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HomeMy WebLinkAbout2073 ~ 3. Prior Mort9ay~iand De~ds of Tnis1 Charyes; li~ns. Borrpwer shall perform all ot Borrower's obligations under any mortgage, deed of trust or other secur+ty agreement w~th a I~en wh~ch has pnority wer th~s Mortgage, ~nciud~ng Borrower's covenanis to make payments when due Borrower shall pa, j or cause to be pad all taxes, assessments and other charges, fines and imRosrt~ons attnbulable to the property which may attain prionty over t~~s Mortgage, and teasehotd payments or ground rents, if any, by Bo?rower making payment when due directly to the person owed payment. Borrower shall deliver to theLender, upon its request, receipts evidencing such peyment. Borrower shall promptly discharge any lien that has prionty over this mortgage; provided that Borrower shafl not be required to discharge any such lien so long os 8orrow9r shall agree in writing to the payment ot the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith cont9st such lien Dy, or defend enforcement of such 6en m, i legal proceedings that operate to prevent the eMorcement of the lien or torfeiture of the Property or any part thereof. , 4. Husrd Insurenet. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by t~re, hazards ~ncluded within the term "extended coverage" and any other hazards for which Lender requires insurence. This insurance shall be maintained in the amounts and for the penods that Lender requires. The insurance carrier providing the insurance shall be chosen by the Borrower sub~ect to Lender'S approval which shall not be unreasonably w~thheld. All ~nsurance policies and renewals must be acceptable to Lender and shall inctude a standard mortgagea clause. lender shall have the right to hotd the policies and renewafs, subject to the terms ot any mortgage, daed of trust oi other security agreement with a lien which haspriority over this Secunty Instrume~t. If Lender requires. Borrower shalt promptly give to Lencfer all receipts of paid premiums and renewal notices. In the event of loss. Borrower shalt give prompt notice to the insurance catner and Lender. Lender may make proof of loss it not made promptly by Borrower. Sub~ect to the rghts and terms of any mortgage, deed of trust or other SeCUnty agreement which has priority over this SeCUrity Instrument. ~nsurance proceeds shall be applied to restoration or repair ot the Property damage, if the restoration or repair is eCOnomically teasibfe and Lender's security is not lessened. It the restoration or repair is not economicalty teasible or lender's security would belessened, the insurance proceeds shall be appl~ed to the sums secured by this Security Instrument, whether or not due, with any excesspaid to Borrower. tf Borrower abandons the Property. or does not answer within 30 days of notice from Lender that the insurance carrier has offered to setUe 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 witl beg~n when the notice is given. Unless Lender and Borrower otherwise agree in writing, any applicationor proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraph t or change the amount of the payments. If under paragraph :9 the Property is acquired by Lender. Borrower's right to any insurance policies and proceeds resulting from damage to the Property prior to the acquisition shall pass to Lender to the extent ot the sums secured by this Security instrument immediately prior to the acquisition. 5. Preservation and M~intenance of Proparty; Leauhold; Condominlums; Plann~d t!n!t DtvNoprr~nts. Bor~ower shall keep the Praperty in good repair and shall not Commit waste or permit impairment o~ deterioration of the Property and shell 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 ptanned unit development. Borrower shalt perform all of Bonower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. ~ 6. Protection of LenG?'s Security. If Borrower fails to perform the covenants and agreements contamed in this Securiry Instrument, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attoneys'tees, and takesuch action as is necessaryto protect Lender's interest. It Lender required mortgage insurance as a condition oi making the Ioan secured by this Security Instrument. Borrower shall pay the premiums required to maintain such insurance in effect 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 Letider agree to other terms ot payment, such amounts shall be payable upon notice from lender toBorrower requesting payment thereof. Nothing contained in this paragraph 6shall require Lender to ir.cur any expenses or take any action hereunder. 7. Inspectfon. Lender or its agent may make reasonable entnes upon and ~nspection ot the Property, provided that Lender shall give Borrower notice j pr~or to an inspection specifying reasonable cause for the inspection. F 8. Condemnation The proceeds ot any award or cfaim for damages, direct or consequential, in connection with any condemnation orother taking of the ~ Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any ~ mortgage, deed of trust or other security agreement with a lien which has priority over this Security Instrument. ~ 9. 8orrower Not Rafe~sed; Forbearance br Lender Not a Wairer. Extension ot the time for payment, acceptance by Lender of payments other fhan ; according to ihe terms of the Note, or modification of amortization of the sums secured by this Security Instrument granted by Lender to any ~ successor in interest of Borrower shal~ not operate to release the liabiliry of 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 modify amortization of the sums secured by this Security Inst: ument by reason of any demand made by the original Borrower or Borrower's successors in I ~nterest. Any forbearance by Lender in exercising any right or remedy shall not be a waiver of or preclude the exercise of 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 signed by Lender. Any such waiver shall apply onty to ihe extent specifically set forth in the writing. A waiver as to oneevent shall not be construed as ~ continuing or as a waiver as to any other event. ~ 10. Successor and Assipns Bound; Jolnt and Sevenl llabllit~r; Co-Sf9ner. The covenants and agreemerrts oi this Securiry Instrument shall bind and ~ benefit the successors and assigns of le~der and Borrower, subject to the provisions ot paregraph 18. Borrower's covenantsand agreementsshall be ~oint and several. Any Borrower who co-s~gns this Security instrument but does not execute the Note: (a) is co-signing this Security Instrumeni only to ~ mortgage, grant and convey that Borrower's +nterest in the Property under the terms of this Security Instrument; (b) is not personatly obligate~ to pay the sums secured by this Security Instrument; and (c) agrees that Lender and any other Borrower may agree to extend, mod+fy, forbear or make any ` accommodations with regard to the terms of this Security Instrument or the Note without that Borrowers consent. ~ 11. Loan Charqes. If 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 collected in cannection 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 peRnitted Iimit: and (b; any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. Lender may choose tomake this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. If a re(und reduces prncipat, the reductian will be treated as a partial prepayment without any prepayment charge under the tVOte. ~ t 2. Legialation Aff~cting Ltnder's RiQhts. !f enactm2nt or expiration of applicable laws has the effect of rendering any material provisions ot the Note or ~ this Security Instrument unentorceable according to ~ts terms. Lender, at its option, may require immediate payment in full of alt sums secured by this Security Instrument and may invake any remedies permitted by paragraph 19.1t Lender exercises this option, Lender shall take the steps specified in ~ the second paragraph of paragraph t8. ? 13. Notic~s. Any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mai~ing it by first class mail unless ~ applicable law requires use ot another method. The notice shall be directed to the Property Address or any other address Borrower designates by ~ notice to Lender. Any notice to Lender shall be grven by f~rst class mail to Lender's address stated herein or arry other address Lender designates by - not~ce to Borrowe~. Any notice provded for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given as ~ provided in this paragraph. ~ ~ E ~ aooK 674 ~cE2073 ~ ~ GF FL50714-8 6-~ Paye 2 of 3 . _ x %:~we1 ~,"K"~..~>• ,~.,~~;..~.x...y,.v,~-~x,~ ~sk•~ _