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HomeMy WebLinkAbout871996:S1Epruj *pima! jo saouuJqumoua ,Cut of loafgns `spuuuiap puu suilgio itm lsulau il.radoJd all of aim alp AIleJaua$ puajap iitm puu siuunnm Jamonog •p.iooai jo saouEJquinoua Job idaoxa `paiaquinouaun st �uado1d all imp pue Auado1d all ,ianuoa pue 1ueJ� `agESuoui of 1115i.1 all suq puu pa,Canuoo Xgataq alulsa alp jo pazias .CiinjnMUi s! Jamonog lull SINHNdAOO 2IdMO211IOg „Auadoid„ a'i se 1uaultuisul'(tunas sigl ut of pa1Jaja1 sI 5ulaaaoj all jo lid •luauinulsuI Munoas sup Aq paianoo aq osjE Tim's suoutppu pum sluauiaogtdaj ltd •,Cuadoid a'1 jo lled JagpaJau 10 mou sainixu Hu pug Nook puu s1'5iJ Jalum `slgo.id par sig2u sm5 pug Ito Iu1autui `saii[e(oi `slum `saoueualindde `sigVu `s1uauiasp1 IIu puu `Aizadozd all uo paloaia nijuaiaq Jo mou sluauianoiduit aql IT HUM 2I3H.LHOO.L „ssaippy Xuadozd sl ssaippp aso'm pup •oN as1O VHd L— k,,a> >W313 AINRO3 N 03A1 S Jo; i aSEd TOO Z 'L H02IKW l 1 hold Kd 3100$ 9661L8 [apoj d ?Z] TOT E8 00T /00 aNK aIWSIIOHS N A3S -AL O3 [pus] EauaNTAISx 'HAY ZSSM a2i Z T 3o ssa.ippm all sal lollm asa2io i aMV asssrd'ia aaxanuLls SK 'DNIWOXM 30 s LVILS 'WIOONI'I 30 LLNtlOO '?is2IEN3412x 30 NMOZ 3HZ Os NOLLIaaV MsIA2tIV3 sHS 30 (Ii) 1I11O3 x0O7S 30 (8T NssJHDI E aNY (LT) NHMLNsA{ S Toni :2uluioIiM `,C1unoD N IODNI'I ul paipoot 1 i i doid paquosap 2 ulmottoj a'1 `ales jo Jamod'irm `JapuaJ 01 ICanuoo pug 1up1$ `aim iioui garaq saop JamaLlog `asodand stmt Jog •a1oN a'1 puu luaumuisul ,C1t.inoas sup Japun sluauiaaaE pup sluguanoo s,Jamonog jo aouuuuojiad aqi (o) pug `.luauinzlsul IilunoaS sup jo Animas a'1 loalo.rd 01 9 gdd12Upd Japun paouunpe 'Isamu! p m `sums .ratio tip jo ivaur,iud aqi (q) `suou ogipour pup suoisuapxa `siumauai IIe pup 'Isamu! tptm `aloN aqi Aq paouaptna igap aqi jo luaui,Cpdai aqi (m) :Japua-j of sainoas luauituisul Aitinoas sua T 0 Z T 7I2IdV uo atgmiCud pup anp 'Jatl.Ua mud 1ou 3! `igap JIM 01 11 TPA ,ilunoas sup sg gimp amps a'1 paimp alou s,Jamo1JOg paouaptna sl Nap slit. 00 000' LT'' •s•n) siEtioa [Elmo 2ulpzooa)I Jog aun slut anogd goads] (96/S0) i.L111AAAVH3 (a7E7s] DNIWOAM `sivaulked /Iliuour Jo saptnoad'plum „aloN luaumJisul jo urns Igdtouud 0141 JapuaZ samo J2m01J0g Japual„) 0£628 AM 'NOSSNVA IS 1M IVN TOOT Jo smut a'1 Japun 2ullslxa pup pazruaio si golgm NOLLVIDOSSV DNIXMVs 'IKNOIlVN V aisam-xmys nVNOIlVN ss2II3 of uanig Si 1uauiruisul Alpnoas Su I „(s)Jamonog uallamax STZ# DVS STL st ssa.ippu Oso'm LIEUIOM p3t.x tun uE 'NIVd'IKH N AHVW sl Jo2R5uour a'I uo uani5 Si „1uauini1suI 4unoaS IDVD.LJIOI SIH.L 'L'8T0 Z8 'ON NVO'I 2u1iuoJCM jo aims 0£628 AM 'NOSS.NVAs 'BLS !SI'¢'Ld TOOT Isam-mqva TI NOLLVN SS2II3 :Os NI2Ins52i aaallopax Maim 0871996 FHAWYMTG (05/96) Page 2 of 5 9 THIS SECURITY INSTRUMENT combines uniform covenants for national use and non uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. Borrower and Lender covenant and agree as follows: UNIFORM COVENANTS. 1. Payment of Principal, Interest and Late Charge. Borrower shall pay when due the principal of, and interest on, the debt evidenced by the Note and late charges due under the Note. 2. Monthly Payment of Taxes, Insurance, and Other Charges. Borrower shall include in each monthly payment, together with the principal and interest as set forth in the Note and any late charges, a sum for (a) taxes and special assessments levied or to be levied against the Property, (b) leasehold payments or ground rents on the Property, and (c) premiums for insurance required under Paragraph 4. In any year in which the Lender must paywa mortgage insurance premium to the Secretary of Housing and Urban Development "Secretary"), or in any year in which such premium would have been required if Lender still held the Security Instrument, each monthly payment shall also include either: (i) a sum for the annual mortgage insurance premium to be paid by Lender to the Secretary, or (ii) a monthly charge instead of a mortgage insurance premium if this Security Instrument is held by the Secretary, in a reasonable amount to be determined by the Secretary. Except for the monthly charge by the Secretary, these items are called "Escrow Items" and the sums paid to Lender are called "Escrow Funds." Lender may, at any time, collect and hold amounts for Escrow Items in an aggregate amount not to exceed the maximum amount that may be required for Borrower's escrow account under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. 2601 et seq. and implementing regulations, 24 CFR Part 3500, as they may be amended from time to time "RESPA except that the cushion or reserve permitted by RESPA for unanticipated disbursements or disbursements before the Borrower's payments are available in the account may not be based on amounts due for the mortgage insurance premium. If the amounts held by Lender for Escrow Items exceed the amounts permitted to be held by RESPA, Lender shall account to Borrower for the excess funds as required by RESPA. If the amounts of funds held by Lender at any time is not sufficient to pay the Escrow Items when due, Lender may notify the Borrower and require Borrower to make up the shortage as permitted by RESPA. The Escrow Funds are pledged as additional security for all sums secured by this Security Instrument. If the Borrower tenders to Lender the full payment of all such sums, Borrower's account shall be credited with the balance remaining for all installment items (a), (b), and (c) and any mortgage insurance premium installment that Lender has not become obligated to pay to the Secretary, and Lender shall promptly refund any excess funds to Borrower. Immediately prior to a foreclosure sale of the Property or its acquisition by Lender, Borrower's account shall be credited with any balance remaining for all installments for items (a), (b) and (c). 3. Application of Payments. All payments under Paragraphs 1 and 2 shall be applied by Lender as follows: First, to the mortgage insurance premium to be paid by Lender to the Secretary or to the monthly charge by the Secretary instead of the monthly mortgage insurance premium; Second, to any taxes, special assessments, leasehold payments or ground rents, and fire, flood and other hazard insurance premiums, as required; Third, to interest due under the Note; Fourth, to amortization of the principal of the Note; and Fifth, to late charges due under the Note. 4. Fire, Flood and Other Hazard Insurance. Borrower shall insure all improvements on the Property, whether now in existence or subsequently erected, against any hazards, casualties, and contingencies, including fire, for which Lender requires insurance. This insurance shall be maintained in the amounts and for the periods that Lender requires. Borrower shall also insure all improvements on the Property, whether now in existence or subsequently erected, against loss by floods to the extent required by the Secretary. All insurance shall be carried with companies approved by Lender. The insurance policies and any renewals shall be held by Lender and shall include loss payable clauses in favor of, and in a form acceptable to, Lender. In the event of loss, Borrower shall give Lender immediate notice by mail. Lender may make proof of loss if not made promptly by Borrower Each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender, instead of to Borrower and to Lender jointly. All or any part of the insurance proceeds may be applied by Lender, at its option, either (a) to the reduction of the indebtedness under the Note and this Security Instrument, first to any delinquent amounts applied in the order in Paragraph 3, and then to prepayment of principal, or (b) to the restoration or repair of the damaged Property. Any application of the proceeds to the principal shall not extend or postpone the due date of the monthly payments which are referred to in Paragraph 2, or change the amount of such payments. Any excess insurance proceeds over an amount required to pay all outstanding indebtedness under the Note and this Security Instrument shall be paid to the entity legally entitled thereto. In the event of foreclosure of this Security Instrument or other transfer of title to the Property that extinguishes the indebtedness, all right, title and interest of Borrower in and to insurance policies` in force shall pass to the purchaser. 5. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender determines that requirement will cause undue hardship for Borrower, or unless extenuating circumstances exist which are beyond Borrower's control. Borrower shall notify Lender of any extenuating circumstances. Borrower shall not commit waste or destroy, damage or substantially change the Property or allow the Property to deteriorate, reasonable wear and tear excepted. Lender may inspect the Property if the Property is vacant or abandoned or the loan is in default. Lender may take reasonable action to protect and preserve such vacant or abandoned Property. Borrower shall also be in default if Borrower, during the loan application process, gave materially false or inaccurate information or statements to Lender (or failed to provide Lender with any material information) in connection with the loan evidenced by the Note, including, but not limited to, representations concerning Borrower's occupancy of the Property as a principal residence. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease. If Borrower acquires fee title to the Property, the leasehold and fee title shall not be merged unless Lender agrees to the merger in writing. Initials: {DA- 1 y j :spurn' ecs S 3o g aged (96/50) J,LY1LIn1VIl3 uopgztuoturr A31pow astm101410 10 1ugUTAed 103 OUII1 puma 01 asnjaJ Jo isaialui ut Jossaoons Atm isutege sSutpaOooad aouatuuloo 01 paztnbai aq iou imp s Japua-i •1saIa1ut ui JossaoOns s,Jgmouog 10 Iamouog ieut2uo ag13o Aug!! amp amp.' 01 airraado iou gulls Iamouog 30 1S01aput ut JossaOOns AUe 01 Japuai Aq palmi8 ulatun11su1 AfunoaS stmt Aq pamoas sums amp 3o uopezpaoure 3o uoprr :t3mpoul Jo pu0uwAud 3O guptl 01.11 JO uotsualxg 'aaniuM u loN aapuarj Ag aaueaeagao,i :pasuaTag 3°N aamoaaog •luatutupsul Alunoas step Aq p0waao ua!T alp Jo Aluoud a14f loa33m ATaslanprr ITTm puatualrrlsutaa (m) 10 `alnpn3 alp Ut spunoaB lua.Ja33ip uo a1nsopaao3 apnpaid Item 1uauwa1rr1sutaa (u) `8utpaaooad ainsopalo3 luauno rr 3o luaumouatuuzoo aqp 8utpaoaad Aplrrtpatutut smaA om1 UTgUm s2utpaaooad ainsopaio3 jo luaulaouatuuloo 0141 1a13rr luatualelsutal paidaoom seq Japuai (t) :3t luatualelsutai ltuuad of pa .ItnbaJ lou s! aapua-i 'Jana /OH 'tin3 ut luatuAed aletpatlltut pa.Itnbai you pets Iapuaj 3t se papa u! 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Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise or any right or remedy. 12. Successors and Assigns Bound; Joint and Several Liability; Co- signors. The covenants and agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions of Paragraph 9(b). Borrower's covenants and agreements shall be joint and several. Any Borrower who co -signs this Security Instrument but does not execute the Note: (a) is co- signing this Security Instrument only to mortgage, grant and convey that Borrower's interest in the Property under the terms of this Security Instrument; (b) is not personally obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, modify, forbear or make any accommodations with regard to the term of this Security Instrument or the Note without that Borrower's consent. 13. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as provided in this paragraph. 14. Governing Law; Severability. This Security Instrument shall be governed by Federal law and the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. 15. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Security Instrument. 16. Hazardous Substances. Borrower shall not cause or permit the presence, use, disposal, storage or release of any Hazardous Substances on or in the Property. Borrower shall not do, nor allow anyone else to do, anything affecting the Property that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower learns, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substances affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this Paragraph 16, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in the paragraph 16, "Environmental Law means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. NON UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 17. Assignment of Rents. Borrower unconditionally assigns and transfers to Lender all the rents and revenues of the Property. Borrower authorizes Lender or Lender's agents to collect the rents and revenues and hereby directs each tenant of the Property to pay the rents to Lender or Lender's agents. However, prior to Lender's notice to Borrower of Borrower's breach of any covenant or agreement in the Security Instrument, Borrower shall collect and receive all rents and revenues of the Property as trustee for the benefit of Lender and Borrower. This assignment of rents constitutes an absolute assignment and not an assignment for additional security only. If Lender gives notice of breach to Borrower: (a) all rents received by Borrower shall be held by Borrower as trustee for benefit of Lender only, to be applied to the sums secured by the Security Instrument; (b) Lender shall be entitled to collect and receive all of the rents of the Property; and (c) each tenant of the Property shall pay all rents due and unpaid to Lender or Lender's agent on Lender's written demand to the tenant. Borrower has not executed any prior assignment of the rents and has not and will not perform any act that would prevent Lender from exercising its rights under this Paragraph 17. Lender shall not be required to enter upon, take control of or maintain the Property before or after giving notice of breach to Borrower. However, Lender or a judicially appointed receiver may do so at any time there is a breach. Any application of rents shall not cure or waive any default or invalidate any other right or remedy of Lender. This assignment of rents of the Property shall terminate when the debt secured by the Security Instrument is paid in full. 18. Foreclosure Procedure. If Lender requires immediate payment in full under Paragraph 9, Lender may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this Paragraph 18, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If Lender invokes the power of sale, Lender shall give notice of intent to foreclose to Borrower and to the person in possession of the Property, if different, in accordance with applicable law. Lender shall give notice of the sale to Borrower in the manner provided in Paragraph 13. Lender shall publish the notice of sale, and the Property shall be sold in the manner prescribed by applicable law. Lender or its designee may purchase the Property at any sale. The proceeds of the sale shall be applied in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. If the Lender's interest in this Security Instrument is held by the Secretary and the Secretary requires immediate payment in full under Paragraph 9, the Secretary may invoke the nonjudicial power of sale provided in the Single Family Mortgage Foreclosure Act of 1994 "Act (12 U.S.C. 3751 et seq.) by requesting a foreclosure commissioner designated under the Act to commence foreclosure and to sell the Property as provided in the Act. Nothing in the preceding sentence shall deprive the Secretary of any rights otherwise available to a Lender under this Paragraph 18 or applicable law. 19. Release. Upon payment of all sums secured by this Security Instrument, Lender shall release this Security Instrument without charge to Borrower. Borrower shall pay any recordation costs. 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HAIN Borrower MPP 210 -B (Revised 12/95) The following is an Addendum to the Mortgage. The addendum shall be incorporated into, and recorded with, the Mortgage. TAX EXEMPT FINANCING RIDER This Tax Exempt Financing Rider is incorporated into and shall be deemed to amend the terms of the Mortgage to which it is attached. 595 EXHIBIT C In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: Lender, or such of its successors or assigns as may, by separate instrument, assume responsibility for assuring compliance by the Borrower with provisions of the Tax Exempt Financing Rider, may require immediate payment in full of all sums secured by this Security Instrument if: a) All or part of the Property sold or otherwise transferred (other than by devise, descent or operation of law) by Borrower to a purchaser or other transferee: i) Who cannot reasonably be expected to occupy the property as a principal resident within a reasonable time after sale or transfer, all as provided in Section 143(c) and (i) (2) of the Internal Revenue Code; or ii) Who has had a present ownership interest in a principal residence during any part of the three year period ending on the date of the sale or transfer, all as provided in Section 143(d) and (i) (2) of the Internal Revenue Code; or iii) At an acquisition cost which is greater than 90 percent of the average area purchase price (greater than 110 percent for targeted area residences), all as provided in Section 143(c) and (i) (2) of the Internal Revenue Code; or (iv) Whose family income exceeds applicable income limits as provided in Section 143(f) and (i) (2) of the Internal Revenue Code. b) Borrower fails to occupy the property described in the Security Instrument without prior written consent of the lender or its successors or assigns described at the beginning of the Tax Exempt Financing Rider, or c) Borrower omits and misrepresents a fact that is material with respect to the provisions of Section 143 of the Internal Revenue Code in an application for the loan secured by this Security Instrument. References are to Internal Revenue Code as amended, in effect on the date of execution if the Security Instrument and are deemed to include implementing regulations. BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions in this Tax Exempt Financing Rider.