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Home My WebLink About0792 i V\II'ORM COVENAIYI,. 13orra.•er and l.cnder covenant and agrcc as fullows: ~ - 1. Pa Y ot Princ' and Inlerest• Prc ment aad lalc C s. E3orrower shali rom d wQen due the ri~ri 10[ and intcrest on the debt e~idenced f yme ~pal + Pa) h+?rge P P Y PaY P Pa thc Note and any pnpayment and late charges due under the Note. 2. Funds for Taxes and Insu~nce. SubjcM to applicable law o: to a written waiver by l.ender, Borrower shall pay to Lender oo the day monthly pay~nents are Juc under t6e Note, until the Note is paid in full, a sum (•Funds') equal to one-twelfth oF. (a) y+eady taxu and acses~ments which may attain priority over this Security i Instrument; (b) yearly lcasehold paynxnts or grow~d rents on thc Property, if any, (c) y~arly ha~td insurance prcmiums; and (d) yearly mortgage insurance prcmiumc, ' ,f ~ny. "1'hese itetns aro called 'escrow itcros.' Lender may utimate the Funds due on t6e basis of cumat data and reasonabk estimates o[ future escrow items. ~ "!he Funds shall be held in an institution Ihe deposits or accounu o[ which are insured or guanntecd by a[ederxl or state agency (induding Lender it Lender ~uch an inatitutioa). Lender shall apply the runds to pay the eurow items. Lcnder may not chatge for holding and applying tlx Funds, analyring the account or ~rrif~ing the esctvw items, unless applicabte law pecmits Lender to make such a charge. Borrower aad Lender may agree in writing that intercst shall be paid on ihr f'undc_ Unkst an agreement is made or applicable law rcquires interest to be paid, Lender shall not be requirecl to pay Borraw~er any interest or eamingS on ihc 1'unds. l,ender shall give to [3orrower, without charge, an annual accounting ot the Funds showing credits a~ debits to the Funds and the purpose for wAich rach debit to the Funds wac made. 'I1~e Funds are plcdged as additional security for the sums securcd by thi~ Seeurity [nstrument. If the amount of th~ Funds hcld by Lendcr, together with the futurc monthly paymenu of Funds payabk prior to the due datu of the escrow itcros, shall exceed ~he amount required to pay the escrow items wfien due, the excess shall be, at Borrower's option, either promptly rcpaid to Borrowcr or creditcd to [3orrower on munthly payments of Funds. If thc amount of the Funds held by Lender is noc suf~irient to pay the escraw items when due, E3orrower shall pay to Lender any amount r.:;essary to make up the deficiency in one or more payanents as required by Lender. Upon payment in fu~) of all sums secured by this Security Instrumenl, Lender shall promptly rcfund to Borrower any Funds held by Lender. !f undcr paragraph 1 the Property is sold or acquired by Lender, Lender shal! apply, no later than immediately prior to the sale of the Property or ies acquisition by Lender, any f'unds held by Lender at the time o[ application as a credit against the sums secured by this Security Instrument. z. Applkation ot Payments [Jnless applicable law prwides othenvise, 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 Notr, third, to amounts payable under paragraph 2; fourth, to interest duc; and last, to ~ ~ pnncipal due. i. Cha~ges; Liens. Bomowcr shall pay all ta~ces, asscssments, chargu, fincs and impositioas attributable to the Property which may attain priority aver this Security ~ lnscrument, and kasehold paymcnts or ground rcnts, if any. Borern~Kr shall pay thcse obligations in the manncr providcd in paragraph 2, or if not paid in that manncr, lh~rrower s6all pay them on time dircctly to the person owed payment. Borrowzr shall promptly furnish to Lender all notices of amounts to be paid under this t4,rapraph. lt Borrower makes thuc payments directly, Borrower shall promptly fumish to Lender receipts evidencing the paymcnts_ f3orrovrer shall promptly discharge any lien which has priority arr this Security Instrument uNess Bormaer. (a) agrees in w+riting to the pay?nenl of the obligation ured by the liea in a manncr acccptablc to Lender, (b) contuts in good faith the lien by, or defends against enforcement of the lien in, Icgal proceeding~ w~hich !he Leader's opinion operate to prcvent ~he en(orcement of the lien or forfeiture of any paR of tho propoRy, or (c) secures from tho holdcr of tlx lien an ~,recment satis[actory to Lender subordinating the Iien to this Security lnstrument. If Lender determines that any part of the Property is subject to a lien which may ;!tain priority aver this Security Instrumcnt, Lender may give E3orrow•er a notice identi[ying the lien. Borrowxr shall satisfy the lien or tare one or more of thc actions ~.t forth aba+e within 10 days oC the giving of notice. 5. Hazard Insurance. Bormwer shall keep the improvements now e~tisting or hereafter erected on the Property insured against loss by fire, hazards included within ~'r,e term 'extended coverage' and any other harards for which Ixnder requires insurance. "Il~is insurance shall be maintained in the amounts and for the periods ;~:,t Ixnder requires. 7he insurance rarrier providing the insurance shall be chosen by Borrowtir subjcct to L,ender's approval which shall not bc unnasonably ' ,f ~.~thhc:d. ~ k :1lI insunnce policies and renewals shall be acceptabie to Lender and shall include a standard mortgage clause. Lender shall have the right to hold the policiu ~ ` and renewals. If I.eoder requir'~, Borra~ror shal! promptly give to l.ender all rcceipts of paid pnmiums and rcnewal notiru. In the cvent of loss, E3orrower shall ~ t ~,~e prompt notiee to the insunnce carrier and Lender. Lender may malce proof of loas if not made prompdy by Borrower. ~ linlut Lenber and Borcow-er otherwiu agree in writing, insurana proceeds shall be applied to restoration or npair o[ the Property damagcd, if the rutoration j ~_•r repair is economically feasible and l.ender's security is not lessened. It the restoration or repair is not economically feasible or Lender s security w•ould be lessened, ; :!~e insurance proceeds shall be applied to the surtu securcd by this Securiry Instrument, whether or not then due, with any excess paid to Borrower. If tsorrowtr ~ ~!,~ndons the Property, or does not answrr within 3Q days a notice from Lender that the insurance carrier has ofFered to settk a claim, thcn Lender may collect the :;:~urance 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. ; nc 30-day period will begin whcn the notice is gi~~en. ~ l,nless Lender and Borrowcr othcnviu agrce in writing, any application of procceds to principal shall not extend or postponc the due date of thc monthly ~ ;.:;~mcnts re[errcd to in paragraphs 1 and 2 or change the amount of the payTnents. If under paragraph 19 the PropeRy is acquired by l,ender, E3orrow-ers right to ~ i ~n~; insurance policies and procecds rcsutting from damage to the Property prior to the acquisition shall pass to Lender to the extent of the sams securcd by thic ~ ~.~~nty Instrument immcdiately prior ro the acquisition. 6. Preservatioa and Maintenance of Property; LeasehoWs. E3orrower shall not destroy, damage or substantially change the Propeny, allow the Property to = ~!e~eriorate or commit waste. If this Security Instrument is on a Icasehold, Borrower shall comply with the prwisions of the lease, and i[ Borrower acquires fee title ~ ~he property, the Ieasehold and [ee title shall not merge unless Lendor agreu to the merger in writing. ~ ~ 6 7. Protectaa of Lende~s Rights in the Pmperty, ~fortgage Insuraaea If Borrower faiLs to pertorm the covenants and agreements contained in this Security j ~ Irstrument, or there is a Iepl procecding that may significantly afkct Lender's rights in the Property (such as a procecding in bankruptcy, probate, for condemnation ~ ;:r to enforce laws or rcgulations), then L.cnder may do and pay for whatever ~s necessary to protect the ralue of the Property and Lender's rights in the Property. ~ : ender s actions may include paying any sums secured by a lien which has priority over this Security Instrument, appearing in couR, payirtg reasonable attomeys' fees ~ ~ :nd entcring on the Property to make rcpairs. Although Lender may take action under this paragraph 7, l,ender dces not ha~Y to do so. ~ ~1ny amounts disbuised by Lender under this paragraph 7 shall become adAitional debt of Borrower secured by this Security Instrument. lJnless I3onow~er and ~ nder agree to other terms of payment, these amounts sha11 bear interest (rom the date of disbursement at the Note rote and shall be pa}able, with intcrcst, upon ~.~cire from Lender to Borrvw~er rcquesting payment. ~ If I,ender requind mortgage insurance as a condition o( making the loan secured by this Sccurity Instnment, E3onow•er shall pay the prcmiums required to ;,~aintain the insunnce in effect until such time az the requ:rement for the insurance terminates in accordance with E3orrow~er's and I,ender's wriuen xgreement or ,r pticable law. & Inspectioa Lender or its agent may make rcasonable entries upon and inspcctions of thc Yropcrty. l,ender shall gi~~e Borrowcr notire at thc time of or prior an inspection specifying reasonable cause for the inspection. ~ 9. Condea~nstioa. The procecds uf any award or claim for damagu, direct or consequential, in connection with any condemnation or othcr taking of any part ~ f:he Propertp, or for conveyance in lieu of condemnation, arc hercby assigned and shall be paid to Lender. ~ In the event of a total taking of the Property, the procceds ihall be appGcd to the sums secured by this Sceurity Instrument, whether or aot ihan due, with any s ~ ~rcess paid to Borrower. In the event of a partial taking of the Prapeny, ucless Borrocver and Lender otherwise agree in writing, the sums sccurcd by this Security ~ ]ns[~ument st~all be reduced by the amount of the procceds multiplied by the following fraction: (a) the total amount of the sums secured immediatcly be[ote the ~ ` ,:.kin divided b b the fair marl•et valuc of the Pro immcdiatcl before the takin . An balance shall be id to Borrower. I B~ Y~) PertY Y 8 Y Pa IE the Property is abandoned by Borrower, or if, after notice by l.cnder to Borrower that the condemnor offers to make an award or setNe a claim for damagea, ' rld)RIDA-Singk Familily-ETiMA/FHL~iC LNIFOR'N INSTRUMEtiT ~ R 669 FA~~2981 ' ~ p U74 PACE ?g2 BOQK i r, 8001( ~ _ _ - ~~~x,~= ' t~~~~~