Hillsboro Oregon Manufactured Home Rider to Security Instrument

• Category: Oregon Court Samples - Insurance - Home Riders
• State: Oregon
• City: Hillsboro
• Control #: OR-HJ-283-01
• Format: PDF

Description

Manufactured Home Rider to Security Instrument The Hillsboro Oregon Manufactured Home Rider to Security Instrument is a legal document that provides additional terms and conditions specifically tailored to manufactured homes located in Hillsboro, Oregon. This rider is typically attached to the main security instrument, which is usually a mortgage or deed of trust, and serves as an addendum to protect the interests of the lender as well as the homeowner. The Hillsboro Oregon Manufactured Home Rider to Security Instrument includes several important provisions, which may vary depending on the specific version or type. Some common types of this rider are: 1. Title clause: This clause outlines the requirements for title and ownership of the manufactured home. It typically ensures that the lender has a first lien on the home and addresses any potential title issues or restrictions. 2. Affixed property clause: This clause deals with the integration of the manufactured home into the land on which it is situated. It specifies the conditions under which the home is considered to be permanently affixed to the land, which is crucial for ensuring the enforceability of the security interest. 3. Maintenance and inspections: This provision outlines the responsibilities of the homeowner regarding the maintenance of the manufactured home. It may include requirements to keep the home in good condition, comply with applicable laws and regulations, and allow inspections by the lender. 4. Insurance coverage: This clause establishes the insurance obligations of the homeowner. It typically requires the homeowner to maintain adequate insurance coverage for both the manufactured home and the land, and to provide evidence of such coverage to the lender. 5. Default and remedies: This section details the consequences of default on the manufactured home loan. It clarifies the rights of the lender in the event of default, such as the right to accelerate the debt, initiate foreclosure proceedings, or take possession of the home to protect their interests. It is important to note that the specific terms and conditions of the Hillsboro Oregon Manufactured Home Rider to Security Instrument may vary depending on the lender, the type of loan, and the particular circumstances of the transaction. Therefore, it is advisable for both the homeowner and the lender to carefully review and understand the content of this rider, seeking legal advice if necessary, to ensure compliance and protect their respective interests.

The Hillsboro Oregon Manufactured Home Rider to Security Instrument is a legal document that provides additional terms and conditions specifically tailored to manufactured homes located in Hillsboro, Oregon. This rider is typically attached to the main security instrument, which is usually a mortgage or deed of trust, and serves as an addendum to protect the interests of the lender as well as the homeowner. The Hillsboro Oregon Manufactured Home Rider to Security Instrument includes several important provisions, which may vary depending on the specific version or type. Some common types of this rider are: 1. Title clause: This clause outlines the requirements for title and ownership of the manufactured home. It typically ensures that the lender has a first lien on the home and addresses any potential title issues or restrictions. 2. Affixed property clause: This clause deals with the integration of the manufactured home into the land on which it is situated. It specifies the conditions under which the home is considered to be permanently affixed to the land, which is crucial for ensuring the enforceability of the security interest. 3. Maintenance and inspections: This provision outlines the responsibilities of the homeowner regarding the maintenance of the manufactured home. It may include requirements to keep the home in good condition, comply with applicable laws and regulations, and allow inspections by the lender. 4. Insurance coverage: This clause establishes the insurance obligations of the homeowner. It typically requires the homeowner to maintain adequate insurance coverage for both the manufactured home and the land, and to provide evidence of such coverage to the lender. 5. Default and remedies: This section details the consequences of default on the manufactured home loan. It clarifies the rights of the lender in the event of default, such as the right to accelerate the debt, initiate foreclosure proceedings, or take possession of the home to protect their interests. It is important to note that the specific terms and conditions of the Hillsboro Oregon Manufactured Home Rider to Security Instrument may vary depending on the lender, the type of loan, and the particular circumstances of the transaction. Therefore, it is advisable for both the homeowner and the lender to carefully review and understand the content of this rider, seeking legal advice if necessary, to ensure compliance and protect their respective interests.