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HomeMy WebLinkAbout0997 UtiIFORM ('OVENANI~S. Kurru~?~r an~l l.~n~lrr cu~rnant an.l a~:r~r fullu~~.: . - l. Ya~znent of Principal and IMerr~t; Prrpa~mrnt and l.ate C'hurkrs. Burr~~~~r .hall pn~~nptl~ pay ~~h~n ~iu~ thr E~rinrip:+l ~~t :~n.l intrr~.~ un the ~~M ~vi~enrr~ h~• th~ Nute an~1 an~ prrp:~ynt~nt an~f latc rhar~e~ ~u~ un~~r th~ N~~tr. 2. t~unds fur Ta~es and Insuraner. Subjert t~? applir~hle la~~ ~~r tu ~ w•riucn ~~ai<<r hy l.rn~l~r, Burn>~~~r tihall pa) t~~ L~ciJ~r ,,n th~ Jay m~mthl~, pa~•mcnt, :lre Jue under thr Notc. until the Nute i, pai~ in full, a,um 1"Fun:i.") ryual tc~ ~~n~-t~~rltth ~?I: i:~? :r:~rl~ ta~~, an~l a~.~,>mrnt. ~~hirh may attain priurity u~er thi. Scrurit}' In,trum~nt: (h) ~'~arl~ i~a~ehult~ pa)m~nt, ur gruun~! rrnt, ~,n ~h~ Pru~xrty, ii :~ny: 1~) y~arl~ hatarcl in~uranr~ prunium.: and (~l ~'~arly murt~;agc in,uranrc prcmium., il any. Thr,~ itrm. .~rr call~.1 "c.rru« it~n~~." L~n~cr ma1' ~~tiniatr th~ FunJ. ~iu~ un the ha,i, ot rurr~nt ~iata an~1 rr.uunahl~ c>timat~~ uf futur~ r.rru~~ ,t~ u~.. l~hr FunJ..hall tk hrl~i in ~n in,titutiun thr ~e~?,ita ur arruunts uf ~~hi~h are in.urc~ ur gu,irantcr~ h} ~ f~~eral ur .tat~ a~;~nr~ ~~nrlu~in~ Lrn~cr it L~nJ~r i, ,urh an inatitution). L~n~i~r ,hall apply th~ FunJ~ tu pa~ th< <,cn~~~ it~m~. L~rnler ma~ n~?t rh:arz~ tur hulaing anel ~ppl~ing the FunJ~, :?nal~zin~ the account ur ~~erif~•int thr e~rruw it~m~. unl~., L~n~~r p~~~ B~~rn~H~r intcr~~t ~m ui~ FunJ. and applirahf~ I~~~ Fx;rmit~ L~n~~r tu makc ~urh a rhargc. Burru~+rr ;~n~i Len~i~r m~~ agr~c in writing th;?t intcr~.t .hall hr paiJ un the Fun~~. Unl~~~ an agr~emrnt i~ ma~fe ~?r applirahk laH reyuir~s int~r~~t tu tk pai~1. Lrn~~r ~hall nut tk r~yuirrJ tu E~;~~ BurruHCr .?ny intrre,t ~~r rarnings un the Funas. L~n~rr ~h~ll gi~r t~~ Burru~•er. ~~ith~~ut chargc, an annual arcuunting uf thr FunJ~ ,hu~~ ing rr~dit. anJ ~lchits tu th~ Fun~ls and thr purFxne fur ~hirh r~ch ~i~hit a~ th~ Fun~~ ~~as ~n:t~~. Th~ Funa. ar~ pl~Jg«1 a~l~itiunal ~ecurity fur the ~ums .~rur~d hy thi, Securit}~ In~trun~ent. 11 ~hr anwunt of thc Fun~f~ hcl~ by t.ender, t~~geth~r «hh th~ fu[ur~ munthl~ pa~m~nt~ uf Fun~~ p:+~ahle priur tu th~ ~uc date. ,~t th~ ~xn~~v itcm,. ,hall rxr~cJ th~ anu~unt rryuire~ tu p~~ the ~.rn:~~ it~nu ~vhrn ~fu~_ thr ~xrcti~ ~hall hr, at B~~rru~~~r'. upti~,n. ~ ithL r prumptly repaid t~~ B~urower o~ cr~ait~J to Burr~~~~~er ~m mi~nthl~ pa~ nt~nt~ oC Fund~. It the an~~~unt ~?f thr Fun~l~ hrl~ h~ LrnJ~ r n~,t ,uttiri~nt to pay th~ r,rm~c it~mti ~~h~n Juc. Borm~vrr ~hall pa~ tu l.en~fer ~n~~ am~~unt nere~.ar} t~~ make up 1he detiricn~~ in un~ ur nu~r~ pa~ment~ :i, reyuirrJ hy L~nder. liFxin pa~mcnt in iull uf all .um. ,r~ur«i h~ thi~ Sc~urit~ In,trumcnt. L~n~irr ~hall prumptl~ refun~i t~~ B~+rru~~~r .~m Fun~~ ii~~l~ h~ L~na~r. if un~ler paragraph ly thr Pr~~prrt~ i. ~uld ~~r acyuir«! h~ L~n~l~r. L~n~ler ~hall appl~~, nu tatrr th~n imm~Jiatrl~ E,i iur tu th~ ,alc uf th~ Propert~ ur it, ~ryui,itiun h~ L~n~i~r. am Fun~, hel~ b~ Len~ler at th~ tim< <~f ~ppliratiun as a cr~~it ci~:timt th~ ,um~ ,~~ure~i b~ thi, Sccurity In~trunt~nt. 3. Application of Pa~mrnts. Unl~.. applirable la~~ pru~~i~l~~ uth~n~i~~. all pa~mcnt~ r~r~i~r~ h} L~n~ler un~rr par.~graph. I an~t ?,h~,ulJ tx applied: tir,t t~~ amuunt~ F1:1)Bhll un~lcr paragr;~ph urun~ t~~ interc,t: anJ la,t t~~ prinripal. Char~es: l.iens. Burr~n+er,hal! pa~ all tat~~, s~~~.,m~nt., rhargr,, tinc,:~n~f imEx~,itii~n~ attributahlr ti?the Pr~~~xrt~~ ~shirh , ~n.i~ attain pri~~rity ~~~~r thi. Srcurit~ In~trument. ~nd Icas~huld pa~ ment~ ur grc?un~i rent., if ~n~ .~~~rr~~~~~er ~hall pa} the~c ufiligati~~m in th~ i~iann~r pru~i~i~~ in p:~ragraph ~~r if nut pai~ in that m:~nn~r. B~~rr~?~~er ~h~ll pa~ thcm un Um< <lirectl~ u~ th~ ~xn~m u~~~ E~.i~ mc~z[. B~~rr~~~~~r .hail prumptl~ furni,h tii Len~fer all n~~tire~ of ;~nu~unh ti? tx~ p~i~ unJer thi~ paragraph. If BurruH~r nr,ike~ th~~~ }~:~~~~~cnt~ ~lircctl~, Burn~ti~r ~hall prumptl~ turni~h tu Len~l~r r~r~ipt~ ~~~i~enring thc pa~m~ntti. Burru~+cr tihall prc>mptl} ~lis~h~r~e an} licn ~+hirh has prii~rit~~ ~~~~r thiti S~curity Imtrumcnt unlrss B~~rruw~cr. !al agr~~~ in ~~riting tu the pa~ment ~~t th~ ~~hli~zati~m .ecure~ b~ th~ lien in a mann~r arreptahl~ tu Lcnder, (h) r~mte.tti in g~H~ faith thc li~n h~ .~~r ~~tind~ a~z~in,t ~nti~rrcmrnt ~~f thc lien in. I~LaI pr~k~~~ing, ~~hi~h in thr L~n~fer'ti i~piniun ~~~x~ate ti? prc~rnt the enfi?rremcnt ~~t th~ lien ur tiirfeitur~ uf an~ part ~~f the Prope:rt~; ~~r Ir> ~~cur~~ frum th~ h~~l~~r ~~f the lien an :~~,reement ~ati~i:~cti~r~ to L~n~1er ~uh~~r~inatine the ~ien t~~ thi~ Serurih Imtrum~nt. li L~n~rr ~ktermines that an~ part ~~f the PruFx:rt~ is suhj~rt t~~ a lien ~ihi~h m:~~ .~tt:~in prii~rit~ u~er thi, Srcurit~ Imtru~~irnt. Lcn~ier ma} gi~•~ B~~rmHrr a n~~tir~ i~icntif~ing th~ licn. Bi~rri~~c~r tihall .ati,i~ thc li~n ~,r (ak< ur mure ul the ~rti~~n, tiet ti~rth atH,~~ ~~ithin IU ~la)~ ~~f th~ gi~'ing i~f ntriic~. Haz~rd lnsurance. Bi~rru~~~r ~h;~ll kecp th~: impru:~ment~ nuW existing ~~r h~r~att~r cr~ct~~1 un th~ Pm~xrl~ in.ur~d azaimt h~ tirc, h:~ear~i, m~l~?~ird ~iithin the term "~~t~n~ed cu~~rag~" an~1 am e~th~r haz;~r~i~ tiir ~~hich Len~1~r r~yuire, in.urancr. Thi~ ~n.uranrc ~hall tx mai~tain~d in the amuunts an~ ti~r the pcri~xl~ that Len~~r reyuir~,. "fhe in,ursnce r~rrier pm~iJing thc in~uranr~ .ii.~ll he chusen b~ Burrow~r ~uhje~t t~~ Lcnd~r~~ :~ppro~~al w~hirh ,hall n~~t he unre~~unahh Hithhcl~l. .-~II in,ur~nre ~~liries an~ reneHal~ ~halt he acce(xahlr t~? Lrndcr and shall includc a>tan~lar~l mortgag~ rlau.~. Lcnd~r shalf i~.~~~ th~ ri__ht t~~ h~~l~t 1he {w~li~ies anJ r~ne~~al~. li I_~n~fer r~yuire,. B~~rru~~~r,hall protnrtl~ gi~c t~~ (_~nd~r all r«~ipt, ~~f pai~ premium, .~n.l r~nr~?al n~~ti~r,. In the ~~cnt uf I~»>. B~~rrutirr ,hal! ;_i~e pre~mpt n~itire ti~ th~ inwrance carrier ~n~i Lc~~1~r. Lcn~icr m~} make ~ j'r~,~~f ~~S ii», it nut ina~l~ pnm~ptll h~ Burmwcr. i l~nle,. Lcn~er anJ Bur«~~er ~~th~n~ i~~ agree in ritinz. in,uranrr prckee:l~ .hall tk applir~ t~~ re~turiti~~n ur repair uf the Pru- ~ n~ rt~ llJtll:l~_~~. i( th~ r~~turati~m ~~r repair i, er~m~miicall~ ~~s.ihle ~nd Len~cr'ti ~~rurit~ nut le.~~nr~. If thr rr,tura[iun ~~r rrp~ir ~ - nuI ecun~miirall} tr~~ihle ~~r LenJcr', ~e~uri[) ~~uul~l h~: I~~tie'ned. th~ intiur.tilcC pnxe«i. ,hall tx ~pplieJ t~, th~ tiumti ~~rur~tl h) ~ tin. Sc~uritc Imtrum~nt. ~chether ~~r ni~t then ~ue. ~~ith am ~x~•~ti~ pai~f tu Burr~»~ir. If Borrin~cr ahand~m. the Pri~pert~, ur ~~k~ ~ n~~t am«er ~ti ithin 30 ~a~~ a n~~tice imm L~nd~r that thc inwr~nc~ r~rri~r h~~ ~~tfere~i ti> >ettl~ a clairn, then Len~ler ma~ r~~lle~t thr ~n.,iranr~ pnkec~i,. Lend~r ma}' u~e the pnxec~is t~~ repair ur re,t~~re th~ Pruperty ~~r tu pa~ ,um..~rurc~i M thi. S~curit~ Im!rum.nt. ~,~.h~thrr ur n~~t th~n ~ur. The 30-~a~ ~xri~~ will he~gin ~.~hen thc n~itirc i, ~,i~~en. l`nle» Lrn~er and 8~~rroti•er utherwitie agree in Hriting. :~ny applir~tiim ~ii pnxce~~ t« prinripal ~hali n~~t extcn~l ~~r p~~.tp~m~ in< <lue ~1at~ ~~f th~ m~mthl~ payment~ reterred u~ ir paragraph~ I:~n~ ? ur changr th~ amuunt uf th~ p;~}mrnt.. It un~l~r paragraph thr Pr~~rt~ i~ :~cyuired b~ Lcnder. Bcirru~?er'~ right tei am in.~rancc Fx~lirir~ an~ pnkee~i, re.ulting frum ~lcima;;e t~~ the Pm~nrt~ ~ ,~n~~r t~~ th~ a~yui>ititm ~f~all pa~~ ti~ Lcnd~r t~~ the ~xtent ~~i thr ~.umti ~rrur~~ h~ ~hi. Securit~ (n~trum~nt imme~iatel~ pri~~r tu thr ~ :yunitiun. " - 6. Preser~ation and ~laintenance of Properi~; i.easeh~ilds. B~~rm~crr ~haii nut ~r~tr~~~ ,~lam.!~~e ~~r .uh.tantiall~ chan,~~ th~ ~ ~ I'r~,~~rt}. all~~« thr Pm~xrty t~~ Jetcri~~rate ur ci~mmit ~~a,t~. If thi. S~rurit~ Imtrument i~ ~m a lea;ch„Id. B~,rru~~cr .hall ~im~~l~ ~ ith th~ pr~ni~iimti uf thc lea.~. anJ ii B~,rmw~~ :~cyuir~, lee titl~ t~~ th~ Pm~rt~. thc Ira~eh~,l~l an~ f~e title ,h~ll rn~t mcr_~e uni~„ ~ i.: n~cr a~_rcr, tu the mrrger i~ ti ritin~. 7. Pr~?trction uf Lender's Ri~hts in the Propert~; ~lortKage Intiurance. If Burr~~~~er f:~il~ t~~ ~rfurm thc r~~~enant~ an~4 ~ ,~~~r~rmcnt~ r~~ntain~~1 in thiti Serurit) Intitrum~nt. ~~r ther~ i. a ieg~l pmc~c~lim* th~t m.i~ .iznit~rantl~ a(frct Lcn~ler'~ ri~hts in thr ; ~ I'r~.~xrt~ ~,uch a~ a~r~~ree~fim_ in h.inkru~tc~ .~ruhat;, tiir cim~ernnati~m ur ti~ cnt~~~r~e la~~, ~~r r~gulati~m.?. thrn Lrn~ler ma~ ~i~~ ~ ~ ;n.1 pa~ ~iir ~~tt:i[~~~r i. n«~~~ar~ t~~ ~n~t~~t [he ~alu~ ~~f Ih~ Pm~rt~ ~~r.~1 LenJer'ti right~ m th~ Pn~~rt~. Lrn~ier~. acliuns ma~ ~ ;;~i~i~ic ~a~ing am ~um. ~crur~~1 h~ a iicn ~tihirh ha. prii~nt} ~~~~r thi. S~curit~ In~trum~nt. ap~ann~~ in c~wrt. pa~in,_ r~a.~~nahle ~~t~,rnc~,' fr~~ an~1 rnt~rim_ un th~ Ps~~~rt~ t~~ mak~ r~~ciir~. Alth~~~.i~_h Lenci~r m;~~ taL,~ a~ti~m un~l~r thi~ ~ar.~~~raph 7. L~nJ~r ~1~k• ~ . ha~r tn ~1u ~ ~ J~,`~K 4E~ ~~~~E 997 ~ ~ ~ ~ - _ _ ~ ~ ~g, a~~ ~ . A.~.~ ~ r - ~