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HomeMy WebLinkAbout0984 (\1! ~~Ft\1(~~ 1\,1V 11 ~i~~ff~~HCf ;tnt1 l_ct?t1Cr iu~Cnanl an~! a~;frr a~ ti~11~~H~ 1. 1'a~mcnt of Principai a~d Intcrest; Yrepa~mcnt and I.ate ('harKes. li~~rru~~cr .t,;ill ~~n~ni~~tl~ Hh~•n ~lu: ~lir ~~i ~n~i~~.~i ul .~n~l u:trr~.t thr clrhi r~ i~lci?rrJ h~ thc \~itr and any rrr~~ay mri~l ari~l lair ~h.~rFr. ~lur un~lrr tlir \~~ic 2. F'unds for Taxcs and Insurance. ~ub~cct t~~ apphcablr luw c~r tu a v?nttrn ~~:~nrr h~ I rn~lrr, li~~rn~«rr ,h:~ll tr i rn.1~r un tl?r da~ m~mthly ~:~ymriii~ arc ~fur undrr thr Nutr, unUl thr \ulr i~ E~,u~ in tull, ,uin 1"! un~l~"~ ryu.~l t~~ unr-twrll~th c,f: (al ~rarly taxe. .ind :t,~r,~mrn?~ which rnal' attain ~nunly ~,~rr thi. Srrunt~ Intitrumrn~. Ihl ~rar!} Ir.~,rhul~l ~~a~tticn~~ ~,r gn~un~! rrn1+ i,n thr 1'ruprrty~. if an~; (r) ~r:trl~• h:iiar~i in~ur.u~~r ~rciniun~~: an~l Icli >r.~ri} m~,rt~;.igr in,ur:incr ~rcniium~. ii an~ Thrtir ~t~m~ arr rallr~l "r~rruN itrm~ " Lcn~lcr ma) r~uinatr thc I un~l~ J~~r ~,n tlir ha.i. ul rurrrnt ~ata an.i r~:?~un.~hlr r~tim;~tr~ i~f futurr c~irc~~ rtrm~ l hr I un~l„h:+ll tk hrld in an in,uwuun thr d<<x~~itti ~~r scruunt. ~~i~ H h~ch :+rr u~.urccf ~,r ~;uarantrr~l h~ a i~cirr.~l ~,r .t~t~ :~~;rn~•} (u~rluding I.rn~lcr i~ l.rndrr i~ su~h an imtituu~m). I.rndrr ~hall ap~ly thr I~un~f~ tu ra~ tt~r r,rr„H itrm, Lcn~lrr ma~ nut rharKc ti~r h~,lding and a~~l~ing the f=unds, ;~nal~nng the acc~~un1 ~~r ~rnf~ing thr ruruH urm5, unir~, l_cn~lrr r~~~ I~~~rn,wcr intrrr~t ~,n tlir f~un~i+ and appli~ahlr I~w ~ennit~ Lrn~rr tc~ inakr ~u~h ~ char~r. I3urr~~Wrr an~1 Lrn~lrr ma~ aKrrr in wnl~ug that ~nterr~t tihall t~e paid c~n thr i~und.. Unlc~. an aKrrrmrnt i, madr ur ;~~~h~:~hl~ IaH rryu~re~ ~ntrrr~t ti~ hr ~aut. Lrncl~r ~hall nc~t tx rryuirrd t~~ ~ay Iii~rn~W rr an~ ~n~rre~t <,r ranung. ~~n thr f unci~ Lrn~irr ,hall gi~r 1~~ Ii~~rr~~Hrr. W ithuut chargr. ~+n annual arruunhng c~f thr Fur.~ti.h~~Hmg crr~iit, an~i ~ichitt i~, tl~r Fun~l, :+n~7 thr ,,ur~~tir t~,r Hhirh r:~ch ~irhit tu the I'llllll~ wA1 Ill:~~lr The Fund~ :+rr ~Irdgr~l:i~ a~d!U~mal ,ecunl~ ti~r thr ~um. ~rrurr~i h~ thil~r~unti In+trumcnt. If thr am~~unt ~~f thr I~w?J~ hrld h} I rn~icr, ti~Krther w~th thr Cuturt mi~nthl~ ~~~mcnt~ ~~f F=unc1~ ~a~:+hlc rn~~r t~~ thr ilur d.ilrti uf thr cti~mw ~trmti. tih.~ll rxcrrci the .~m~~unt rryu~rrd tu ~a} thr c~•ruw itrmti ~hrn dur. thr r~~r,"hall tk. at Ii~~rruHer'~ ~~pti~~n, rithrr ~rumptly rr~:~id t~~ t3~~rruwer ~~r crc~ciitrd t~~ f~uruwrr im m~mthly paymrnt, ~~f t=un~iti If thr .~muunt ~~f the I~und~ hrld h~ l.rn~ler tti nut tiuflir~r~?t tu pay' thr c~cruu itemti whrn dur. l;~~rruHrr ~hall ra~' t~, I.rn~lrr ,~iiy am~>un~ nrrr.,an tu make u~+ thr drticienc~ in ~,ur ~~r m~,rr {~a~ men~~ ati rryuirrd hy Lrndrr. L'Fx~n p.i~mrnt in full c~t~all ~umti ~rcurrd by thi~ Scxunt~ In~trumrnt, Lrn~fer tihall rn~tnptl~ rrfunii f~c~rn~urr :ui~ Fun~i. hrld h< Lrn~irr II un~irr ~ar~gra~•h fy thr Yruprrt~ i~ ~uld i?r aryuired h~ Lendrr. I.rn~lrr ti1i~11 :i~~l~, n~i L~trr th~n immr~liatel~ pn~,r t~~ thr tialr ~~f ti~r !'mrcrtl eir i1ti acywti~ti~m by l.rnder. any E=uud~ hrld h~ Lrndrr at thr umr uf aE~rlirau~~n a ~rc~fit a~;.i:i~,t tt~c ~um,.«urrd hS thu Sctiunty Imtrumrr.t. 3. Application uf Ya~ments. l~nle.~ applir~t~le law rn~~~dr~ ~~thrrWiu, all ~a~mcn~~ r~cri~rd h~ Lrn~lrr un~lrr ~~.~raKra~h~ I and ?~hall Fk aF~E~I~rJ tint. tu latr ~hargr~ dur under thc'~utr: tirri,nd, tc~ ~rr~a} rnrnt charKr..iur un~irr thr tiu~r, th~r~f, t~~ arn~~unt, r~~ahle unilrr ~ar.~gra~h Fuurth, te~ intrrr~t dur, and la+t, t~~ ~nnr~pal ~7ue a. ('harKes; t.iens. t3urruwrr tihall ~a} all t~xr~, a~~cw~nzrnh, rh~rgr~, tin~-~ ~nd imEx~`ni~m. :~ttr~hiitahic t~~ !h~ !'n~F•rr1~ ~hirh rna} attain ~nun~} ~~~rr th~~ Sr~unt~ [ntitrument. ~nd Irakh~,!d ~a~mrnt. „r gr~,uncl rrnt,. if .~n~. 13~~rsuHrr.ha!! ~a~ thr.e ~~hl~~,au~m. in thr m:~n?~rr ~n~~i~lyd in E~ar~Kr3~h ~~r ~f n~~t ~a~d in that m:innrr. F~~,rr~~wrr tih:~ll ~~.i~ thrm ~~n timr ~firr~tl~ t„ th~ ~rn~,n ~,~r~! pa~mrnt 13~,rruwrr ~hall pr~,m{~~I~ furn~~h t„ Lrn.1~r all n~~u~« ~~1 ~m„untti hr ~aul un~lrr th~, ~:ir~gra~h If Hctirr~,wrr ma~:c-~ thc~r ~a}mrntti J~rr~tl~. lic,rruwrr ~hall ~•rnrii~tl~ fun~i.h tc~ l rn.lrr , rr~r~~hr~i~len~~nRltir~ayrnenh I li~,rruHrr ,h:~ll rrc,rn~+tfy di.rhargr an~ lirn tih~rh ha~ ~n~,ntc i~~rr th~, k.•unt~ In.~n~mrnt unlr,. li~~rr~,~~rr r.,i '~I :t~rrr, irz wntin~ t~~ thr ~a~ mrnt ~~f thc ~~hligatu~n ~cYUrr~i b~ the lirn in :s mannrr sc~cptahlr tu 1_rn~i~r. 1 h? <<~r,tr,t~ in ;:tkxi faith thr lirn h~. ~~r elrfrnil~ again,t rn(~,r~emrnt uf thr Iten ~n. Ic~;al ~rckrr~Gng~ wh~~h in th~ Lri;~ler ;~~~~ni~~n ,:~+rr3tr t~~ ' ~~rr~rnt thr rnti~rrrmrnt ~~f thr lirn ~>r furfriwre ui an~ ~~rt c~f thr I'r~~pert}, ~~r (r) ~r~urc~ frnm thr h~~l~irr ~~t thr lirn an ~ a~;rrrrnrnt .:~ti,fart~~n t~~ Lrnel~r ,uhur~l~n~ting the lien t~~ lhi~ Sc~unt~ Im!ru~nrnt If I.rndrr elrtrrmn~~~ that ai~~ ~an uf thr Pn,~rrt~ .uh~c-~~ t~, ~ lirn utu~h nta~ att~in ~nunt~ ~~~rr thi, Srcunt~ In.trumrnt. Lrn~lrr ?na~ gnr f3~~rr~,wcr :e nutirr i~irnuf~ ~ng thr Iten R„rr„wrr ,hal! ~ali~f~ thr 1Ern ~~r takr unr ~~r mi~rr ~!f thr actum> >rt t~~rth ah;,~r witFun 1(~ ~a~, :~f (tlr ~,I~;ng ~~(nnttie S. Halard Insurance. fi~~rrc~wcr,hal! krr~ thr in~~n~~rnzcnt~ ~i~~x rii,t:n~ ~~r hrr.aftrr rrr~tr~! ~+n the Nr~~~crt~ ~n.urrd agsin.t I~n~ h~ fire. tiaiar~7ti inrlu~lrcl w ithin thr trrm "r.~trn~ird r~nrragr" :,n~i .iny c~thrr haiard, ti~r w ~n~ h Lrndrr rryuirr, in,uran.r l tu~ imur,~:irr ti'~:sll hr ma~nta~nr~! in thr smrunt. anci (ur thr ~rn~x1. that Lrn,irr rryuirr, 7 hr ~n,urari~c ~arnrr ~r~}~~J~ng ~hr in~uran~c ~hal! he ihc~,rn ht I~t~r((~NCC ~UF1J~i1 I~~ Lcniirr'~ a~~n~~~l ~+hi~h tih~il n~,t hr ~ :~nrra~~~n.,hl~ w~thhrl~i ~111 in,uran~r Er,l~iir. ari~1 renrw,~i..h~ll hr a~cr~tahlr tu t.rncicr an~i .h:~ll ~ncluJr a•tan~~n1 murtgaEr ~,au,c. I r~i~i~ .hall he~e the ri~hl t~~ hrl~! thr ri~li~~rti an.l trnrwc~l, If (_rri~lrr rryu~rr., f~~,rr~~~rr,h:~il rrc~m~tl~ Enr t~, Lrr~lrr .~l't r~,~,~~. ,,f ~al~1 ~rrnuum. ancl rrnrual n~~hrrti Iri the r~rnt ~,1 lu,.. 13~,rn~wrr ~h:~ll Ki~r ~r~~m~t n„tt~r t~~ thr ~n.uran~r ~ ,.•.r; irr ~nd Lrn~lrr 1 r?i.lrr m:?~ m.~kr ~r~r~f ~,f 1~~., if ru,t rna~r rrum`tl~ h~ I~~~rntucr ~ l~nir.. Lrn~lrr anii l~,rr;+wrr r,thrrN i,r :,krer in wnt~ng. in.uran~r ~r~k•er~l. ,h:~11 hr e~~l~r~i t~+ rr~tur.~twn ~,r rr~~air ! ;,t thr Pr~~F.rrt} ~1am.~frJ. tf the rc-~turatrm ~~r rrE~air i~ e<<,n~~rni:all} fr~~~hlr ~n~1 I rr.ilrr'~ ~etunt~ i. n~,t lr.•zrzr~i If thr ~ rr.t~~rati~,n ~,r re~a~r !ti n~,t rinr~urtu~all} fra~~hlr rr Len~ier'~.erunty w~~uW he Ir,.rnrd. thr in.uraii~e ~nkrr:~ti ~h.~ll hr i .~~~I~~ei t~, thr ~umti ~rcure~l M thiti Secunt~ ln~trumrnt. ahrthrr ~,r n~~t then dur. Nith an~ ~a~d t~~ fi~~rruwrr If ~ 13~,rn~urr ~han~i~,n. thr {'n,~rrt~. ~~r d~x~ nc~t amwer v?~~hin ?(1 ~ia~..~ n~~ticr fr~~m Lrn~irr th:?t thr :r~.uran:r ~arnrr ha~ ~ ~~tTrrrci t~,.rttir a cl:u~n, thcn Lendrr ma~ rr~lir.'t =.hr ~ntiur~n~e ~+n~ce~1~. l.rn~)rr tna~ u.r th~ ~r~kc~~. rr~.ur nr r~•,;urr j ;hr I'm~rrt~ c~r l~~ ~uni~ ururc~l h~ t;u~ ticrunt~ In~tnimrnt, whrther ~~r n~~t Ihrn tlur lhr ±~~-cl.~~ ~cn~x1 wtl! hr~~r~ ~ ~t ttc~n thr n~~ttie i~ ~itrn ~ l~nlrtiti Lrnciir .~nJ f~;~rr:,Krr ~,thrrwi.r aRrrc :n un,tn~. en~ a~~licau:,n +~f G~r,k•rr~l. t~, rrinri~.~l ~h.,ll n~,t c~trr,~1 ;~r ~ F~,.~Ev~ne thc ~1ur ~Jatr ~~f thr m~,nthlti ~a}mrni. rrfcrrr~! t~~ in ~:lT:l~(J~~h~ 1 an~1 ~,r ~h.~nkr thc .~m;,urit ui the m.nt, It ~ un.lrr r~:ir.~kr.~~h i~~ thr Pr~~~rt~ iti:~cyu~r~Y3 h~ L~n~icr. R~,r~~~urr', ri~;ht t~~:sn~ in.ur,~n.c G~,~i~~3r~.~n~i ~nwrr.i, rr~t,lt~~,~ ~ (n~ni tlart~a~r t~, thr i'r<~~rrt~ ~nnr in thc ~~ytn~~ti~~n .hall ~arti t~~ l rr.~lrr tu t}ir r~tc•nr tlt: ~iitn~ ~~•~t~~CC~ h~ ;hs. 1r: un~~ € I~~,truinrnt iinmr~listr!< <n~~r t~, thr aryui~~u«n . ~ b. f'reservatiun and ~taintenance of Yr+~pert~; I,ea.seholds. 13~~rru«rr ~h.~ll n~~t ~ir:tr~~~. ~i:+r;i.~,;~• ~~r .::h.tant:.~:i~ ~ .~;.tiliC lf1C ~~f~~~Cfl~. J~~~~w Ifll' E~ftl~•fl~ t~CICf1~~f.IIC 1?f i+~ft?fTll( Nd~(l' ~1 lfli~ ~CiUfSI~ ~Il~f_fUf11C11t I? ~.~Il :1 ICd.C}7~~it~. ( • - li~~rr~~~+er ~h.tli ~~mt~l} Ni1h tlir E~n,~ ~~ir:iti i~f thc Ir:i.e..~nci i( Iic~rr~~wrr .i~ytltrr, fcr titir t~~ ihc• Pr~~E~rr!:. ttir Ir.nc t~:,i~1 .i~~~1 frr titlr.h~li ntH rner~tr unfr.ti I cn~)rr a~rr~. t~,!ni- mrrErr in ant~r~~; 7, f'roterti~~n ~~f Lendcr's RiXhts in the Propert~; ~tarrty~a~;r Insurancc. If f3+~rn~~rr faii, t~~ ~rrt~~rn~ thr ~+~~rt~,~nh.~rici akrrrriirnt~ ~unt.i~nrcl in thi~ 1r~unt~ In.triymrn!. ~,r thrr: i.:~ irE.il ~r~k~rr~fui~ tt,.tit rti.s~ ,~~r.~fic.~rtl~ aslr~t ? t rn.lrr'. ris;ht~ ~n ~t~r Pru~•rrty I.u~h a~ a~rt•~erJ~n~t in hankru~ti~. ~n+hate. (ur ;r•r..lr~iin.iii,~n :,r rnf„r.e i~~+. ~~r rrE~il ~n~~n~l. thc~n I rr.~lrr ni.i~ ~1~~ en~1 ~a~ I~~r wh~tr~rr i~ nrrr,,.~r~ t~~ ~n~tr:t th~ ~afur ~~fthc f'n~~rt~ .~n~i [ rn.f:r~: n~;i;. ~n thr Pn~~rrt~ ( rnclrr', .~;tsun, n~.~~ inil~~lr ~:ti~u~~; .in} ,um..rcurr~l h~ a lirr~ u1u;h ii.~. ~~n~~nt~ ~,~cr thi~ tir~~:r,t~ (n.truntrnt.:~~ ~ c•.irni~ tn <<~urt. ~:.~~in~: rrautnahlr;itt«tnr)~' frr.:~r,J rntrntit ~,n Ilic• Pr,,Ek•rt~ tu m.ii~e r~•~~.i~r. ~11t}t~~ufh 1~t~~irr rnet i.~l.r a: ti:~r~ untler Iht. ~.~r.i~r.i~~t~ I rr.~ler ~t~~c-~ n~~I h~~r t~~ ~1„ •~tl; .1f~l~~Utl1..{I~hU(~Ct~ h\ ~.l'tl.irr iin.irr th~. ~.,ra~:r:?rh ~~fl:l~~ hC~~~R1C di~~~l(.t~!iSl ~~ihl F3.`ff~:NCf ~t'i';1,*C~~ f~;t~ 1c~urit} I~,~trzi~~:,..it l';ilr~• ii~,rr~~Hrr an~1 I cn.irr.~gr~r!~,~,thrr ~rrrz~.~~f ~~a~n~tnt. :111iC.1(n,,ur,t..h.ill fK'Jf Sfllt'fC~( Ir•.~~n o- thr ~i.~tr ~~f di~h~~r~tnrn! .~t t~i~~ \~~rr r.~tz• .ux1 ~li.ili hc~ ~.i~ahlc, wit4i intrrr~t. u~~,•r~ n~~~~:c fr,~m I rn~lrr t;~ Ii„rr~~~+rr • :ryur~ti~i~ ~~a~rnrnt ~~`~594 ~a~ 38~4 ~ ` 5~1 : ,M . ~lJ~ . , : .P ~ ~ _ ~T ~ :r ..~-~`.~~~.~~.~sre ~