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the acquisition shall pass to Lender to the extent of the sums secursd by this Security Iristrument
immediately prior to the acquisition.
6. Preservation and Maintenanee of Property; Leaseholds. Borrower shall not destroy, damage or
substantially change the Pcopecty, sll~w the Property to det~riorate or commit weste. If this Security ~
Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and if Borrowec }
acquires fee title to the Prop~ty, the leasehold and fee title shall not merge unless Lendec agrees to ~
the mecger in writing. ~
7. Protection of Lender's Rights in the Property; Mortgage Insurance. If Borrower fails to perform ~
the eovenants and agreements contained in this Seeurity Instrument, or there is a legal proceeding thet
may significantly affect Lender's rights in the Property (such as a proceeding in bankruptep, prabate,
for eondemnation or to enforee laws or regulations), then Lender may do and pay for whatever is
ne~essary to protect the value of the Property and Lender's rights in the Property. Lender's actions
may include paying any sums secured by a lien which has priority over this Security Instrument,
appearing in eourt, paying reasonable attorneys' fees and entering on the Property to make repairs.
Although Lender may take action under this paragraph 7, Lender cbes not have to do sd.
Any amounts disbursed by Lender under this paragraph 7 shall become additonal debt of Borrower
secured by this Security Instrument. Unless Borrower and Lerxler agree to other terms of payment,
these amounts shall bear ir~terest from the date of c~isbursement at the Note rate and shall be payable,
with interest, upon notice from Lender to Borrowec requesting payment.
If Lender required mortgage insurance as a condition of making the loan secured by this Security
Instrument, Borrower shall pay the premiums required to maintain the insurance in effect until such
time as the requirement for the insurance terminates in accordance with Borrower's and Lender's
written agreement or applicable law.
8. Inspection. Lender or its agent may make reasonable entries upon and inspections of the
Property. Lender shalt give Borrowec notice at the time of or prior to an inspection specifying
reasonable cause for the inspeetion.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in
connection with any condemnation or other taking of any p~rt of the Property, or for conveyance in
lieu of ~Andemnation, are hereby assigned and shall be paid to Lender.
In the event of a total taking of the Property, the proceeds shall be applied to ttie sums secured by
this Security Instrument, w~ether or not then due, with any exeess paid to Borrower. In the event of a
partial taking of the Property, unless Borrower and Lender otherwise agree in writir.g, the sums
secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the
following frection: (a) the total amount of the sums secured immediately before taking, divided by
(b) the fair market value of the Property immediately before the taking. Any balance shall be paid to
Borrower.
If the property is abandoned by Borrower, ar if, after notice by Lender to Borrower that the
condemnor offers to make an award or settle a claim for damages, Bocrower fails to respon~ to Lender
within 30 days after the date the notice is given, Lender is authori~ed to eollect and apply the
proceeds, at its option, either to restoration or repair of the Property or to the sums secured by this
Security Instrument, whether or not then due.
Unless Lender arid Borrower otherwise agree in writing, any application of proeeeds to principal
shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or
change the amount of sueh payments. ,
10. Borrower Not Released; Forbearance By Lendsr Not a Waiver. Extension of the time for payment
or modification of amatization of the sum~ secured by this Security Instrument granted by Lender to
any successor in interest of Borrower shall not operate to release the liebility of the original Borrower
or Borrower's suceessors in interest. L•ender shall not be required to commenee proceedings against
any successor in interest or refuse to e~ttend time for payment or otherwise modify smortization of the
sums secured by this Seeurity Instrument by reason of any demand made by the original Borrower or
Borrower's suecessors in interest. Any forbearance by Lender in exercising any right or remedy shall
not be a waiver of or preclude the exereise of any right or remedy.
11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and
agreements of this Security Instrument shall bind and benefit the successors and assigns of Ler3der end
Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be
joint and several. Any Bvcrower who co-signs this 3ecurity Instrument but does not execute the Note:
(a) is co-signing this Security Instrument only to mortgage, grant and convey that Borrower's interest
in the Property vnder the terms of this Seeurity Instrument; (b) is not personally obligated to pay the
sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may
agree to extend, modify, forbear or make any accommodations with cegard to the terms of this
Seeurity Instrumer.t or the Note without that Borrower's consent.
TMif INfT11UM[NT PR<?A1~[O ~Y
BOTOS 8c OLIVER ,
ArYO+~rrEVS aT ~aw ~
~zoocorporat+wao~ 4 P:Sf•E
1200 NoRh F~d~nl Hly~w~y
Bou Raton, Florlda 33432
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