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HomeMy WebLinkAbout2414 ~ . 1 13orrawec fails to rcspond to L.en~er within 30 days a[ter the date the noticc is grven, Lender is authorizcd to col~ect and apply thc procecds, e[ its opiion, cither to rrstoration or rcpair o[ the Property or to the sums sccvrcd by this Sccurity Instcument, wAether or not thcn due. Unless l.snder and Bormwer othervvise agne in writing, any applicatia? of proceedt to principal shall not extend or pastpone the due date o! the monthly payments nkrrcd to in paragraphs 1 and 2 or change the amount of such paymen~. 10. Borrower Not Rekaseik ForDearance B7 Lender Not a Wairer. Enension of the time for payment or modification of amoniza:ion of the sums securcd by this Security lnstrument granted by Lender to any succescor in interest o[ Borrawer shali not operate to rcleau the liability of the original Borrower or Borrawer's su:ccssors in interest. Lender shaU not be required to commence praccedings against any successor in interat or reCuse to extend tiroe for paymeat or othenvise modify amortuation o( the sums s:.cured by this Security lastrument by reason of any dcmand aude by t6e original Borrower or Borrower's successors in interest. My [ofiearance by Lender in exemising any right or remedy shall eos be a waiver of or preclude t6e exercise o! any rigl~t or remedy. 11. Successors aed Assi~ea Boa~ Joint and Sersral IJabifit~, Co-sipers. 'Ilu covenants and agcrements o[ thi~ Security lastrument ahall bind and benefit the succe.csors aad assigns ot Lender and 8orrower, suDject to the provisans of paragraph 17. Borrawe~s covenants and agrcemenu shall be joint and several. Any E3orrawer who co-sigat thic Security lnstrument but does not execute the Note: (a) is eo-eigning this Security lnstrument oely to mongage. grant and convey t6at E3o~rower's interest in the property under the terms of this Sccuriry Instrument; (b) is not persoeally obligated to pay the sums securcd by this Security Instrument and (c) agrces that Lend~r and any otder Borroaer may agree to txtend, cnodify, totOear or roake any accommodationt with regard to the termc ot this Serurity Instrument or thc hae without that Borrower's eonsent. 12. Loan Cdarges If the loan secured by this Securiry Instrumcnt is subject to a law which sets mazimum loan rharges, and that law is finally interprctcd so that ihe interest or other laan chargcs collected or to be collected im m~nection with the loan excetd t6e permitted limits, then: (a) any such loan charge sha0 be rcduced hy~ the amount necc.ssary to reduce the charge to the permitted limit; aed (b) any sums already collected from Borrvwer which exeteded pcrmittcd limits will be re[uoded to Borrower. l,ender may choose to mate this refund by ceducing the principal ow~ed uader the Note or by making a direct payment to Borrawtr. lf a refund reduces principal, the reduction will tx treated as a partial prepaymeet without any prepayment charge under tde Note. 13. i.egislatioa ANeeting [.ender's Rights. If enactment or expieation of applicable laws hac the effcet of rendering any prw~sion of the I~ote or this Sccuriry Instrument unenforceable aecording to its termt, Lender, at its aption, may require immediate payment in [ull of all sums secured by this Sccurity lnstrumcat and may inw{ce any remedies pertnittod bY paragraph 19. IE Lcnder exercists thit option, Lcnder shall talce the step6 speciC?ed ia the serond paragraph of paragraph 17. 14. Notices. Any notice to Borraw~er provided for in this Security Instiument shall be given by deGveriag it or by mailing it by Cust class mail unless applicable law rcquira use of another method. The notice shall be directed to the P~vperty Address or any other address Borrower designatu by notice to Lender. Any notice co Lender shall be givrn by first class mail to L.ende~s addrcss stated herein or any other address Leader designates by notice to BorcoRtr. My notice provided for in this Seturity lnstrument shall be dcemed to have been given to Borrawor or Lender when given as provided in this paragraph. j 15, GmY Law, Severabili 'Il~is Securi Instroment shall be rned b federal law and the law of the 'urisdiction in wfiich the Pro rt is located. In m~n8 ~F S~`"~ Y 1 P~ Y II the erint that any pro~ision or dause of this Security Instrument or the Note conilictis with applicabk law, suc6 eontlict shall not af[ect other provisions of this Security instrument or the Note which ran be given effect without the conflicting prwision. To this ead the pra~isions of this Suuriry Instrumcnt and the IVote arc declar~d tu be sevtrable. 16. Borrower's Copy. Sorrower shall be given one conformed copy of the Note and of this Securiry lastrument. 17. Transfer ot 1he Properfy or a BeneGeial Interest in Borro~wer. If a0 or any part of the Property or arsy interest in it is sold or transferrcd (or it a beneficial i nterut in Borrower is sold or trancfernd and Bortvwer is not a natural person) without Lenders prior written consent, Lender may, at its option, require immediate pa}mcnt in full of all sums secured by t6is Suurity Instrument. However, this option shall not be exercised by L.ender if exen~.u is prohibited by federal law as of ihe date of this Security lnstrument. i If Lender cxeniscs this option, Lender shall give Borrower noticY of acccleration. Tlx notice shall provide a pcriod of not less than 30 days from the date the j r.oticc is dclivcred or mailcd within which Borrowtr must pay all sums secured by this Security Instrument. If I3orrower [ails to pay these sums prior to the expiration i ~ Jf tI1lS PCIIOA, l,ender may inwke any rcmedies permitted by this Suurity Instrument without [uciher notice or demand cx~ Borrow-er. 1& Borrower's RigAt to Reinstata If Borrvwer meets certain conditio~ss, I3orcower shatl have the right to have cnforcement of this Sccurity Instrumcnt i ~iiuontinued at any time prior to the eariier of: (a) S days (or such other period as applirabk law may specify for reinstatement) beforc sak of the Property pursuant ~ co any power of sak contained in this Security Instrument; or (b) entry of a judgement enfocring this Securiry [nstrument. 'Ihose conditions are ihat Borrower. (a) 4 pays i.ender all sums wfiich then would be due under this Security Instrument and the Note had no accekration occurred; (b) cures any de[ault of any other ca~enants ~ o; agrcements; (c) pays all ezpeoxs incurnd in enforeing this Security Instrument, including, but not timited to, reasonabk att~rneys' tees; and (d) takes such action as Ifndcr may rcasonably require to assure that the licn o( this Security Iastrument, Lende~s rights in the Property and BorrowePs obligation to pay the sums secured I h~ this Security Instrument shall continue unchanged. Upon rcinstatement by Borruwet, this Security Instrumcnt and the oblig~tions securcd hereby shall remaio ~ fully effectnr as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of accelerateon under paragraphs 13 or t7. ~ ~ \ON-UMFORM COVENAI~II'S. Sorrower and Lender furthcr covenant and agree as [ollows: 19. Aceekration; Remedies. l,ender shall give notiee to Borrower prior to sccekrstioa tolbwing Borrower's breach ot any toverwnt or n~eemsnt in this Savrity 1 nstrumeat (but not prior to acakrstan nnder paragraphs 13 and 17 unkss applicabk law prorides otherwi.u). 'ilrc notice shall specifja (s) the detaul~ (b) the act'an ' required to care tde de[aul~ (c) a date, not kss thae 36 days hom the date the sotiee is givee to Borro~rer, Ay whic~ the detault most be eare~ aad (d) t~at tailare to curr the detault on or betore the date specified in the ~wtiee ~ay rosok ln aeeekrstbs ot tbe san~s secured by this Secority Iestrvexnt, foreebsore by jadicial prxeedi~ and sak of the Property. 'Ibe notice shall tarther inform Borrov?er ot t~e right to reiactate aRer sceekralae and the right to assert in the toralosarc prceeeding the nonexistenee ot s defaok or an~ Mher detense of Borrower to xcekration aad irrecbsura If the detauk is aot cared on or betore the datt specified in the notiee, Leader at its option auq rcquire iwnedi~fe paymeet iw fall ot all su~s secnred b~ this Sccuritr tastn+ment a.it6a~t t~riher demaad and may torecbse ~ this Security lastrumeat bJ judicial proceeding, Lender shaU be entitkd lo tollat all espenscs jncurred ia pursuing the rcmedies Qmvided in thls paragraph 19, including, but uot limited to, roasonabk attorneys' fees aad eosts o! titk eridenca ~ 20. Lender in Possess'an. Upon accNtration under paragraph 19 or abandonment of the Property, L,ender (by judicially appointed rcceiver) shall be cntided to en~er upon, take possession of and manage the Property and to collect the rcnu of the Property including those past due. Any renta collected hy Lender or the receiver shall be apptied first to payment of ihe costs of management of the Property and collection of rcnts, including, but not limited to, receive~s fees, premiums ~~n receive~s bonds and reasonable attorneys' fees, and then to the sums secured by this Sccurity Instrumcnt. ~ 21. Rekase. Upon paymeat of all sums secured by this Security Instrument, L,ender shall rekase this Security Instrument without charge to Borrower. I3orrower shall pay any rccordation cc,sts. ~ 22. Attorneys' Fees. As used in this Socurity Instrument and the Note, 'attomeys' fees' shall include any attorneys' fees awarded by an appcllate court. ~ 23. itiders to this Secnrit~ IsstromeM. If one or more ride~s arc cxecuted by Borroaver and Rcocd~d togcther with this Security Instrument, the covenaats and ~ agrcements of eac6 suc6 rider shall be incorporated into and shall amend and s:,pplemcnt the covenants and agrecmcnts of this Suurity lnstrumcnt as if the rider(s) ~ µerc a part of this Security Instrument. s ~ t ~ ~ ` flARIDA•Singk F,~mililyFtiNA/FHI..ti1C UtiiFORtit ItiSfRtiMEhT 674 ~ ~ eo K Pac~ 414 ~ rz ~ - - .~:~,.~.~r..~~^~ +"x' . - _ _ _ . .