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98102773
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Last modified
3/12/2012 11:30:54 AM
Creation date
10/19/2005 5:26:21 PM
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DEEDS
Inst Number
98102773
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REPRESENTATIONS AND OBLIGATIONS CONCERNING THE PROPERTY . vv����( `3 <br /> We promise that except for the "Exceptions" listed in any title insurance policy which insures Merrill Lynch's rights in <br /> the Property: (a)we lawfully own the Property; @)we have the right to grant and convey the Property to Trustee; and(c)there aze no <br /> outstanding claims or chazges against the Property. <br /> We give a general warranty of title to Menill Lynch. 1'his means that we will be fully responsible for any losses which <br /> Menill Lynch suffers because someone other than us has some of the rights in the Property which we promise that we have. We <br /> promise that we will defend our ownership of the Property against any claims of such rights. <br /> We further promise that we will neither take nor permit any action to partition or subdivide all or part of the Property, or <br /> change in any way the condition of title to all or part of the Property. <br /> PROVLSIONS OF THE AGREEMENT <br /> We understand that the Agreement calls for a vaziable interest rate, and that Merrill Lynch may, prior to the end of the <br /> term of the Agreement and under certain circumstances specified in the Agreement, cancel its obligation to make future advances, <br /> and/or require accelerated repayment of the outstanding balance, under the Agreement. The Agreement provisions below relate to <br /> the variable interest rate. <br /> 1'he pazagraph in the Agreement, entitled "Interest," provides, in part, as follows: <br /> (a) ANNUAL INTEREST RATE.The annual interest rate applied to our Outstanding Principal Balance is calculated <br /> daily and equals the Prime Rate plus__ one half nercent (0.50%) <br /> (b) PRIME RATE. The Prime Rate for any date is the "prime rate" published by The Wall Street Journal for that <br /> date. If a "prime rate" range is published by The Wall Street Journal, then the highest rate of that range will be used. If The Wall <br /> Street Journal does not publish a prime rate or a prime rate range for any date, then the prime rate or the highest rate of the prime <br /> rate range published by The Wall Street Journal for the most recent day within four(4) days prior to that date, for which The Wall <br /> Street Joumal does publish a prime rate or a prime rate range, will be used. <br /> If The Wall Street Journal fails to publish a prime rate or a prime rate range for any date or for any day within four(4) <br /> days prior to that date, Menill Lynch will use a substitute index, to be determined at that time, that has an historical movement <br /> substantially similaz to that of the prime rate published in T'he Wall Street Journal, and that would result in an annual percentage rate <br /> substantially similaz to the rate in effect at the time the prime rate published in T'he Wall Street Journal becomes unavailable. <br /> (c)VARIABLE INTEREST RATE. This Agreement provides that the annual interest rate will change when the Prime <br /> Rate changes, which means that an increase or decrease in the annual interest rate will take effect on the day the Prime Rate changes. <br /> The maximum conesponding (nominal)ANNUAL PERCENTAGE RATE will not exceed 17.0o percent. <br /> Decreases in the annual interest rate aze mandatory as the Prime Rate decreases. We understand that we will not be <br /> provided with any advance notice of changes in the annual interest rate or the prime rate. <br /> PROMISES AND AGREEMENTS <br /> We agree with Merrill Lynch as follows: <br /> 1. Pavment of Princioal and Interest Except as limited by pazagraph 10 of this Deed of Trust, we shall promptly pay <br /> when required by the Agreement, the principal and interest due under the Agreement, together with any late charges and other <br /> chazges imposed under the Agreement. <br /> 2. Auplication of Pavments Unless prohibited by law, all payments received by Menill Lynch under the Agreement <br /> and this Deed of Trust shall be applied by Menill Lynch first to reduce any sums outstanding under the line of credit secured by this <br /> Deed of Trust (the "Account")which aze in ezcess of the credit available under the Account, then in payment of the amounts payable to <br /> Menill Lynch by us under pazagraphs 6 and 27 of this Deed of Trust, then to charges payable under the Agreement(other than those <br /> specifically identified in this pazagraph 2), then to interest, and then to the principal payable under the Agreement. <br /> 3. Prior Mort¢ages and Deeds of Trust• Char�es• Liens We shall full and timel <br /> Y y perform all of our obligations <br /> under any mortgage, deed of trust or other security agreement which is prior to this Deed of Trust, including our obligations to make <br /> any payments when due. <br /> We shall pay or cause to be paid, at least ten (10) calendaz days before delinquency, all taxes, assessments and other <br /> charges,fines and impositions relating to the Property and all encumbrances,chazges,loans,and liens(other than any prior mortgage or <br /> deed of trust) on the Property which may become prior to this Deed of Trust, and leasehold payments or ground rents, if any. We <br /> shall deliver to Menill Lynch, upon its request, receipts evidencing such payment. If, at the time Merrill Lynch elects to terminate <br /> the Account as provided in paragraph 15 below, there is an assessment which is payable in installments at our election or at the <br /> election of the lessee of the Property, that assessment will nevertheless be considered entirely due and payable on the day the first <br /> installment becomes due or payable or a lien. <br /> , -2 - <br />
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