Loading...
HomeMy WebLinkAbout0983 l~`if (1RN C~l?~ l~Ati 11 tkirruwrr ai~d I_cnc~cr ~c~~rn~nt and agrrr s~ fi~U~~w+ i. Pryment of 1'rincip~l and Interest; PrepaymrM and l.ate ('harRes. H~~rrc~wrr ~hall ~r~~m~~l~ ~~a~ whrn ~iuc ihr ~~n~ir?~~al uf anJ ~ntrrr~t un thr Jrbi C~ i~lrn~rJ by thr Nutr an~1 any prrpe~ mcnt and latr . harK~ti dur urtidcr thr .'~„tr 2. Funds (or Taxes ~nd Insurance. SuhJrrt t~~ appl~c~blc (aw~ ur to n w rUtcn Nai~rr hy t_rndrr, f3~~rruKrr ~hall ~a~ 1_rn~lrr ~~n thr cl;~~ munthly paymcntti arr dur under Ihc Nutc, unUl Ihr Notr paid ~n fuil, a~um ("Fundti"i ryual tu unr-twrli~th ~~f (a? ~rarl~ t3~cy an~i a~uy~mentti which map attain r~~~~~uy~ ~?~r~ thi~ Scr~nty Instrument, (b) yrarl~ Ira~rh~~id p:~~rnrnt. ~~r ground rents un the Pro~erty, ~f any; Ic) yrarly har:~rd i~suranre ~rem~um~: and (d) yrarly murtgagr in~ur~nre prrmium~, ~f an~ 'Thr.r ~trm~ arc calic~l "rtirruH i~rmti " l.en~rr mey rtitim~tr thr Fund~ dur i~n the ba~i~ uf currrnt data and rra~un:?hlr r~t~matr~ ~f fuwre ru:rc~w uems l hr f~un:f,.hall bn c~ld ~n a~ insntutu~n thr deEwsits or ac~uunt~ of w h~ch ~rr ~n,ur..f ~rr gua~ ~t~~rcd by a frJrral ur .~ate agrnr~ I+n.•iu~ling Lrnder J Lendrr ~S wch an in~htuuun) Lrndrr ~hall apply the t=unds t~~ rly thr rxnzw item~ (.rn~irt ma~ n~,t .•h~rgr fcir h:?!ding and appl}'ing tht Fund1, analyting thr arrount ur ~enfying thr rti.:row itcmti, unlctiti Lrn~irr pa~~ I~~~rn~wrr ~ntrrrtit un thr Fundt and 3p~?lirahlr lav? Exrmuti Lcndrr t~i makr tiurh a ~hargr Ei~~rrc~wer and i.en~irr in;~~ :?grrr ui Nnung that intrrrtit tih~ll t?r ~aid un the Fund~ L'nlr~~ ari agreemrnt i? madr or :,~~i~~sn<< !~H rryu~rr, intrrr~t t~~ he ~a~J, I-rn~lrr ~hall nu~ hr rryu~rcd t~~ pa~ [3orreiwtr any ~nterrtit c~r rarningti ~~n the Fundt t.rndtr .t?all g~~r t~~ li~~r~uwrr. Hith~~ut ~h:irgr, an :snnual ai<<~unhng ~~f the Fur.d~ ~huKing ~reeiu+and drbit~ to thr Fundti and thr purFx?.r t~~r ~ hirh r,~~h cirhu thr ~':llll~l N;~~ madr 7~hr F~ und, are pirdgr~ ati ~~1~1~tiunal ~erurit}~ fur thr ~um~ tirrurrd b} thi~ Srruru~ In,irumrnt If ~hr :im~~unt ~~f thr Fun~iti htl~1 h~ Lrn~ier, tugrth:•r H~~th th~ fWUre mcmthly p:iy mcntL of Fundti payablr pnur tc~ thr ~iur clair. ~~f thr r,rr«w itrni,. ~hal{ r~~cr~f thr am~~unt reywre~i t~~ pa~ thr eure~w urm~ whrn dur, the r~~eiti ~hall hr. ~t I3~~rruNrr'~ ~~~t~e~n, eithrr ~rumptl~ rrpaid t~~ Fic~rmwrr c~r rredi[rd ti~ f3orrc>wrr cm munthl~ payment~ of 1=undti If the ~muunt ~~f thr I~unei. hcW h~ l.ender i, nut tiufii~~rnt t~~ pa~ thr r.~n~w itrmt when due, t3urrawrr ~hall pa~ t~~ Lrn~rr an~ snwunt nr~r~,an t~~ makr u~ th~ ~rfi.trnc~ ~n ~mr ~~r m~xr ~a~mrnt. a~ rrywrrd h~ Lrndrr l'~xm ~3~mrnt ~n luil uf ~ll,um~.rrurr~l h~ th~ti Sr~unt} Imtrurnrnt, Lrnder ~hall prumptl~ refund tt~ fic>rruNer en~ f=un~i~ hrW h~ i rnelrr if under ~~ragrs(~h iy thr 1'ruprrty i~ ~utd ur a~yuirrd by l.rnd~r. Lendrr ~hall :~p}~1~, n~~ later ihan ~rnmr.fiatrly ~n~,r t~~ the ,alr thr {'ru~,c•rty i~r ~h aryui~iu~~n h} 1_eitidrr. ~n~ Fund~ hrld b} !_rnder at thr nme ~~f e~?pi~~al~un a ~rrdtt again~t thr ~um, u~urr~i h~ thi, Sr~ unt} Imtrumrnt 3. Application of I'a~ments. l~nlr,. a~~lirahtr I~w rn~~ide. athrrwi~r, all ~aymrntti rerri~rd by Lrn~irr undrr ~~ar,~ira~h. 1 an~i ~.hall tk ;~~plir~i ~ir~t, t~~ I:itr rhargr~ ~iur unlrr thr ti~ite. ~rcim~i, a~ Fircp~irr,rni ~hargc~ ~iur under thc• \~~ir, th~n1, t~~ :~muunt. ~a~ahle un~ier ~~aragra~h'_, iiiurth, t~~ ~nicrc~t dur, and (3tit, t~~ rnnci~sl dur 4. ('harKes; I.icns. t;~~rr~~HCr .iiall ~~~y ~II tairti. a,~rti.mr~it,, rh~r~r~, finrti an~! ~mjx~tiiEiun~ ~ttnbutahlr t~~ thr f'r~~~tir~~ wh~:h m~~ att~in ~nunt~ u~rr ttii, 1cr~nt~ Irti~trumrnt, an~1 Iratirh~~l~1 ~a~ment~ ~~r gmund rent~, if an~ f~~~rruHrr.9iall ~a~ ttir~r ~~hl~~.~u~m~ in thr ii~.~r~nrr ~ru~i~ir.i in F~aragra~h', ~~r if ~~~~t ~ai~1 ~n that manner, B(7ffllNCf 1Fl:1II j~:~~ thrm ~~n timr ~iirr.tl~ t~, thr ~xr~„n ~,wr.i ~,a~rnrnt H„rr~,wrr.hall ~r~,m~tl~ furnnh ic~ I.rnder a!I nc~t~ret of an~uunt~ , t~~ hc• ~a~.1 tcnJrr thiti ~ara~tra~h If fi~~r~~~~rr ni,~~.c. thru ~a~mrnt. ~iirr~tl~, Fi~~rn~arr .hall promptl~ furni~h ti~ I.endrr rr~e~rt~ rti~~lrni~n~; thr raymerit` fi~~rr~~wrr .hall ~rurn~+tl} c7i~~h.irt~r :~ii~ lirn Hhi~h h:~ti E~n:~nt~ ~~~rr thi. Srrunt~ Intitrurnrnt unlru t~C~rrvwcr (al ~ .i~Zrrr~ in ~nnng t~~ thr ~:»mrnt ~~f ~he ~~hli~,ati~m .r.urr~l h~ tt:r lirn in a mannrr ~c~r(~t~bfe t~~ l.ender. lbl~ontc~t~ in g~xx1 t.~uh ~hz~ lie•n h~. ~~r e}~frrz~i~ :sga~n.t rr~t,,r:rmri~t ~,f ~hr lien :n. IrK.sl rr+~.•rr.iing. Hhi~h ~n thr l.rn~er'~ :~~~nr,n.~~rrate t~~ ~ ~,rr~rnt thr rnf;,rrecnriu ~,t thr lirn ~~r f~,rtruurz• ~,f .~n} ~art ;,f thr Yru~rrt~: c,r 1: ),r~urrti frum thn c~~ldrr of thr I~rn an ~ .~krr=~mrnt ~.it«I;i~t~~r~ tu I rn~frr ~titn,rdinann~ tt~r iirn t~, thi~ tiriunty Intitrumrnt li Lrrrdrr cirtrrm~nr~ that :~n} pa:t ~~f ~ thr F'r~+~~rrt~ i~ ,uh~r~t t~~ :i I~rn wh~;h me~ :~tt:?ir. ~~rt+~r~t~ ~~~rr th~~ tic~unt~ In,trumrnt, LrnJrr ma~ g~~r B:~rr~~Nrr a ~ tl~~ll~C ~~~Cl1111~If1L (ftC ~IC(1 ({ufft~NCi tiEl.1f~ ~.ttt~l\ Ifli ~ICfI ~~1~ I.I~L' ~~i1C ~~f (Tti~IC f~IC:f~llu(1~ ~Cl ~i~flh Sfkl:e Hlittlll ~~)t13~-ti i~i Ifl~ ~.I~III~t~~ fU~U~t' - 5. Haiard inwrance. Ii~~rr~~:?rr ~f:.t~~ ~.i'i(~ !fl:' 1ltl(~I~~:CiT1CIlI~ f:~~t? •.ll~illl~' ~~f f1CiCdtit[ ifC~fC:j ~~il (ffC E~(i~~Cfl~ ~ ~n,urr~ .~,;.+in,t l~~ti~ h~ tirc~. h.~i:ini, in,lu~3r~1 ~~ith~n thr trrni "r~trni;r.1 .~,~rc:+cr...~n~i en~ ~,~hcr ha~~rd, f~,r whi~h LrnVrr ~ rryinr~~ ir,,ur.it;~r Iht~ m.ur.~n.r ~1i~ll hc in.ur~t.~inr.1 ~n thr arn~~un~..+n~l 1"r thr ~~c•n~Ki~ th;it Lrn~irr reyu~rcw Ihe ~ in.u::in.•r .d~flCf ~•r~~:i~linf tt;r in,ii!:~n,r .ti.~ll t~c• ~h~~.rn h~ (i,~~r~~~rr ,uh~r,~ t~~ 1 cn~trr'~ a~(~r~»al Ktt~:h ~hall n~~t ht ~ Ullfl'.5~~~~3.thl\ KlifltlC~l~ ; ~~ll ~n.,~r.~n~r ~L~li,ir. .it~~1 rrncH.~i..l~.sil hr .i::r~t.~h(r t~~ I ri~~lrr :~r~i .h.~ll in,lu~ir e titan:~ard murt~a~e ~I:~u~e ~ I rn.lrr `h.~ll ha~r thr n~;ht t~, h~,i~i t!~r ~~,~ii,ir..~n~f rrnc•H.:tti {t i rn.frr rry~~~rr,. 13~~rrc,wrr,hall pri,m~[I~ gnr i~, Ixndrr ~ .ilf rr.ri~t. ~~t ~.~~e1 ~rr~r+ium. en~1 rrnrHal n;~?i~r, lu thr r~r+i! ~~f 1~~~,. li~~rr~~wrr .he!I ~i~r ~rum~+t n~~tr.e t~, [he intiurenie ,srrtrr ,,n.3 1 rrt.lrr l rn.lrr in,i~ rn.tl,r rr~ti~! ~~f 1~~,. if n~~~ rn:~~1r ~+n~rn~tl~ h~ li,~rr~~wrr l nlc.~ ! r~;~1r: an~l H~~rr~~wrr ~~t~irrNi,r,~irrr in wnt~nk. insureri~e ~~r+krr~{~ ~hel) hra(~~lied tu reit~~raU~~n ~~r re~air ~ ,~I thr Nr~~~krt~ ~1:irn~Er~7. il thr rr~t~~r.ih~~ri rr~~.iir i. r~~m~,mi,all~ fr~.~hlr ~nd I.rnJer'~ ;ctiunt~ nut Irt~ene~ If the ~ fe'~f~+r.th~~fl ~~r rr~~ir n~~t r,~,n~~n:i,all~ fra,ihlr :~r 1 rn~lrr', ,rrunt~ wc,ul~1 hr Ir~,rnrd. thr ~ntiurance prcxreds ch:~li br ~~~~IirJ t~~ ttar ~u~n..e~utr.1 h~ thi~ Sr~~~n~~ In.~ru~n~n?. whr~hzr ~~r nnt thrn.iur..K~th am r~~r;~ paid tu &~rmwe: !f ~ ~{i~fi~~NC't :I~.ifUi~~~fl~ IfIC ~~f~`4kC!\. i~f 13~~C? fli~[ :fI1~wCE NIl~llfl v(1 ~,1~1 d:1t+IliC ~(i~ ~1 ~.Cl:cler that thc in~urance ~arnr' ~i:lti ~ ~~iTrrc~i t~„rttir :i,>>rn, thrn 1 cn.lrr rn.~~ .;~flr.t thr iri~~~r~i~;r ~rk~r~i~ I.r~;.~rr rn.~} u.r thr ~•rckrr.f~ tc, rerair c~r rr~t~,rr ;t~~• Pr~~~:•rt~ ~~r t.~ ,i~rn.,e~urre'• t~~ thi. ~r;ur:t~ In~trurnen~. whrlt~er ~~r n~,t thrn.iur 7hr ±0-efa~ ~rrt~~d Nill btgin ~ ~a h; ii the :t~~U~r i~ ~~~rrt . ~ E nlr.. LrnJrr en~i Fi~~rrc,wrr ~~thrru~.r .s~rrc ir~ w nniiK. .iny .,~~lican~~r~ ,,f 4,i~krr.1. t+~ ~rm~ipal tih~l! nut etteri~ ~~r ~ ~~~.t~~nr thr ~l~~r ~i~tr ~~f thr m„n,hl~ ~a~mrnt~ rrferrr~l t~, ir~ ~ara~tra~h~ i anJ ~~~r .h.~ngr the am~,?~nt uf thr pa}mrnt; If ~ un,lrr ~~,~r.~,~r~~h ly the 1'r~~~rrt~ i~ a~yu~~ed h~ I.en~er. fii~(~[1Nl'f 1 ft~,'~lI I1~ an~ inwr.~n~r ~~li:irti an:l prckeeds retiuitting F • tr,~~n ~1.in~aFr tn thr f'ru~rrt~ ~nnr t~~ thr e.yui~it~~~n .h.ili tn l.rn~cr I~t thr rilrnt ~~f thr ~um. u~urcd h} th~~ ~e~ur~t~ r Ir~.tru~n~~nt ~rnrr~e~~iatcl~ ~n~,r t~~thr3~yunihun ~ b. Prescrr~tinn and ~tainte~ance of Pr~~perty; I.eatieholds. fi~~rn~W er .t:sll n~~t ~r.tr~~~.:iamaRc ~~r ~ub,tantiail~ a ~h,~n~;r thr Yr~,~rrt~. ~11~,w the Pru,nert~ t„ ~1ct,n„r.~tr ~,r ~~~mriiit N.~,te If ~h~. ~r~~:tt~ lntitrunZent ~t un a Ira;:h~,i~i. ii~~r n~Hrr tih.~ll :~~m~l} µilt~ thr ~n,~iv;~n~ ~,(thr le~u. ~sr~~i ~f f3~,rr~,~rr s~yu~rr. frr titlr t~~ thc Pr„~erty. ?}~r ?eatrhul~i .~n~i frr titlc .h-~I! n~~t mcr~r l{IiIP~ti LCf1~Cf d~'fCC~ l~~ If1C R1Cr~trr ~n w r:tink 7. f'rolectiun ;,f I.ender'S RiKhts in the Property; ~tartK~Ke Insurlnce. If N~~rr~~urr (3i1. t.~ ~crf;~rm the :~~rr;.intti :.n.1 .:krerment~;t~ntainrd ~n thn Se~unh In~trun~rn[. ~,r therr i~ a ir~.?! ~r~krrding that m~~ `~gniti:anll~ atTe:t I rr~~irr'~ nghh in the P+.~~~+ert} Is~~h a5 a rr~~ee~ir:~ in hankru~t~y. ~ruhate. ti~r ~~~n~rtn~~~(~c~r ~~r t~~ enfurce iiws ~~r rr~i:i.~n~~nti~. ;hrn 1_cn~ler ;na~ d~~ an~1 ~a~ (~~r whetr~er is nr~r~~ar~ tu ~rutect thr.~iu: ~~f tne P~c,~rrtti and Len:~er~s ngh!ti ~n the Prr~rr~} I.rndrr'~ acu~,nti ma} ~n~lude ~~tiin~t an} tiurnti tieiure~ h~ a lirri whi~h hai ~~nE~r~t~ ~~~er ?h~~ Se~ur2t} li~.trument. rar~n~t in:~~tirt, ~asing tr~~~m~hle ait<+rneyti' freti and entrring ~~n t~;r Pr~}~xrt} tc~ maMe re~~ir~ .11~fic,uxh l ri~~frr t.~~r e~ti~~n u~2Jr: tht~ rera~rn~?h i cnc7tr dcki n~~t ha~c t~~~1~~ tiu ,1n~ an~~~unc, ~iitihur.r~f hy 1.tnJcr un~lcr tt~~~ ~.ira~ra~h ~ shail hcs~~mc a.1.:i~;a~n~l ~1eht ~~f }~~rruurr ~e.ured M tt~t. ~c~ ur;t~ !n~tsumrn~ l'nle~~ fi~~rr~~wcr an~i l er~eicr a~trre tn ~~thrr tcrrn. ~~f ~a~ nier~t. the~c ame~unt~ ~ftall hear intercSt fr~~rn thc ,letr +~f c+.~.hunrrnrr~i ~t ttie 'ti~,!e retr .+ne1 .ti.il! hr ~a}ahle, uith ~nteretit. u~~~n nuti~e lr~~m Lcn~cr t~~ B~~r~~~wrr rr~~i:r~~ir~K ~~a~mrn! ~ ~ p~G~593 ~A;E 983 - - _ ~ - a-~ ~ ~ ='~~~.~,,:~w_ e .~'~~-~-~F3r..z ~__-1~~~-~"~'~7~r