HomeMy WebLinkAbout0929 If Lender ~equired mortgage insurance as a condition of makf~g the loan s~cured by this Security Instrument, Eiorrowrer sNall pay
the premiums requirad to malntain the insurance in eHect untit such time as the requlrement for the insurance terminates !n accordance
with Sorrower's and Lender's written agreament or appticeble law
8. tnapsctian. Lendsr or Its aqent may make reasonable entrles upon and Inspections of the Property. Lender sha11 give Borrowar
notice at ihe tlme of or prlor to an tnspectlon speciying reasonable cause fot /ho inspection.
~ 9. Condernnatbn. The proceeds of any award or clafm tor damages, di~ect or consequential, in connection wiih any condemnation
or other tAking of any pa~t of ths Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be pald to lender.
in the event of a total taking qf the Property, the proceeds shali be applied to 1he sums secured by th(s Security tnst~ument,
whether or not then due, with any excess pald to Borrower. in ihe event ot a partial taking of the Property, unfess E3or~ower and Lender .
otherv?~ise agree in writing, ihe sums secured by ihis Security Instrument shalt be ~educed by the amount of the proceeds multlpliQd
by the following fraction: (a) the total amount of 2he sums secursd immedlately bafore ihe taking, divJded by (b) the fair market value of
the Property immediaiely before the taking. Any balance sha!! be pald to Borrawer
If the Property Is abandoned by Borrower, or if, aNer notice by Lender to Borrower that the condemnor ofters to make an aw~ard or
settle a Claim for damages, 8orrower fails to respond to lender within 30 days after the date the notice is given, Lender is authoriaed to
collect and appiy the a~oceeds, at its option, either to restoration or repair of the Property or to the sums secured by this Security
Instrument, whether or not then due.
Unless Lender and Borrower otherwise agree in writi~g, any application of proceeds to principat shalt not extend or postpone ths
due date of the monthly payments referred to in paragraphs 1 and 2 or ~hange the amount of such Rayments.
10. Borrower Not R~leasecl; Forbeatanaa 6~y Lendef IVa! a Waiver. ExtBnsion ot the time for payment or modification of amortizatiun
of the sums secured by this Security Instrument granted by Lende? !o any successor in interest ot Borrower shali not operate to rQloase
tMe liability ot the origina! Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against
any successor in interest ~r refuse to exiend time for payment or otherwise modity amortization of the sums secured by ihis Security
Instrument by reason of any demand inade by the original Borrower or Borrower's successors in interest. Any forbearance by Lend~r in
exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy.
11. Successora and Asaigns Bound; Joint and Severei Liabiiity; Co-slgners. The covenants and agreements of this Securiry
Instrument shall bind and benefit the successors and assigns of Lender and Borrower, subject to the provisions o( paragraph 17. Borrower's
covenants and ag~eements shalt be joint and several. Any Borrow~er who co-slgns ihls Security Instrument but do8s not execute the
fVote: (a) is co-signing this Security Instrument dnly to mortgage, grant and convey that Borrower's interest in the Property under the
terms of this Securiry Insirumeni; (b) is not personally obligated to pay the sums secured by this Security Instrumeni; and (c) agrees that
Lendsr and any other Borrower may agree to extend, modity, forbear or make any accommodations with regard to the terms of this
Securiry i~strument or the ivote ~vithout that Borro~•rer's conssnt.
12. Loan Charges. If the loan secured by this Securiry Instrument is subject to a law which sets maximum ioan charges, and that
law is finally interpreted so that the interest or other loan charges collected or to ba coltected in connection with the loan exceed the
permitted limits, then: (a) any such loan charge sbal( be reduced by the amount necessary to reduce the charge to the permitted limit;
and (b) any sums atready cotlected from Borror~r which exceeded permitted limits will be refunded to Borrower. Lende: may choose to
make this refund by reducing the principa! owed under ihe Note ar by making a direct payment to Borrower. If a refiund reduces
- principal, the reduciion wi!! be treated as a partial prepayment without any prepayment charge undEr the Note.
i 13. Legislation Affecting Lender's Rights. If enactment or expiralion of applicable laws has the etiect of rendering any provision ot
the Note or this Securiry Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in full o(
al{ sums secured by this Security Instrument and may invoke any remedies permitted by paragrapt? 19. (f Lender exercises this option,
Lender Shall take the steps spECified in the second paragraph of paragraph 17.
~ 14. Natices. My notice to Borrower provided for in this Security tnstrument shalt be given by delivering it or by mailing it by first
_ class mail unless appiicabte law ~equi~es use of another method. The not+ce shall be directed to the Property Address or any other address
- Borrower designates by not+ce to Lender. Any notice to Lender sha!! be given by first c)ass mail to Lender's address stated herein or any
= other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been
r given fo Borrower or L.ender vrhen given as provided in this paragraph.
_ 15. Goveming Law; S~orer~bility. This 3e~utity Instrument shall be governed by federal law and the faw of the jufisdiction in which
the Property is located. In the event that any provision or clause of this Security Instrument or the Nate conflicts with appticable taw,
such conflict shall not aHect other provisions of this Security Instrument or the Note which can be given effect without the conflicting
~ provision. To this end the provisions of this Security Inst~ument and the t~ote are declared to be severable.
16. Borrower's Cap~y. Borrower shall be given one conformed copy of the tVote and of this Securiry Instrumeni.
~ 17, Tranafer of the Property er a~eneflcial Interest in @orra~re, If al! or any part oI the Property or any interest in it is sold or
t transferred (or if a benefic+a! inierest in Borrower is sold or transierred and Borrower is not a natural person) without Lender's prior {
s written consent, Lender may, at its option, require immediate payment in fufl of all sums secured by lhis Security lnstrument. However,
~ this option shall not be exercised by len~ier if exercise is prohibited by federal law as of the date of this Securiry InstrumenL '
> If lQnder 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 ihis Securiry Instrument. lf
~ Borrower tails to pay these sums prior to the expiration of this period, Lender may i~woke any remedies permitted by this Security
~ Instrument without further notice or demand on Borrower. ~
~ 1~. ~orrawer's Right to Relnstat~. tf Borrower meets certain conditions, Borrower shal! have the right to have.enforcement of this
Security Instrument discontinued at any #ime prior to the earlier of: (a) 5 days (or such other period as applicable Iaw may specify for
~ reinstatement) betore sale of the Property pursuant to any ~ower of sale contained in this Security Instrument; ar (b) entry af a judgment
~ enforcing this Security Instrument. Those conditions are that Borrower: (a) pays lender all sums wh,ich then would be due under this .
Security Instrument and the NotQ had no acceleration occurred; (b) cures any default of any other cavenants or agreements; (c) pays a!I
expenses incurred in enforcing this Security Insfrument, including, but not limited to, reasonable attorneys' fees; and (d) takes such action
as Lender may reasonabty require to assure that the lien of this Security Instrument, Lender's rights in the Property and Barrow~er's
obligation to pay the sums secured by this Security (nstrument shaU continue unchanged. Upon reinstatement by 8orrower, this Security
Instrument and the obligations secured hereby shall remain tutty effective as +t no acceleration had occurred. However, this right to
reinstate shall not appty in t~e case of acceleration under paragraphs 13 or 17.
. ~3a4 g00K PAGE 9~~
fLORIDA-Singie PamllyFNMAlFHIMC UNIFORIeI INSTRUh1ENT Form 30101Y/83
(iF FL50025 7/84
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