|
<br />200600264
<br />
<br />(C) "Lender" is Popular Financial Services, u,c
<br />
<br />Lender is a Limited Liability Conpany
<br />organized and existing under the laws of Delaware
<br />Lender's address is 301 Lippincott Drive, Marlton, NJ 08053
<br />
<br />(D) "Trustee" is Land America/Transnation Title
<br />
<br />(E) "MERS" Is Mortgage Electronic Registration Systems, Inc. MERS Is a separate corporation that is
<br />acting solely as a nominee for Lender and Lender's successors and assigns. MERS is the beneficiary
<br />under this Security Instrument. MERS is organized and exlsllng under the laws of Delaware, and has an
<br />address and telephone number of p,O, Box 2026, Flint, MI 48501-2026, tel. (888) 679-MERS.
<br />(F) "Note" means the promissory note signed by Borrower and dated January 3, 2006
<br />The Note states that Borrower owes Lender Fifty Four Thousand Four Hundred and
<br />no/100 Dollars
<br />(U .S, $ 54, 400.00 ) plus interest. Borrower has promised to pay this deht in regular Periodic
<br />Payments and to pay the deht in full not later than February 1, 2036
<br />(0) "Property" means the properly that is described below under the heading "Transfer of Rights in the
<br />Properly. "
<br />(Ii) "Loan" means the debt evidenced hy the Note, plus Interest, any prepayment charges and late charges
<br />due under the Note, and all sums due under this Security Instrument, plus interest.
<br />(I) "Riders" means all Riders to this Security Instrument that are executed by Borrower. The following
<br />Riders are to be executed by Borrower [check box as applicahle];
<br />
<br />[X] Adjustable Rate Rider
<br />D Balloon Rider
<br />D VA Rider
<br />
<br />D Condominium Rider B Second Home Rider
<br />D Planned Unit Development Rider 1-4 Family Rider
<br />D Biweekly Payment Rider D Other(s) [specify]
<br />
<br />(J) "Applicable Law" means all controlling applicable federal, state and local statutes, regulations,
<br />ordinances and administrative rules and orders (that have the effect of law) as well as all applicable flnal,
<br />non-appealable judicial opinions.
<br />(K) "Community Association Dues, Fees, and Assessments" means all dUes, fees, assessments and other
<br />charges that are Imposed on Borrower or the Properly by a condominium association, homeowners
<br />association or similar organization.
<br />(1) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by
<br />check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic
<br />instrument, computer, or magnetic tape so as to order, instruct, or authorize a flnanclallnstitution to debit
<br />or credit an account, Such term includes, but Is not limited to, polnt-of-sale transfers, automated teller
<br />machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse
<br />transfers.
<br />(M) "Escrow Items" means those items that are described In Section 3.
<br />(N) "Miscellaneous Proceeds" means any compensation, selllement, award of damages, or proceeds paid
<br />by any third party (other than Insurance proceeds paid under the coverages described in Section 5) for; (I)
<br />damage to, or destruction of, the Properly; (II) condemnation or other taking of all or any pari of the
<br />Property; (IIi) conveyance in lieu of condemnation; or (iv) misrepresentallons of, or omissions as to, the
<br />value and/or condition of the Property.
<br />(0) "Mortgage Insurance" means insurance protecllng Lender against the nonpayment of. or default on,
<br />the Loan.
<br />
<br />00619684
<br />~-6A(NE) (0407)
<br />
<br />InltlaIS~~
<br />
<br />Fonn 3028 1/01
<br />
<br />Paglll 2 (If 15
<br />
|