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HomeMy WebLinkAbout23848. la~peclio~. Le~der may make ot cewe to be made reawnable e~-trie~ upo~ and in~pection~ otthe pmperty, pmvided that Lender ~hall give Horrower notice prior to any such irupectio~ specitying reusonabls cawe thenfor related to l.ender'~ intere~t in the Property. 9. CoademnstloA. 71ie pmc~ede o[eny award or claim for dams~es, direct or con~equential. i~ co~rtection with any oondemnatioa or other taki~ of the pmperty. or part thereof. or tor conveyat~ce in lieu of oondemnation. are hereby ewiga~d aad ~hall b~ paid to Lender. In tl~e event of a toeal takinQ of the Property, the proceeds ~hall be applied to the suau eecured by this Mortgage. w~ith the e:ces~. if any, paid to Borrower. In ths event of s partial taking of the Property. unless Borrower and Lender otherwi~e agree in writin~, there shall be applied to Ihe suau secured by this Mortgage such proportion of the pmceeda as iu equal to that pmportion which the amount of the suau secured by thia Mortgage immediately prior to the dab of taking bean to the fair market vatue of the Property immediately prior to thedate of taking, with the balanoa of the proceeds paid ~o Borrower. If the Property ia abandoned by Borrower, or if, after notioe by I.ender to Borrower that the oondemnor ofCers to make an award or setpe a claia- for deunages, Borrower fails b respond to Lender within 30 days after the date such notioe is meiled, Lendrr ie authorized b coUect and apply the proceeds. at I.endK's option. either to restoration or repair of the property or b the sums secured by this Mortgage. Unleea Lender and Borrower otherwise ageee in writing. any such appUcation of p~oceeds to prinripal shall not extend or poetpone the due date of the monthly initaUments ~e[erred fo i~ paragraphs 1 and 2 hereoi or change the amount of such inseallme~ts. 10. Borrower Not Releesed. E:lenaion of the time for paym:nt or modification of amortization of the aums secured by this Mortgage Kranted by I.ender to anyaucceesor in interest of Eiorrower ehall not operate b releaee, in any manner, the liability of the original Eiorrower and Borrower e succeasors in intereat_ Lender ehall ~ot be required to oommence procee.dinga against auch euccesaor or nfuae to e:tend time for payment or othe~wiae modify amor:ization of the eums aecured by this Mortgege by reaaon of any demand made by the original Borrower and E3orrowrr'a aur_~eaeorn in interest. I 1. Forbearaace by Lender Not u R-aiver. My forbearance by Lender in e:ercising any right or remedy hereunder, or otherwise aFfordeu by epplicable law, shall not be e waiver of or preclude the euerrise of any such right or remedy. The pracuremen! of insurance or the payment of la:ea or other liens v~cbarges by Lender shall not be a waiver of Lender s right to accelerate the meturity of the indebtedness secured by this Mortgage. ' ti.- 1'L Remedie~ Cumuletivs. All remedies provided in this Mortgage are diatinct and cumulative to any other right or remedy under this Mortrage or afforded by law or equity, and may be e:ercise~l rnncurnntly, independendy or eucceasively. 13. Succeesore and Assigna Bound; Joint aad 3everal I.lability; Caption~. The covenants and agreementa herein oontained shall bind, and the rights hereunder ehall inure to, the respective succeasore snd assigna ot Lender and Borrower, aubject to the pmvieions of paragraph 17 hereof. All covenanta and agreemente of Borrower shalt be joint and several. The captiona and headinge of the paragraphs of this Mortgage are for covenience only and ere not to be ueed to interpret or define the proviaions hereof. 14. l~otice. Fxcept for any notice required under applicable law to be given in anotheT manner, (a) any notice to Borrower proeided forin t hia Mortgage ahall be given by mailing auch notice by certified mail addreseed to Borrower at the Property Addreas or at euch other addresa as Horrower may deaignate by notice to l.ender as provided herein, and (b) any notice to l.ender ahall be given by certified mail, return ~eceipt requeated, to Lender's addresa etated herein or to such other addrese aa I.ender may deaignate t~~r notice to Bozrower as provided herein. My notice provided for in thia Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deaignated herrin. 15. Uniform Mortgage; Governing Law; 3everability.'17~is torm of mortgage combinea uniform covenanta for national uee and non- uniform rnvenants with limited variations by juriadiction to conatitute a uniform security inatrument covering real property. This Mortgage yhall be governed by the isw of the jurisdiction in which the Property ie located. In the event that any proviaion or clauae of this Mortgege or the Note contlicts with applicable law, auch conflict shall not aFfect other pmviaiona of this Mortgage or the Note which can be given effect - without the rnntlicting provision, and to thia end the provieiona of the Mortgage and the Note are declared to be severable. 16_ Borrower'e Copy. Borrower ehelt be furniahed a rnnformed rnpy of the Note and of ihie Mortgage at the time ote:ecution or after recordation hereoi. 17. TraneCer of the Property; Aeeumption. lf all or any part of the Property or an intereat therein ia sold or transferred by Borrower without Lender a prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinete to thie Mortgage, (b) the creation of a purchaae money security intereet for household appliances, (c) a tranafer by devise, deacent ur by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interext of three yeara or leae not oontaining an option to punhaee, Lender may, at Lender s option, declare all the sume securea by thie Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if. prior to the sale or tranafer, Lender and the peraon to whom the Property is to be eold or traneferred reach agreement in writing that the credit of euch pereon is satisfactory to l.ender and that the intereat payable on the sums aecnred by this Mortgage shall be at such rate ae Lender ehall request. If Lender ha's waived the option to accelerate provided in this paragraph 17, and it Borrowei s aucceasor in intereat has execvted a w•ritten assumption agreement accepted in writing by t.ender, t.enderahall release f3orrower from all obligations underthia Mortgage andthe ti ote_ If I.ender e:ercisea such option to accelerate, t.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not lesa than 30 days from thedate the notice is rr.ailed within which E3orrower may pay thesumadeclared due. If Borrower fails to pay such sums prior to the expiration of such period, I.ender may, without further notice or demand on E3orrower, invoke any remedies permitted by paragraoh 18 hermf. 17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been procured by Lender pursuant to Loan Agreement between HOUSING FINANCE AUTHORITY OF ST. LUCIE COUNTY, Florida, and Ler~der, the interest of the Housing Finance Authority of St.- lucie County, Florida, in said Agreement having been assigned to FLORIDA NATIONAI BANK OF MIAMI, 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 I~ndenture, whichever shall be ear~lier, certain loan guidelines are imposed upon Lender which must be adhered to by Lender and Borrower, any default in which by Borrower shall autamatically accelerate all remaining unpaid installments remaining due under the promissory note secured hereby. A copy of the Loan Agreement is on file with Lender, No~.~sing 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. Rmong other things, the loan guidelines in said agreement provide as follows: "Mortgage loans, with the exception of FHA-insured or YA-guaranteed mortgage 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 ra~e 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 conflict with any part or parts of Covenant 17, supra, the terms of this Covenant 17-A shall prevail. ~ rf~ ~~»K347 ~a~E237~ ~ ~ ~ _ ~= ~ ~,..~a~~`x-~~-m~~~ ,~.~.~;-,a,-~ _ . - _ _ ~~~ . .