Rorruw•er ~nte•re•st un the f'undx;~nd ap~~lic.~hl~• I:IN' EN'Cfn~ts 1.~•ndrr tu n~:~k~•,u~ ti ~ h.irK~• fi~~rn~w~rr ar;d l.ender may agrre ~n wnting at the time of exrcutiun th~~ '11urtK.~Kt• th:?t ~ntrrrst un the P'und. ~hafl hr p:ud t~~ It~~rr~~wt•r, .~nd unleas ~urh agn~mrnt is ma~de or t~pplicablr laK• r~~wres ~uch interrst tn bc• E:.~~~i. t.•n~i«~r shs~ll n~~t M• rt~~uirrd t~~ pay i3.~rruNrr :~n~• ~ntrrt•at or ~ arninKs ~~n the FundA. I.en~ier ahall Kive tu Rurru~vrr, w•ith~~ui charKt•, :+n :~nnual ~ii~c~~unhnK thc~ F~und~. sl~uv~'1n~( ~'ntil~t~ :+nd drhits t~~ the l~ unds and thc pur{x~sr fur which rurh debit tu thr N'und, w;~. mad~• "I~h~• Fund~ i~m 4ilyd~;~r1 as ;uld~h~~nal n~~cunty f~~r th~•.un,..t~ urrci by thix \1~~rtKaKe. If the amuunt uf thr Funds held by l.c~ndrr, t~~Kether w tth tht• futun~ rnunthl~ ~nstalirnrnt. u( F'undti pa~ abl~• pn~,r tu th~• durdatr. uf taxea, a~~rsxmrnts, insuranre premiums c~nd Kr~~wid r~•ntti, vhall ~•Y~•.~~ci th~• amuunt n~c~u~nnl t~~ puy~ ,a~d tuxrs, .~"~•~:rnrnt~, ~nnur.~ncr prrm~um~; and gruund rents <+s they f:+?1 dur, such rxce~s .hall he, .~t li~~eruHV•r'c upUnn, e~th~~r prnrnptl~• r~~paid tu 4i~~rn~N~•r ~~r ~~r~~~iitrd tu fi+~rruwer un monthly installments ~f Funds. If [hr amuunt uf thc~ Fund~ hrld h~• 1.~•ndt•r ~h:+ll n~~t br suffii•~~•nt tu pai} taxt•~, .~ss~•~~~i~~~n~s, ~nsur~nce premiums and Rraund rents as the~y fall due~, liurruw•t~r .h:+ll p.i~• G~ 1,~•ndc•r an>• am~~unl ntr.•,ti;~n~ t~~ rn.~kr up thr d~•~ii ~~•nc} w ith~rf :iU d~ys fn~m ihr date nuttce is ma~lid bv i,~•nder tu li~~rn~~e•r r~•yur~Un~; p:i>•mc•nt th~•n•~~f l?pim payment ~n fuli uf all sum:: sei un~1 h}• this ;11urt~;aKe, lA~nder ~h:III F1f~rt11OII~' fPfUflll I~% I~~~rn~~~•r an~ fund~ hrld h~• 1 w•nd~~r lCunder par.~graph lt+hereof thr Yropert~~ is suld ur t}u• Pn,ut•rty is uthe•~..~„~• .~~~y~~«•~+ tkn~i,•~. i,~~~~~it•r ,h,tlf .~E,pl~, n~~ latYr than irnmt~~iiately prior thE sale c(the E'rupert~• or it~ ~~cywsitiun h~• !~•ndc•r. an~• Fund. hrld hti• 1.~•ndt•r :~t th~• tirn~•~~f:~p~~l~r:~t~~~n :i~ a crrdit :~~;.unst th~• sunzti ti~•rumd h~ thix Mort{~aRe. 3. Applieatiun of Yaymentr+. l'nic~ss .~pp1~r:~hL•• law pr~~~•id~~. UT}1PCK'ItiP. .tll {~:i~•nu•nt~ r~•ce•~crd hy I.e•nder undrr Ihr \ute and E~arugrapha I and 'l hereuf shall hr applieri b~ l~~ndrr fir::t ~n p:~y~mt•nt ~~f amuune.ti p.+>•:~Lle• tu I.~•n~l~•r ft~~rr~~N~~r unde•r puraKraph 'l hrre~~f, then W interest p<iyuble on thr tiutr, thc~n u~ the• pnnc6pal ~~f th~• tiutr, :ui~i iht•n t~~ ~nt~•re•~t :+n~i pnn~ ~p.~l ~ni :;ny Future Ad~~incr~. a. ('harges; I.iens_ fiurr„H~rr ~h:tll p:~~' :ill t:~xr., :~..r:.rni•nt~ :ind ~~tiirr rhar~;~•~, fin~~.:~n~l nnE~~~.:tu~n.:~ttnhut.~hl~• u~ tttr l'ru{~c•rt~' N~htch n„s}• attain a priurit}' u~•r~rthis ~l~~rtk:~?;i•. and Ir:+.t•h~~1~1 ua)~mrnt. i~r ~:n,un~! n•nt~. if.~n~ . in ti~~ ,n:~nn~•r pr~~~ ~~i~~~1 ur~drr p:~r.i~;raph'%h~•rc~~fur, I ~f n~~t p.~id in surh mannrr. 1>~• }~urr~~«e•r m:+kin~; E~.~~ ~ncnt. ~h<~n ~iue•. d~rrt ti~ t~~ tti~ E,.~~~~t• th~•r~.~f fi~~rr~~~+,~r ~h;~ll pn~~nptl~: fi~rn~.h tn L~•ndt~r +il nuhcr~ ~~f am~~unts due undrr thi: ~T.ir.~~:r.~ph ,~nd ~n th~• rnt It~~rr~~~'~•r ~h,~il ~n.~k:~ ~r~~:i:~•nt ~i~r~~~ tl~ li~.rr~~~~~r ~ii.~ll ~,n~n:Ex~}• furn~~h t~~ nder rrceiptv e•~•idi•nc~n~; ~urh p:r: nwnts k~~rr~~~c~•r ~h.~!I pn~mptl~ ~1;.~ h:ir~~•,~n~ ii~ n~. in~ h!~:~• E,n~,ritc thi. 11~~rt~;;~Fi•: prnc±d~•d. that 1?~~rruwrr sh:iil nut IH~ rrquirrd tui+.~.~ h.ir~;r:~~ie ~i,~ y~ fz~~n.~~ Ir~nR.~. K~,rr,~«~•r ~t~.~il :it~n ~ i~i ntin~: t!n ,~.~cn~~ nr ~t:~ ~~t~:i~.~ti~~r .e~i un ~i b~ ,u~ h lu•n tn a mannrr aeec•E~t:ihlr t~~ 1.~•n~irr. ~~r ~t~.i{1 in ~;~~~~~1 f.uth ~~~nt~ :t -u. h l~rn i~~, ~~r ~i~ t~ :i~: i i~t,~n .~u~ !i i;, n~n. l~ j~r~~c~ ey1~n~;~ ~.hi~•h up~•r.Ut• tn prr~t~nt thr ~•~if~~rrt•n:~•nt t~~e• I~e~n ~~r (~~r(r~tur~• ~~f ii~~• f'r~~}~~ rri ,~n~ E~,~rt tlu~:~~~t Htttard Insurxnct~_ liurrv~~~•r ~h.~l! kr~•{, th~~ ~m~rr~~.~•nu•nt~ n~~~~ ~•~i~un~; ~~r h~•rruft~•r e~rr~~t~~~l ~~n th~• 1'n~pt•rt~~ in.un•d a~;:unst lussh~• ;~r~•. hatard. includi•d w ith~n th~~ t~•rcn'~~•~t~•n~i~v1 c~~~ rr.+R~•.~~ :~n~1 .urh ~~th~•r h:~r:~ni~ n. !.~•s„i~~~ «~~,~~~<< :t~~~i .w h nnn~untti and f~~rtiuch E~:•n~Kls as Lrndrr may rrywr~•: ~~n~~ ~il~•J. :h:~t I.F•ncl~•r ,h.~ll n„i rryuir~ tii:~t thr .emuunt ~~i ~u~ h r~~~v~r.~~:~• ~~x„•~•d th:~t :+n:~~unt ~~f ~~~~~rra~e• n,~u~rerl t~~ pay th~• .um• :~~cun~i t~~ tii:. 11~.~t~;,~~;,. 'I~hr ~n.ur.u;~~• c.~rn~•r {~n,~ i~1in~; [h, i::~ur,+n . , i~~~•~ n i~~ il~~rn~~,~ r.uLi~ ~ t t~~.~F~{~r~,~.~1 i~~ 1.~ r. {~r,~~:~l~~~i t't,.rt ~u~ h:~{~E,r~~c:il ~ ~h~ill n~~t hc unn ;+.~~n:~l,i~ ~„thh~~l~1 :\i! pn~n:~u~:~_ :n-~~~.~ti~ ~n,ii~ i~-.•t::~l! t~~ E~.u~i in tt:~• t:t.+n~~~•r E~n~•...!~ ,f ..,-i~•r ~~.~r.it~n~~~h'_' h,•r~~~f ur. if € •t p:~id ~n .urh m:inn~~r. h~ ft~~rr~,ti~~ r~~~.~tii~:c G~.~•.:r., t~~ n~ic:• ~lin t,~ th, u:,ur.~n~ ~,irri~ r ~ All insuruni~t• p~~l~c ie•.:ind rrn~•~+ui~ th~•n ,~l ,.:.~ii i~~ f~~nn r{~t:,i~Ir t~: l.. n~irr,~n~l.}~.~li ~n~ lu~l~ :t.~u~i,~nl rn~~r?~;.~~;~•rl.~u~t• in f:~e~~ruf ,n~iinfnrma~~ca•pt.ihlrtul.~•nde•r 1~•n~f~•r~h.~ll~:.~~.. th~•ri;:i~tt~~I~~~I~tttu•E,~~L~i~•:ui~ir~~~~~~e.il.th<•n•~~C.,u~~ii:~•rn,•.~~•r.l~:~IIE~r„mptl~furn~shtu t,~ nder all renr~vcal ni~U~~rn and :~1! r~•rr~{~t~ ~~f ~r,~t~i ~~r~•iniucn. In th~•~~~~ tit ~,f 1~,•. ii~~rr,nt~•r-h:ijl.~i~~• {~n,;i:pt n~~hce• u~ th~~ in.uranre ~.~rrier ~ ~+nd l.ender. I,e~idrr m.ac ~nsk~• pn~~~f ~~f I+~•~ ~f r~~~t n::i,l: pn~~r~ptlc h~ fi~~rr,~ti~~~r ~ 1'nlrs~ I.c•ndt•r :+nd fi~~rrv~~crr ~~th~•n+i•r :~y~n•~• i:~ «ntink. ~n•ur:~n~ F~n,~ ~ ~•,1. ~;;.+~i t~~ :~~~E,li~ ~i r~ ~r~~r.iti"r~ ~~r r~•~~nu ~~f th~• ('r~~{~~•rt~ ~ i,~maKrd. pru~•ided .u~•h rr.t~~r.~u~~n ~~r rt•E~,~ir ~~,~n~~rn~~.~liy le:~=ii~l~• :tni1 thr ~r~ unt: ,~1 th~. ~l~~rt~;.+~;~• i• n~~t tht•n h•. ~m{~:urF•d [f such 5 r,:.wratiun ~~r rep.ur i~ n~~t rc~~n~~~n~~ ,Jly f~ ;~.ifij~ ~,r it th~~•,•~ unn ~~f thi~ \1,~rt~;,~~;~•..~~ulrl ht ~:r;,,,~~~,-~i. cr„~ ~s~.urnn~ pn~~ r~~1..h:i11 heapplii~cl ~ thesums ti~rurcKl b~• thi. ~turt~:~Ke•. u'1lli t}lrr~~ ~t .~n~. E~.~~d b~ fi~~rn~w~•r If th~• f'n~p~•rtc i,.~h,~r~i~~n~~f h~ f3~~rr~~w~•r.~~r if fi~~rr~~~crr fa~lstn ~ re•.,pnnd t~i l.en~l~r w~ithin :Cn d:i~ ~ fnnn th~• ~l:it«~ f:,~t:~ • ~n.~ii~~1 h~ I~~n~1~~r t~~ kt~r, r~~.~~•r !h.+t !hE• tn.urnnrr <::rni~r ~~fft•r• t~~,<•ttl~•:+ rlaim fur $ :n~;urann~ bc•nt•fits. 1.~•ndrr is :~~th~~ni~•,1 h, ~ ~~il.•~ , .:n~i .~~~E~:c th.• ui.ur:~n~ ~ ~~r,,,, ~j.:~t I~•n~l~•r • ~,~,t~~~n ~•~th~~r r~~.t~~r.~h~~n ~~r rt•F3air ~~f thr ~ E`rupert~• ur the sum~ ~~•curt•d h~ thi. ~t~~rt~:.~~;~ l~nlrss l.rnder and Fi~~rr!~N'f•i(i(~lf'r~+~sr.~~;rv r in «nt~n~;.:~n~ su~~h:~E~{~lu ,~U~,u ~~f ~~r~~~ ~~r~1. t~~ pnn~ ~{r+i,ha:l nut cxtend ~~r {*~stpunrthedur ~.,ite uf thr m~~nthl~• ~n.taUrnt•nts n•f~•rrr~i u~ ~n p~r.+~;r~{~l;, 1.+nd ~~rn ~~i ~~r r!uu~~;~• th~•:~nn~unt ~~I .urh ~n.t:~ilmrnt< (f u~~de•r par.i~;r:~ph 1!+ ~ tirrE•uf the Pn~pf•rh• is .~cyuirr~c~ h~~ 1,~•n~f~•r, ,,ll n~;i~t. titl~ .~nd ir.h•r~•.t uf fi~~rn~H«~r ir. an~1 t~~ .~n> ~n=ur.in~ e~ ~w~1i~ ~••~,tnd ~n :ind h~ th~~ pn~i~~c•ds ~ !h~•rcr,f reaultinK frum damaKe~ tn 1'rupe~rt} pn~~r t~• th< .:~Ir ~~r a~ ~~u~~iti~~n .h:~ll E~.~~> t~~ I.~•r.~lF-r t~~ the~ e•~t~•nt ~~f thr ~um~ s~•cur~~i h~ this ~ \1~~rt~;aKe immc~~atc~lp priur tu surh ..ilt~ ~~r .irqui~it~~~n ~ 6. Yreservation xnd 11Hint~~nf+nc~~uf {'r~rpi•rt•,: Li•a.t•h~rld.: ('unduminumv; f'lann~~d l~nit 11e~~~i•lupmf~nts. }t~~rn~wer ~;hall krep ~ thF~ i'r~~~rrty ~n K~N~d repair ;ind .hull n~~t ~~~n~~•iir ...t~:• ,~r E,~•rm~t ~tn{~.urrn~~nt ~.r ~l~~t~•n~~r.~t~~~n ~~f the• 1'r~~~irrte uni~ .hall ~:~rnpl~ H~ith thr ,,r~~~~isums ~~f an}• lratiE• ~f thts 11urt~;:+~'r i~ ~~n I~ i,"i~1 ff this ~1~~rty;:+~;~ i< ~~n .i untt in c;~rt~l~,minium ~~r.~ ~I.~nnr+i unit rl~•~•t•I~~pment. ~ kt~~r*nwer yhall perf~~rm .ill nf ii~~rr~~~~~•r'. ~~hii~;,~t„ :~r: r tfu~ ~1~~~ l,irat;~~n ~~r i~~c~•n,~nt, ~ n.~±i;i~ ~~r ~;~~c~•rnin~; thF• ~„nd~~min~ur.i nr plannrd : :nit d~~~el~~pmNnt. tht• h~ l~i~+~ :~n~l r~•~u;.~e;~,r.• r!,. ~~:nr3~~rn~ruum i~l,~nn~~i unit ~1~~c~ l~~{;rne•nt. .~n~i ~:~nsntue•n! ~i~~~ umF•nt. If a ~ ' ,nd~~m~nium nr pl.~nnt•d unit rlt•,rl~~{~rr.e•nt n~i. r ~;tr~i h~ K~~rr„~~, r.~n,1 n, ~~r~1~•~i t~~~;,•thrr µ~th thi, ~„~itK:+ke. thf• c~,crn:int~5 and r~ ~ :,;rrrrnc•nt~nf.~ihn~1~•r~ii.~llh~~~n~~~r~~~~r.~t~~1~r,t~~.~:~~ .:,~{I:~cn,ntl.ui~l,u{~{~I~•~n~ntth~•~~~~~•n,~nt,.ir,~i;~~n••mc•nt•~~fthi.~t~~rt~;a~;ras~fthe ~ _ •,~le•r wrr~• a p~~rt hrrt~~~f 7 Yrr?tection of l.ender'e Sec•urit}-. If ?t~~R~+wk~r fail. tu FH'ft(Iflll ~}1P ~~~~'Yfliill[A :tu~? ,iKrr.•rn~m~~ r~~nt,tined in thie ~1nrtKxKe, ~~r if any _ ,ct~un ~~r pn~cerd~ng ia cummencrd µh~ch mati•n;ul~. <+ffrcte+ I.c•ndrr'ee intere•~;t in the f'r~~prrty, ~n~lud~nK, hut nut l~m~ted t~~, eminent d„main, - ~neolvency, rnde enforcement. ~~r arrengement:; ~~r pn~c•eedinks ~nvolv~nK a bankrupt ur dE-~~rdrnt, thrn l.rnder at {~~nder'W uphon.upon nr,tice ta Borrower may make such appearancre, d~~huree euch sume and take such .i~u~~n ars iK nereasar}• to pr~~tect I.endrr'e interest. ~ncled~ng, but not l~mitecl tn, disburr+ement of rrae{~n.~hlr attornry'e fc~rs and rntry up~m the Pr~~perty t~~ makr repxire. If l.ender required mnrtKaRe ineurance ae a conditiun ~~f mak~nK th~ luan ~c~curecl h} tni~ ~1nrtK:iKe, E~~rn~wrr shall pay the premiums required to maintain ~uch ~neurance in effect until euch t~m~• :is thr nr~uu~~mt~nt f~~r vurh ~n~ur.~nre~ trrrninatf•~ in a~~c~~rd.inct~ Kith fi„rruv~•er'~ .~nd I,rnder's ~nttFn .+Kreement or appli~~ahlr~ I.:+K Hnrn~w~~r ~h:~ll p.i~• tht• :~muunt ~~f .+11 m~~rtK,~Kt• ~nsuran~ ~~rc~mium~ :ri t}ir mannt•r prm•~dt~cl under ,,araKr.~ph 'l here~~f. Anv am~~untr~ dieb~rK~ hy {,e~nder p~•rrw~~it t~~ thie p:~raKraph K•ith in!~•n•yt !hrn•un. ~hall hc~c~~me additi~~n.~l ~ndebtednc~ss uf fir~rrnw~er et•cured by th~K ~1~~rtkaKc~ ('nlevv f~nrr~~wrr and i,~nder .+Krer U~ u!ht•r termy +~f p<~yrnt~nt. su~•}i :irn~,untr~ :+hall hr payahle upr~n ~ n~~tu•t• fr~~m I.endrr tn Fir~rr~~v.er rryu!•htinK paym~•nt therr~~f, and Nh.ill hca~ inter:•st fru~n th~• 11at~• ~~f rti.~hur~~~~r~ nt .{t tht• rate pays~hlr fr~~m t~me t~, t~m~~ un ~,ut~.t~~ndinK pn~r~p:+l un~~rr the ti~~te unl~xs paymrnt nf intr•reyt at 4u~ h rate w,~u1~1 tk• cr~ntr.iry t~~ applu~at~le• law. in .+h~ch _ ~~t'Fnt yuc~h r+m~~unt~ ehall hear ~ntt•n•~I at the h~Khrst r:ite permttieih!r und~•r :~pj,li, uhlr l.+w `~~thinK cuMaintd ~n thie ps~r:iKr:~ph ehall ~ rrquire I.Pn~1c•r u~ ~ncur an~~ rxpen~e~ ~~r t.+ke any H~t~~~n herPUnder. ' ~ d: "'x- . ~K 401. ~~E ~''9 ~ ~ , ~ _ ~ _r. _ . , ~