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HomeMy WebLinkAbout0997 l1lI~~K~1('n~t?~til~ Hun~~Nrran~ll_rnilrr~u~rnan~antl:,~rr~.t~l~~il~~~~ti 1. 1'a~ment of ~'rincipul and Interetit; k'rrpa~ment and l.ate ('harKc~. li~~rn~wrr ,h.~l~ ~~~~~n~~~il~ ~~h~n ;tu~~ thr ~~nn.~~~:sl ~~I anil ~ntrrr~t un ~hc ~irM r~i~rnrr~i hy thr tiutr ~uul aii~ ~rr~~a~n:riil an~l latr ~har~;c, ~iuc uii.l~r t~ir \„tc 2. t~unds tor "I'axcs and Insurance. Suh~rct t~~ aprlirablc IaH ~~r t~~ a H nttri? Ha~~cr h~ I rn~rr. li++rr~~Hrr ,h:+il tu I.rn.irr ~,n tt~r J:>> ~~,~~~»r~i> ~:iymrn?. ar~ clur un~lrr thr Nutr, unt~l thr ti~~tr i. ~aicf in fuil. a~um t"I~ui~~l~") ry~c.~l t~~ unr-twrllth c~f~: (a? )r:.rl~ tatr~ a~ul ci»r~`mrnl~ u•hich may atta~n pnunt~ ~nrr tiuti Sciunt~ In.irurnrnt, fh? yc.~r!} Ir.~,rhul~ ~a~mrn~. ur gruund rrnt~ +,n the Pruprny, if an~: (c1 >r~?rl~• ha~ar~i in.ur.~nrr rrrnnu?n,. an~i Icl? yr.?rl~ nwrtg:t~r in,uran~r prrm~um., ii an~ 'Thr~r itrm~ are ~aIIrJ "r~iruw ilrmti ' l.rn~irr rna~ r.timatr ~hr Fun~h cfur ~~n thr hc~~o. ~~f currrnt ~iat.i and rra.unahlr r,Um.~trti uf~fulure c~rruw itrni~ fhr Fun~l~ ~tuili hr hrid ~n an ~mtituh~m thr drpcnit~ ~~r ac~i,untti uf whi.h arr in.urr~i ~;uar.~ntrr~l h} a t«frrai ur .tatr :?~rnc~ (inrlu~iing lxn~irr if l.rn~irr iti ,urh an intitituu~~n) l.rntlrr ~h~ll a~rl~ the f~und~ t~~ P:+~ thr r~cr~~H ur~i~.. l rn~irr may n~,t ~h.irge fur h~~lding and apply~ng thr E~undti. anal}~mg thr arcuu~n ur ~rnt~}uig ti~r r~rn,~~ ~trrn.. unir~ti t_rndrr ~ay~ t~~~rr+~wrr ~ntrre~t ~m the f~unclti and applicuhlr law ~xrmi;+ Lrn~lrr tc~ rnake wrh u rharge l;t~rruHrr .tn~i Lrn~lrr n~a~ agrrr in W nt~nF that intrrr~t ~hail he pa~d ~m thr E=undti. l'nlrtiti an agrermrnt i. mcidr i~r ap~l~c.ihl~ law rryu~rrti ~ntrrr~t t~, hr pa~~l, l.rn~7rr ~hail nut hc reywrrd lo ~a~ Bi~rrc~Hr: an~ int+•r~~~t ~~r r:irnin~~ un thr t~u?~~i~. t.<<~~i<< ~hall K~~r t<~ Bt~rn~wrr. Nith~,ut rhargr, an annu.~l acci~unung c~f thc f~ur.cl„h~~w ing ~rr~i?tti ancl d~hitti rci thc i un~l~ an~l tiir ~urjx,tic fur w hirh rarh ~1rhu t~, ;hr Fun~i~ Ha+ madr ~1'he F~und~ arr ~Ir~lged a~ aci~iiu~,r~l .rrunt~ f~~r ihr ,urn..rc~;rrd h} thi~ Sr~unty li~~trumrnt If thr amuunt ui thr f=wulti held h~ I.rndcr, tc~grthrr with thr futurc m~mthly p;~~mrrit~ ~~f F=u??cl, ~a~ahir ~n~~r t~~ thr ~lur d.?tcy i~( the rx ru~a ~tems, ~hall e~~rercl thr :~m~~unt rrywrrd !u p:t~ IF1C l'~l'fUK' IICf111 K IlCll (~UC, thr r~rr,~.hall hr. .~t t3i~rruwrr'~ i~~h~,n. either pn>mptiy rr~:~id tu E3~~rruwer ~~r crrdi~rd t~~ BorruHrr un m~,nthl~ ~ayr.~rntti uf t=un~i. If thr :+muunt uf the Fun~1~ h~ld h~• l.rnder ~ti ni~t tiuflir~em t~~ pay the rti~n~w ~temti whrn dur, li~~rruu~r +h~ll t~~ l.rn~trr un~ ,~m.,unt nr~r..ar~ t~~ makr u~ the ~irtir?rn~y ~n ~}ne ~~r mure pa~ mrnt~ reyuired b~ Lendrr. l'Fxm ha}mrnt m tuU uf all ~umti ~e~urrd bp th~~ Sctiunt} Imtrunient, l.rnder ~hall pn~rnptl~ rrluncl t~~ ticfrmHrr .~n~ {=un~1. hric~ t~. Lrndrr. If under ~~r:igr~ph ly the Pruperty' ~~.old ~~r a~yutred h~ Lrndrr. Lrndrr ~hall ap~l}. nu latrr tl.an ~mmr~l~atel~ rnc~r ti~ the ~alr ~~i the Ymperty ur itti acyuisitum h~ Lender, ~ln~ Fu~~el. hrld h~ Lrn:irr :~t thr umr ul .~~~~lirati~~n ati a rrr~fit agaimt ihe tium, u~urrd b}• thiti S~tiurity Imtrumrnt. 3. Application of Payments. Unl~-~~ appl~~ablr law pru~idrti uthrrwitir. aU (~aynirnl, rrcri~rci h} Lrncirr unclrr j~aragraph, 1~nd ? tih~?11 he a~~hrd: tir~t, Iu late chargeS due under thr N<iie; sec~~nt1, ti~ prrpa~ mrr.t ihargr~ dur un~irr thc \~~te; thir~, t~~ ami~untti ra~ahlc undrr paragra~h faurth, to ~nirrcwt due; ~snd (a~t. to ~nn~i~al c1ur. a. ('harKes; I.icns. Fi~~rrc,wrr tihall ~ay all taxr;, ati~c~timrnt,, ch~rgsw. tineti ~ncf un(u~ti~~i~+nti attnhutahlr t~~ t't~r I'r~~prr~~ ~h~.h ma~• ~?ttain pne~nty ~~~er thiti Sc-runty lmtrumrnt, snd 1ra+ehuld pa~mrnt~ ~~r gruun~i rrnt~, if .in} ii~~rr~~wer ~hail pa} thc~r ubl?g:~u~m~ in thr m~nnrr ~n~v~deY1 in ~aragrarh ~~r if n~~t ~aid in that m:+nnrr, ti~~rruwrr .h~ll E~a~ thrm un h~nr direcUy t„ the prnun uwrd paymrnl. ti~irrowrr.halt prc~m~tl} t~rni~h t~~ Lendrr all ne~u~c~ ~~f am~~iuriti t~+ hr ~ai~i u~~:irr th~. ~ar~gr~ph If B~~rn~wrr mak~~ the~r pa}n:_~nt~ dirrctl~. f~~~rr~~wrr tihall prumrtl~ furni~h t~~ Len~icr rrcri~t~ r~ idrncing the pa} rnrnt~. . fi:~rr~~Hrr ~hall ~n~mptl} di~ch~rgr an~ lirn wh~ch hati ~nurst~ ~~~er thi~ Sc-~unt~ In~iruri:rnt unir.~ Bc~rn~wrr 1:+1 .~grec~ in w nting tn the ~+~}mrnt e~(the ~~bligan<s?i u~ured by~ the lirn in ,i ntanner a~~r~tabie tc, Lrnder: Ihl ~~,ntr,t, in ~z~xui t;iith thr I~cn hy, ~~r drfen~l~ :ig:~iritit rnfcircement e~f the lien ~n, leg:~l rrekredinK4 whi~h in the i.rr~der'ti u~~iuun ~~~rratr te~ Ezrr~rnt thr rnl~~rrrmrnt uf thr lien ~~r ie~rfeiturc ~~f any part i~f thr Pmprrt~. c~r (r) tir~urcw fn~m thr h~~ldrr c~f the lirn ~n .i~rrrmrnt ~ati~i~~rt~~ry tc~ Lrndrr w~irdinating the lien t~+ this Serunt~ It»trument. If Lendrr detrrrn~nr~ th~t ~n~ rart e~t thr Pn3~rrt~ i. ~ub~r~t t~~ a I~en whirh m;~~ attain pne~nt} <~rrr thit Sc~un!~ Intitrument, l.rndrr ma~ gnr Rurruwer a n~~ti~r tdenti(~in¢ thr lirn f3~,rntiv?~er.hall tiat~~f~ the lirn ~x takr ~,nr ~~r m„re ~,i ~hr arn~,m,rt f~,rth ah~,~r within I(?~f:~}, ~,t thr Ki~ ~i~g uf n~,urr Ha~urd lnsurance. R~~rr~~wer.hall {:rrp the im{~ru~rmrnt, n~~w r~i~tmu ~~r hrrraftrr rrrrtrei ~~n the F'.~~~rrt~ in,urc~1 again+t I~~t~ by fire, h~~ar~i, ~nclu~ird w~thin the term "r~tendr~l ~~~~rra~tr" an~i an~ ~~thrr ha~ardti f~~r whirh Lrnder ; rryuire~ in~ursn~r l~hi~ in,ur:sn~r tihal! hr ma~nta~ned tn the am~~unt. ancl fur thr ~rni?d~ that Lcnii~r rryu~r~-~ ~Thr inwran~r rarnrr ~n~~id!nF the intiurancr ~hall he rh~~tirn h} I3~~rr~zwrr tiuh~r~t te~ i r?i~ier'~ a~~ru~.il uhi:h tih:+ll rn~i hr unrr:~u~nshl~ w~thhrW ~ All in.ur:in~e ~x~li~ic~ and rrnewal~.hall he ac~eptahle t~, l.rndrr ~n~ ~ha!! intiu~lr a~t:~ndard m~~rtg~gr ~I:?u~e ~ 1 rnJer ~hall h:~~e thr nFht tu huld thr ~x~lir~n and renewal~ (f l.en~lrr reyuirr~, t3~+rr~~wrr ~hal) ~+n~m~ti~ Fnr t~~ Lrn~irr ,II rriri~tti ~~f ~sid ~rrmiuni~ and rrnewal nuticrti. tn thr e~ent uf k~,., i~~rn~urr ~h:~ll gi~e ~n~mrt nutiir tn the ~r~tiuran~r ~ ..unrr and Leneier Lrn~irr ma~ mskr ~nx~f c~f Itnti if ne~t made ~n~m~tl~ hy B~~rrr~wrr ~ l~nlc~~ Lrn~lrr anel f3~~rrc~wer c~thrrw~~r ~gree in writinR. in,urancr ~?nkrrd~ ~hal1 he a~~r~ied t~, reyte~ratu,n <~r rr~:>>r ~ ~f thr }'rc~~rrty ciarn:?grd, if Ihr retitc~ratiun t~r rrpa~r is rr~mi~m~rali~ frstiihlr .:nd l.rndcr'. tir~unt~ i~ n~~t le~.rnrcl I( th~• ~ rL,t~,ratiun ~,r rr~~ir iti n~,t erun~,m~zall~ (ra~~hle e~r l.ender'~ tircunty w~iuW he Ir,ticned. thr in~uran~r ~mcer~iti ~hell he ~ ,~G~I~r~1 t~~ thr ~um~ u~ureci h~ th?` ScYUnt~ Imtrument, whrthrr t,r n«t thrn dur, with ~n~ rt~r., ~aid t~+ E~~rn~Wrr f( ~ f~urn+Hrr ah,incl+~nti thr Pn~pert~, ur d~k~ ncit amwer w~thm 3q d:?~, a n~~tiie fr~~m l.rn~ler that thr in~uran~c rarrirr lia~ °s ~~ffrrrd t<~ ~rttlr a ~laim, thrn Lender ma} r~~llr~:t thr imurance ~rcker~i; Lrn~icr ma} u.e thr ~nkrrdti tc~ re~au i~r rrtit~~rr e thr Pr<~~erty c~r t~~ pa} ~ums tir~urecf b` thi. ~unt~ lnstrumcnt. ~hethcr ~~r nut thcn dur The ?0-cia~ ~xn~~ci wili hee~n ~ :+trrn thr n~tice gi~rn ~ l'nlrtti I.cndrr and t3r,rrs~wer ~xhrrK?tir agrre in wnt~ng. :in} a~~lir~ti<m „f ~rckrr~i~ t~, ~rin~i~al ~h~~l ne~t r~trnd ~,r ~ Er~,t~mr thr cfur ~i.?tr uf thr mnnthl} pa~ ment. referrrd t« in ~~raRra~h~ i an~1 ~~r ~hangr the ~rn~~unt :~f th~ mrnt~ If e un~irr ~+~r.~gra~h IQ thr Frureri} a:yuire~i hy I.ender. B~~rre~Hrr'` ngh[ t~, an} insur;?ncr Fxili~ic~ a~c~ ~nxerd~ rr,ultinE fn~m .1am:?Rr tc~ thc Pf(~~Cf[} (lfti~( l(~ If1C 3l'C~UI~il1~~T11F13II O:f~ti fl~ l.rn~frr t~~ thr extrnt ~~f thr,urn~.r~urr~i hy ih~. Sccur~t~ ` In~tnimrnt imrilydiatel~ ~n~~r t~~ the ~~yw~itum ~ 6. Preservation and ~laintenance of Property; I.easeholds. Eiurmurr ~h~ll n~~t dcwtr~». dam.i~.<<~r ~uhtit~ntiaEl~ € ;h.~nF~ thr Pn~~ert}. 3I~i~N i~1C Pr<~~rt~ t~~ ~rtenurate c~r c~~mmit wa~tr If thi~ k~uni~ Imtrumrnt i. ~m a Ira.rhulu. fl~~rr~~wrr tihall ~~~m~l~ w~th the ~r~nitiu.n~ ~~f the leatir. and ~f E3c~rrc~Wrr acyu~re~ frc utle t~~ the Yr~~~rt~. the Ir.i.eh<<1J anci fcr t~Ilr ~hall n~~t rnerFe unlr~. [xn~i~r agrec~ t~+ thr mergcr in w nnng. 7. Protecticn ot t.ender't RiRhts in the Propert~; itc~rtp,aKe Insurance. !f f~~rr:~wrr f:~ii. t~~ ~rrG~rm ttir :~~~c;~.int. ,,nd a~rrrr.irn[ti ~~~nt~inrd ~n thi~ Se~urft~ Intitrurnrnt. ur therr i~ Ir?:.il ~r~krrJ~ng th.~t rn.» ~i~:nif~~.intl~ .itT«t Lrn~irr', right~ ~n the Pr~~rrt} (wch a~ ~~nxrrci~ng in bankrupt~}, pruh;str, f~~r ~~~n~irnutan+m ur t~~ rnfl~rrc 1aa~ ~~r ~ rI Kulat~„n.l. tficn Lender may d~, and ~a~ f~+r w hate~er Es ne~e~~ar~ t~, ~rutc~t thr ~ alur ~~f ?h~ Pr:~~+crt~ :tfi~ LCfitIC( ti fl~.Ftlti , rl-~ U~.,.,;-.. 1__...j.-.''. :'.-r„•~;` m-~. ••.;In.l: --vlllv anv cum< <r~-t~~.vl h~ a 1:•~n uh„~h h.. nn~~:~t~ :~t~•r thi~ C<~~'un1~ . . ~ _ ~ l. U .r. i- :11r},.. ~ti ~ ~ ' .t; . • .z • .x:: ~ - . ~ .-~r~'- : - ~r- - . _ ~ ~ [ rn.ler riia~ t~~,e :+~ti~~i~ unclrr ~hi. ~ara~tra~h'. l.cndcr diir~ n<,t hatic t~~ d~~.~~_ ~~n~ arnni~nt~ ilitihurtird h~ [ cndct un~lrr thi~ ~aragr.+~h ~.h:e~l hec~unr :+:7.7~~~~n~e! ~1rht ~~f E4~~ir~~Nrr ~riur~cl h~ thi~ k.unt: In~trutnri:t l nlr~~ f3~~rr.;Hrr ~rt~1 Len~ler agrer ti~~~thrr term~ ~~f ~a~n~rnt, thr~r ar,iri~nt>>hsll t~ar ~nt~•rr.~ fre~m thc ~1~tr r~l cli,hur.rmrnt ,it thr ti~~tr r,tte ,:n~l tit:a~l hr ~a~.,hle. uith ir~te~rr~',. ii~~~n nrt~:r ~re~c;i l rri~rr tr Rt~rr~~urr ~ r~yur.~~ng ~a~ rnrnt ~ORK ~i7J F:!~i ~7J7 - - - - ; -~y_ p~ - < ~ _ -..w. u+ 3, z4„> ~'$4..•~ ~i~o..