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Home My WebLink About2413 U\1FORM COVfa~lAl~'I'S. Ilorrvw~er and Lcndc~ covenant and agrce as follows: 1. Pa~meat o[ Priacipal aud Inferesh, Preparoeal and Late Charges t3or~o.~rr shall promptly pay when due the pnncipal of and interest on the dcbt evidenced t~y~ the Note and any prcpayment and late charges due under the Note. 2. Fueds tar Taxes and lawraeea Subject to applicabk law or to a writtcn wai~er by Lender, Sorrow~er shall pay to Lender on the day monthly payTnents are duc under the Note, until the Note is paid in tull, a suro ('Funds') cqual to one-twelfth of: (a) yearly tazu and asscssments which may attain priority over thic Security Ir.strument; (b) yeady Itasehold payments or ground rcnts on the Property, if any, (e) ~+earty haratd insuwnee premiumc; and (d) ytarly mortgage insuranee prcmiumc, ~f any. 'Il~ese itcros are calied 'escrav items.' Lender may utimate the Funds due oo the bacis of current data and reasonable estimates of future escrow itcros. "Il~e Funds shall be held in an institution the Oepoeits or acrounts o[ which are insured or guaranteed by a[ederal or state ageocy (including Lender if Leader is such an institution). l.endcr shali apply the Funds to pay the cscrow items. Le~der may not charge for holding and apptying the Funds, analyr~ng ttu account or ~~erifying the escrow items, unless applicaDle law permiu Lender to make such a charga Borroover and Lendtr may agree in writing that interest sAal1 bc paid on the Funds. Unkss an agreement is made or applicabk law~ requires interest to be paid, l.ender shaU not be rcquired to pay Bortower any interest or earnin~,s on ~he Funds. Lender shall give to Borco~w~er, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose [or which each debit to the Funds was made. 'll~e Funds arc piedged as additional security for the sums secured by this Security Instrument. I[ the amount of the Funds held by Lender, together with the tutuce monthly paymcnts o[ Funds payabk pri~r to t6e due datcs of the cscro+v items, shall e.ucccd ihe amount requircd to pay the cscraw items wAcn due, the excess shall be, at Borrowe~s option, either promptty repaid to Borrawer or cndited to Borrower on monthly payments of Funds. tf the amount of the Funds held by Lender is not suftcient to pay thc escrow itcros wfien due, Borrower shall Qay to Lender any amount recessary to make up the deficiency in one or more payments as rcquircd by Lender. I Upon payment in [ull of ali sums secured by this Security Instrument, Lender shall promptly refund to Borrawer any Fundc held by Lender. 1[ under paragraph , t9 ihe Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sak of the Property or its arquisitian by Lender, any Funds ' hetd by L.ender at the time of application as a crcdit against the sums secured by this Security Instrumeat. 3. Application ot Paymenfs Unlcss applicable law providcs otheiwise, all payments received by Lender under paragraphs 1 and 2 shall be applied: first, to late charges due under the \ote; second, to prepayment charges due under the Note; third, to amounts payabte under paragraph 2; founh, to intercst due; and last, to principal due. 4. CAarges; Liens. Borrower shall pay all ta~ces, ascessments, charges, fines and impositions attributable to the Property which may attain priority over this Security Ins~rument, and leasehold payments or ground rents, if any. Bormarr shalf pay these obligations in the manncr prwidcd in paragraph 2, or if not paid in that manaer, k3orrovver shall pay them on time dircctly to the pc~son ovred payment. Borrower stiall prompUy fumish to Lender all notices of amounts to be paid under t6is paragraPh. If Borrower makes these payments dircctly, Eiormavcr shall promptly fumish to Lender receipts evidencing the payments. Borrower shal! promptly discharge any lien which has priority over th~ Sccurity Instrument unlcss Borio~wer. (a) agrees in writing to the payment ot the obligation secured by the lien in a manner acccptable to Lender, (b) contuts in good Caith the lian by, or defends against en(orcement of the licn in, kgal proceeding,s whic6 in the Lender's opinion oporato to prevent the enlomment of the lien or forfciture o[ any part of the property; or (c) serures from the holder of the lien an agreement satisfactory to Lcader subordinating the lien to this Security Instrument. If L.ender determines that any part of the Property is subject to a lien w!+ich may attain priority over this Security Instrumcnt, Lender may give Borrower a notice identifying thc licn. Bortower shall satisfy the licn or take onc or more of thc actions set forth abort within 10 days of the giving o( notice. 5. Hasard Insurance. Borrowrr shall l-eep the impro~rments now e~dsting or 6ereafter erected on the Propcrty insurcd against toss by fire, hazards included within the tcrm 'exicndcd co~rrage' and any other ha7ards for which l.ender rcquires insuranre. "Ihis insurance shall be maintained in the amounts and for the periods chat Lcnder requires. 'Ilu insurance carrier pmviding the insurancc shall be choscn by Borrower sub}ect to Lcnders approval which shall not bc unreasonably withheld. f All insurance policiu and nncwals shatl be acceptable to l.ender and shall include a standard mortgage clause. Lender shall have the right to hold the policiu ' and renewaLs. If Lender requires, Borrower shall promptly ~ve to Lender all receipts of paid prcmiums and renewal notices. In the event of loss, I3orrower shall f gi~~e prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made proroptly by Borrower. f Unless Lender and Borsv~rr otherwise agtee in writing, insurance ptnceeds shall be applied to rcstoration or repair of the Property damaged, if the restoration c;r repair is economically feasible and Lenders ucurity is not {essencd. If the restoration or repair is not cconomically feasible or L.ender's sccurity would be Icsuned, ~hc insurancc procecds shall be applicd to the sums secured by this Security Instrument, wfiether or not then due, with any excess paid to Borrowcr. If Borrvwer ~ ahandons the Property, or does not anrner within 30 days a notice from L.ender that the insurance carrier has of[ered to settle a claim, then L,ender may coltect the in~urance proceeds_ Lender may use the proceeds to rcpair or restore the PropeRy or to pay sums secured by this Security Instrument, w~hethcr or not then due. f I7~e 30-day period will begin when the notice is given. ~ Unless Lender and Borrower otheiwise agrce in writing, any application of proceeds to principal shall not cxtend or postpone tho due datc of the monthly ~g r.ay~ments rcfcrrcd to in paragraphs 1 and 2 or change the amount of the payments. If urtdcr paragraph 19 the Propcrty is acquircd by [.cndcr, Bonrnver's right to f ~n~ insurance policiu and proceeds r~sutting (rom damage to the Propeny prior to the acquisitioa shall pass to Lender to ths extent of thc sums secured by this ~ v~curity instrument immediately prior to the scquisition. 6 5. Preservation and Maintenaoee of Property; Leaseholds. Borcvwcr shall not destroy, damage or substantially change the Property, allaw the Property to ~ Jcieriorate or commit waste. If this Security Ir~ctrument is on a leaudold, Bormwer shall comply with the provisions of the lease, and if Borrower acquires !ce title ~ ~o thc propcrty, the leasehold and [ee title shall not merge unkss Lender agrca to the merger in writing. 7. PIOflt~lOp Of Ltlldt(~S RIgI1fS IIl 1~1! PfOPl~ MO(f~9gt IRW~IKY. If Borrowtr [ails to perform the cw~nants and agreemcnts contained in this Serurity In~trument, or thcre is a Icgal proceeding that may significantly afkct Lcnder's righ~s in the Property (such as a proceeding in banlwptcy, probatc, for mndemnation ur ~o enfom laws or regulations), then Lender may do and pay for a~hatcver is necessary to protect the vatue of the Property and Lender's rights in the Property. [.cnder's actions may include paying any sums secured by a lien which 6as priority over this Security Instrument, appearing in court, paying reasonable attorneys' Cees ~ and entering on the Property to make repaiis. Although Lender may take action under this paragraph 7, Lender dou not have to do so. ' Any amounts disburud by Lender under this paragraph 7 shall beeome additional debt of Bormwtr securcd by this Security Instrumcnt. Unless BorrowKr and E i.ender agree to other tcrms of payment, these amounts shall bear interest from the date of disbursemcnt at the tiote rate and shall be payab{e, aith interut, upon ; r,o~icc from Lender to Borrower rcqucsting paymcnt. [f C.ender requircd mortgage insurance as a condition of making the {oan secured by this Security Instrument, Borrower shall pay the premiums required to ~ maintain the iacurance in effect until ssuh time as tne reguircment for the insurance tcrminatu in accordance with 8orevwer's and Lenders writtrn agrcement or applicable law. ; & Inspectan. Lender or its agent may make rcaconabk entrics upon and inspections of the Property. L,ender shall give Borrowcr notice at thc time of or prior ~ io an inspection specifying rcasonable cause for the inspection. ~ 9. Condemnation. 'Ilu procecds of any award or claim [or damagcs, d~rcet or consequcntial, in conneclion with any condemnation or other ta~ing of any part ~ ~:f the Property, or for comeyance in lieu of oondemnation, are henby assigned and shall be paicl to Lender. ~ In the event of a total taking of the Property, the praceeds shall be apptied to the sums secured by this Sccurity Instru~ncnt, Rfieth~r or not thcn due, with any c.~cess paid to Borrower. In tht event of a partial taking ot the Property, unless Born~wer and Lender ot6erwise agree in wnting, the sums secured by this Sceurity ~ Instrvment shall be reduced by the amount o( the proceeds multiplied by the follaring fraction: (a) the total amount ot the sums securcd immediatcly before the ~ caking, dividcd by (b) the fair market vatue of the Prapcrty immediatdy before the talcing. Any balance shall be paid to Borrower. i If the Propcrty is abandened by Borrawtr, or if, af[er notice by L.ender to Borrawer that the condemnor o(fers to make an award or settle a ctaim (or damagu, E1,ORIDA•Singk Familily-Fl1~/FHL~1C L~IFOR.'~t 1~S'CRUNE~T a~OK s~4 PACE ~;4~~ . .~r a~ a~.~ - ~ - -