1981-040 CRA - Laserfiche WebLink

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. . . . . w,,",,"-'_O-' FHLr«: means the Federal Home Loan Mortgage Corporation or other agency or instrumentality of the United States t.o which the p.owers of the Federal Home L.oan Mortgage Corporation may hereafter be transferred. Fiduciary or Fiduciaries means the Trustee, any Paying Agency, or any of or all of them, as may be appropriate. Financing means -the lending of moneys or any other thing of value f.or the purpose .of facilitating Residential Constructi.on pursuant to the Act and includes the making .of Mortgage Loans to purchasers of newly constructed Residences and the making of a-Loan to Lender. Fiscal Year means each twelve (12) month period conmencing with- the first day of July and ending on the last day of the f.ollowing June. FNMA means the Federal National Mortgage Association or other agency.or instrumentality of the United States to which the powers of the Federal National Mortgage Association may hereafter be transferred. Fully Registered Bond means a Bond registered as to principal and interest and payable to the registered owner. Fund or Account means one or more of the Funds or Acc.ounts estab 1 i shed and created by or pursuant to this Resoluti.on. Hazard Insurance means insurance, issued by an insurer qual ified to issue such insurance in the State, which provides coverage at least equal to the following: (i) that provided by a dwelling building special form all risk policy which insures the Residence from loss in an amount at least equal to ninety percent (gO%) of the insurable value based upon the replacement c.ost of the Residence (or, if applicable, the Cltndominium Project) or the principal balance .owing on the Mortgage Loan (whichever is greater) and includes an inflation coverage endorsement; and (ii) coverage insuring against risk of loss due to earthquake in an amount equal t.o at least one hundred percent (100%) of the outstanding principal balance of the Mortgage L.oan, subject to a five percent (5)% deductible per occurrence; and (iii) on any Residence designated as eligible f.or the National Flood Insurance Program, flood insurance in an amount which is at least equal to the lesser of the amount set forth under (ii) above or the maximum insurance available on anyone structure under the National Flood Insurance Program. Hazard Insurance shall be carried and paid for by the M.ortgagor or, in the case of a Condominium Project, by the association of owners of the Condominium Project. Failure to carry Hazard Insurance including earthquake insurance (in place at the time of origination of the Mortgage Loan and maintained if such coverage is conmercially availâble) shall constitute a default under the Mortgage. 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 fav.orable reputation in the field in which his .opinion or certificate will be given, and: 6