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HomeMy WebLinkAbout0914 It Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums requi~ed to maintain the insurance in effect until such time as the requi~ement (or the insurance terminates in accordance with Bor~ower's and lende~'s written agreement or applic~ble law. 8. Inspection. Lender or its agent may make reasonabte entries upon and inspections of the Property. lender shall give Borrower notice at the time of or prior to nn inspection speciying reasonable cause fo~ the inspection. 9. Conden~nation. The proceeds oi any award or claim tor damages, direct or consequential, in connection with any condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lende~ In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Secu~ity instrument, whether or not then due, with amr excess paid to Bor~ower. In the event ol a partial taking of the Property, unless Borrower and Lender othervvise agree in writing, the sums secured by this Security Instrument shall be ~educed by ihe amount of the proceeds multiplied by the tollowing hac6on: (a) the total amount of the sums secured immediately before~ the taking, divided by (b) the fair market value of the Pvoperty immediately be(ore the taking. My balance shall be pa~d to Borrow~er. It the Praperty is abandoned by 8orrow~er, or if, aRer notice by Lender to Borrower that ihe condemnor oflers to make an award or settie a claim tor damages, Borrower fails to respond to Lender within 30 days atter the date the notice is given, Lender is authorized to copect and apply the proceeds, at its option, either to restoration or repair of the Property or to the sums s~ecured by this Security Instrument, v?fiether or not then due. Unless Lender and Borrower otherwise ag~ee in writing, arry application of proceeds to principal shall not extend or postpone the due date ot the monthty payments referred to in paragraphs 1 and 2 or change the amount of such payments. ~ 0• Bon+ower Not Relsa~ed~ Forbeeranoe By L~der Not a Waive~: Extension ot the time for payment or modification of amortization of the sums secu~ed by this Security Instrument granted by Lender to any successor in inierest of Borrow~er shall not operate to release the tiabitity of ihe originai 8o~row~er or 8orrower's successors in interest. Lender shall nol be required to commence proceedings against any successo? in inierest O? refuse to extend time for payment or otherwise modify amo~tization of the sums secured by this Secu~iry Instrument by reason of any demand made by the original Borrower or Borrower's successors in interesG Any torbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy. , Sucosasors and AsaiQns Bound~ .biM and Several Uability; Co-si~ners, The covenants and agreements of this Securiry Instrument shatl bind and benefit the sucs;essors and assigns of Lender and Borrower, subject to the provisions of paragraph 17. Borrower's covenants and agreements shall be joint and several. Any Bonow~er who co-signs this Security Instrument but dces not execute ihe Note: (a) is co-signing this Security tnstrument onty to mortgage, grant and convey that Borrow~er's interest in the Propery under the terms of this Security tnstrument; (b) is not personaly obligated to pay the sums secured by this Security Instrument; and (c) agrees that Lender and ar~y other 8orrower may agree to extend, modiiy, torbear or make arry accommodations with regard to the terms ot this Security lnstrument or the Note without that Bonower's consen~ 12 Loan Charyes. If the loan secured by this Security Instrunnent is subject to a law which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed th~ permitted limits. then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits witl be reiunded to Borrower. Lender may choose to make this retund by reducing the principai owed under the Note or by making a direct payment to 8orrow~er. !f a reiund reduces principai, the reducdon will be treated as a partial prepayment without any prepayment charge under the Note. ; 13. Legblation Affecting Lender's RlQhts. If enactment or expiration of applicable laws has the etfect of rendering any provision of ihe Note or this Security lrestrument unenforceable according to its terms, Lender, at its option, may require immediate payment in full ot all sums secured by this Security Instrument and may invoke any remedies permitted by paragraph 19. If Lender exercises this option. Lender sliall take the steps specified in thE second paragraph of paragraph 17. 14. Notices. My notice to Borrow~er provided for in this Security Insirument 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 Properly Address or arry other address Borrower designates by notice to Lender. My noGce to Lender shall be given by first class mail to Lender's adrJress stated herein or any other address Lender designates by no6ce to Borrow~er. My noGce provided for in this Security Instrument shall be deemed to have been given to Borrow~er er Lender when given as provided in this paragraph. 15. Go+reming Law; Seyerability. This SeCUrity Instrument shall be governed try federal law and the law of the jurisdiction in which the Property is bcated. In the event that any provision or Gause of this Securiry Instrument or the Note conflicts with applicable law, such con8ict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the con8icting provision. To this end the provisions of this Security Instrument and the Note are declared to be severable. ~ 16. Borrowers Copy. Borrower shall be giv~en one conformed copy of the Note and of this Security fnstrument. 17• Transter of the ProPertY o? s Be~s~ ~nterast in Borrower. If all or any part of the Property or any inte~est in it is sold or transferred (or if a beneficial interest in ~orrQwer is sold or transferred and Borrower is not a natural person) without Lender's ~rior ~ written consent, Lender may, at its option, require immediate payment in fu8 of a!! sums secured by this Security Instrument. However, ~ this option shall not be exercised by Lender if exercise is prohibited by federal law ~s of the date of this Security Instrument. !f Lender exercises this option, Lender shall give Borrower notice of acceleration. The ~otice shall provide a period oi not less than ~ 30 days from the date the notice is delivered or mailed w~thin which Borrower must pay aIl sums secured by this Securiy Instrument. If ~ ~ Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remediss permitted by this Security i Instrument without further notice or demand on Borrower. i 18• Borrowers RigM to Rea~state. N Borrower meets certain conditions, Borraw~er shall have the right to have enforcement of this Security Instrument disconUnued at any time prior to the earlier oi: (a) 5 days (or such ather perc~d as applicable law may speciy for re+nstatement} before sale of the Property pursuant to ar~y power ot sale contained in this Security Insirument; or (b) entry ot a judgment entorcing this Security Instrument Those conditions are tt?at Borrower. (a) pays Lender all sums which then would be due under this Security Instrument and the Note had no aocelsratBon occurred; (b) cures any default of any other covenants or agreements; (c) pays all expenses incuned in entorcing this Security Insirument, inGuding, but not limited to, reasonable attomeys' fees; and (d) takes such action as Lender may reasonably require to assure that the lien of this Security Instrument, Lender's rights in the Property and Borrower's obligation to pay the sums secured by this Security Instrument shall continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligations secured hereby shall remain fully eHective as if no acceleration had occurred. Hawever, this right to reinstate shatl not apply in the case ot acceleration under paragraphs 13 or 17. , 3 a. ~ R 556 913 FLOHIDA-Stnpk Fsmfly-FNWIA/FHLMC UNIFORM IHSTRUMENT BOOK Form 301012/83 (iF FL50025 7/M ~ ..~..~v....c.++~ t~ . 9:. ='_i~.~T.'!:. ._..L_, _ . T . _ . .