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HomeMy WebLinkAbout2070 ~ , , 3. Prior Mortyay~sand Oeeds ot Trusl Charyes; Lltns. Borrower shall pertorm all of B~rrower's obl~gations under any mortgaye, deed of trust or other secunty agreement with a I~en wh~ch has pnority over thls Mortgage. ~ncluding Borrower's covenants to make payments when due. Borrower shall pay or cause to be pad a~l taxes. assessments and other charqes, tines and imposit~ons attributabie to the property which may attain priority over th~s Mortgage, and leasehold payments or ground rents, it any, by Borrower making payment when due directly to the person owed payment. Borrower shall del~ver to thelender, upon its request, receipts e~ idencing such payment. Borrower shall promptly discharge any lien that has priority over this mortgage: provided that Borrower shall not be requ~red to discharge any such lien so long as Borrower sha11 agree in writing to the payment ot the obligat~on secured by such lien m a manner acceptable to Lender, or shall in good faith contest suc~ lien by, or detend entorcement of such lien in, legal proceedings that operate to prevent the enforcement of the lien or forfeiture of the Property or any part the~eof. A. Hazard Insuranc~. 8orrower shall keep the improvements now ex~sting or hereafter erected on the Property insured against loss by fire, hazards included within the term "extendecl coverage" and any other ha2ards tor 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 the Borrower subject to Lender's approval which shall not be unreasonabiy withheld. All ~nsurance poliaes and renewals must be acceptable to Lender and shall include a standard mortgagee clause. Lender shalt have the right to nold the policies and renewals, subject to the terms of any mortgage. deed ot trust or other security agreement with a lien which has priarity over this Secunty Instrument. If Lender requires, Borrower shaf I promptly give to Lender all receipts of peid premiums and renewal notices. I~ the event ol bss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proot ot loss it not made promptly by Borrower. Subject to ihe rights and terms of any mortgage, deed oi trust or other security agreement which has priority over this Security Ins*.rument, ~ ~nsurance proceeds shall be applied to restoration or repair of the Property damage, if the restoration or repair is economicelly teasible and Lender's secunty is not iessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, ihe insurance proceeds shall - be applied to the sums secured by this Security Instrument, whether or not due, with any excess paid to Borrower. If Borrower abandons the Property. ' or does not answer within 30 days of notice trom Lender that the insurance carrier has offered to settie a ctaim, 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 tnstrument, whether or not then due. The 30-day period will begin when the notice is given. Unless Lende~ and Borrower otherwise agree in writing, any appiication or proceeds to principal shall not extend or postpone the due date ot the monthly payments re(erred to in paragraph t or change the amount of the payments. !f under paragraph 19 the Property is acquired by Lender, Borrower's right to any rcisurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lenoer to the extent of the sums seCUred by this Security Instrument immediately prior to the acquisition. ~ 5. Preservation and Mslnfenance ot Properry; Leasehold; Condomtnlums; Plann~d tlnN Dsvtlopm~nts. Borrower shall keep the Property in good repair ; and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this SeCUrity Instrument is on a leasehold. If this Security Instrument is on a unit in a condominium or planned unit development, Borrower shall perform all ot Borrower's oblfgations under the declaration or covenants creating or governing the condominium or plamed unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. ~ 6. Protection of Lendar's Secu~ity. If Bor?ower fails to perform the covenants and agreements contained in this Security Instrument, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lenders option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attoneys' fees, and takesuch action as is necessary to protect Lender's interest. lf Lender required mortgage insurance as a condition of making the loan secured by this Security Instrument, Borrower shall pay the premiums required to maintain such insurance in eftect until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law. ~ Any amount disbursed by Lender pursuant to this paragraph 6, with interest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Security Instrument. Unless Borrower and Lender agree to other terms ot payment, such amounts shall be payable upon notice from Lender toBorrower requesting payment ihereot. Nothing contained in this paragraph 6 shall require Lender to incur any expenses or take any action hereunder. 7. Inspection. Lender or its agent may make !easonable entries upon and inspection of the Property, provided that Lender shall give Borrower notice pnor to an inspection specifying reasonable cause tor the inspection. 8. Condemnation. The proceeds of any award or claim for damages, d+rect or consequential. in connection with any condemnation orother laking of the ' Froperty, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to l.ender, subject to ihe terms of any ~ mortgage. deed of trust or other security agreement with a lien which has priority over this Security Instrument. i ~ S. Borrower Not RNeased; Forbearance by Lender Not a Wairer. Extension of the time for payment, acceptance by le~der of payments other than ~ according to the terms of the Note, or modiftcation of amortization of the sums secured by this Security Instrument granted by Lender to any ~ successor in interest of Borrower sha11 not operate to release the liability oi the original Borrower or Borrower's successors in interest. Lender shall ' not be required to commence proceedings against such successor in interest or refuse to extend the time for payment or otherwise modiry amortization of the sums secured by this SeCUrity Instrument by reason of any demand made by the originel Borrower or Borrower's successors in i ~ nterest. Any forbearance by Lender in exercising any right or remedy shal! not be a waiver of or preclude the exercise ot any right or remedy. lender ` shall not be deemed, by any act of omission or commission. to have waived any of its rights or remedies hereunder unless such waiver is in writing and i signed by Lender. Any such waiver shall apply only to the extent specifically set forth in the writing. A waiver as to one event shall not be construed as continuing or as a waiver as to any other event. ~ 1G. Successor and Assipns Bound; Jolnt and Sereral Liabilltp; Co-SlQner. The covenants and agreements of this Security Instrument shall bind and • benefit the successors and assigns of Lender and Borrower, subject to ihe provisio~s of paragraph 18. Borrower's covenants and agreements shall be ~ ~ointandseveral.AnyBorrowerwhoco-signsthisSeCUritylnstrumentbutdoesnotexeCUtetheNote:(a)isco-signingthisSecuritylnstrumentonlyto ~ mortgage, grant and convey that Borrower's interest in the Property under the terms of this Securiry Instrument; ~b) is not personally obligated to pay the sums secured by this Security Instrument: and (c) agrees that Lender and any other Borrower may agree to extand, modify, forbear or make any ~ accommodations with regard to the terms of this Security Instrument or the Note without that Borrower's consent t 1. Loan Char~es. li the loan secured by this Security Instrument 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 cotlected in connection with the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted timit: and (b) any sums alreadycollected from Borrower which exceeded permittecllimits will be refunded to Borrower. Lender may choose to make this retund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a retund reduces principal. the reduction will be treated as a partial prepayment without any prepayment f charge under the Note. ~ i 2. Legis~atlon AHeclin~ ~enders RiQhts. It enactment or expiration of applicable laws has the effect of rendering any matenal provisions of the Note or this Security Instrument unenforceable according to its terms, Lender, at its option, may require immediate payment in full of afl sums secured by this Security Instrument and may invbke any remedies permitted by paragraph 19. If Lender exercises this option, Lender shall take the steps specified in ~ the second paragraph of paragraph 18. € 13. Notices. Any noUce to BorroWer provided for in this Security Instrumeni shall be gEven by deliverirg it or by mailing it by tirst class mail unless ~ applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by net~ce to lender. Any notice to Lender shall be given by first class mail to Lender's address stated herein or any other address Lender designates by not~ce to Borrower. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as ~ provided ~n this paragraph. ~ ~ ~ 6~K ~7~ P1EGE~ ( ~1 ~s~ GF FL50714-8 6-8e Pp~ 2 of 3 ~ - -`"_K' " ~yr" b.s'~+Y'~F`rs ~x _ ~