Loading...
HomeMy WebLinkAbout0998 :~m :im~~unt~ .1~.hur.~~.1 h~ l.~n.~rr un~i~•r thi, p:~r:i~~~a~ali %.t~utl h«uinr .~~t.~lli~~il.il .irht ul H~~rm~~~r .rcui~•~I h~ ih+. \c:ui~~~ (n,trumrnt. t'nl~.. t;urru~~rr an.l i.en.l~r a~r~r t~> uth~r [rrn~, ul ~~ai mriit: th~~.r an~~~unt~ ,hall tk:~r ~mrre.t f~~~n ~hr ~lat~ ~tf ~ti.bur,rn~~ nt ,,t ih~ \~~t~• ratc an~! .hall h~ pa~ahlc. ~?ith ~ntrr~.t. uFx~n nuCiir Imm l.rn~lrr t~~ t3urru~~rr r~yur.tln~~ ~.~~mtm. . !f L~nJtr rryuirr.l m~~rt,~a;~~ in,uran,•r a~ a run~l~tiun ut m:~~.in_~ ihr 1~,:?n xiur«1 h~ thi, tie.urit~ ln.trum~m, fi~,rru~~~r .hall F~.~~ th~ pr~mium. rtyuir~~ t~~ mc~intain the in,uranr~ in rtl~rt until ~urh t~mr a, tht r~yuir~mrnt f~x lhr in.ur:ini~ trrniin,ur. ~n :i~<<~~d:~~t« ~~ith t3urru~~~r'~ :?nJ l.rn.lrr'~ :~ritt~n agi~~~mrnt ur :~ppli~ahl~ I.t~~. 8. Intiprction. L~ n~1~ r ur it, :i,~~ nt ma~ mal.~ rra.~}n:ihir rntrir, uEx~n :~nJ im~x~ t~u~~. uf thr I'ru~x rt~ . LrnJ~ r,h:?II r l3urn~~~ rr n;~urc al ~h~ tinu ut ur pri~~r tu an in.Exxctiun ,Fkrify~int r~.~wnahlr cau.~ li~r th~ im+xili~m. 9. C'unden~nation. 'I~h~ pr~x•c«h uf :~n) c~~~.~r~l ur ilaim l;~r ~lama~~~,. ~ire~t ~~r runxyucntial. in runn~riiun ith am run~lrmnatiun ,,r ~ah~r tukim~ ut am parl ~~t thc Pru~xrt~. i~r ti~r rumr~anc~ in li~u ~un~~mnatiun. ar~ h~r~h~ a~,iin~~ an~l .hall t?~ pai.l tu Lcn~l~r. In thr ~~~iu ul a tu~.~l tal.in~ ut thr Pru~xrt~, thc pnk•~rJ, ~hall tk appli~~f t~? thr ,um~ ururr~l h~ thi. S~rurit~ In.trumrnt. ~~h~thcr ur n~~t thrn ~iu~. ~~ith am ~~r~,. p;u~1 tu Burru~~~r. In thc c~~nt i~f a partial taking ~~f th~ Pn~~xrt~. unl~.. Burru«~~ ariJ l.r~~.fer uthcr~~ iu azr~~ in riti~r.:. thr ,um. ~~tiurrJ h~ thi, S~tiurit~ In,trum~nt ,hail tk rc~iu~r~ h~ th~ :nnc~unt ut thr pr~k•~r~l, n~ulliplirJ h~ th~ ti~llu~~im~ ~rartiun: tal th~ tutal .inwunt ~,t th~ ~um..~rur~~ immiJiatcl} bcli~r~ th~ tal,~nz. ~l,~i~irJ h~ ~h? ihr f:iir marl.~t ~:ilu~ ~~1 thc Pru~rt~ immcJi:url~ tkli~r~ th~ tal.ing. Am h,ilan~e ,hall hc pai~1 Bi~rn,~~~r. (f~ ~h~ Pru~x rt~ i, ah:in~un«1 hti B~~rru~<<r, ur i!: .lti~r nutirr h~ Lcn~1~r ti~ Burru~~~r that the :~m~lr~nn~~r uffrn t~, ma~.~ :in . ~ .~~.ar~i ur ~~ttl~ ~l.~im ti~r ~ama~~r.. Rnrm~~~r tail. tu r~~}xin~l ti~ Lrn~l~r ~~ithin ?(1 ~a~, att~r thr iiat~ thr nutirr u~~i~rn. Lrn.lcr i, auth~~ri~c~l tu r~~U~rt an~1 apph~ th~ pnk~c~l~, at ih ~~pti~~n. ~ithrr t~~ r~,t~~r.itiun ~~r rrpair ut th~ f'r~~~xrt~ ~,r tu thi~ ,unu x~ur~~t ~ h~ thi, S~iurih Imtrum~nt. ~~hcth~r ur m~t ~h~n ~iu~. ~ Unl~» l.~n~~r ai~~l Btirm~~cr ~nhrn~is~ a~~r~r in ~vritin~_, an~ applirati~m uf pr~k•~~~1~ tc~ prinri~.~l ,hall nut ~~t~rt~i ~>r ~»tpnn~ tlir ~lu~ ~1at< <,f th~ nu~nthl} pa~m~nt. rrfcrr~~l tu in para~_raph, I an~ ? ur ~h.~n,~e ihe amuunt u! >uih pa~n~rnt>. 10. Borru~~er tiot Relr~sed; i~'orhearance B} l.endrr ~ot ~t ~1':~i~rr. Ex[~n~i~m uf th~ timr ti+r pa~mcnt ur m~~~itirati~m ~~f :inwrtitali~m i~f thr wm. .«•ur~~ b~ thi~ Se~uril~ ln.trum~nt grant~d h~ L~nJ~r tu an~ ~urr~:..ur in int~re~t i~t B~~rn~~~er .hall nut rat~ tc? rck:~u th~ liahilih of thc ~xigin:~l B~~rr~~~~~r ur Burru~~~r'~ tiuc~e.,un in intrrr,t. L~n~irr ~hall n~,t h~ r~yuir~J tu r~~mmrnc~ E,nk•ec~ling. a~~ain,~ am .uccr.~~~r in int~r~,t ur r~ fu,~ tu c~t~nJ time ti~r pa~ m~nt ~,r uthrn~i.~ m~xiif~ amurtirauim ut the .um, ,~rurr~l h~ thi. Scrurit~ Imtrumrnt b~~ rcasun uf any Jema~xi n~dc h~ the ~~riginal Burn~~~~r ~~r Burr~~~+cr'. ,urcr..~~r. in intrr~~t. Am fi~rtk:ir.+nc~ h~ L_~n~~r in ~x~rri.im~ an~ right ur rcme~i~ ~hall nut tk a~~ai~cr ~~f ~~r prcclud~ thc ~xcr~iu uf ~m ri<<ht ~?r r~m~~l~. 1 t. Succrssors :~nd :~ssi~ns Bound; Joint and tie~~rrai Liahilih; Cu-si~ners. "The r~~~~nant. an~l a~,r~cm~nt. i?t thi~ S~curit~ ! n.trumcnt ,hail hin~ an~l tknefit th~ ,urr~.tiur. an~i a>~ign. <~i Len~er and B~~rr~n+~r, ~uhj~rt to th~ pru~ i~iim~ i~f para~raph 17. B~~rru~~rr', ::~~~nant> an~1 agr~~m~nt~ ~halt tk juint an~l .e~eral. Am Bi>rn>urr ~~h~~ r~~-~ign. thi~ S~rurit~ Imtrument hut ~I~x> nut r~r~ut~ th~ \ut~. Ia1 i~ r~~-.i,~nim_ thi. S~curit~ Imlrwt:~m ~ml~~ tu mort~sage. ~~rant and r~~nv~~ that B~~rm~~rr'. intcr~.t in th~ Pru~xrt~ urnt~r th~ term. ~~f thi, S~rurit~ Imtrumcnt: Ibl i~ m~t ~nc,nall~ ~~hli~~ate~1 t~~ pa~ the ,um. .c~ur~~ h~ thi. Securit~ In.trum~nt: anJ ~r~ r~~~ that L~n~ter an~i am uther B~,rruwer ma~ agrre t~~ ~xt~nd. m~utif~. fi~rtkar ~ir make an~• ,?~rumm~~.itiuns ~cith r~_~:~r~ te~ th~• t~rm. ut thi> S«unt~ Imtrum~nt ~~r [hi ;\ul~ ~~ithuut that B~~rn~~~~r'. run.~nt. 12. l.oan Ch:~rkrs. If th~ luan ,r~ured b~ thi. S~rurih (mtrument i> >uhj~~~t t~~ ;i I;~u ~~hirh ,eE+ ~na~imun~ luan rharge,. an~1 !h:it I,i~~ i~ finall~• interpr~te~ that the inter~~~ ur uthrr tuan ~h~rg~. c~,llect~~i ~~r ti~ tk ri~IlrrleJ in ~unnrrti~~n "ith th~ luan ~xr~r~l th~ ~xrmiu~~1 limit.. th~n: ia1 am ,urh lu~n rhar~~r shal! tk r~~lurc~l h~ th~ ami~unt n~c~„ar~ tu r~:fu~r ~h~ rhar~~c t~~ th~ {krmittc~i iuiiit: anJ (h) am .um, alrrael~ roUect~d fr+nn BnrmH~r tihirh exre~~fe~ (xrmitte~l limit~ ~~ilt h~ refun~f~J t~~ B~,rm~~~r. L~n~rr ma~ ~huu~e ti~ nriF,~ thi. rrlunJ h~ r~durin~~ the prinripal ~~H~~ un~ler th~ ti~~te ur h~ mal.im~ a ~fir~rt pa}ntrnt tu Burru~+~r. If ~ r~tiin~l rr~urc, prinrip:~l. th~ r~~furti~m ~rill tk tr~atc~i a~ a partial prepa)ment ~~ithuut an~ prrpa~mrnt rh:+r~~~ un~t~r the tiut~. l3, I,rKislatiun :~f'tectin~ l.ender's Kight~. 11 enartment ~~r ~xpirati~m ut applirah(c la~~, ha. th~ rftirt isf r~n~i~rin~~ arn ~?ru~ i.i~~r~ ~,f th~ \„t< <~r thi, Sc~urit~ In~trum~nt unrnf~,rr~ahh :~rc~~r~fim~ tu it, t~rm.. L~n~i~r. at itti uptic~n. i~~a~ nyuirc ~mmrcli~t~ pa~mcn? in tull ~~f all ,um.,~curr~l h~ thi. Serurii) fm[runl~nt ,in~t m~~ in~uk~ am reme~ir, (krmittr~ h: par~,~raph ly. If L~n~l~r rurri~r. [hi> ~~pticm. I_rn~t~r .hall t:ik~ the ,t~p> s~xcitieci in the ~~c~m~1 para~~raph i~l par3~~raph 17. 1~1. \oticer. Am n~~ti~e t~~ 8~?rr~~~~er pru~iJ~d li~r ~n thi. Serurit~ In.trum~nt,hall tk ,~i~~n h~ ~leli~~rin,_ it ~~r M mailim~ it tirnt ~Icu. n~~il unl~~. applicahlt la~~ r~yuire, u.< <~f an~~th~r lneth~xi Thc nutic~ .h;ill tk ~iir~~t~~1 ti~ th~ Pru~xrt~ A~l~re„ ur am ~~ih~r ~clilrt.. B~~rru~~~r ~ieaiznat~. h~ n~~tirr t~~ Lcnder. Am nutic~ t~~'LenJrr ~hall tx ,~i~cn h~ tir.t ~la,~ mail t~~ Lcn~~r~, a~l~r~.> ~tatr~ h~r~in +~r am nth~r a~1~1rc.~ L~n~l~r Jc>i~~natc~ h~ n~~tic~ ti~ Burrua~r. An~ n~~tic~ pri~~ i~f~cl G~r in thi~ Srrurit~ In>tru~nenl .hall ~«m~~l t~, ha~c tk~n ~~i~~n t~~ B~~rru~~~r ~~r l.rnd~r ~~hcn ~_i~~n a, pru~i~c~l in thi~ par~~r:+ph. 1~. Go~erninK 1.:~~?; Se~erabilit~. 7~f~i~ S~curit~ tn,trum~nt ,t~;~ll tx~ gi~~~rn~J h~ tcJrra! la~~~ an~ the la~~ ~,f th~ juri.~i~ti~m ~n ~~hi~h ~h~ Pn~~m i. I~k•at«i. In the r~~nt that .~nr pr~» i.i~~n ~~r rlau>r ~~f thi~ Sriijrit~ Imtnnn~nt ur th~ \~~t~ ~~mtli~t~ ith ~ppli~aM~ I.i~~ ,,uch c~mlli~t ~h.?11 nut aitect uther pr~~~ i~iun, uf thi, Scruri~~ lmtrumcnt ~~r thc tiutr hich ran tk _~i~in rff~rt ithc~ut th~ ~~mtlirtim~ ,+r~~~i,iun_ Tu thi. en~ thc pru~i,i„m ~~f thi. Serunt~ Imtrumrnt an~i th~ '~ut~ .ir~ ~t~rlar~J t~~ h~ .~~erahl~. 16. Borru«er'ti (~op~. B~~rru~+cr ,hall h~ ziccn ~me r~~nf~,rmr~1 r~~p~ :,f th~ tic~t~ .incl thi. Serurit~ I~s~trum~m. 17. "Transfrr of' the Prupert~ or a Keneficial interest in Borro~~er. If all ~~r ,im pan uf th~ Pn~~rt} ~~r an~ intrr~~t in ~t .~~I~ ur trant~rre~l lur i( ~ tkn~ticiai int~rr~t in Bi~rm~ccr i, ~ul~ ~~r tramtcrrc~f an~ B~~rr~~~c~r i~ nc~t a n~tura! pcr~uni ti~ ithl~ut LrnJ~r'~ {,nur ~+riu~n run.~nt. L~nder m:~~, at it, ~~pti~~n. r~yuire immedi~te pa}nirnt in full ~~i all ,um, .~curr~ h~ ~hi, St~•urit~ Imtrum~nt. H~,~~~~~r. this i~ptiim,half n~~t tx ~~erri~~J hc L~nJ~r ifexirri~~ i. pr«hihite~l M fe~~rc~l la~~ a, ~~t the Jatc ~~fthi. S~rurit~ In.trum~nt. (f Lrnd~r ex~rri,~. thi, i~pti~,n. l.cneler .hall gi~•~ Burn~u~r n~~tire ~,f arr~lrrati~,n. Thc nutire ,hall pru~i~e a(kri~xl i~f nut i~.~ than 3(? ~a~~ (rim~ the J;~te thc nuticr is J~li~erc~ ~~r m.?il~~l ithin ~~hirh B~~rn~~~er mu~t pa~ all ~um, .rcure~l h} thi, Securit~ ,?n,trun~en~. !f Bi~rm~?~r Jail~ t~~ ~a~ thc,e >um. pri~~r ti~ thc e~pirati~~n ~,i thi` ~ri~xl. l.~n~f~r ma~ imi,ke am reme~fi~. ~rmit[r~1 h~ thi, Scrurit~ In.trum~nt «ith~~ut furthrr n~~ti~< <~r ~t~man~1 un B~~rm~~~r. ' - IS. I3urro~cer's RiKht to Rein~tate. If Q~~rr~~~~~r m~rt~ certain riin~liti~~m. B~~rn~~~rr .h:+U ha~e th~ ri~_ht tc~ h,~~e cr.ti~rremcr~t ~~f thi, S~rurity In.trument ~i.r~mtinu~et at :tm ti?nr pri~~r t~~ th~ earli~r ~if: ~a1 5~f~~ti (~~r suih uther pen~>J ap~lir~ihl~ la~~ ma~ .~i if~ f~~r rcintit:~tem~nt) heii,re wl~ ~~f the Pmpcrt~ pur>uant t~~ ~m ~»+~r ~~f ~ale r~~nt.~ine~l in thi. Sccurit~ Imtrument: nr ~h1 ~n~r~ ,~I a ju~i,_m~nt ~nfiirrin,_ thi~ S~curih Imtrurnent. Thu.r c~>n~}iti~>n> ar~ that B~~rn~~~~r. (a1 ~a~~ L~n~icr ~II wm. ~~hirh th~n ~+~~ul~ ht ~iu~ un~frr thi~ Scrurit~ Imtr~i~~ient anJ the ;11~Ie ha~1 nu arc~lerati~~n ~xrurrrJ: (h1 rur~. ,im ~ct:iult ui am ~~ther ru~rncint. ur ,~~~r«ment~: ir1 pa~', all ~t~n~c~ inrurr~J in rnti~rrinz thi~ Scrurit~ In~trum~nt, inrlu~iim_, hut n~~t limitcd t~~, rr~.~m:ihic atturnc~~' an~l 1~11 t.ik~ti wrh arti~m ati Len~lrr ma~ r~ati~mahl~ rry~ire t~~ a~~ure th~t the lirn uf thi~ Scrurit~ fn~trument. i.en~lrr~, ri~~ht~ ~n ttz~ Pru~rt~ an~i B~~rri~~~~r'. ~~hli~ati~m t~~ ra~ th~ ~um, .~rure~l h~ thi~ Se.urit~ in~trunicnt .hall r~mtinu~ unrhan,~e~l. U~xm :~in.tat~m~nt h~ B~~rru~,~r. thi. Srrurit~ Imtniment an~i thc ~~hligatiims ~erurr~f herrh~ ~half rrrnain (ull~ effectic~ a. if ni~ a~~clrrati~m h:i~1 ~xrurr~~i. Hi~~~et~r. thi, ri__ht t~~ rcin~tatc ~hall nut aprl~ in th~ ra~~ <~f ;~~cel~rati~>n un~Jer ~~ira~~ra~h. I? ~~r i7. a4~X PaEsE ~ - x M -