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HomeMy WebLinkAbout0981 70GETHER WlTH all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water rights and stock and all fixtures now or hereafter a part of the prope?ty. All replacements and additians shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrumant as the "Prope?ty." BORROWER COVENANTS that Borrower is lawtully seissd of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record. Borrower warrents and will dQfend generally the title to ihe Property against all ctaims and demands, subject to any encumbrances of record. THIS SECURITY INS7RUMENT combines unifo~mcovenants tor national use and non-uniform covenants with limited variations by jurisdiction to constitute a unitorm security instrumeM covering real property. UNIFORM COVENANTS. Borrower and Lender cavenant and ag~ee as follows: 1. Peymenis ot P~Inclpal and Intarest; Pr~payme~t and tate Charges. 8arrower shall promFtly pay when due the principal of and interest on the debt evidenced by the Note and any prepayment and late charges due under the Note. 2. Funds !or Texe~ snd Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay t0 Lender on the day manthly payments are due under the Note, until the Note is paid in full, a sum ("Funds") equal to one-twelfih oi: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearty leasehold payments arground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearly mortgage insurance premiums, it any. These items are called "escrow items." Lender may estimate the Funds due on the basis of current date and reasonable estimates of tuture escrow items. The Funds sha!! be held in an institution the deposits or accounts ot which are insured or guaranteed by a federal or state agency (including Lender if Lender is such an institution). lender shall apply the Funds to pay the escrow items. Lender may not charge for holding and applying 1he Funds, analyzing the account or verifying the escrow items, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and ~ender may agree in writing lhat interest shall be paid on the Funds. Unless an agreement is made orapplicable law requires int~rest to be paid, Lender shall not be required to pay Borrower any interest or earnings on ihe Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds a~e pledged as additional security for the sums secured by this Security Instrument. It the amount of the Funds held by Lender, together with the tuture monthly payments of Funds payabie prior to the due dates of the escrow items, shall exceed the amount required to pay the escrow items whendue, ihe excoss shall be, at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of the Funds held by Lender is not sufficient lo 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 full of all sums secured by this Security Instrument, Lendershall promptly refund toBorrowerand Funds held by Lender. If under paragraph 19 the Property is soldor acquired by Lender, LendershaN apply, no later than immediately prior to the sale ~f 1he Property or iis acquisition by Lender, any Funds held by Lender at the time oi application as a credit against the sums secured by th+s Security Instrument. 3. Applicatlon of Paymenta. Unless applicable law provides otherwise, all payments received by Lender 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 principaf due. 4. Charges; Liens. Borrower shafl pay alt taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Instrument, and leasehold payments or ground rents, if any. Borrower shatl 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 turnish to Lender all notices of amounis to be paid under this paragraph. If Borrower makes these payments directiy, Borrower shall promptly furnish to Lender receipts evidencing the payme~ts. Borrower shall promptly discharge any lien which has priority over this Security Instrument untess Borrower: (aj agrees in writing to the payment of the obligation secured by the tien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien in, lega! proceedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any part oi the Property: or (c) secures trom the holder oi the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument It Lender determines that any part of the Property is subject to a lien which may attain priority over this Security Instrument, Lender may g~ve 8or~ower a notice identifying the lien. Borrower shall satisty the lien or take one or more of the actions set forth above within 10 days oi the giving of notice. 5. H~xard Inaurance. Borrower shall keep the improvements now existing or hereafter erecied on the Property insured against loss by fire, hazards included within the term "extended 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 insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's approval which shail not be unreasonably withheld. All insurance policies and renewals shall be acceptable to Lender and shall include a standard martgage clause. Lender shaN have the right to hold the polfcies and renewais. Ii Lender requires, Borrowershall promptly give to Lender all receipts of paid premiums and renewal notices. !n the event ot loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss i! not made promptly by Borrower. Unless Lender and 8orrower otherwise agree in writing, insurance proceeds shafl be applied to restoration or repair of the Property damaged, if the ~estoration or repair is economically feasible and Lender's security is not lesse~ed. lf the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shell be applied to the sums secured by this Security Instrument, whether or not then due, with any excess paid io Borrower. If Borrower abandons the Property, or does not answer within 30 days oi 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 or not then due. The 30-day period will begin when the notice is given. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principai shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 end 2 or change ihe amount of the payments. If under paragraph 19 the Property is acquired by Lender. Borrower's right to any insurance policies and procesds resulting fromdamage to the Property prior to the acquisition shall pass to Lender to the extent oi the sums secured by this Security Instrument immediately prior to the acquisition. . 6. Preservatton and Malntenance of Prope~ty; Leasehglds. Borrower shall not destroy, damage or substantially change the Property, a!!ow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, Borrower shall comply with the provisions of the lease, and if Borrower acquires fee titl~ to the Property, the leasehold and fee title shall not merge unless Lender agrees to the merger in writing. 7. Protectlon of Lender's Rlght in the PropeAy; Mortgage Insurance. If Borrower fails to perform the covenants and agreements contained in this Security Instrument, ar there is a legal proceeding that may significantly affect Lender's right in the Property (such 3s a proceeding in bankruptcy, probate, for condemnation or to eniorce laws or 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' feesand entering on the Property to make repairs. Although Lender may take action under this paragraph 7, Lender does noi have to do so. ~o~x 578 rnGE 975 vaQe 2 0l 4 FLORIDA-Sinyk famity-FNMiirFHLYC UNIFORM INS7RUMEHT form 3010 12/83 GF FL50025 12-87 ~ ~f`yc~.~" - . s~i"' ""'7~FiF' 8?