HomeMy WebLinkAbout0980 12. Loan Charges. If the loan secured by this Security Ir~trument is subject to a law which sets
maximum loan charges, and that law is finally interpreted so that the interest oc other loan charges
eollected or Lo be collected in connection with the loan exceed the permitted limits, then: (e) any
such loan charge shall be reduced by the amount necessary to reduce the eharges to the permitted
limit; and (b) any sums already coAected from Borrower wh~ch exceecied permitted limits will be
refunded to Borrower. Lender may choose to make this ref~md by redueing the prineipal owed under
the Note or by making a direet payment to Borrower. If a refund reduces principal, the reduction will
be treated as a partial prepayment without any prepayment charge under the Note.
13. Legislation Affecting Lender's Rigfits. If enactment or expiration of applicable laws has the
effect of rendering any provision of the Note or this Security Instrument ~.eienforceable aecording to
its terms, Lendec, at its option, may require immediate payment in ~ull of all sums secured by this ;
Security Instrument end may invoke any remedies permitted by paragraph 19. If Lender exercises this
option, Lender shall take the steps specified in the second paragraph of psragraph 1?.
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14. Notices. Any notice to Borrower provided for in this Security Instrument shall be given by
delivering it or by mailing it by first class mail unless applicable law requires use of another method.
The notice shall be directed to the Property Address oc any other adc~ess Borrower designates by
notice to Lender. Any notice to Lender shall be given by first class mail to Lender's address stated
herein or any other address Lender designates by notice to Borrower. Any notice provided for in this
Sec~ity Ir~strument shall be deemed to have been given to Borrower or Lender when given as provided
in this paragraph.
:5. Governing Law; S~everability. This Security Ir~strument shall be governed by federal law and the `
law of the jurisdiction in which the Property is located. In the event that any provision or clause of
this Security Instrument or the Note confliets with applicable law, such conflict shall not affect other
provisons of this Security Instrument or the Note which can be given eifect without the conflicting
provision. To this end the provisions of this Sec~ity Instrument and the Note are deelered to be ~
severable. _
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16. Borrower's Copy. Borrower shall be given one conformed copy of the Note and of this Sec~aity
Instrument. ~
17. 'hansfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or
any interest in it is sold or transferred (or if a beneficial interest in Borcower is sold or transferred and
Borrower is not a natucal person) without Lender's prior written eonsent, Lender may, at its option,
requir.e irnmediate payment in full of all sums secured by this Security Instrument. However, this
option shall rat be exercised by Lender if exercise is prohibited by federal law es of the date of this
Security Instrument.
If Len~'er exercises this option, Lender shall give Borrower notice of acceleration. The notice
shall provide a period of not less than 30 days from the date the notice is delivered or mailed within
! which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these
; sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security
; Instrument without fucther notice or demand on Borrower.
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18. Borrower's Right to Reinstate. If Borrower meets certain conditions, Borrower shall have the
~ right to have enforcement of this Security Instrument discontinued at any time prior to the earlier of:
(a) 5 days (or sueh other period as applicable law may specify for reinstatement) before sale of the
ProperLy pursuant to any power of sale contained in this Sec~ity Instrument; or (b) entry of a
judgment enfor~ing this Security Instrument. Those conditon~ are that Borrower: (a) pays Lender all ~
sums which then would be due under this Security LLStrument and the Note had no accele.ration ~
occured; (b) cures any default of any other covenants or agreements; (c) pays all expenses incurred in F
enforcing this Security Instrument, ineluding, but not limited to, reasonable attorneys' fees; and (d)
takes such action as Lender may reasonably require to essure that the lien of this Security Instrument, ~
Lender's rights in the Property and Borrower's obligation to pay the sums seciu~ed by this Security
Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and
the obligations secured hereby shall remain fully effective as if no acceleration had occiaed.
However, this right to reinstate shall not apply in the case of acceleration imder paragraphs 13 or 17. :
~ NON-UNIFORM COVENANTS. ;
Borrower and Lender further covenant and agree as follows:
~ 19. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following '
~ Borrower's breach of any covenant or agreement in this Security Ir~strument (but not prior to
~ acceleration under paragraphs 13 and 17 unless applicable law provides otherwise). The notice shall
specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days
~ from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure
to cure the default on or before the date specified in the notice may result in acceleration of the sums
THIS INSTRUMENT PR[rARHD BV
BOTOS 8c OLIVER ~~P
ATTORNEYS AT LAW UOOK PAGL !J
1200 Corporate Place
1200 North F~deni Niyhway
Bow Raton, Flarids 33432
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