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HomeMy WebLinkAbout0295 lf L.ender required mortgage insuranoe as a cadition o[ n~aking the loaa 5ecured by this Security lcutsument, Borro~~er shatl pay the premiums required to maidain the icuurdnce in effect uatil such time as the requiremen for the insurance terminates in accocdance with Borrower's and Leoder's written agreement ~ applicable law. 8, inspectan. Lender or its ageat may malce iea4ooable cntries upon and icupecdons of the Propeny. Lender shall givo Botrower notice at ttx time of or prior to an inspedion sp~cifying rcasoaabk cause for the inspection. 9. Condemnation. Tbe proceeds of any award or claim for damages, direct or ooasequential, in conne~~tion with any ccx~demoatioa or other taking of any part of the Propeny, or foc conveyance in lieu of coodenination. are tyereby assigned a~xi shalt be paid to I.ender. ln the event of a total taldng of tfie Propeity, the proceeds shall be ~plied ro t6e sums secnred by this Security (nswmern, whether or not tben due, with any exoess paud to Borrower. Lo tbe eveot of a partial taking of the Propeny, unless Borrower and Lender otl~erwist agree in writing, the sums securod by this Security Inswment shall be reductd by the aunount of the prooeeds multiplied by the following fracda~: (a) the total amount of the sums secuted immediately before the taking, divi~led by (b) the fair muicet value of the Property imrnediately befor~ t6e taluing. Any balacioe st~all be paid to Barower. If the PropeRy is abandocxd by Botrower, or if. afier aotice by Lender to Bomower that t6e condemnor offets to malce an award or settle a claim for damages, Bomower fails to r~spond to L,ender within 30 days at~er the date the notice is given, LenJer is amhorized to collect aad apply tbe procacls. at its option, either to restomaon or repair of tbe Propeny or co t6e sums secured by this Securiry Inswment, w6ether or not thefl due. Unless I~encier and Bo~rower otlxtwise agree in wriring, any application of Q~oceeds to principal shall not extend or postpone the due date of the moathly paymen~ tefereed to in paragraQ~ss 1 ud 2 or change tbe arnount of such paymeds. 10. Borro~ver Not Rekased; Forbearance By I.eader Not a Waiver. Extension of the time for payment or modiRcation of an~ortization of the sums secured by this Securiry In~itument granted by L.ender ro any sucoe~or in iderest of Borrower shall not operate to release tix liability of the original Borrower or Bocrower's successors in interest. L.ender shall not be iequired to commence prooeedings againsc anY suGCessor in interest or iefi~e to extend time for payment or W~etwise modify amortization of the sums secured by this Sewrity Instiument by reason of any demand made by tt~e original Bo~rower or Borrower's sacccsso~s in interest. Any fo~earaz~ce by Leader in eaercising any rig6t or remedy shall not be a waiver of or preclude the eaercise af any rigttt or remedy. 11. Sua~s.sors and Assigns Bo~nd; Jaat and Several UabiHty; Co-sjgners. The covenants and agreements of this Security Iast~umenl shall bind and benefit the successo~ and ass~gt~s of l.znder aad Borrowtr, snbjed to tt~e provisions of paragraph 17. Bonower's covenants and ag~teeements shall be joint and ~evecal. Any Bocrower who co-sigcB this Secucity Ioswment but dces not execute tbe Note: (a) is co-signing this Sewrity Inswment only to mortgage, gant and convey that Bormwer's i~xetest in the Property under the tem~s of this Sewrity Instniment; (b) is not personally obligated to pay the sums secured by tt?is Security Incwment; anA (c) agc~ees that I.ender and any odxr Borrower may agree to extend. modify, fofieaz or make any accommodatiocu with regud to the teims of this Security Iasuumen or the Note withoot that Borrower's consent. I2. Loan Charges. If the loan secured by this Security I~utiument is subjecX to a law which sets maximum loazr d~azges, and that law is finally interpreted so that the interest or other loan charges collected or to be colkcted in cau~ection witt? the loan exceed the pennitted limits, then: (a) any such loan charge shall be reduced by the amwmt necessary to reduce the charge to the pernutted limit; and (b) azry sums already collected from Brnmwer wtric6 exoeeded pecmiaed limits arill be refunded to B orrower. Lender may choose to make this refund by reducing tt~e pzincipal owed under the Note orby making a direct paymeat to Borrower. j If a refund reduces principal, the reduction will be treated as a partial prepaytnent without any pr~payment charge under the ! Note. 13. I.egislaNon Affecbing Lender's Rig6b. If enactment or expiration of applicable laws 6as the effect of rendering any provision of the Note or ttvs Sewrity Instrument unenforceable according to its tem~s, Lender, at its oQtion, may requir~e immediate paymem in full of all sums secured by this Security Inswme~n a~d may involce any remedies permined by pazagraph 19. If Lender exercises this optian, L:ender shall talce the steps specified in tbe second paragraph of paragraph 17. 14. Notice.9. Any notice to Botrower provided for in this Secutity Instiument sha11 be given by deliveriag iE or by mailing ~ it by first class mail unless applicable law ~quires use of another method. T6e notice shall be directed to the Property Addiess ~ or acry other address Borrower designates by notice to Lender. Any notice to Lender shall be given by 5ist class mail to Lender's ~ address stated herein or any other address Lender desi~ates by notice to Barrower. Any c~otice provided for in this Security ~ Inswment shall be deemed to have beeo given to Bomower a Lender when givea as provided in this paragraph. ; 1S. Governing Law; Severability. This Sec~rity Inswment shail be goveroed by federal law and the law of the j~uisdiction in which the Property is located. Ia the event that aay provision or clause of this Security Inswment or the Note canflicts with ~ applicable law, such confli~ shall not afi'ect other provisioas of this Security Insa~ument or the Note wtrich can be given ef!'ect ~ without 1he contlicting provision. To ttris end the provisioas of tl~is Security Imtrument and the NMe are declared to be severable. ~ 16. Borro~er's Copy. Borrower shall be given oce conformed copy of the Note and of this Sewrity Imtn~ment. ~ 17. 'IYansfer of the Propert' or a Beneticial Interest in Borrower. If all ar any part of tbe Property or aoy interest in it ~ is sold or transferred (ar if a beneficial interest in Borrower is sold or trazLSferred and Boirower is uot a natural persoo) witlwut F L,ender's prior written coaseat, Lender may, at its agtion, require immediate payment in fiil! of a11 soms secured by this Security ~ laswment. However, this option shall not be eaercised by Lender if eae~ise is prohibited by federal law as of the date of this ~ Security Instcument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. "Ihe ootice shall provide a period of not ~ {ess than 30 days from the date ihe notice is delivered or mailed within which Barrower must pay ali sums secured by this Security ~ [nstcument. If Borrower fails to pay these sums grior to the eapiratiou of this period, Leader may invoke any cemedies pemutted ~ by this Security Instrument wit6out furtl~er aotice or demazd on Bocrower. a 18. Borrower'aReghttoReinsts?te.IfBornowerrneetscertainconditions,Borrowershallhavethecighttohaveenforcement ~ of this Security Inswment discontinued at any time prior to the earljer of: (a) 5 days (or such other period as applicable law may specify for reinstatemeat) befate sale of the Property puisuant to any power of sale colxained in this Security lnstrument; or (b) entry of a judgment enforcing ttris Security Inswment. 'Ibose conditioas are that Borrower. (a) pays Lender all sums which then would be due under this Security Instntiment u~d the Note had no xceleration occurred; (b) cures any default of any other covenazxs or agieements; (c) pays all e~enses incuaed in enforcing this Sevurity Inavument, including, but not limited to, reasonable attorneys' fees; ac~d, (d) takes suc6 a~ction as Lender may reasonably requi~ to assure that the lien of this Sec:urity Inswment, Lender's rights in the Property and Borrawer's obligation to pay the surns secured by this Security Inswmern st?all continue unchanged. Upon reinstatement by Borrower, this Security Instrument and the obligatioas secured hereby shall remaun fully effective as if no acceleration had occacted. However, this rigl~t 1o reinslate shall not apply in the case of acceleration under paragraphs 13 or 17. "s k _ k~ ~ " By initializing, the Borrower(s) acYnowledges that this page is page 3 of 4 ; ;l~ ~ ~rL{'C~ of a FI.ORIDA MORTGAGE." 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