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HomeMy WebLinkAbout0954 UNIFORM COVENANTS. Borrowe~ and Lender co~renant and agree as follows: ` ~ 1. PaynNnt of Principal and int~n~t; Prepaym~tt and Latt CharQ~s. Barower sha!I promptty pay when due the principal of and ~ s i~terest on the debt evidenced by the Note and any prepayment and late charges due ~nder the Note. ~ 2. Funds for Taxes and lnwrsncs. SubjeCt to appliCaWe law or b a written waiver by Lender, Borrower shail pay to lender on the ; day monthy payments are duc+ under the tVote, until the Note is paid in l~;II, e sum ("Funds") equal M one-twelRh of: (a) yearly taxes ~ and assessments which may ariain priority over this Security Instrument; (b) yearty leasehold payments or ground rents on the Property, ~ it amr; (c) yearty hazard insu~ance premiums; and (d) yearly matgage insurance ptemiums, if any. These items are called "escrow items" ~ L~nder may esUmate the Funds due on the basis of current data and ~easonable estimates of future esc~ow items. ~ The Funds shall be hetd in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency (including le~der if Lender is such an institution). lender shall apply the Funds to pay the escrow items. Lerider may no! charge for ~ holding and appiying the Funds, analyiing the account or v~eritying the escrow items, unless Lender pays Borrower interest on the Funds ~ and appliCable taw permits Lender to make sucf~ a charge. Bor?ower and Lender may agree in writing that interest shall be paid on the { Funds. tlnless an agreement is made or applicable taw requires interest to be paid, Lendar shall rr~t be required to pay Borrower any ~ interest or earni~sgs on the Funds_ Lender shall give to Bonow~er, without charge, an annual accounting ot the Funds showing credits j and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional securiry ~ for the sums secured by this Security fnstrument li the amount of the Funds held by Lender, together with the future monthly payments ot Funds payable prior to the due dates ot the escrow items, shall exceed the amount ~equired to pay the esCrow itsms when due, the exoess shall be, ai Borrov?~er's oplion, either prompty repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds 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 deficiency in one or more payments as required by Lender. Upon payment in fuU of all sums secured by this Security Instrument, Lender shali promptly refund to Borrower a~y Funds held by Lender. If under paragraph 19 the Property is sold or ~cquired by Lender, l.ender shall apply, no later than immediately prior to the sale of the Propery or its acquisition by Lender, any Funds hetd by Lender at the time of aRplication as a credit against the sums secured by this Security Instrument. 3. Applkatioe of Payme~ta. Unless applicable law provides otherwise, alt payments received by lender under pa~agraphs 1 and 2 shall be appli~d: 6rst, to late charges dus under tAe Note; second, to prepayment charges due under the Note; third, to amounts payable ilnder paragraph 2; fourth, to intersst due: and lasi, to principal due. . 4. CharQes; Lierrs. Borrow~er shall pay all taxes, assessments, charges. 6nes and impos~lions atSributable to the Properly which may attain priority ove? this Security Instrument, and lessehold payments or ground rents, if any. Bonower shall pay these obligatians 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 not~ces of amounts to be paid under this parag~aph. If Borrower makes these payments directly, Borrower shall prompUy furnish to lender receipts e~idencing the payments. Borrower shall promplly discharge any lien which has priority over this Securiry tnstrument unless Borrower: (al agrees in writing to the payment of the obligation secured by the tien in a manner acceptable to Lender; (b) contesis in gaod faiM the lien by, or detends against enforcement ot the lien in, lega! proceedings which in the Lender's opinion operate to prev~ent the enforcement of the lien or forfeiture of any part of the Property; w(c) sFcures trom the holder of tr~z lien an agreement satisfactory to Lender subordinating the ~ien to this Securiry Instrument. tf Lender determines that arry pa~t of the Property is subject to a lien which may attain priority over this Securiry lnstrument, Lender may give Borrovrer a notice identitying the lien. Borro~rer shall saGsfy the lien or take one or more of the actions sei (orth above within 10 days of the giving of notice. 5. Hazard Inwrs~ce. Borrower s~all keep the improve~nents now existing or hereafter erected on the P~operty insured against ioss by fire, hazards included within the term "eztended 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 +nsurance carner providing the insurance shall be chosen by B~rrower subject to Lender's approval which shall nat be unreasonably withheld. All insurance poiic:es and renewais sha11 be acceptable to Lender and shall include a standard mortgage ~lau5e. Lender shall have the right to hold the policies and renewals: If Lender requires, Borrower shall prompUy give to Lender all receipts of paid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. ~ender may make proof of loss if not made promptly by Bor~ower. _ UNess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Properfy ; damaged, if the restoraiion or repair is economically feasib(e and Lender's security is not tessened. It the restoration or repair is not economically feasible or Lender's security would be iessened, the insurance proceeds shall be appl+ed to the sums secured by ihis Security Instrument, whether or not then due, with any excess paid to 8or~ow~er. !f Sorrower abandons the Property, ar does not answer within 30 days a notice from Lender that the insurance carrier has oHered to settle a claim, then lender may collect the insurance proceeds. Lender may use the proceeds to repair or restore the Property or to pay sums secured by this Security Instrument, whether a. not then due. The 30-day period will begin when the nofice is given. Unless Lender a~d Sorrow~er otherwise agree in writing, any application of proceeds to principal shal! nM extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 0~ change the amount of the payments. (f 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 acquisition shall pass to Lender to the extent oi the sunts securetl by this Security Instrumertt immediately prior to the acquisition. 6• Presarvstion s~d IAaintsnance of Rropert~r; Leesehold:. 9arrower shaU rsot destroy, da?nage or substant~alty change the Property; allow the f'roperty to deteriorate or commit waste. it this SecuritY InstrumeM is on a leasehold, Borrower shall compiy with the Rrovisiors of the tease, and +f 8o~row~er acquires !ee title to the ~Property, the I~asehold and fee title shall not merge unless Lender agreES to the merger in writing. 7. Protection of Lender's Ri~hb in the Pmpeny; Mo~spe Insuance. If Borrow~er fails to perfarm the co~ensnts and agreements contained in this iecurity Instrument, or ihere is a legal proceeding that may significanUy affect Ler~der's rights_in the Property (such as a proceeding in bankruptcy, psobate, for condemnadon o~ to enforce laws o~ regulations), then Lender may do and pay for whafevar is necessary to protect the value of the ?roperty and Lender's rights in the Property. Ler?der's actions may inc{ude paying any sums secured by a lien which has priority over this Security Instrument, appearing in Court, paying reasonable attorneys' fees and entering on the Property to make repairs. Aftfiough Lender may take action under th+s paragraph 7, Lender does not have to do so. Any amounts disbursed by Lender untler this paragraph 7 shall become addilionai debt of Borrower secured by this ~ecuriry instrumenL llrtless 8orrow~er a~d Lender agree to other terms of payment, these amounts shall Dear interest fsom the date of d~sbursement ai the Note rEte and stiatl be payable, with intere-st, upo~ notice from Lende~ to Borrower requesting payment. - aaoK503 F;cE y~j~ P.q.za~ FLORIDR-&npN Famliy-FNMA/FLH~IC UHIFORN! INSTRUMENT cp~ 3p~p ~y~3 aF FLSOa25 7/Ed _ , . _ . . :a . _ _ ~.zr.~%?X- , ~ .