HomeMy WebLinkAbout0965 The Funds shall be held in an institution the deposits or accounts of which are in.cured or
guaranteed by a federal or state agency (including Lender if Lender is such an insiitution). Lender
shall apply the Funds to pay the escrow items. Lender may not charge for holding anc~ applying Funds,
analyrang the account or verifying the escrow ;tems, unless Lender pays Borrowec interest on the
Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in
writing that interest shall be paid on the Funds. Unless an agreement is made or applica5le law
requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on
the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing
credits and debits to the Funds and the purpose for which each debit to the Funds was made. The
Funds are pledged as additional security for the sums secured by this 8ecurity Instrument.
If the amount of the Funds held by Lender, together with the future monthly payments of Funds
payable prior to the due dates of the escrow items, shall exceed the amount required to pay the escrow ~
items when due, the excess shall be, at Borrower's option, either promptly repaid to Bormwer or
credited ta Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not
sufficient to pay the eserow items when due, Borrower shall pay to Lender any amount n~cessary to
make up the deficiency in one or more payments as required by Lender. ~
Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly refund ~ ~
to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by
Lendzr, Lender shall apply, no later than immediately prior to the sale of the Property or its
acquisition by Lender, any Funds held by Lendec at the time of applieation as a credit against the sums '
secured by this Seeurity Instrument.
3. Application of Payments. Unless applicable law provides ott~erwise, all payments received by -
Lender under paragraphs 1 and 2 shall be applied; first, to late charges due under the Note; second, to =
prepayment charges due under the Note; third, to amounts payable under paragreph 2; fourth, to
interest due; and last, to principal due.
4. Charges; Liens. Borrower shall pay all taxes, assessments, eharges, fines and impositions
attributable to the Property which may attain iority over this Security U~strument, and leasehold
payments or ground rents, if any, Borrower shall pay these obligations in the manner provided in
paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to the person
owed payment. Borrower shall promptly fucnish to Lender ali notices of amounts to be paid under this -
paragraph. If Borrower makes these payments directly, Bocrower shall promptly furnish to Lender ~
receipts evidencing the payments. _
Borrower shall promptly discharge any lien which has priority over this Seeurity Instrument unless
Borrower: (a; agrees in writing to the payment of the obligation secured by the lien in a rnanner ;
~cceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien ~
in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or
forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement
satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that
any part of the Property is su~ject to a lien which may attain priority over this Security Instrument,
Lender may give Borrower a notice identifying the lien. Borrower shall satisfy the Iien or take one or ~
more of the actions set forth above within 10 days of the giving of notice. ~
5. HaLard Insurance. Borrower shall keep the improvements now existing or ~ereafter erected on the ~
Property insured against ioss by fire, hazards included within the term "e~ctended coverage" and any ~
other hazards for which Lender requires insurance. This insurance shall be maintained in the amounts ~
and for the periods that Lender requires~ The insurance carrier providing the insurance shall be ehosen
by Borrower subjeet to Lender's approval which shall not be unreasonably withheld.
All insurance policies and renewals shall be acceptable to Lender and shail inelude a standacd
mortgage clause. Lender shall have the right to hold the policies and renewals. If Lender requires, ~
Bormwer shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event
of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender' may make
proof of loss if not made promptly by Borrower.
Unless Lender and Sorrower otherwise agree in writing, insuranee proceeds shall be applied to
restor~tion or repair of the Property damaged, if the restoration or repair is eeonomically feasible and
Lender's security is not lessened. If the restoration or repair is not economically feasible or Lender's
security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security
Instrument, whether or not then due, with any excess paid to Borrower. If Borrower abandons the
property, or does not answ~r within 30 days a notice from Lender that the insurance carrier has
affered to settle a claim, then Lender may collect the insurance proceeds. Lender may use the
proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether
or not then due. The 30-day peciod will begin wher~ the notice is given.
Unless Lender and Borrowec otherwise agree in writing, any application of proceeds to pcincipal
shall not extend or pnstpone the due date of the monthly payments referred to in paragraphs 1 and 2 or
change the amount of the payments. If under paragraph 19 the Property is acquired by Lender,
Borrower's right to any insurance policies and proceeds resulting from damage to the Pcoperty prior to
TMIE INfTNUM[NT rRtrANlD ~V
BOTOS ~ OLIVER Aw~
ATTORNEYS AT I.AW A
izoo co.vo,.?. w,~. t~~7K ~ PaGE v
1200 North FW~ral Hly~way
Bou Raton, Florld~ 33432
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