1980-075 CRA - Laserfiche WebLink

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. . . . . . Escrow Payments means all payments made in order to obtain or maintain Mortgage Insurance, including payments for any federal program intended to assist in providing insured Mortgage Loans, and Hazard Insurance and any payments required to be made with respect to Res idence and Mortgage Loans for taxes or other governmental charges or other similar charges payable by a Mortgagor customarily required and permitted by law to be escrowed. Federal Securities means direct and general obligations of the United States of Amenca. Financing means the lending of moneys or any other thing of value for the purpose of facilitating Residential Construction pursuant to the Act and includes the purchasing of Mortgage Loans made by Qualified Mortgage Lenders to purchasers of newly constructed Residences. Fiscal Year means any twelve (12) consecutive calendar months commencing with the first day of July and ending on the last day of the following June, Fully Registered 80nds means those 80nds which are payable to the registered owner, negotiable only by proper transfer of registration, Fund or Account means a Fund or Account established by or pursuant to this Resolution. Hazard Insurance means insurance issued by a person qual ified to issue such insurance in this State, which insurance shall be Dwelling Building Special Form all risk policy, or equivalent, with an inflation coverage endorsement and with an earthquake pol icy or endorsement (if commercially available) carried by the Mortgagor on a Residence to insure such Residence against all perils, except generally flood, mudslide, building collapse, war risk and nuclear risk. Hazard Insurance shall be carried by the owner of the Residence or, in the case of a Condominium Project, by the Association of Owners of the Condominium Project. Such Hazard Insurance shall be in an amount at least equal to ninety percent (90%) of the insurable value based upon replacement cost of such Residence or Condominium Project, and such earthquake policy or endorsement to be in an amount which is not less than one hundred percent (100%) of the unpaid principal balance of the Mortgagor's Mortgage Loan, subject to a deductible of five percent (5%) per occurrence. Independent when used with terms defining any professional, means any person or firm, respectively, appointed by the Agency in such capacity, and who, or each of whom, has a favorable reputation in the field in which his opinion or certificate will be given, and: 6