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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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3070.sam
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1993-08-01
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105 lines
Effective: February 20, 1994 Expires: June 19, 1994
Amount: $ 40,000.00
Fourth Federal Savings & Loan of Lincoln County, described herein
as LENDER, agrees that it will lend the sum of $40,000.00 to
William La Salle, described herein as BORROWER, subject to the
following terms and conditions:
1. Delivery of marketable title and title insurance. William La
Salle prior to closing shall deliver a mortgagee title insurance
binder from a licensed title insurer, acceptable to LENDER, which
will provide for the issuance at closing of a policy providing
that the title is marketable, and free of all liens or charges
other than current taxes and:
none
Borrower shall provide a current survey by a licensed surveyor
showing no encroachments or defects.
A current building inspection report from a building inspector
acceptable to LENDER showing no major structural defects. For
purposes of this section, major shall be defined as requiring
repair and being more than 3% of the purchase price.
This condition may be waived upon escrowing of sufficient funds at
closing to be used to correct the described defects, which sums
shall then be expended to complete the needed corrections.
That the zoning or other land development restrictions imposed by
lawful authority shall permit use of the parcel as Industrial /
Agricultural.
Credit life insurance sufficient to make monthly payments during a
period of disability.
If an amount is specified, credit life insurance is available from
LENDER: $250,000.00. If no amount is specified credit disability
insurance is not available from LENDER. In any event, credit life
insurance if available from LENDER is not required to be purchased
by BORROWER as condition of obtaining this extension of credit:
you may either purchase through an insurance agency of your choice,
or assign an existing policy.
Credit disability insurance sufficient to make monthly payments
during a period of disability.
If an amount is specified, credit disability insurance is
available from LENDER: 20. If no amount is specified credit
disability insurance is not available from LENDER. In any event,
credit disability insurance if available from LENDER is not
required to be purchased by BORROWER as condition of obtaining
this extension of credit: you may either purchase through an
insurance agency of your choice, or assign an existing policy.
At the time of funding this commitment, the BORROWERS shall have
experienced no material adverse change in employment.
That the following individuals execute a guarantee of prompt
repayment of the loan in the form customarily used in this area
for the same:
Lucinda Parrish
The furnishing by the borrower of an appraisal from an appraiser
acceptable to lender showing a loan to value ratio of at least
130%%.
The commitment is further subject to the following additional
terms:
Interest Rate (APR): 6
Loan Term: 36 months
Points to be paid at closing by BORROWER: 1
If an amount is included below, PMI (Private Mortgage Insurance)
is also required:
1/4 of 1%
If an date is stated below, the loan will balloon at that time:
0, and the principal balance at that time will equal $ 0.
Other fees due at closing:
0.
Dated: _____________________________________
________________________________________________________
LENDER, Fourth Federal Savings & Loan of Lincoln County
by an authorized officer