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200905993
<br />(E) "Trutstee" is ,SQUTHCOAST TITLE & ESCROW, 374 STRAWBERRY FIiLI]
<br />RD, WARWICK, RI 42886
<br />(E) "MSRS" is Mortgage Electronic Registration Systems, Inc. MFRS is a separate
<br />corporation that is acting salary as a nominee for Lender and Lender's successors and assigns.
<br />I~R,S is the beneficiary wader this Security Fnstrumetrt. MFRS is organized and existing
<br />under the laws of Delaware, and has an addtrss and telephone number of P.O. Box ZD2ti, Flint,
<br />Ml 48501-2U26, tale. (888) G79-HERS.
<br />(F) "Note" means the promissory note signed by Borrower and dated' July ldth
<br />2449 .The Nnte states that Borrower owes Lender
<br />NINETY SIX THOUSAND AN4 NUl100
<br />Dollars (U.S. $ 96,ooo.dU }plus interest. Borrower has promised to pay this
<br />debt in regular Periodic Payments and to pay the debt in full not cater than
<br />August 1st, 2439
<br />((i) "Property" means the property that is described below under the heading "Transfer of
<br />Rights in fire Property,"
<br />(I~ "Loan" means the debt evidenced by the Note, plus interest, any prepayment charges
<br />and late charges due under the Note, and all sums due under this Security Instrument, plus
<br />interest.
<br />m "Ridears" means all Riders to this Security Instrument that are executed by Borrower.
<br />The followiug Riders are to be executed by Borrower [check box as a livable].
<br />[] Adjustable Rate Rider [~ Condominium Rider ~ 5ecpnd Home Rider
<br />[~] Balloon Rider ~] Biweekly Payment Rider [] 1-4 Family Rider
<br />[~ other(s) [specify] [.~ Planned Unit Development Rider
<br />(~ "Applloable Law" means ali controlling applicable federal, state and local statutes,
<br />regulations, ordinances and administrative rules and orders (that have the effect of law) as well
<br />as all applicable final, non-appealable judicial opinions.
<br />(IC) "Community Association Dees, Fees, and Assesstnenta" means all dues, fees,
<br />assessments and other charges that are imposed an Borrower or the Property by a condominium
<br />association, homeowners association or similar organization.
<br />(L) "Electronic Fends ~'ransfer" means any transfer of funds, other than a transaction
<br />originated by check, drab, or similar paper instrument, which is initiated through an electronic
<br />terminal, telephonic instrument, computer or magnetic tape so as to order, instruct, or authorize
<br />a fuaancial institution to debit ar credit an account. Such term includes, but is eat limited ta,
<br />point-of sale transfers, automated teller machine transactions, transfers initiated by telephone,
<br />wire transfers, and automated cleauinghouse transfers.
<br />~ "Escrow Items" means those items that are described in Section 3.
<br />~ "1ltisceIlaneaus Proceeds" means any compensakion, settlement, award of damages, or
<br />proceeds paid by any third party (other than insurance proceeds paid under the coverages
<br />described in Section 5) for: (i) damage to, or destruction of, the Property; (ii) condemnation or
<br />other taking of all or any part of the Property; (iii) conveyance in lieu of condeuuiation; or (iv)
<br />misrepresentations of, or omissions as to, the value and/or condition of roperty.
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<br />StCC - m3D28.62 (09/Dl) (Pale 2 of /9) Y~tj~]~;
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