HomeMy WebLinkAbout0928 ' , UNIFORM COVENANTS. Borrower and Lender covenan! and agree as foilows: ~j
'1. PaYment ot Principsi $nd Interest; F*re~aayment and Late Charpa~. 8orrowar shall promptly pay when due the principal of and #
interest on the debt evidencad by the Note And any prepayment ~nd lato charges due under tho Note. - ~
2. Funds tor Taxes snd tnsurance. Subject to applicable law or to a written ~vaiver by Lender, Borrower shall pay to Lender on the ~
day rno~thly payments are due under the Note, until !he Note 1s pa)d !n Iuli, a sum ("Funds") equal to one-twelitt~ ul: (a) yaarty laxes
pnd assessments which may attain priority ovQr thls Securiy Instrument; (b) yearly IeASehold pAyments or ground rents on the Property,
if any; (c) yearly hazard insurance premiums; and (d) yea~ly mongage insurance premiums, it any. Thase items are c~lled "escrow items"
Lender may eslimate the Funds due on the basis of current data and reasonable estimate8 ot future escrow items.
The Funds shall be held in an institution the deposits or accounts of v~rhich are insured or guarantesd by a federal or siate agency
(including Lender if LQnder is such an inslitution). Len~er shall apply the Funds to pay the escrow items. Lender may not charge tor
holding and applying the Funds, analyzing the account or veritying the escrow items, untess tender pays 8orrower interest on the Funds
and applicable iaw permits Lender to make such a charge. Borrowrer and Lender may agres in writing that interest shell be paid on the
Funds. Untess an aqreement is made or applicable law requires Interest to be paid, Lender shall not be required to pay 8orrower any
interest or ea~~ings on !he Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits
and debits to ihe Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security
for the sums secured by this Security Insirument.
If Ihe amount of the Funds held by Lender, together with the (uture monthly payments oi Funds payable prior to ihe due dates of the
escrow items, shall exceed the amount ~equired to pay the esc~ow ilems when due, the excess shait be, at Borrnwer's option, either
promptly repaid to Bor~ower or creditec! to Borrower an monthty payments of Funds. If the amount ot the Funds held hy Lender is riot
sufficient to pay the escrow items when due, Borrower shall pay to l.ender any amount necessary to make up ihe deficisncy in one or
more payments as required by Lender.
Upon paymeni in full of all sums secured by this Securiry Instrument, Lender shall p~omplly retund to Borrower any Funds held by
Lender. If under paragraph 19 the Propc;ty is sold or acquired by Lender, Lender shall apply, no later than immediately Qrior to the sale
of the Property or iis acquisition by Lender, any Funds held by ~ender at the time of application as a credit against the sums secured
by this Sectarity Instrument.
3. Qpplic~tion cf Payments. Unless applicable law provides otherwise, all payments received by LQnder under paragraphs 1 and 2
shall be applied: first, to tate charges due under the Note; second, to prepayment charges due under the IVote: third, to amounts payable
under paragraph 2; fourth, to interesi due; and last, to principal due.
4. Charges; l.iens. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may
attain priority over ihis 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, E3orrower shali pay them on time directly to the person owed payment.
Borrower shall promptly furnish to Lendar afI notices of amounts to be paid under this paragraph. If Borrower makes these payments
di~ect{y, Borrowe~ ;hall promptly furnish to Lender receipts evidencing the payments.
Borrower shall promptly discharge any lien which has prioriry over this Securiry Instrument unless Borrower: (a) agrees ir~ writing to
the payment of the obligation secured by the lien in a manner acceptabte to Lender; (b) contests in good faith the lien by, or defends
~ against eniorcement of the Iien in, legal proceedings whicli in the Lender's opinion operate to prevent ihe enforcement of the lien or
farfeiture oi am,~ part o( the P~operty; or (c) secures from the holder of the lien an agreement satisiactory to Lender subordinating 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 may give Borrower a notice identitying the lien. Borrorver shall satisfy the iien or take one or more of the
~ aciions set forih above wilhin 10 days of the giving of notice.
~ 5. F4azard tnsurance. Borrower shall keep the improvements now existing or hereaiter erected on the Property insured against loss
by fire, hazards included within the term "extended coverage" and any other hazards tor which Lender requires insurance. This insurance
shall be maintained in the amounts and tor the periods that lender req~ires. The insurance carrier providing the insurance shal! be
s; chosen by Borrower subject to Lender's approval which shali not be unreasonably withheld.
e All insurance poticies and renewats shall be accepiable to Lender and shap include a standard mortgage clause. Lender shall have
~ the right to hold the polic+es and renewals. If Lender requires, Borrower shall promptly give to Lender all receipts oi paid premiums and
~
~ renewal notices. In the event of loss, Borrawer shall give prompt notice to the insurar~ce carrier and Lender. Lender may make prooi of
~ loss if not made promptly by Borrower.
~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property
~ damaged, it the restoration or repair is economically feasible and Lender's security is not lessened. If the restoration or re{~air is not
~ economically (easible or Lender's securiry would be lessened, the insurance proceeds shali be applied to the sums secured by this
~ Security Instrument, whether or not then due, with any excess paid to Bcrrower. If Borrower abandons the P~operty, or does not answer
v~ithin 30 days a notice irom Lender that the insurance carrier has oftered to serile 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 5ecurity Instrument, whether
or not then due. 7he 30-tiay period will begin when the notice is given. _
a Unless Lender and Borrower otnen~vise agree in writing, any application 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 damage to the Property prior to
- the acquisition shall pass to Lender to the extent of the sums secured by this Security Instrument immediately priar to the acquisition.
6. Preservation and M~intenance of Property; Lessehotds. Borr4wer shall not destray, damage or subsiantiaNy change tha Property,
allow the Properfy :o deteriorate or commit waste. If this Security Instrument +s on a leasehold, Borrower shall comply with the provisions
of the lease, and it Borrower acqui~es fee title to the Property, the leasehold and fee title shall not merge unless Lender agrees to the
merg~r in writing.
7. Rrotection of Ler~der's Rights in the Propsny; Mortgag8 Insura~ce. If Borrower fails to p~rform the covenants and agreements
contained in this Security Instrument, or there is a tegal proceeding that may s~flnificantly aHect Lender's rights in the Property (such as
a proce~ding in bank~uptcy, probate, (or condemnation or to enforce laws ar regulations), then Lender may do and pay for whatever is
necessary to protect the value of the Property and Lender's rights in the Property. Lender's actions may include paying.any sums secured
by a lien which has priority over this Security Instrument, appearing in court, paying reasonable attorneys' tees and entering on th~
Property to make repairs. Although Lender may take action under this pa~agraph 7, Lender daes not have to do so.
Any amounts disburs2d by Lend~r under this paragraph 7 shall became additiona! debt of Borrower secured by this Security
~,,,o,,,,,,,rnA~ rnrmc ~f naymAnt tha~ amnunts shall bear interest irom the date of disbursement ~
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at the tVote rate and shall be payable, with interest, upon notice from Lender to Borrower requesting payment.
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FLORIDA-Single Famlty-FNAtA!fLHMC UNIFORM INSTHUtAENT Form 3010 12/83
~3F FL50025 7/84