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.---`=-------._-----------__----- ----- -------------- - .. __ .__ - <br /> ^ -, <br /> . � ; ., . <br /> /:,��'/::'i t-r�,.;l..Fn..r! C�.ct.�-•�� <br /> ra�•��' k�l� , <br /> ' Sl�%— r�.!���'_5_. 7�C7' <br /> Specllic C�mmitment Condltlons (Appllcable when lndlcafed on revarso) <br /> 8.Proposed Construction: The buildar or mortgapeo musl notily the assigned Fee Inspector as appropriale(See Ilems it, 72 and 1J 6olow). <br /> C.Warranty: Form HUD•92544 and ono�year perlormanco guaranlee on labor and malarlals shail be execulod hetwoon builder and p�rchaser. <br /> D.Sectlon 223:This commilmenl Is Issued pursuanl lo Seclion 223(e). <br /> E. Heallh Authorily Approval:Local Heallh Authorily shall complete HUD•92573Indicating acceptahle Inslallallon ol Intlivldual water supply andlor <br /> sewage disposal system. (Approval hy lelter or lieallh Authority lorm ma� be used.) � <br /> F. Reserved <br /> G.Prelabricator's Certllicale: Lender shall provido Prelabdcallon Cer111icale �eqWred by related Engineering Builetin. <br /> H.Tumlte Control:Proposed Consiruclion:Builtler shall cumplole Form HU�32052,Termilo Soil Treatmenl Guaranlee,and lransmit a copy lo HUD. <br /> An original and a copy are sant lo Ihe mortgagee who provides the morlgapor wlth the odginal al clostnp, <br /> I. Lead Painl Notice:This house was construcled belore 1978. There is a possibilily that il may contain lead paint �hat was In use helore lhat <br /> time.The lender Is requlred to provida Inlormatlon on LEAD PAINT POISONING lo lho buyer . <br /> 4. Flood Insurance Requirement:This property Is tocated In a Ilood hazard�rea and must bo covered by ilood insurance'in accordance wfth HUD � <br /> Regulation 24CFR 203.t6a • <br /> 5. Carpet Identilication:(as Iisted In Certilied Producis Directory)and manulacturer recommended malnlenance proprem must be provided to the <br /> _ homahuyer. <br /> ��Termlte Control-Existing Canslruction: A recop� �[ed termite conlrol operalor shell lurnish a cerllficate that the house and olher structures <br /> �� within Ihe legal boundndes of the property indlcata nn evidence ol acUve lermita inlestation. <br /> .Cotle Enlorcemenl: Lentler shall submil a slalement Irom the public aulhority Ihat Iho pr�perty meels local codo requlrements.11 the mortgage <br /> ��on lhe propehy Is to be Insured under Seclion 221(d)(2), a code compliance inspeclion Is roquired. <br /> Repalre: Lender shall noUfy the orlginal appralser upon completlon ol requlred repalrs, unless otherwise Instructed. •" �1•���-'�' <br /> 9. Certllicale ol Complellon: Lender shall fumish a certllicale Ihat requlred repalrs have been examined and were scilslaclorily compleled. <br /> 10.Manulaclured Warrantles: musl bo provided lo home6uyer covering tieatinglCool�ng syslems, Hot Water Healers, fianges, elc. <br /> 11.Inllial Inspection (2 working days) Is reques�ed before "beglnning ol conslruclion" wilh forms in placo. . <br /> 12. Frame Inspectlon(1 working day)is requesletl when b�Ilding Is enciosad antl Iraming,plumbinp,healing,electrical anC Insulation is complele <br /> and visible. <br /> 13. Final Inspoclion Is requested when conslruclion Is compleled and Ihe properly is reatly for occupar�cy. <br /> 14.Insulatlon Certilicale musl be posted In a conspicuous locatlon in Iho dwelling. <br /> 15.The Insured Protection Plan Warrenty Agrooment shall bo execuled bolween builCer and qurchaser. � <br /> 16. Borrower Nolification:At the Iime ol Ihe application lor lirm commilment,Iho mortpageo musl include a certilicate thal Ihe borrower was notitied � <br /> that Ihe property was not approved by HUD pdor to the start ol conslruclion and Iho Deparimenl does nol have aulhodly lo provitle linancial <br /> rellef lor any luture property repairs under Secllon 518(a)of lhe National Housinp Acl. <br /> Advlcs lo Homebuyera O�her Costa ol Homeownerahip— Utllitles are usually paiC monihly lo � <br /> Prep�ld Itama—These are charges thal normally wlll be pald at ciosinq Whomever provides the sorvice.hlso,you should sove a certain amount . <br /> anC are recurring In nature.They Include such Ilems as lunds!or real each monlh to cover ropalr and malntenance cosls which wlll coma up <br /> aslale taues and�azard Insurance.Tha amount of theso items wlll vary whllo you own your homo. . . <br /> depending upan the ctosing tlale. No eslimale Is provlded wilh lhis Lete Peymenls— If you de nol pay your mortgage paymen!wilhln 15 <br /> slalement. days Irom Ihe ts�day of the monih,you can be charpetl a penally.This i <br /> EKrow Aacounl—This Is a speclal accouN that/our iender wlll keep may he 4 cenls fuc.each doilar ol your payment. . �. <br /> on your behall.lo Save the necessary lunds to pay cerlaln lulure bllis. New Conalruction—Alter specllicatlons are accepted hy HUD or a Direct <br /> Your mohgape paymenl will include in atldition to an amount lor inleresl Endorsement Lender before con>tructlon,Ihe bulltler Is roquired lo war• <br /> and principal, emounts lo cover such Iloms as property lazes,hazard ranl thal the housu subs�unilally coniorms to approvetl plans antl <br /> Insurance, and lor certain FHA programs, the mohgage Insurance speclllcations.Thls wanunty Is lor 1 yoar lollowing the date oh w0ich <br /> premium.These charges are collocted In advance so that your lander Iillo is lranalarred�o tho original buyer or lhe date on wh!ch ihe house � <br /> wlll have enough money In Ihe accounl lo apply Ihe chargo when it �yas Ilrst Iivatl in whlcl�ever happens Iirsl,Ii,during tne warranty periotl, <br /> comes due.�enerally,7�t2 of Ihe next year's oslimalod charges will be you no�lce defoc�s lor whicfi you beliove Ihe�uilder is responsihle,ask <br /> Ihe amount collecteC wllh each ol your monlhly mortgage paymonls. hlm In wrlting to IIx�hem.11 he tloos nol�ix��em,wrlle tho HUO Fleld <br /> Bear in mind lhat In mosl communllies laxes antl olhnr oparalinp cosls p��lco.Includo your FHN case number.II Inspec�lon shows the builder � <br /> are Increasing.The esllmates s�ould give soma Idea ol whal you can �o ba at faull,HUD wll�try lo per��atle�im lo Iix the delect.II he does <br /> expecl the cosis lo be at the beglnning.In somo areas lhe eslimate of not,you may be ablo lo ol:aln lepal rallef under Iho builder's warranty. <br /> laxes may also include charges such as sowor chargas, garbape col• yyhero a slruclural dalect is Involvetl HUD can provide money lor cor• � <br /> IecHon lee, waler ra�es, elc. roclions under cerlain condi�lons,You canno�expect ihe builtler lo fix <br /> Monpap�In�unncs Premium—The amount charged for Insuring your damage caused by ortlinx�y woar and learor by poor mainlenance.Keep• <br /> mortgaqe.The premlum may be In the lorm ol a one•llme charge or a Ing Ihe houso In good condlllon Is your responsibility. <br /> monthly charpe depending upon the�ectlon ol tho Housing Acl undor � <br /> which your morigape is Insured. Your tender can provido you wilh <br /> specilic Informallon aboul your transactlon. <br /> Enim�l�d Monthly Expenms — These are costs assoclated wilh ' • <br /> homeownership whlch HUD helleves the home�owners wlll have lo.pay <br /> when Ilving in the property.Two examptes of"Estlmated Monlhly Ex- • � <br /> pensea"are Iire Insuranco and laxes,which are paid to your lender each <br /> month ae part ol your mortpapa paymenL These are put Into your escrow � � <br /> acaount. <br /> 11 you tlpnW your uls�oontreat prior lo ncelvinp thls elalementor eppraisad raluo,Ihe aelea eontract muet Includ�or be chanped to Includ�Ihe lollawlnp � <br /> Impu�p�: <br /> "It is ezpressiy agreed Ihal nolwllhslanding any olher provislons of Ihe conlract, tho purchaser shall not be obligated to complete the purcha�e <br /> ol Ihe proporty described hereln or�o Incur any penally by Iorleiluro ol oarnest money doposlts or olherwlse unless the sr"�r has delivered to <br /> the purchaser a wrltten stalement Issued by Ihe Federal Houslnp Commissioner or a Direct Endorsamenl Londer setting lorlh t�e appraisetl vaiue <br /> ol property(exCluding closing cosls)ol no�Iass than S (esllmaled valuo ol proparty Iisled on reverse)which slalemenl Ihe seller hereby <br /> agreos lo deliver to Iho purchaser promplly allor such appralsod valuo slalement Is made availabla to thu seller,The purchaser shall,however,h.ve <br /> the privile�7e and oplion of procoetlinp wilh Iho consummaUon of Ihe conlracl without regartl to Ihe amounl ol the appraised valua(lon.The apprais• <br /> r.d ealuallon is anlved at lo CSlermino tho maxlir,um murt6ape thu Departmenl ol Housinfl and Urban Dovolopment will insure. HUD tloes nol war- <br /> rant the va�ue nor t�e condilion ol the property.Tho purchasor should salisfy lilmsalllharsell that tho prlce and condition ol the propeny aro acceplablo". <br /> Amuunt to be Borrowed <br /> When you borrow to huy a home,yau p�y Intereel end other ch�rpes whlch add to your�ost.A lerger tlownpeyment wlll resull In n smallar morlgage. � <br /> Borrow u Iillls u yau nesd �nd rapry In ehorteat tlms. � <br /> ' <br /> i <br /> � i <br /> �. <br /> , � <br /> i <br /> I <br /> i <br /> i � <br />