HomeMy WebLinkAbout0973 Interest Capitalisation Provisions. Borrower and Leader agree tlut the '
sw~s which beco~e outstaadiag, uapa~d and oaing Decause of the effect
of the Interest Capftalia~tion Provisioas snd beco~e a part of the
unpafd principal balaace are in effect and are deei~ed to be future ~
' advances of principal fro~ Leader to Borrower aad ss such sre secured
by tbe liea of the Security Iastrwent as if such su~s Were advaaced
fro~ Lender to BorroWer oo the date of the executioa hereof. AL uo
ti~ shall the total outstand~.ng unp~id balance of the loaA exceed 125x
of the original priacipal a~ount of the Note. It is the iateat of ~
Borrower and Lender that the suais ~hic6 becore outstsndiag, unpaid and
owiag because of tlie effect of the Intereet Capitaliaation Provfaions -
are dee~ed to be "future advances" as provided ia Sectfen 69t.04, . '
Florida Statutes ~
(2981) and be and are secured by the lien of the
Securlty Iastr~ent as of the date of the egecutioa hereof as set forth
in such statute.
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C. CHARGBS; LIBNS
Uaifor~ Coveaant 4 of the Security Instruseat is aaeaded to read as
follows: -
4. Charges; Liens. Borrower shall pay all taxes, assessseats, snd
other charges, fines and iwpositions attributable to the Property Which
¦ay attaia priority over this Security Instru~ent, and leasehold.
paymeats or ground reats,~ if any, ia the ¦anaer provided under
paragraph 2 hereof or, if not paid ia such ieanner, by $orrower aaking
paysent, when due, directly to the payee thereof. Borrower shall
promptly furnish to Leader.all aotices of aaounts due under this
~paragraph, and in the eveat Bo'rrower shall eake paysent directlq,
Borrower shall proiptly furnish to Lender receipts evidencing such
pay~ents. Borrower shall promptly discharge 'any liea which has
priority over this Security In$truaent; provided, that Borrower sha1Z
not be required to discharge any such lien so long as BorroWer: (a)
shall agree in writing to the payment of the obligation secured bp sueh ~
lien in a wanner-acceptable to Leader; (b) shall in good faith contest
such liea bq, or defead against enforceeent of such liea in, legal
proceedings which in the opinioa .af the Lender operate to prevent the
, en'forcement of the lien or forfeiture of the Property or any part
thereof; or (c) shall secure froa the holder of such liea an agree~ent .
in a for~ satisfactory to Lender subordinating such lien to this
Securitq Instruoient. -
' I# Lender determines that all or any part of the Property is subject to
a lien which ~ay attain a priority over this Security Instrusent,
Lender shall send Borrower notice ideniifping such lien. Borrower _ _
shall satisfy such liea or take one or sore of the actions set forth -
above_within ten days of the giving of notice.
D. NOTICE
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Uniform Covenant 14 0£ the Security Instrument is a~ended to read as
follows: -
14. Notice. Except for any notice required under applicable lav to be
" given in another manner, (a) any notice to Borrower provided for in
this Security Iastru~ent shall be given by delivering~it or by oailing
it by first class ioail addressed to Borrower at the Property Address or ~
at such ather address as Borrower oay designate by notice to Lender as
provided herein, and (b) aay notice to Lender shall be given by first
class vail to Lender's address stated herein or to such other address
as Lender may designate by notice to Borrower as provided herein. Aay
notice provided for in this Security Instrwoent shall be deea~ed to have
been given to Borrower or Lender when given in the ceanner designated
herein. ~
(FL) FLEX RIDER ~ 395 P~~ 972 .
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