|
. �..: . �: •
<br /> t-.-T.``---s�^�lC�,. . . . < .;. .. ...N:.�s.�.a�:..`L..'�-+a,....6-" .'_�.°. _.. ...:1.. 'l`,I�. a.c.P. �' x�.s_`_:._...__.s.a-.a
<br /> . ..._rT---.—_. `. • _. _', ' : ' _' . .,.-__._., ___-_ -_ _. _- _ ._ .__. .-_ ,._-___.Z. - _ _ _ _-_" _ - _-
<br /> ' . ' .l: ` ,., "ti, . . . � . � . � ' � l �x: .
<br /> . �.`�' - t - t .
<br /> . . � tr �; � , � � .� :� t� `• `t� ..... . ' z'�c •_ �.' ` { .. . � . r.���t. - _
<br /> � t. t " � ' � _ ': � . . . �i y: . a -f.
<br /> . ` ' Ak. � ___ '�__-`..._.---. F c
<br /> . • .� �' � . � - �}.
<br /> '.•t. ♦ . 9����D�� ' � c•,£,
<br /> � . We 've a eral wanaaty of tiQe to Merrill Lyndi. This mrans that we wiil be fuUy respoasibie far any losses wbich � � � '
<br /> 4 gi ge° ° < .
<br /> - �'_ . _ ' �l Merriil Lyach snffe�s because someaae other than us has same of t&e rights in the Proper[y ahicb we p�mise that we have. We ---;_-_ _ -
<br /> ` �- �.-. - --- promise Ehat we wilt defend our owuciship of the Pmperty against any claims of suc3�rig,hu. -- -=�`�,-,'�
<br /> r"
<br /> � . We fimtter pmmise that we wlll neither mke nor permit nny asdon to parridon or subdivide all or part of the Pmperty,or �� �,° ;..`• ,,
<br /> � change In any way the conditton of tide to all or part of the Property. • • `
<br /> ' PROdIS30N5 OF T�AGI�EEIV�NI' ` .. . �'-
<br /> �'�� , �
<br /> � <� - .�.. ' �:;4.��'
<br /> • �-�-�`-`"`� We�eistand that ihe Agreement calls for a variable iatecest raze,aad that Merrill Lynch may,prior to the end of the ° '
<br /> _ _. -T J:� term of the Rgceemgnt and under certain ciaw�tances specified in the Agceepaent.c�ecel its obtigatioa to mak�e fuwr�advaaces,
<br /> � audtor require aooeterated repayment of the ontstanding balance.ander the Agreemeat. The Agreement pmvisions below relate co ..
<br /> �.- the variab2e interest tate. _ -
<br /> - . E ..
<br />. • � , '[�e paragrapd in the Agreement,entitled'lnterest,'pmvides,in part,as foltows: ' '`, _ -.
<br /> t, . -
<br /> - (a)ANNUAI. II�iTERESTItATE.The aimnal interest rate applied to our Oacstandiag Principal Bal�ce is catculated '_f,.:.�.:
<br /> da�y and equats the Prime Rate ptus oae aad one half nercent t Q o . • '
<br /> <: . • � _--
<br /> - (b)PRIIViE RATE. The Prime Rate for a�+date is the"prime rate'published by The Vvall Saeet]oumal for that .'•��:
<br /> _ _._ �:.`� date. If a'prt�ne rate°range is pubIished by 7't�e Wnil Sueet Joumal.thea the highest rate of tbat range will be used. If�he Wall . -
<br />_--- .�"' . "- �r Sueet Ioumal daes not publish a prime rate or a prime rate range for aay date.then the p�ime rate or the ivghest rate of the prime ° � ---
<br /> ���� . �. � rate range published Iry'fhe Wall Smeet loumal for the most reccnt day wlthin four(4)daya prior w that dete.for which Tfle all - .• � .:-.�_-
<br /> • . .. Street Joumal daes publish a prlme rate or a p�me rate range,will be used. '�� �
<br /> o.:-
<br /> _ '.. •r ... . _ '..z__�'...-.:_�.�:
<br /> :,,' � . If The VI►all Smeet Jou fails to pablish a prime rate or a piime rate range for any+date or for a�►day wiWm fow(4) , �:�.-
<br /> � , �. :`�,:,` daYs prior to that date,Mem71 Lynch will use a substhute indea�,w be daermined at that time� that has aa hiswrical movement � ' �—n:
<br /> : ; , � •,•,,,•.•: substantially similsr w that of the prime rate published in Tbe WaIlStreet Joumal.and that would result in an annual peiceatage rate �, ••,fi ���.:�::
<br /> '` ,`• . substantiall similar to the rate in effect ai the time the rime rate ubllshed in The VUall StreEt lournal becomea unava7able. '":����;�' �.'`�-
<br /> _ y P P �._--
<br /> ::�.: _ . . . .� _ ��:-
<br /> � _ • (c)VARWBLE II�ITERE�T ItA'i�. T6is Agreement pmvides that the annual interest rate will change when the Pdme ". -.�-,;
<br /> . . Rate c�amges,which means that an increase or decrease in the annual interest rate will take effect an the day the Prime Rate changes. ; . "_-_�
<br /> ����
<br /> � ; .. . • ,,---�
<br /> a..•; . _ The maximum a�z�esponding<nomiaal)ANNUAL PERCENTAGE RATE will not e� i6.oo percent. ;a?,':. .;;�
<br /> .�:��
<br /> `' � � ��. .. :�^ -
<br /> . . " ��sw'.
<br /> ' Decreases in the annual interest rate are maadatory as[hs 1�rrime Rate decreases. We naderstaud that we will uot be • ' ' -`_
<br /> r m R�
<br /> . . ' < pmvidetl with any advance notice of chaages in the aunnal iaterest rate ar the prime ratc. � ,n•,v
<br /> , ..
<br /> _..._..:..._ -- �,� �ROMISFS AND AGREIIV�iV'1'S , ,�'�'�
<br /> � �, � - We agree with Merr1U Lynch as follows: • , s� � -"F
<br /> +� . , -=
<br /> ' l.Pavmert of Pr tadoa!aacl Interest.Eacept as limited by paragraph 10 of this Deed of Trust,we shall prowptiy pay Y
<br /> . ,: �_
<br /> a.};.: , � when required by the Agreement,the principal and interest due under t�e Agreement, together with any late chazges and other . -.�.-
<br /> charges imposed under the Agreement. � �
<br /> �� - ' � ..',:''.� . 2.Aamltcation of PaYrnents. Unless prohibited by law,all payments received by MerrIll Lyncb under the Agreement . -�-',�'=--
<br />:��; '. ' ' and thia Deed of Trust shall Tr�applieA by Merrill Lynch fust to reduce any sums outstanding under the lirte of credit secured by Wis � • ,
<br /> ,: . , �
<br /> . Deed of Trust(the'Aaou�u 9 which are In excess of the credIt available uader We Account,then in payment of the amounts payable to ,.
<br />° � ' _ Mesri11 Lyach by us under paragaphs 6 and 27 of this Deed oiTiust.then to charges payable under the Agreement(other thaa those °., „ .
<br /> . � .. specifically identifed in this paragraph 2).then to interest,and then to the principal paya8le under the Agreement. . � . .
<br /> � ' ' 3.Prlor Mo��es and DePdv of Trust:Charees:Uens,We shall fu11y and timely perform all of ow obligattons ; .
<br /> . . ' ander any mortgage,deed of srust or other security agreement which is prior to this�ed of Tn�st,including our cbligations ta make ';�� • �
<br /> =:.; �Y Payments when due. . .:, :
<br /> � • � �e shall pay or cause to be paid,at least ten(10)caleadar days before delinquency,all taaes,assessments and other � .
<br /> � charges,flnes and impositions relating to the Ptoperty and all encumbrances,charges,toans.aad lleas(other ffian any prior mortgage or .
<br /> .. . deed of m�st)on the Progerty which may become prior to thls Dced of Trust,and leasehold payments or go�rents,if any. We ,. .
<br /> • . : shall deliver to Merrfl!Lycc�,upon its request,receipts evidenciag sucti payment. I?,at the time Merrill Lynch elects to terminate � •
<br /> � . . the Accoant as provided in paragraph 15 below, there is an assessjnent which is payable ia eastallments at our etection or at the � , •� .
<br /> �� " : election of the tessee of the Property, chat assessment wiil nevertheless be constdcred entirety das and payable on the day the first � • � °
<br /> • installment becomes due or payable or a lien. • • . �� ��.
<br /> � � • � 4. Hazard/nsuraace. We shall, at our cost,keep the improvementa now existing or later erected on the Property � . '
<br /> ' �.` � j insured against loss by fire, by hazards included within the term "eatended coverage," and hy such oiher hazards (coltectively ,' .
<br />: .� . . _ ; referred to as"Hazards")as Merrill Lynch may require. We shall maintain Hazard insurance for the entire term of the Agreement,or as � .
<br /> . long as Merrill Lynch may require. in an amount equal to the lesser of(a)the manimum insurable value of the Property or(b)the � �
<br /> . -. � � maximum amount of the Account pbs the outstanding amount of azry obiigadon prtor to this Deed of Tmst,but in no event shall such � • �
<br /> � . � ' amounts be less than the amount necessary to satisfy the coinsurancc requimment contained in the insurance policy. �
<br /> � .
<br /> .. �
<br /> : . � � -2- .
<br /> .- . .. . - �; ..-•. -_-
<br /> �
<br /> -.." • • • I .� �
<br /> . . . I---,--,--:z:--�-
<br /> . �_�_----.._.
<br />
|