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HomeMy WebLinkAbout0978 The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including Lender if Lender is sueh an institution). Lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying Funds, analyLing the account or verifying the escrow items, unless Lender pays Borrower interest on the Funcis and applicable law permits Lender to make sueh a charge. Borrower and Lend~r may agree in writing that interest shall be paid on the Funds. Unless an agreement is made oc applicabl~ 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 charg+e, an annual accounting of the Funds showing credits and debits to the Fimds and the purpose foc which each debit to the Funds was made. The Funds are pledged a4 additional seeurity for the sums secuced by this Security Instrument. If the amount of the Fundg held by Lender, together with the future monthly payments of Funds payable priar to the due dates of the escrow items, shall exceed the amount r~quired to pay the eserow items when due, the excess shall be, at Borrower's option, either promptly repaid to Barower or credited to Borrower on monthly payments of Funds. If the amount of the F~dg held by Lender is not sufficient to pay the escrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficieney in one or more peyments as required by Lender. Upon payment in full of all sums secured by this Security Instrument, Lender shall promptly ref~d to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time af ~application as a credit against the sums secured by this Security Ir~strument. 3. Application of Payments. Unlcss applicable law provides otherwise, all payments received by Lender under paragcaphs 1 and 2 shall be applied; fitst, to late charges due imder the Note; second, to prepayment charges due under the Note; third, to amounts payable under pa_*agraph 2; fourth, to interest due; and last, to principal due. 4. Charges; Lierls. Borrower shall pay all taxes, assessments, charges, fines and impositions attcibutable to the Property which may attain priority over this Security Instrument, 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 furnish to Lender all notices of amounts to be paid under this paragraph. If Borrower makes these payments directly, Borrower shall promptly furnish to Lend~r receipts evidencing the payments. Borrower shall promptly discharg~e any lien which has priority over this Security Instrument unles,s Borrower: (a) egrees in writing to the payment of the obligation secured by the lien in a manner acceptable 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 thQ holder of the lien an agreement satisfactory to Lender subocdinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, ; Lender rnay give Borrower a notice identifying the lien. Borrower shall satisfy the lien or take one or k more of the actions set forth above within 10 days of the giving of notice. i ! 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended 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 chosen by Borrower subject to Lender's approval whieh shall not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard ~ mortgage clause. Lender shall have the right to hold the polieies and renewals. If Lender requires, ~ Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. 1n the event ~ of loss, Borrower shall give promQt notice to the insurance carrier and Lender. Lender may make ~ proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agcee in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, if the restoration or repair is economically 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 surns secured by this Security Instrument, whether or not then due, with any ~xcess paid to Borrower. If Borrower abanc~ons the E property, oc does not answer within 30 days a notice from Lender that the insurance carrier has ~ offered to settle a claim, then Lender may collect the insuranee 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 period will begin when the notice is given. Unless Lender and Borrowec otherwise agt~ee in writing, any applicatior. of proceeds 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 the payments. If under paragraph 19 the Property is acquired by Lender, ~ Borrower's right to any insurance policies and proceeds resulting from darnage to the Property prior to THIS INSTRUMCNT PRErARED BY BOTOS & OLIVER ATTORNEYS AT LAW nR A(](~ 1200 Corporats Place 800K'3t~) P~GE t7~~ ~ 1200 North Fsderal Hiqhway F Bow Raton, Florida 33432 r _ y~ .,:k;.-y~~... . ' - - - _ ~ ;