HomeMy WebLinkAbout08708. la~pectioa. I.ender may make or cauee w be made reasone~le entries upon and inepectio~s of the pmperty, provided that l.endershall
give Borrower notice prior to any such inepection apecitying oeaeona~le cauae therefor releted to l.ender's intereat in the Property.
9. Coademnatioa. 7~e proceeds of any award or claim for damages, direct or consequential, in rnnnection with any oonddanation or
other taking of the pmperty, os part thereot, or tor conveyance in lieu of condemnation, are hereby aseigned and shall be paid ~o I.ender.
In the event of a total taking of the Property, the proceeds shal) be applied to the aums aecured by this Mortgage, with the exoeas. if any,
paid to Borrower. In the eve~t of a partial taking of the Property, unleea Bor~ower and I.et-der otherwiee agree in writing, there ehal! be
npplied to the aume eecured by thia Mottgage auch proportion of the proceeds as is equal b that pmportion which the amount of the sums
secured by this Mortgage immediately prior to the date of taking beare to the fairmarket value of the Property immediately prior to the date of
taking, with the balance of the proceeda paid to Borrower.
If the Property is abandoned by Bortower, or if, aRer notice by l.ender to Borrower that the oondemnor ofters to make an award or settle a
~~laim for damages, Borrower tails to reapond to l.ender withirt 30 days after the date euch notioe is mailed. Lender ie authorized to collect and
apply the procecde, at L.ender e option, either to reetoration or repair of the pmperty or to the eums eecured by thia Mortgage.
Unleas Lender and Borrower otherwiee a~ree in writing, any euch apptication of ptoceeds to principal ehall not extend or postpone the due
date of the monthly inetallments referred to irt paragraphe 1 and 2 hereof or change the amount of euch inatallments. ~
] 0. Borrower I~iut Released. Eitenaion of the time fot paymant or modification of amortization of the eums eecund by this Mortgage
~ranted by I~ende~ to any succesaor in intereat of F3orrower aha11 not operate to releaee, in any manner, the liability of the original Borrower
.~nd liorrower's suci~esaora in interest. I.ender shall not be required to commence proceedinQS againat such eucceasor or refuse to extend time
tur payment or othervvise modify amortization o[ the sums aecured 6y this MoRgage by reason of any demand madr by the original Borrower
:tnd E~troa er a fniccraxots in interest.
1 l_ Forbearance by I.ender Not a Waiver. Anv forbearance by Lender in exerciaing any right or remedy hereunder. or_otherwiee
afforded by applicable iaw, shall not be a waiver of or preclude the exerciee of any auch right or remedy. The pmcurement of inaurance or the
payment of taxe~ or other liens or chargea by [.ender ehalt not be a waiver of I.ender'e right to accelerate the maturity of t?~e indebtedness
secured by this Mortgage.
12. Remedies Cumulative. All remediea provided in this Mortgege are diatinct and cumulative to any other right or remedy under thia
:1lortc•age or afforded by law or equity, and may be exerciecwi concurrendy, independently or eucceeaively.
13. Suecessore and Aeeigne Bouhd; Joint and Several Liability; Captione.l'he covenanta and agreemente herein oontained ahall
bind, und the righte hereunder ahall inure to, the respective auci.~eeeots and sasigna of l.ender and Bormwer, subject to the proviaions of
parag~aph i? hereof. All covenants and agreementa of Borrower shall be joint and eeveral. The captions and headinge of the paragraphs of
this Mortgage are for covenience onty and are not to be used to interpret or define the proviaione hereof.
!4. Notice. F.xcepl for any notice required under applicable law to be given in pnother manner, (a) any notice to I3orrowetprovided for in
this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Addreas or at euch other addreea as
Rorrower mey designate by notice to [.ender as provided herein, and (b1 any notice to [.ender shall be given by certified mail, return receipt
rryueated, to I.ender'a addreas gtated herein or to such other addreas as Lender may drsignate by notice to Borrower as ptovided hereen. My
riotice provided for in this Mort~age sha11 be deemed W have been given to Borrower or l.ender when given in the manner designated herein.
15. Uniform Mortgage; Governing Law; Severability. 7'hia form of mortgagecombinea uniform covenants for national useand non-
uniform covenants with limited variations by juriadiction to constitute a uniform eecurity inetn~ment cuvering real property. Thia Mortgage
shsll be governed by the law of the jurisdiction in which the Property is located. In the event !ha! any proviRion orclause of 1hiB Mortgage or
thr Note conflicts with applicablp law, such conflict shall not affect other proviaions of thia bturtgaqe or the Note which can be given effect
w•ithout the conflicting pmvision, and to this end the provisiona of the Mortgaqe and the Note are declared to be severable.
16. Borrower'8 (,'bpy. Borrower shap be furniahed a conformed rnpy o! the Note at~d of this :Hortgage at the time of execution or after
recoc+dation hereof.
17_ Transfer of the Property; Asaumption. If all or any part of the Property or an intereat therein ia sold or tranaferred by Borrower
without Lendei a prior written consent, excludinq (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the crestion of a
pumhase money security intereat for househoid appliances, (c) a transfer by deviae, d~soent or by operation of law apon the death of a joint
tenant or (d) the grant of any leasehold interest of three years or less not rnntaining an option to purchase, I.ender may, at I.ender s option,
declare all the aums secured by this Mortgage to be immediately due and payable. I.ender shall have waived such option to accelerate if. prior
c~~ the sale or transfer, I.ender and the person to whom the Property ia to be sold or traneferred reach agreement in writing that the credit ofauch
person is satisfactory to Lender and that the interest payable on the suma secured by this Mortgage shall be at such rate as I,ender ehall
rc~uest_ If I,ender has waived the option to accelerate provided in this paragraph 17, and if Borrower'a successor in interest has executed a
~+•ritten asaumption agreement accepted in writinK by I.ender, l.endershall releasel3otrowerfrom ailobligationaunderthiaMortgaqeandthe
\ ~ ite_
If I.ender exercises such option to acmlerate, l,ender shall mail Borrower notice of acceleration in accordance with paraqraph 14 hereof.
~uch notice shall provide a period of not less than :i(~ days from thedate the notice is mailed within which Borrower may pay the sums declared
~iue. If Borrower fails to pay such sums prior to the expiration of such period, l.ender may, without further notice er demand on Eforrower,
~nvake any remediea permitted by paraRraoh tR hereof.
17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been
procured by Lender pursuant to Loan Agreement between H4USING FINANGE AUTNORITY OF S7.
LUCIE COUNTY, Florida, and Lender, the interest of the Nousing Finance Authority of St.
Lucie County, Florida, in said Agreement having been assigned to FLORIDA NA7IONAL BANK OF
FSIAMI, Florida, as Trustee under a trust indenture from said Housing Finance Authority of
St. Lucie County, Florida. Under the terms of said Loan Agreement which expires at such
time as all the Bonds shall have been fully paid or provision made for such payment pursu-
ant to the Indenture, whichever shall be earlier, certain loan guidelines are imposed upon
Lender which must be adhered ta by Lender and Borrower, any default in which by Borrower
shail automatically accelerate all remaining unpaid installments r~rnaining due under the'
promissory note secured hereby. A copy of the Loan Agreement is on file with Lender,
Housing Finance Authority of St. Lucie County, Florida, and Florida National Bank of Miami,
available for examination by any party during legal business hours of each business day.
Among other things, the loan guidelines in said agreement provide as follows:
"Mortgage loans, with the exception of FHA-insured or VA-guaranteed rnortgage
loans, may not be assumed except by a person or family which would have been
eligible for a mortgage_loan originally under these guidelines for a term not
to exceed the term of this agreement. The interest rate on the mortgage loan
may be increased in the event of such an assumption, but only after the agree-
ment has terminated. In the event a mortgage loan is assumed, lender may not
charge or impose an assumption fee in excess of one percent of the outstanding
principal amount of the mortgage loan."
If any part or parts of this Covenant 17-A is in confiict with any part or parts of Covenant
~7, supra, the terms of this Covenant 17-A shall prevail.
~~K 347 ~~~E S67
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