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Home My WebLink About0988 (1NIFORM COVENANTS. Borrower and Lender covenant and aflree as follows: p~~»~ft pf pry~al snd ~~t~yt; Pnpaym~t and LaN Char~s. Bo~rower shaN promptly pay when due the principal ot and interest on the debt evidenced by the Note and any prepayment and Iate char~es due under the Note. 2. Fwbs for Taxes snd Insuranc~. Subject to applicable law or to e written wanrer by Le~der, Sorrower shall pay to Lender on the day monthy payments are due under the Note, until the Note is paid in full, a sum ("Funds") eQual to ortie-twelfth of: (a) yearly taxes and assessments which may attain prioriy over this Security Instrument; (b) y8arty leasehold payments or ground rents on the P~roperty, if any; ic) yearly hazard inSurence premiums; and (d) y~eaty mortga~e insurance prert~iums, it any. These items are callsd "escrow items" Lender may estimate the Funds due on the basis ot current date and reasonable estimates of future escrow items. The Funds shall be held in an institution the deposits or accnunts ~f which are insured o~ gua~anteed by a federal or state agency {including Lender if Lender is such an institution). Lender shall apphr the Funds to pay the escrow itema Lender may not charge tor holding and applyi~g the Funds, analyzing the account or verifying the escrow items, unless Lende~ pays Borrower interest on the Funds and appliCable law permits lende~ to make such a charge. Borroarer and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law ~equires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings o~ 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 far which each debit to the Funds was made. The Funds are pledged as additio~al securiry for the sums secured by this Security Instrumen~ If the amount of the Funds hetd by Lender, together with the future monthly payments of Funds payable prior to the due dates of the escrow ilems, shall exceed the amount required b pay the escrow items when due, the excess shall be, at 8orrower's option, either prompty repaid to Borrower or credited to Borrower on monthy payments of Funds. tf the amount o( the Funds held by Lender is not sufficient to pay the escrow items when due, Barrower shall pay to Lender any amount necessary 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 InsUument, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 19 the Property is sold or acquired by Lender, Lender shall apply, no lates than immediately prio~ to the sale of the Property or its acquisition Dy Lender, any Funds held by lender at the i~me ot application as a credit against the sums secured by this Securily InstrumenL 3, ppplication of Payments. Unless applicable Iaw provides oiherwise, all payments received by l.ender 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 paragraph 2; fourth, to interest due: and last, to principal due. 4, q~ar~es; Liens. Borrow~er shall pay all taxes, assessments. Charges, fines and impositions aitributable to the Property which may attain priority over this Securiry 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 unde~ this paragraph. If 8orrower makes these payments direcUy, Borrower shall promptly furnish to Lender ~eceipts evidencing the payments. Bo~rower shall prompdy discharge arry lien which has priority dver this Securiry Instrument unless Borrower: (a) agrees in writing to the payment ~f the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, w defends aga~nst enforcement of the lien in, legal proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture ot any part of the Property; or (c) secures from the holder of the ~ien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that arry part of the Property is subject to a lien which may attain priwity over this Securiry Instrument, Lender may give Borrovrer a notice identi(ying the lien. Borrower shall satisty the lien or take one or more of the actions set forth above within 10 days of the giving of notice. 5. Hazard Inwrsnce. Borrower shall keep the improvements now existing or hereafter erected on the Propecty insured against loss by fire, hazards inGuded within the term "extended coverage" and any other hazards far which Lender requires insurance. This insurance shali be mainta+ned in the amounts and for the periods that lender requires. The insurance carrier providing the insurance shall be chosen by Barrower subject to Lender's approval which shatl 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 policies and renewals. tf Lender requires, Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. In the event oi loss. Borrawer shall give prompt notice to the insurance carrier and Lender. Lender may make proof of j loss if not made prompUy by Borrower Unless Lender ared Borrowe~ othervvise agree in writing, insurance proceeds shall be applied to resiora6on or repair of the Property ~ damaged, if the restoration or repair is economically feasible and Lenders securiry is not lessened. If the restoration or repair is not ' ~ economically feasible or Lender's security would be iessened, 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 Bortower abandons the P~roperty, or does not answer ~ within 30 days a notice from Lender that the insurance carrier has offered to settle a ctaim, then Lender may cotlect the insurance proceeds. lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security InsUument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borronrer otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthty payments referred to in paragraphs t 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 resutting hom damage to the Property prior to ~ the acquisiiion shall pass to Lender to the extent of the sums secured by this Security Instrument immediately prior to the acquisition. g, prpsrvatlon and Msi~tansnce of property; L~sseho{d~. Borrower shall not destroy, damage or substantially change the Property, ~ al!ow the Property to deteriorate or commit waste. fi this Security Instrument is on a leasehold, Borrower shall comply with the provisions oi the lease, and if Borrower acquires f~e tiUe to the Praperty, the leasehold and fee titte shali not merge unless lender agrees to the merger in writing. ~ 7, proqection of Lende?'s Rphb in the Prope~ty; Mort~s~s tnwnnce. lf Borrower fails to pertorm the covenants and agreements contained in this Security Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Property (such as i a proceeding in bankruptcy, probate, for condemnaGon or to enforce laws or regulations), then Lender may do and pa~ for whatever is ~ necessary to protect the value of the Property and Lender's rights in the Property. Lender's acGons may include paying any sums secured ~ by a lien which has priority over this Security Instrument, appearing in court, paying ~easonab{e attomeys' fee~ and entering on the ~ P~roperty to make repairs. Although Lender may take aciion under this paragraph 7, Lenaer does not have to do so. ~ My amo4nts disbursed by Lender under ihis paragraph 7 shall become additional debt of Borrower secured by this Security ~ InsUumenL Unless Borrower and Lender agree to other terms oi peyment, these amounts sha{I bear interest from the date of disbursement at the Note rate and shall be payaWe, with inierest, upon not~ce hom Lender to Borrower requesting payment. aoox 49~ ~?cE g~ ~ ~:,-21~ 4 ~ ~9~495 P,.~ v.q.za• fLORIDA-SN+qh Famlty-FNbAA/FLHMC UNIFORM INSTRUMIENT Form 3010 12/83 GF fL50025 7/i4 ~ ~ - , . - - - - . ~ ~ ~r~--~ ~ - -s~ - - a . _ -