HomeMy WebLinkAbout0979 the acquisition shall pass ta Lender to the extent of the sums secured by this Sec~ity Instrument
immediately prior to the acquisition.
6. Preservation and Maintenance of Property; Leaseholds. Borrower shall not destroy, damage or
substantially change the Property, allow the Property to deteriorate or commit waste. If this Security
Instrument is on a leasehold, Borrower shall e~mply with the provisions of the lease, end if Borrower
acquires fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to
the merger in writing.
7. Protection of Lender's Rights in the Property; Mortgage Ingurance. If Bocrower fails to perform
the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that
may significantly affect Lender's rigt~ts in the Property (sueh as a proceeding in bankruptcy, pcobate,
for condemnation or to enforce laws or regulations), then Lender may do and pay for whatever is
necessary to proteet the value of the Property and Lender~s rights in the Property. Lender's actiong
may include paying any sums secured by a lien which has priocity over this Security Instrument,
appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs.
Although Lender may take aetion under this paragraph 7, Lender does not have to do so.
Any amounts disbursed by Lender under this paragraph ? shall become additonal rlebt of Borrower
secured by this Security IrBtrument. Unless Borrower and Lender agree to other terms of payment,
these amounts shall bear interest irom the date of disbursement at the Note rate and shall be payable,
with interest, upon notice from Lender to Borrower requesting payment.
If Lender required mortgage insurance as a condition of making the loan secured by this Seci.a~ity
Instrument, Borrower shall pay the premiums required to maintain the irBUrance in effect until such
time as the requirement for the insurance terminates in acoordance with Borrower's and Lender's
written agreement or applicable law.
8. Inspection. Lender or its agent may make reasonable entries u~on end inspections of the
Property. Lender shall give Borrower notice at the time of or prior to an ir~spection specifying
reasonable cause for the inspection.
9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in
connection with any condemnation or other taking of any part of the Property, or for conveyance in
lieu of condemnation, 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 the sums secured by
this Security ULStrument, whether or not then due, with any excess paid to Borrower. In the event of a
partial taking of the Property, unless Borrower and Lender otherwise agcee in writing, the sums
secured by this Security IrLStrument shall be reduced by the amount of the proceeds multiplied by the
following fraction: (a) the total amount of the sums secured immediately befoce taking, divided by
(b) the fair market value of the Property immediately bef4re the taking. Any balance shall be paid to
Borrower.
If the property is nbandoned by Bocrower, or if, after notice by Lender to Borrower that the
condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender
within 30 days after the date the notice is given, Lender is suthorized to collect and apply the
~ proceeds, at its option, either to restoration or repair of the Property or to the sums secuced by this
{ Security Instrument, whether or not then due.
Unless Lender and Horrower otherwise agree in writing, any application of proceec~ to principal +
~p shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 end 2 or
f change the amount of such payments.
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~ 10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment
or modification of amortization of the sums secured by this Security Instrument granted by Lender to
any successor in interest of Borrower shall not operate to release the liability of the original Borrower
or Borrower's successors in interest. Lender shall not be required to commence proceedings against
~ any successor in interest or refuse to extend time for payment or otherwise modify amortization of the
~ sums secured by this Security Instrument by reason of any demand made by the original Borrower or
Borrower's successors in interest. Any forbeerance by Lender in exercising any right or remedy shall
not be a waiver of or preclude the exereise of any right or remedy.
ll. Successors and Assigns Bound; Joint and Several Liability; Co-signers. 'Ihe covenants and
~ agreements of this Security Instrument shall bind and benefit the successors and assigns of Lender and
~ Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be
F joint and several. Any Borrower who co-signs this Security 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 under the terms of this Security 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, forbeer or make any accommodatiorLS with regard to the terms of this
Security Instrument or the Note without that Borrower's consent.
~ TMIS INSTRUMENT PRErARE6 BY
BOTOS 8c OLIVER
ATTORNEYS AT LAW
1200 Corporats Placs {~~'''J
1200 North Fsderal Hiyhway B00K 4~ PACE v/ 2
Boca Raton, Floritla 33432
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