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HomeMy WebLinkAbout0922 l~l~(I~~l~i~i ~"~VIiN~iN~'S.`Clnrru~+~rr and (.en~lcr`+Cn~cnant cmd~a~!r~ti a~ fc~11~~H~.: • - _ _ ° `'~1. i'~;~`n1ed1 "t1'~`~i~`1~t~1 ~1nd~'It~l!°rest# i~~`C'~U~'1~~i~t ttttd I:ulh~hs~'}~ca~ lic~irci~~or s6aN'~rnO~ptl~• pay ~~~hrn duE`ih~ princ~pal : - . , a n . ; ~ ~ ~ ~ indcr thr Notc. ; ' ,~t and ~ntc~c+t ~n ~t;c Jtt~i ~viclrn~d by `thc N~~lc ancl ri ~ r~ :~~~rh~ and (aic.:ch~~ r~ d} t ~ P)" - 2, ~ a } 'r ~It ~ t. CIK~f ~ClCrU~~~ \tlii~~ il ( 1~undti ~'ar~alu~e~ und I~t~~f"~~ic: ~uh cci~t~~.+~ hr~ ~Ic la~or t~~ u w~~itch~N~icti"r` h~t:- n I.cnd~r • ~ . . , ndcr~hr h«tc. tintil~ 1hc' Not~ is ~~dy in Rlll ` a~Um.~ i~tt~d~"~~~ 1 a~ s n e, ~ ~'c~it~; ii l:~ ( a? ~ ~~u ~hc da~^m~~nthty~p:i~~nlcntc ,ir~ ~lu~~ i~ ~.•a~l y~iaxr~ r~~d ustir~~i~"~E~1ts ~vhirh may`ritt~i~1 {i~riA~"itj~ n~frr thia Scwr~1~ In~lrun~rnt, ibl y~~rlj l~a~~ht~ltl ~Saym~hi r~, und rr~t~ . ' ~ ~ ~ • t ~ " * ~ 1 nst~~1 a ~c insuranct• r~miunz~.' if iin . ~f „n tt~~ ~t il''a~? ~:'(cy~y~;itl ~ hac~Yil in~pir~nc~~ r~nn?ii1a~. ,in~i ~i11 ~a~ _ } hr~~• item~ _ ' ~ ) > ) P Y S` R b 1~. .~r~ call~d "cfirro~v 1l"c~i tis.••, t.rn~c"r ii~;'~~~ cstimuti 1h+~'~f t~i~tl~ due`t~it th~' husisc~Fcu1`r~n1 dala an~1 r~a~~mahl~ ~st~nuitr~ ~~f futt~m r.cri~~~~ ~ ~ ~ T i[~''lli~°"ii~~sits or at~~iir~iti~f whiCt? ar~ ~ns~rc~l c~r'gua~a+uccif by a feiterui nr ~ta~c a~~ncy ~ ''~~11`~i'hc F~~~nd~ stiaf! bc'Itcld~in t+n~in!~tiicit - ~ . , , . ~~nrlu~linE l:c~der ~I'`l:endcr ia such .in ~institut~~). l:endc~ shull ap~l~~ Ihc i~un~s tt~ ray^th~. e~cr~>ic~' itcm..'1:~nii~r ~i~~la, nc?~'rhargc ~ ~ t~~r i~alding ~~id ;i~i~lj~ng°:~he~Fun~~. ;in;~l}~Xin$"thc accc~unt br~cr~tifj~in~; the'escmN~`flcm~, unlc~s [.enJc~ pa'c Bc~1~~~rr ia~erCsl ~ii ~ ~hc~ I~uhd~•~i~d aphiicu~ii~~,la«`ji~"~~tiits~t.endcr t~'~n~ake s~f~h a chatgc:'~~ic~~ltf~+'cr nnd~~~l.en~lc~`~~''i~~uy agrcc~'~~»~ruin~'°tha~ Inte~est~sh~il ~ . , . tx {?;~i~i~~~~ti~~Fitf1(IS: UIlICSS ~f1'~~T~r111Ci1~1 IS Ili~1tlG c~r uppliral~lc t~a'~fC~l11fC5 Ih1CfCSI ((1 t1l' ~1~IiI;~°l.coiicr sti~afi~iic?~`bc rcyui~hcl~ta pa~'Bc~f?a~cr ~1i~° interca~'aF ~~iithgs`'ii~'ItiC°Fund.:'l.cndcr sh~ll ~i~~c to'E3iti~?a~c~. vi+itF~iiut~eh~rgc. an'~r~nual a~ccrunting ~~r~hc - !::~~ul~ shi~~~~in~°Crcilits and°JcNits ~`~i"~fli~~~t~ ~~nJ~"~~hc p~~~,e r~~r N~hiri~ each~d~~?i1~C~`thi`'Tundc v~~a~ m:tdc.'1'hr°Rii"~i~l. ar~°'~lc~l~cd .i~ldit'~~nal sccut~ty-~'o~`lhc tit~nts ~~rC~ b>`'YICis°~Scet~~`it~~lntit`~G~n~en~_ ~ 'If`ihc c~fiotrrlf`nf'it~c~%'~tinds~li`c(t'I~b~"~l:c~~`dcr; to~~tFi~~` u~itFi'ihe'`C~1t`t~rc miihthlt'~~)+nt~nt~f=riind~ p.n~~~tsf~'fihr to "Ihc duc ~latcs vo ~ ~?i ~t~c'ese~~~~• i~enis, shall `c~xicC~l~ihe amnut?t re~jiii~tL~~f"t~.~j~ 1he c+cm~~W'itCms a~hcn'~uc:` ltic' exces~ tha~''ll't~r, at B~S~ro't~~et ~ optic~n. . ~y- ~ nhr'r nr~~t»~`itl~~:rcp.~id tn'[3tZt1Yt~~~~r't~~ etc~litCEi~Ci~l3l~1'i'~C~~cr~i n ii~~i~"tt?ty p~.[}~~iiciits ctif~f~und..Plr`lhc.a~iitl~lnl of1i~~ i~uE~s, s+4~~f'~f '^!~l~r--_ nat ~~illirieat'tn {i~ay`the'esc'rt?a~'Nrms ~vtiCn`tlur. l3t'~n~~~c~ sh,ill~~y"tit' lx•nder un~~ amaunl'i~~ces.ary tc~ rit~k~~un~~nr-acrr~~M~ ~ ~n unc`of'f1~t~r~"p:ftytncnls a~ rct~uirc~tifiy t.ctitlC~. ` ' U~Cm p~~i~i~nt~in ~i'uU ~of ~~If 'tu~~c s~~urccl, b~~' tlti~ Sccuriiy=lnsiil~ti~~tt. l:endcr ~ha1! ~r~mpil~.. f~~Ct~id'rtt~"Cl~ii"ri~n~~•r~ an~~ i~unJ~ - , - . Y a ~ `l:efidcr:all~`iiilCr 1ti~ill~aPPly, no Iatcr'lhan immrdi~t~ly d~r:~lf und~r ~ra ra h 1'~~t (~rIJ h) l.r~~le of the P~~~~tt}''o~'~h :~c h i~~t~neb ~ I'en~1cJ, an~ lutid.~itcl b t r~"tltr at"the time uf a' hratit~n"~~. a crc+lit a~aimt , ?rux tr~ thc . ~1 Y 7` rr ~ thc ~um~ ucutcd4'b~ tt~is°Scr~r~ly~~li~t~IfOi~t~ht. - . , . . _ 3. ~i1'~1"~lir~U~i~ c?I~~'a;~h~c~ft~.` Unless.applicahle l;~N~ provid~~-oth8r~~tisc, all r:~Snicnt. r~'~~~ir~id~by<l.Cifif~r undcr ~ar,~g~aph~ - L.an~l , . PP M~ , ~ ~ p $ ~ i °iRt~rCSt; atid'la'~l'tri:j5~'incip~l. ~.hiiUlil't3c a li~d: lir~l"'Ct~~tmtyttilts° a iablc und~r<' at~( fa` h 2: ur(?t~cl~~~i? 4. (.ha~'ge~,Al.ie~~~. {3ar~CtiN•cr sh~ll pay.:+ll u?xes. a~~cstiment~, char~,e~. fin~c a'n~t1'i`flf5~cisNi'~?ns'atltibui~tif~~lHi~'N~'f{ic~t~~ Hfiich . mar :,uain rri~ii~~~~t~~~er tfiis Scrurit~x'lnslfm~mnt: an~i Icaxelii~ffl °~say+f~ent~ r~r gri~unit'rcnt~~ itain~ . f3~~P'i~'c~k'er sh~ll ~iayr ~he~c ~~hli~±~tinns in ihc ritianne~ ~iF+~~~ided in phragi:i~h 2: ur if ncit ~i~9t1°rt~4tha~ n~anner. E3dfi1~'ia~cr shall`~)+ ~heni°iii~Ifi~c i1i~CCdy tc? thi• ~~~~c~n'i~~t•eel ~~a~ n+ent. Eit?~t't»~~er shall pYtifiipN~ fu~nish t~i' Lcnctcrall'ot~lices'c~f amr+uttts t~i'b~"paid u?tJcr lhis paragr~ih.'l~~ff~"itt'tfa~er°ni;~kes~lliese _ . p:+}"1iler~tc-dir~Ci Ily, Bc~nr~ivier shatl prot~~tlj"'f~rtntsh°tca L~~~a~~ ~~~~~~r~s ~•~~id~ti~~ii~~'.th~ paj~~nrt?ts. . ; . _ , . , - : ; 6. : , nt unless` Hcfi~-oHCr: fal .~~?rccs`~in . Y ~ ; ~ > Y a. y , . , y , . ~rritin~tt~~ih~~r .~i~mcn~~tri~th~ ~ hUt at im s~ ur~d b tFi h~l'i~i~~ in a ntann~rf ~i~rcptatilc to. t.rifitlcr~ (h? comcs~s in ~bcxf fai~h~'~h~Altea ' b~•. r?r`~cfCnd.,~ba~nsCe~t'i~tr+cnicnt`~iflhc ti~rn'in."leg~lr~tt~tccdtngswhich~ih'thr l.ender'~tt~ini~n ~j~~'ate`ttti {~fcvcn i" I he en for e c h y i n t uf the lirn'or (ii~~Clirr ~of any~'p~n`i~f fhc Yt~~i1tY: ot"(r) secures`'ft~n~r thc'Hn}dcr t1~c' li~n'°an a~rc~nicnt sati~factbr~~ fa l:e~dcr , . . _ . .ubl~rdin~ting~tti`e tiin ta this~Srcut`ity~'~l,~:cirur~icnt. If l:~~sdc~ d~t~'mes ~hat an~- ~ttMt~f the~f'rd~[~~ is su~?jcrt t~a a licn:~~hich ~may - .atai~'~~~'f~?iri[y ovcir th~r ScL'iT~i`ity lnitii'ti~ment. la;ndcr ~itay givC"'BArrou . i~r t~k~'onc t~r-m~f?e oi' thc~arti6nx ui~fi~'rth abotfe w~[hi~~~0'da .S;.o.cr a"f~`bt1CC tdl1~I1~~F111~ tFt(! (iCn. E37~`i'~WCr sh~ll ~:iEi~fy lhe (itn - y fi~hC gi~~mg ~i~f~rit?ti~e. - 5: }ftt~&rd~l~s~rarfCe: Bo~rnwer sh~1l~Rac~ithe iniprd~~e~nenCS ~t~~~i~ existing ~ir h+C~rcaftcr erectcJ ~~n ih~-P~~pePt}*in~ured agairis~ . } , + vcragc" ~[ii~f any a~he~ i~~iard~ for ~vtiii'H l.cnilc~`rcl~Uires inxurancc:'I'his I~~.a b• tr~. Fiazards inrludcd wilhin thc'fcrm "~ktended ~t? imuran~e xhali he°~tii~int~i~Se~f-71i'thr amountrand fnr the {~C~`tt~ils ~h~t~'tA•rxi~r requir~s.~~'t'hC inspran~~ caPr"icP"{~l`t~~~~ltf~~~"thc ros[rtaike ~ .h~lt ~Il h~ u ancc. ~3i~ irirs anJ rcqewats~.hall~be ~cc~,t~bf~'hich sh~ll'~FinC`'tx unrcascin~ibly H~zihttetd. ~ p 't~?"l,rt~'der aixi ~hall intludc~'a ~landard mcmgagc ~lausc.°I.~ndcr stfal! hct~'~`~hr`right [tt ht?18`thc"{~lici« anil rinc~aal~. l!` t:endcr `rcyuirr.; &'?rrtiu~cr shal) prish`~plly'~i~~C t~+' lxndcr ali rercipts af ~i~f ~rCn~iunis - .,nd renec~~al ni'?~ices_ fn thc r~-e.nt nf~lo... ~3t~rrower ~halt ~i~~r prcrn~pt Riitirc ta'~hc°i~wcrikc r~rtier and l:ender:'Lender ma~° ntake ~ pr~kyf t~t loss if n~t~ri~~de prr~n~p~iy.~by Bci~`toH~cr. ' - Un1eti~~t:crtil~r~and Bt~l1"~`owcrnthcrui~r a~irt~ in w~rittttg: insutancc pn~ceed~ sN~ll bc ai~~li~U in rcstor:~tian"or repairof~hh Pro• n dan~agr~, if the rest~ration ti~ t~(~air is ri~~nni»iraU~~ fca~ifit~ an~i°I.c~t'der's tccuri~y i~ ntit les~ncd.` If thc'resti~ration or'repair ' , , . y , , , . ; ~~c~rlet~cS'~tnHt tk applicd-ici 1hc ~ums srcurc~i by r~r1t rtommu~ull ' ~'Cas~ ' + ~ 'hlc ~t~l:cndcr's ~.~cU`fit N• Kuld~bc Icc cc s: thd~ ~a Bc~rro cr. t rcr abandons~thc' PfC+}~rny. t~r ci~~cs ~thi. Sc~~r~ty ln~trum~nt: wh~thcr or no~ th~n du~. uh } pa , ~ n~?t ansa•cr w}ithin°~Q days a n~tiri frcim` l:ct~dcr tha't~ thc in3urancc ra~'r'ricr has'Aff~rctl tc~ settlc a'cl:tin~; then~ l.ci~~er'rr~a<< coltcc't'tiir - i y +u~huther` ar no,i' he~,due~c`t'he 30,,~~the prcxeeel~•ti~°repair`oi`'reatnrc ~tic P~'~{x''rt}'~or'tn ~fa}~ sums securcd by thit SeC`ili~ity' Inslrt~r~ien~. " y pcr~ocf v~'ill~t>egin v~~hcn'.thc nc~tirc-is ~iven. . - • .Unlc`ti (;crxicr ;ind Bnt"t`bw•cr ~~thcrwisc. a~rrc in a'riting; any a~plic5trnn °~f'~rt~Cr~'Js tt? {~tinc*tp;~l slta~!! `hut ~~'tt~n~l~r~r ~~~t~xinc ~thr'duc datc of`tl~r rnnnlhl~~, pay~ne!tts tcf~i'rcid t(~ in p~ragraphs~l-arnf 2 orrh~ngc ~hc anfc~Gat~°nf thc payinerits.'If un~tc~ para~raph i~)"thr P~~pet~}R is ~rquircd by=LcnJcr. &~rt't~Nter's rigNt'ta ~ny inturanrc' {t(~licicti artil pr~xeeJ. re.uliing fron~°~iant~ge tn'i1~~ P~D~?e~y .r.~ . . . prmr'~tt'thc'acqui~it~bn sh~ll~pati~`t~fMlaCCider tc~°!he ~Xicnt c~l`•lhc a~ms sc'rured b~• thi~'Sec'1li~ry`(risltC~ttknt ~ni"tnc~li~t~l~•°~i~'~~r`It~"thc ~ acyui,it~~?n . - . ' ' , r : . ~ . 6: `Nreser~~ati~in aii~~ ~lfairilcua~cr ut~~'ro{x~'~ti; I:c:~sct~olds. (3+~rrowcr ~hafl n~~t Jcstray~: danf~~c'ar ~ubstaMi.dl~' chun~c th~ F'ro{xrt~~. ;~Nu~~ the Ptop+ctt~~ tn dcte~ioratr' or t'f?q1IfM1) N'JSII'. II I~IIti ~SCI'Ufll)` IO~~~'rI~1Lp1 i.'un a Ica~c6~ld. 13~irmwer ,hall c~irs~pl~~ - - ~~~th the pi~~~vi~rons^nf the i~`a~c. and if i~c~~'f'~iK•cr :~cyuirr~ f~c 1~tlc t~~"fhc'Ptc?pcriy. ~hc Icasrtiiild anJ'frc tutc ~hall ncH u:crgc unle~s. I.i~~Cf ~'.~greCS iii~~ n~ergcr in aGV'itin~. . _ "7. Pi*~?i~rti~n~°otz l:end~r'~-~ti~hts ir~ th~"Ni~epl~~tt~; i~tef~t~age'lnsUraitre. ~~lf {~~i'rriivrr~ f'~ilc a~ petft~rn~`~~h~ rc?venant. artd a~rc~r~icn~~ cctn~ainrd in~ thi: Srcurity In~trutncnt. ~~rthrrr i~ a Icgal pnxccJing ~hat may tiignifir:int!}~ ~~frct Lcndi~r'stri~htc in'"thc ~ 'Pi`c~petty~ l+uch a~ a'~~rc~crrding in b~nk"ru~+try: ,~`nbate. fnr ~otxlr~li~latittin"t?r to cnforcc law•s ~?r~ rcgulati~n{l: thcrr l:ender ma~• d~~ ~riJ pay G5r what~~•rr i~ nctcti.ar}~ to ptotert~ ~hc r';~lur ~~f ~hc Pr~~~k`tty~s~itil`~ I:eR~ler-s~1'i~h~s in ~hc P«pen~ (.~n~lrr'~ :trtions'°tii~y iaclud~y pay~ng :my'xurt~~ ~ecurcd by a"I~rn.which ha~_pri~iri~~~'crvct ~his Scrui~i~y''In~iiumrnt, ap~lrin~ tn r:~an. payin~ r~~snn~iblc atu?rncy." fccs at~~ rnterin~ ui~ Ihc P~~~~rty~~~1 m~k~ repair._ Althuu~h Lcndrr'n~aY takc acti~m undrr ih~s paragrapti 7. Lender dcks rnN ha~~c„ I~i do tiu. _ _ ~ - ~ ~ , . i ~t~i.. , . ~ . . ' . . ' . i , i'. M1 _ . . ~ . ~ - ~ i . ..f . 'i,~3 ~°~!"i~,~ ~ .r..,. ~ . ~ r , - « ~ ~ ~oaK~5:~P~~, r~20 . r . . _ :-~~..rte - : '