The URL can be used to link to this page

Home My WebLink About2050 ~ Sunline Equlty Mortgage. The Eiank has acquued a sec:ur~ty interest (Mortgage) ~n the real property constituting your pnnc~pal residence as secunty tor accoun~ pursuant ~o the Sunl~ne Equrty Matgage executed by you (the'Mortgage'?. The Mortgage wdl secure all Loan Advances to you as weil as all other ~ nent obl~gations provided herein. Adddwnaiy, the Mortgage wili secure future advances as more fully sel farth ~n the Mortgage. Collateral securing other ioans ~,~n ti~e eank also may secure your Account You understand that if the real properry secured by the Su~l~ne Equity Mortga~e ceases to be yaur pnnc~pal :~~~~ence your reyh! to receive future Loan Advances shali cease. You undersiand that you have a material obiigaUon not to request adddional Loan Advances ;:.~ar such cucurnstances. A breach of this obl•~gaUOn shall con;t~tute a defauft under which the Bank may term~nate your Account and demand immea~ate !:;,:~y rnent ot ail sums owed because ot the impl~cu matenal misrepresentation. i ? t Suspend Or Reduce Credfl Llne. The Bank may, prov?ded that notice is given to you withm three (3' Uusiness days of takmg such action, prohibit !:;,t~nnal Loan Advances or reduce the Credit Lme during any penod ~n wh~ch: ~ i A T he value of the pnncipai dwaiting t1~at secures the Lo2 n Advances declines significantly below the dwel6ng's appraised value. ~ ~ ~ E3 The E3ank reasonably believes you wnll be unable to tuli~U the repayment obligation because of a matenal change in your financial circumstances. ~ ~ , i C You are ~n default of a matenal obhgation under this Agreement i , c) 7he E3ank is precluded by government aclion from impos~ng the annual percentage rate provided tor in this Agreement. j E The pnor+ry ot the Bank's security mterest m your pnnc~pal dwelling is adversely attected by government action to the extent thai the value ot the secunty is iess than 120% of Ihe Cretiit L~ne. F The Bank is not~fied by its regulatory agency that conanued Loan Advances wouid constitute an unsate and unsound practice. u The maximum ~nterest rate hereunder is reached. ~ ! 2 Closing Costs. You agree to pay all charges incurred in connection wiih the preparation, execution and recording of the Mortgage securing this Account ~ C~;;s~rg Costs') as set foAh below. Record~ng Fees S 30 . 00 Intangible Tax S SO . 00 Appraisal Fees S S T~tie Insurance ~ees S : Cred~t Report Fees S Total Closing Costs i$O . 00 ~ 3 Appraisals. ln add~tion to the initial appraisa! of the real property securing this Account, the Bank may, at its option, and upon no less than fifteen (15) days' ,,~•:~e to you, require new appraisals of said real property, which apRra+sals shall not occur more often than once every three (3) years, and you agree to be ~;cons~Ule tor and to pay any such adddior.al appraisal fees All safd fees and taxes shall, rf paid by us, constitute a Loan Advance to you. ~ 4 Mlnlmum Payments. Minimum payments hereunder shall be due and shall be made within twenry-five (25) days of ihe Cbsing Date ot the monthly s~atement Each payment shall be an artaunt not less than 1.5096 of your New Balance or 5100-00, whichever is greater, plus Other Charges, plus any amount past ;;.:e Ea~h payment shall be credited first to unpaid Finance Chargas, then to unpaid Other Charges, and finalfy to the remaining New Balance. You understano at SurLine Eqwty Account Checks may not be used to pay any amounts owed pursuant to this Agreement. You understand that by making only minimum men:s your outstanding New Balance may rot be paid in full by the Maturity Date and a Balloon Payment may result. ? 5 Monthly Statements. A statement will be rendered each month your Account has a New Balance or activity, reflecting, among other items, Finance ' arges, Other Charge~ (identified by type), Credit Available and the amount payable by you on the Rayment Due Date. Each statement wll be considered as ~ rect and acceptabte by you unless you notify the Bank of errors within sixty (60) days after d was mailed. i ~ ~ 6 Financfal Information. You understand and acknowiedge that the Eiank has extended c~adit to you on the basis of your financial condit~on al the time you ; p~:ed ior your Account. You agree to submit to the Bank updated hnancial information periodically upon notification from the Bank. If you fall to submit financial ! -~,:!mat~on when requested by the Bank or if, based upon review of lhe submitted financial infarmation, the Bank determines that your financial condition has ~ ~rsely changed, your ACCOunt may be terminated and thereafter the Bank may take such action as provided tor in paragraph 21. ~ I ~ 17. Stopping Payments. The Bank's rules for stopping payment on ordinary checks apply to stopping payment on Account checks. p Tax Implicatlons. You should consult your lax advisor regardi~g the deductibil~ty of interest and charges hereunder. P ~ ~ ~ 9 Property Insurance. You understand that Proper ~ Insurance must be obtained in connection with your Account, and because it is not availabla through Bank, you may obta~n such insurance through any company of your choice accepiable to the Bank. The Property Insurance shalt provide tor such coverage as ~ s:iescnbed ~n the Mortgage and shatl be in an amount sufficient to Fay :he futl amount due on previously ezisting encumbrances, mortgages or liens on the real pern;, ircluding prapeRy taxes and the ful~ amount of your Credit Line on the Account. ~ ~ 0 Notificatfon. You shall immediately delNer wntten nolice to the Bank of any change in your financlai condition, of any change in your residence address. or ~ : nss or theft of your Account checks, or o1 any unauthorized use of your Accouni. ~ 2~ Detault. The Bank may declare a defautt, terminate the Account, and/or demand immediate payment of all sums owed it you fail Yo make a payment ~ a.:u:red hereunder on time; ifi you furnish any false or misleading statement to the Bank; if you employ fraud or a material misrepresentation to obtain, maintain or f ~ ;,ncrease the Credit Line; or if your action or inaCion adversely aHects the Bank's security or any right of the Bank fn such security, or constitutes an impingement ~ t~ e Sank's secura'y (as descnbed in the SvnLine ~qu(ty Mortgage). tn such event, and notwithslanding the rate af interest provided hecem, the interest charged g ;reunder shall, thereafter, be at the maximum rate allowed hom time to Ume, by law. ft is understoad that the tailure of the Eiank to dectare a defautt upon the :ppe~i~ng of the events dascribed above shall not be deemed a waiver and that the Bank may later declare a default sc long as an event ot detauft exists at the ~ e of the declaraGon. You agree ta pay a11 costs ot coliectwn, including reasonable ariorneys' fees, incurred by the 63nk in enforcing your obl+gations hereunder ~~er delault. Upon receiving notice of det~uft, you shall de6ver to the Bank all unused Account checks. You understand and agree that the Bank may retain ihe ateral secur~ng your AcCOUnt until al! of your AcCOUnt cheCks have been presented for payment or retumed to the Bank and untd all amounts due aMf owing the ~rk hereunder have been paid. Should any Account checks be psesanted for payment to the Bank after de~auit, the amount thereof may be charged to your - ,;gregate unpa;d pnnc~pal balance. ~ 2 Agreement Not Asslg~able; Jolnt Llability. The Bank's comm~tment to make loans vnll be to you exclus~vely and is not assignable by you. tf there is more s :n one persen named on the Account, each }ans herem and agrees that the terms of this Agreement, and any obiigaUOn he~eunder shall be jant and several q 'ud~ng Account checks signed by you or any other person named on the Account Each such person hereby appoints the other as attorney-in•tact w~th the r :.or~er to s~gre or endorse ta each other Account checks used pursuant to this Agreement, which appointment cannot be revoked as bng as this Agreament ~ rnams in eflect Notice ta any person named on the Account shall be sulficient to constitute notice to all persons named on t~e Account, and any notice is ~ ~-~ct~ve at the Ume it ~s deposited in the Unded States Mail addressed fo any address shown on the Account or to any other address furnished in writing to the ~ t,y you or by any other person on the Account. BOGK675 ?~.~~~2050 t~- ~ ~ W ~ . _ , . _ ~ . ~ k ~