EFTA00794332.pdf

CFN # 111210905, OR BK 49360 Page 1322, Page 1 of 13, Recorded 12/26/2012 at 03:32 PM, Broward County Commission, Doc M: $1452.50 Int. Tax $830.00 Deputy Clerk 3075 V After Recording Return Tor CAPITAL BANK, NA 12195 METRO PARKWAY 112 PT. MYERS, PI. 33966 This instrument was prepared by: CAPITAL BASK, 11.A. 12195 METRO PARKWAI, 12 PT. laza/3, Pt 33966 LOAN I, 74512007564 ISpaoo Above Inn, Lino for Roc ding Dstel MORTGAGE DEF1NMONS Words used in multiple sections of this document are defined below and other words arsdefined in Sections 3, 11. 13, 18, 20 end 21. Certain rules regarding the usage O1 words used in this document are also provided in Section 18. (A) 'Security Inatrurrianta means this document which is dated DECIDOIRR 19, 2012, together with all Riders to this document. (B)"Bonsmeersis BRADLEY EDWARDS AID TERESA EDWARDS, HUSBAND AND WIFE. Borrower is the mortgagor under this Security Instrument. (C)"Lesioels CAPITAL BANE, NA. Lender is a BANKING CORPORATION, organized and existing under the laws of FLORIDA. Lender's address Is 12195 Nemo PARKWAY 12, PT. MYRRH, FL 33966. Lender is the mortgagee under this Security Instrument. (0) 'NoSe" means the promissory note signed by Borrower and dated DICCIMBIR 19, 2012. The Note states that Borrower owes Lender FOUR HUNDRED FIFTEEN THOUSAND AID 10/100 Dollars (U.S. 5415,000.00 plus interest Borrower has promised to pay this debt in regular Periodic Payments and to pay the debt in full not later than JANUARY 1, 2043. (E) 'Property" means the property that is described below under the heading 'Transfer of Rights in the Property.' (F) "Loan' means the debt evidenced by the Note, plus interest, any prepayment charges and late charges due under the Note, and all sums due under rots Security Instrument plus interest. FLORIDA-Sings Family-Fannie M safroddk. Mee uMpOtim iwayRumety Rom tow 1/01 Initials, % Onin• Docvmonts, Inc Page 1 of 9 FLUXED 1102 EFTA00794332 CFN # 111210905, OR BK 49360 PG 1323, Page 2 of 13 Uwe ii 74512007564 (G) "Riders" means all Riders to this Security Instrument that are executed by Bp-rower. The following Riders are to be executed by Borrower (cheek box as applicable): Adjustable Rate Rider rCondominium Rider 1i- 3Second Home Rider Cl Balloon Rider = Planned Unit Development Rder COther(s) (specify) '-1 14 Family Rider =Biweekly Payment Rider V.A. Rider (H) "Amileable Law" means all contrcaing applicable federal, state and local statutes. regulations. ordinances and administrative rules and orders (that have the effect of law) as well as all appicable Anal, non-appealable judicial opinsans. (I) "Community Association Dues Fees, and Asessaments" means all dues. fees. assessments and other charges that are imposed on Borrower or the Property bye condominium association, homeowners association or similar organization. (J) "Electronic Funds Transfer" means any transfer of funds, other than a transaction originated by check, draft, or similar paper Instrument, which is initiated through an electronic terminal, telephonic Instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such tens includes, but S not limited to. pointotsaki transfers, automated teller machine transactions. transfers initiated by telephone, wire transfers, and automated clearinghouse transfers. (K) "Escrow Items" means those items that are described in Section 3. (L) "Mlecollamous Proceeds" means any compensation, settlement, award of damages, or proceeds paid by any third party (other than insurance proceeds paid under the Coverages descnbed in Section 5) for (I) damage to. or destruction of, the Property; (ii) condemnation or other taking of all or any part of the Property; (N) conveyance in lieu of condemnation; or (iv) misrepresentations of, or omissions as to, the value and/or condition of the Property. (18)"Mortgage Insurance" means insurance protecting Lender against the nonpayment of, or default on, the Loan. (N) "Periodic Payment" means the regularly scheduled amount duo for (i) principal and Interest under the Note, plus (ii) any amounts under Section 3 of this Security Instrument. (0) "RESPA' means the Real Estate Settlement Procedures Act (12 U.S.C. 32601 et seq.) and its implementing regulation. Regulation X (24 C.F.R. Part 3500), as they might be amended from time to time. or any additional or successor legislation or regulation that governs the same subject matter. M used in this Security Instrument. "RESPA" refers to all requirements and restrictions that are imposed in regard to a "federally related mortgage loan' even if the Loan does not qualrfy as a 'federally related mortgage loan' under RESPA. (P) "Successor In Interest of Borrower means any party that has taken title to the Property, whether or not that party has assumed Borrower's obligabons under the Note and/or this Security Instrument. TRANSFER OF RIGHTS IN THE PROPERTY This Security Instrumentsecures to Lender: (lithe repayment of the Loan, and all renewals, extensions and modifications of the Note; and (ii) the performance of Borrower's covenants and agreements under this Security Instrument and the Note. For this purpose, Borrower does hereby mortgage. grant and convoy to Lender, the following described property located in the MITT [Typo ca Recording Julitattionl of Broward Nana, of Rooming Asiadlakor BIZ LEGAL ossc*IPTIOB ATTACTIZD HERETO AID MAD! A PART HEREOF AS BIBIBIT Tax ID di 504119010188 which currently has the address of 10141 SW 40 St. , Davie, Scowl [Cel l Florida 33328 (Property Address'). in Code; TOGETHER WITH all the improvements now or hereafter erected on the property, and all easements. appurte. minces, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Security Instrument. All of the foregoing is referred to in this Security Instrument as the Property.' BORROWER COVENANTS that Borrower is lawfully seised of the estate hereby conveyed and has the right to mortgage. grant and convey the Property and that the Property is unencumbered. except for encumbrances of record. Borrower warrants and wiN defend generally the title to the Property against all claims and demands. subject to any encumbrances of record. THIS SECURITY INSTRUMENT combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. FlORIDa-Snglo FarrarFanel• Matfreall., Mat UNWORN INSTRUMENT Oran* Doo,monta Ina Page 2 of 9 Penn solo 1,01 Initials, ,6e- FluDEE0 nos EFTA00794333 CFN # 111210905, OR BK 49360 PG 1324, Page 3 of 13 EXHIBIT "A" The West 146 feet of the East 796 feet of that part of Block 4, of MARTHA BRIGHT FARMS, according to the plat thereof, as recorded in Plat Book 15, Page 16, of the Public Records of Broward County, Florida, lying South of the 50 foot canal reservations, less the South 2119 feet thereof. also known as Lot 58 of ROYAL PALM ESTATES (UNRECORDED) EFTA00794334 CFN # 111210905, OR BK 49360 PG 1325, Page 4 of 13 LOAN I1 74512007564 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges. Borrower shall pay when due the principal of. and interest on, the debt evidenced by the Note and any prepayment charges and late charges due under the Note. Borrower shall also pay funds for Escrow Items pursuant to Section 3. Payments due under the Note and this Security Instrument shal be made in U.S. currency. However. if any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lander unpaid, lender may require that any orals subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash: (b) money order: (c) certified check, bank check, treasurer's cheek or cashier's check, provided any such check is drawn upon an institution whose deposits are insured by a federal agency. Instrumentality, or entity: or (d) Electronic Funds Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notI e provisions In Section 15. Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current. Lender may accept any payment or partial payment insufficient to bring the Loan current. without waiver of any rights hereunder or prejudice to Its rights to refuse such payment or partial payments in the future, but Lender Is not obligated to apply such payments at the time such payments are accepted. If each Periodic Payment is applied as of its scheduled due date. then Lender need not pay interest on unveiled funds. Lender may hold such unapphed funds until Borrower makes payment to bring the Loan current. If Borrower does not do so within a reasonable period of time, Lender shall either apply such funds or return them to Borrower. If not applied earlier, such funds will be applied to the outstanding principal balance under the Note immediately prior to foreclosure. No offset or claim which Borrower might have now or in the future against Lender shall relieve Borrower from making payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument. 2. Application of Payments or Proceeds Except as otherwise deserted in this Section 2, all payments accepted and applied by Lender shall be applied in the }okaying order of priority: (a) interest due under the Note; (b) principal due under the Note; (c) amounts due under Section 3. Such payments shall be applied to each Periodic Payment In the order in which it became due. Any remaining amounts shall be applied first tolate charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. If Lender receives a payment from Borrower for a delinquent Periodic Payment which includes a sufficient amount to pay any late charge due, the payment may be applied to the delinquent payment and the late charge. h more than one Periodic Payment is outstanding. Lender may apply any payment received from Borrower to the repayment of the Periodic Payments if, and to the extent that, each payment can be paid in full. To the extent that any excess exists after the payment is applied to the full payment of one or more Periodic Payments, such excess may be applied to any late charges due. Voluntary prepayments shall be applied test to any prepayment charges and then as described in the Note. Any application of payments, insurance proceeds, or Miscelaneous Proceeds to principal due under the Note shal not extend or poetpone the due date, or change the amount, of the Periodic Payments. 3. Funds for Escrow Items, Borrower shal pay to Lender on the day Periodic Payments are due under the Note, until the Note is paid in full, a sum (the 'Funds" to provide for payment of amounts due for: (a) taxes and assessments and other items which can attain priority over this Security instrument as a lien or encumbrance on the Property: (b) leasehold payments or ground rents on the Property, If any: (e) premiums for any and all Insurance required by Lender under Section 5: and (d) Mortgage Insurance premiums, if any, or any sums payable by Borrower to Lender in lieu of the payment of Mortgage Insurance premiums in accordance with the provisions of Section 10. These items are called 'Escrow Items.' At origination or at any time during thetermof the Loan, Lender may require that Community Association Dues. Fees, and Assessments, If any, be escrowed by Borrower, and such duos, fees and assessments shall be an Escrow Item. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this Section. Borrower shall pay Lender the Funds for Escrow Items unless Lander waives Borrower's obligation to pay the Funds for any or all Escrow Items. Lender may waive Borrower's obligation to payto Lender Funds for any or all Escrow Items at any time. Any such waiver may only be in writing. In the event of such waiver, Borrower shall pay directly, when and where payable. the amounts due for any Escrow Items for which payment of Funds has been waived by Lender and. if Lender requires, shall furnish to Lender receipts evidencing such payment within such time period as Lender may require. Borrower's obligation to make such payments and to provide receipts shall for all purposes be deemed to be a covenant and agreement contained in this Security Instrument, as the phrase 'covenant and agreement' is used in Section 9. If Borrower e obligated to pay Escrow Items directly, pursuant to a waiver, and Borrower tails to pay the amount due for an Escrow Item. Lender may exercise its rights under Section 9 and pay such amount and Borrower shall then be obligated under Section 9 to repay to Lender any such amount. Lender may revoke the waiver as to any or all Escrow Items at any time by a notice given in accordance with Section 15 and. upon such revocation. Borrower shall pay to Lender all Funds, and in such amounts, that are then required under this Section 3. Lender may, at any time. collect and hold Funds in an amount (a) sufficient to permit Lender to apply the Funds at the time specified under RESPA, and (b) not toexceed the maximum amount a lender can require under RESPA. Lender shall estimate the amount of Funds due on the basis of current data and reasonableestimates of expenditures of future Escrow Items or otherwise in accordance with Applicable Law. The Funds shall be held in an institution whose deposits are insured by a federal agency. instrumentality, or entity (Encluding Lender, if Lender is an institution whose deposits we so insured) or in any Federal Home Loan Bank. Lander shall apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lander shall not charge Borrower for holding and applying the Funds, annually analyzing the escrow account or verifying the Escrow !terns, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless an agreement is made in writing or Applicable Law requires interest to be paid on the Funds. Lander shall not be requred to pay Borrower any interest or earnings on the Funds. Borrower and Lender can agree in writing, however, that interest shall be paid on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds as required by RESPA PLORIDA-Sngl• Fainly-FsAnle Matfre001* Mac UNIFORM INSTRUMENT Form 3010 1.01 z(;.( Page ,( 11 °nine Dccurnerrta. Inc. 3 of 9 FLUDEE0 1102 EFTA00794335 CFN # 111210905, OR BK 49360 PG 1326, Page 5 of 13 LODZ Ii 74512007564 If there is a surplus of Funds held in escrow, as defined under RESPA, Lender shall account to Borrower for the excess funds in accordance wit RESPA. If there 4 a shortage of Funds held in escrow. as defined under RESPA. Lender shal notify Borrower as required by RESPA., and Borrower shall pay to Lender the amount necessary to make up the shortage in accordancewith RESPA, but in nomorethan 12 monthly payrnents.ff Menai. &deficiency of Funds held in escrow, as defined under RESPA. Lender shall notify Borrower as required by RESPA, and Borrower Mal pay to Lender the amount necessary to make up the deficiency in accordance with RESPA, but in no more than 12 monthly payments. Upon payment in lull of all sums secured by this Security Instrument, Lender shall promptly refund to Borrower any Funds held by Lander. 4. Charges; Liana. Borrower shall pay all taxes, assessments, charges. fines. and impositions attributable to the Property which can attain priority over this Security Instrument. leasehold payments or ground rents on the Property. tally, end CommunityAssociation Dues, Fees, and Assessments, it any. Totheextentthatthese items are Escrow Items, Borrower shall pay them in the manner provided in Section 3. Borrower shall promptly discharge any lien which has priority over this Secunty Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender, but only solong as Borrower is performing such agreement; (b) contests the lien in good faith by, or defends against enforcement of the hen in, legal proceedings which in Lander's opinion operate to prevent the enforcement of the lien while those proceedings are pending, but only until such proceedings are concluded; or (c) secures from the holder of the ben an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If Lender determines that any part of the Property is subject to a lien which can attain priority over this Security Instrument, Lander may give Borrower a notice identifying the lien. Within 10 days of the date on which that notice is given. Borrower shall satisfy the lien or take one or more of the actions set forth above in this Section 4. Lender may require Borrower to pay a one-time charge for a real estate tax verification and/or reporting service used by Lender in connection with this Loan. 6. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by the, hazards included within the term 'extended coverage; and any other hazards including, but not limited to, earthquakes and floods. for which Lender requires insurance. This insurance shall be maittained in the amounts (including deductible keels) end for the periods that Lender requires. What Lender requires pursuant to the preceding sentences can change during the term of the Loan. The insurance carrier providing the insurance shall be chosen by Borrower subject to Lender's right to disapprove Borrower's choice, which right shall not be exercised unreasonably. Lender may require Borrower to pay, in connection with this Loan, either: (a) a onetime charge for flood zone determination, certification and tracking services; or (b) a onetime charge for flood zone determination and certification services and subsequentcharges each time remappings or similar changes occur which reasonably might affect such determination or certification. Borrower shall also be responsible for the payment of any fees imposed by the Federal Emergency Management Agency in connection with the review of any flood zone determination resulting from an objection by Borrower. II Borrower fails to maintain any of the coverages descnbed above. Lender may obtain insurance coverage, at Lender's option and Borrower's expense. Lender is under no obligation to purchase any particular type or amount of coverage. Therefore, such coverage shall cover Lender, but might or might not protect Borrower. Borrower's equity in the Property, or the contents of the Property, against any risk, hazard or liablity and might provide greater or lesser coverage than was previously in effect. Borrower acknowledges that the cost of the insurance coverage so obtained might significantly exceed the cost of insurance that Borrower could have obtained. Any amounts disbursed by Lender under this Section 5 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall bear interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. All insurance policies required by Lender and renewals of such poicies shall be subject to Lender's right to disapprove such policies, shall include a standard mortgage clause, and shall name Lender as mortgagee and/or as an adchtronal loss payee. Lender shall have the right to hold the policies and renewal certificates. If Lender requires. Borrower shall promptly give to Lender all receipts of paid premiums and renewal notices. It Borrower obtains any form of insurance coverage, not otherwise required by Lender, for damage to, or destruction of, the Property. such policy shall include a standard mortgage clause and shall name Lender as mortgagee and/or as an additional loss payee. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, any insurance proceeds, whether or not the underlying insurance was required by Lender. shal be applied to restoration or repair of the Property, if therestoration or repair is economically feasible and Lender's security is not lessened. During such repair and restoration period, Lender shall havethe right to hold such insurance proceeds until Lender has had an opportunity to inspect such Property to ensure the work has been completed to Lender's satisfaction, provided that such inspection shal be undertaken promptly. Lander may disburse proceeds for the repairs and restoration in a single payment or in a series of progress payments as the work is completed. Unless an agreement is made in writing or Applicable Law requires interest to be paid on such insurance proceeds, Lender shall not be requred to pay Borrower any interest or earnings on such proceeds. Fees for public adjusters, or other third parties, retained by Borrower shall not be paid out of the insurance proceeds and shall be the sole obligation of Borrower. If the restoration or repair is not economically feasible or Dander's security would be lessened, the insurance proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. Such insurance proceeds shall be applied in the order provided for in Section 2. It Borrower abandons the Property, Lander may lee, negotiate and settle any available insurance claim and related matters. it Borrower does not respond within 90 days to a notice from Lender that the insurance carrier has offered to settle a claim, then Lender may negotiate and settle the claim. The 30-day period wit begin when the notice is given. In either event, or if Lander acquires the Property under Section 22 or otherwise, Borrower hereby assigns to Lander FLORIDA-Smgl•Farney-Fincle MeoFroddlo Pin UNIFORM OWN WENT Orin• Dccurno-ts. Inc Page 4 of 9 Form 30101/01 Initialat FLUDEED 1102 fie EFTA00794336 CFN # 111210905, OR BK 49360 PG 1327, Page 6 of 13 LOPS I: 74512007544 (a) Borrower's rights to any Insurance proceeds in an amount not to exceed the amounts unpaid under the Note or this Security Instrument, end (b) any other of Borrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under al Insurance policies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may use the insurance proceeds either to repair or restore the Property or to pay amounts unpaid under the Note or this Security Instrument, whether or not then due. 6. Occupancy. Borrower shell occupy, establish, and use the Property as Borrower's principal residence within 60 days alter the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld. Of unless extenuating circumstances exist which are beyond Borrower's control. 7. Preaervetion, Maintenance and Protection of the Property; Inspections. Borrower shell not destroy. damage or impair the Property, allow the L.:piety to deteriorate or commit waste on the Properly. Whither or not Borrower is residing in the Property. Borrower shall maintain the Property in order to prevent the Property from deterioration or decreasing in value due to its condition. Unless It is determined pursuant to Section 5 that repair or restoration le not economically feasible. Borrower shall promptly repair the Property N damaged to avoid hither deterioration or damage. If insurance or condemnation proceeds are paid in connection with damage to. or the taking of, the Property, Borrower shall be responsible for repairing or restoring the Property only if Lender has released proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration In a single payment or in a series of progress payments as the work is completed. if the insurance or condemnation proceeds are not sufficient to repair or restore the Property, Borrower is not relieved of Borrower's obligatMn for the completion of such repair or restoration. Lender or its agent may make reasonable entries upon and inspections of the Property. tit has reasonable cause. Lender may inspect the interior of the improvements on the Property. Lender shall give Borrower notice at the tirne of or prior to such an interior inspection specifying such reasonable cause. B. Borrower's Loan Application. Borrower shall be in default If, during the Loan application process. Borrower or any persons or entitles acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to Lender (orfailed to provide Lender with material information) in connection with the Loan. Matenal representations include, but are not limited to. representations concerning Borrower's occupancy of the Property as Borrower's principal residence. 9. Protection of Lender's Interest in the Property and Rights Under this Security Instrument. fl (a) Borrower fails to perform the covenants and agreements contained In this Security Instrument, (b) there is a legal proceeding that might significantly affect Lender's interest in the Property and/or rights under this Security Instrument (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture. for enforcement of a lien which may attain prionty over this Security Instrument or to enforce laws or regulations), or (c) Borrower has abandoned the Property, then tender may do and pay for whatever is reasonable or appropriate to protect Lender's interest in the Property and rights under this Security instrument, including protecting and/or assessing the value of the Property, and securing and/or repairing the Property. Lender's actions can include, but are not limited to: (a) paying any sums secured by a lien which has priority over this Security instrument; (b) appearing in court: and (c) paying reasonable attorneys' lees to protect Its Interest in the Property and/or rights under this Security instrument, including its secured position in a bankruptcy proceeding. Securing the Property includes. but is not limited to, entering the Properly to make repairs, change locks, replace or board up doors and windows, drain water from pipes, eliminate building or other code violations or dangerous conditions, and have utilities turned on or off. Although Lender may take action under the Section 9, Lender does not have to do so and is not under any duty or obligation to do so. It is agreed that Lender incurs no liability for not taking any or all actions authorized under this Section 9. Any amounts disbursed by Lender under this Section 9 shall become additional debt of Borrower secured by this Security Instrument. These amounts shall beer interest at the Note rate from the date of disbursement and shall be payable, with such interest, upon notice from Lender to Borrower requesting payment. It this Security instrument is on a leasehold, Borrower shall comply with all the provisions of the lease. Borrower shall not surrender the leasehold estate and interests herein convoyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender, Whir or emend the ground Nese. If Borrower acquires fee title to the Property, the leasehold and the tee title shall not merge unless Lender agrees to the merger in writing. 10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Loan, Borrower shall pay the premiums required to maintain the Mortgage Insurance in effect. It for any reason, the Mortgage Insurance coverage required by Lander ceases to be available from the mortgage insurer that previously provided such insurance and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously in effect, at a cost substantially equivalent to the cost to Borrower of the Mortgage Insurance previously in effect, from an alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available, Borrower shall continue to pay to Lender the amount of the separately designated payments that were due when the insurance coverage ceased to be in effect. Lender will accept, use and retain these payments as a non- refundable loss reserve in lieu of Mortgage Insurance. Such loss reserve shall be nonrefundable, notwithstanding the fact that the Loan is ultimately paid in full, and Lender shall not be requited to pay Borrower any interest or earnings on such loss reserve. Lender can no longer require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires) provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated payments toward the premiums for Mortgage Insurance. if Lender required Mortgage Insurance as a condition of making the Loan end Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance, Borrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non-refundable loss reserve, until Lender's requirement for Mortgage Insurance ends in accordancewith any written agreement between Borrower and Lender pending for such termination FLORIDA-Singl• Fan3N-Fervid MaTteddl• Mm UNIFORM INSTRUMENT Rum sole 1,01 InitialstO ge_ Onksi Document. In Page 5 of 9 FLUCEED 1102 EFTA00794337 CFN # 111210905, OR BK 49360 PG 1328, Page 7 of 13 LOAN II 1451200156a or until termination is required by Applicable Law. Nothing in this Section 10 affects Borrower's obligation to pay interest at the rate provided In the Note. Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if Borrower does not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance. Mortgage insurers evaluate their total risk on all such insurance in force from time to time, and may enter into agreements with other parties that share or modify their risk, or reduce losses. These agreements are on terms and conditions that are satisfactory to the mortgage insurer and the other party (or parties) to these agreements. These agreements may require the mortgage Insurer to make payments using any source of funds that the mortgage insurer may have available (which may Include funds obtained from Mortgage Insurance premiums). As a result of these agreements, Lender, any purchaser of the Note, another insurer, any reinsurer, any other entity. or any affiliate of any of the foregoing, may receive (dived), or indirectly) amounts that derive from (or might be characterized as) a portion of Borrower's payments for Mortgage Insurance, in exchange for sharing or modifying the mortgage insurer's risk, or reducing losses. If such agreement provides that an affiliate of Lender takes a share of the insurer's risk in exchange for a share of the premiums paid to the insurer. the arrangement is often termed 'captive reinsurance.' Further: (a) Any such agreements will not affect the amounts that Borrower has agreed to pay for Mortgage Insurance, or any other terms of the Loan. Such agre•ments will not Increase the amount Borrower will owe for Mortgage Insurance, and they will not entitle Borrower to any refund. (b) Any such agreements will not affect the rights Borrower has - If any - with respect to the Mortgage Insurance under the Homeowners Protection Act of 1998 or any other law. These rights may Include the right to receive certain disclosures, to request and obtain cancellation of the Mortgage Insurance, to have the Mortgage Insurance terminated automatically, and;or to receive • refund of any Mortgage Insurance premiums that were unearned at the time of such cancellation or termination. 11. Assignment of Miscellaneous Proceeds; Forfeiture. All Miscellaneous Proceeds are hereby assigned to and shall be paid to Lender. If the Properly is damaged, such Miscellaneous Proceeds shall be applied to restoration or repair of the Flu/sig. if the restoration orrepair b economically feasibleand Lender's security is not lessened. During such repair and restoration period. Lender she'havetherigM to hold such Miscellaneous Proceeds until Lender hashed en opportunity to inspect such Property to ensurethework has been completed toLander's satisfaction, provided that suet, inspection shall be undertaken promptly. Lender may pay for the repairs and restoration in a single disbursement or is a series of progress payments as the work is completed. Unless an agreement is made in willing or Applicable law requires Interest to be paid on such Miscelaneous Proceeds, Lander stud not be required to pay Borrower any interest or earnings on such Miscellaneous Proceeds. If the restoration or repair is not economicaly losable or Lander's security would be lessened, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due. with the excess. if any. paid to Borrower. Such Miscelaneous Proceeds shall be applied in the order provided for in Section 2. In the event of a total taking, destruction, or loss in value of the Properly, the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, with the excess, if any, paid to Borrower. In the event of a partial taking. destruction. or loss in value of the Propertyinwhich the fair market value of the Properly immediately before the partial taking. destruction, or loss in value is equal to or greater than the amount of the sums secured by this Security Instrument immediately before the partial taking. destruction, or loss in value, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the Miscellaneous Proceeds multiplied bythefollowing fraction: (a) the total amount of the sums secured immediately before the partial taking, destruction, or loss in value divided by (b) the fair market value of the Property immediately before the partial taking, destruction, or loss in value. My balance shall be paid to Borrower. In the event of a partial taking. destruction, or loss In value of the Property in which the fair market value of the Property immediately before the partial taking, destruction, or loss in value is less than the amount of the sums secured immediately before the partial taking. destruction, or loss in value, unless Borrower and Lender otherwise agree in witting. the Miscellaneous Proceeds shall be applied to the sums secured by this Security Instrument whether or not the sums are then due. lithe Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the Opposing Party (as defined in the next sentence) offers tomake an award toeing° a daimfor damages. Borrower fails to respond to Lender within 30days after the date the notice is given, Lender is authorized to collect and apply the Miscellaneous Proceeds either to restoration or repair of the Property or to the sums secured by this Secunty Instrument, whether or not then due. "Opposing Party* means the third party that owes Borrower Miscellaneous Proceeds or the party against whom Borrower has a right of action in regard to Miscellaneous Proceeds. Borrower shall be in defaultif any action or proceeding, whether civil or criminal. is begun that, in Lender's Judgment, could result in forfeiture of the Properly or other material impairment of Lander's interest in the Property or rights under this Security Instrument. Borrower can cure such a default end. It acceleration has occurred, reinstate as provided in Section 19. by causing the action or proceeding to be dismissed with a ruling that. In Lender's judgment. precludes forfeiture of the Property or other material impairment of Lender's interest in the Property or rights under this Security Instrument. The proceeds of any award or claim for damages that are attributable to the impairment of Lender's interest in the Property are hereby assigned and shall be paid to Lender. All Miscellaneous Proceeds that are not applied to restoration or repair of the Property shall be applied in the order provided for in Section 2. 12. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to Borrower or any Successor in Interest of Borrower shall not operate to release the liability of Borrower of any Successors in Interest of Borrower. Lender shall not be required to commence proceedings against any Successor in Interest of Borrower or 10 FLORIDA—$Ingle FiliTi 14/ —Fannko MsEFrefal• Mac UNIFORM INSTRUMENT On rte Doeunwa Mc Page 6 of 9 Form 3010 1)01 Initials, FUMED 1102 Sol e t e c EFTA00794338 CFN # 111210905, OR BK 49360 PG 1329, Page 8 of 13 LOSS Ili 74512007564 refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument by reason of any demand made by the original Borrower or