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u, i (C) "Lender is Merrill Lynch Credit Corporation Lender is Corporation organized and existing under the laws of Del aware Lender's address is 4802 Deer Lake Drive East Jacksonville, FL 32246 Lender is the beneficiary under this Security Instrument. (D) "Trustee" is FIRST AMERICAN TITLE Hit " owl means the promissory note signed by Borrower and dated June 25th, 2002 The Note states unit Borrower owes Under One Hundred Fi fteen Thousand Two Hundred Dollars and Zero Cents Dollars (U.S. $115,200.00 ) plus interest Rorrowcr has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than Jul y 1st. 2027 HIT "Property" means the property that is described below wider the heading "'Transfer of Rights in the Property." (0) Hawn" " moms the debt evidenced by the Note, plus interest. any prepayment Barges and late charges due order the Note, and all sums due under this Security Inational plus interest. (H) "Riders" means all Riders to this Security instrument that are executed by Borrower. The following !riders are to be executed by Borrower [chick box as applicable]: (�X Adortablc Rate Rider [7 Condominium Rider C Second Home Rider L� Balloon Rider E] Planned Unit Development Rider 0 1 -4 Family Rider 0 VA Rider Biweekly payment Rider E5C] Others) [specify] ARM Rider (1) "Applicable Law" means all controlling applicable federal, state and local statures, regulations, ordinances and administrative rules and orders (that have the effect of law) as well sa all applicable final, n- appealablejudicial opinions. (J) "Community Asandatiou Dnrs, Foes, and Assessments" means all dues, fees, assessments and other charges that are Imposed on Borrower or the Property by a condominium association, homeowners association or similar organization. (K) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper insuranen6 which is initiated through an electronic terminal, telommie Instrument, computer, or magnetic tape so as to order, instruct. or authorize a financial institution to debit or credit an account Such term includes, but is not limited m, point of safe transfers, automated teller machine transactions, transfers initiated by telephone, wire Imnsfers, and automated clearinghouse transfers. (L) "Escrow, Items" meal those items that are described in Section 3. (M) "Miscellaneous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the coverages described in Section 5) for (i) damage m, or destruction of, the Property; (it) condemnation or other raking of all or any pan of the Properly; (iii) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as m, the vitae and/or condition of the Property. (N) "Mortgage Insurance" means isnrance protecting lender against the nonpayment of, or default on, the Loan. Original r>7!1e -all loons on. icons Farm aoz6 1 101 Original