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HomeMy WebLinkAbout29828. In~pection. Lender may make or cawe to be made reawnable entrie~ upon a~d inspection~ of the pmperty. provided that Lender ~t-ell give Horwwer notice prior to a~y ~uch irupectio~ ~pecifying reawnable cawe therefor relaf~! to Lender i intercet i~ the Prop~ty. 9. Coademn~tlon. 'I~e proceeds of any sward or claim tor dama~es. direct o~ conaeque~tial. in connectio~ with any oonde~anatioa or othe~ takin~ of the pmperty, or part thereot. or for conveyanoe in lieu of oondemnation, sro hereby a~ai~ned and ~hall bs paid to I.ender. in the event of s totsl takinQ of the Property, ehe proceeds ~hall be applicd to the sum~ ~ecured by this MortQe~e, with We e:oaa. if eny, paid to Borrower. Ia the eve~t o! a partial taking of the Property. unleas Borrower and Le~der otherwise agree in writit~. there ~hall be applied b the sumi secured by thie Mortgage such proportion o[ the pmcead~ as is equal to that propoetion which the e~mouat of the ~um~ eecured by this MortQage immediately prior to the date of teiking bean to the fair market value of the PmpeKy immediately prior b the date of taking. with the balanca of the proceeds paid b Bore~ower. If the Property u abandoned by Bormwer. or if. efter notioe by Lender to Borrower that the oo~demnor offen to make an award or settle a claim [or damages. Borrower fails to reepond to [.ender within 30 deys atter the date auch notice is mailed. Lender ia authorised fn collect and apply the proceeds. at I.ender's option, either to restoration or repair of the pmperty or to the sums secu~ed by this Mortgage. Unleea Lender and Borrower otherwise agree in writing, any such applicatioa of proceeds to principal shall not e:tend or pwtpone thedue date of the monthly instalLn~enta referred b in paragraphs 1 and 2 hen~of or change the amount of such installmenb. ! 0. Borrower Not Released. Extension o[ the time for peym=nt or modification of amortization of the sums ~ecuated by this Mortgene granted by Lender to any oucceaeor in intereat of Iiorrower shall not operate to release, in any manner, the liability oithe original Borrower and Borrower's eucceasors in intereet_ I.ender ahall not be required to commence Qroceedings aqainet auch eueceeaor os refuae to extend time for payment or othen~riae modify amortization of the sume aecured by thie Mortgage by reason ot any demand made by the original Borrower nnd Bor~ower'a au ti~eaeorp in interest. 1 I. Forbearanoe ~y I.ender Not s Waiver. My forbea~ance by Lender in exerciaing any right or remedy hereunder, or otherwise aPforded tty applicabfe taw, shall not be a waiver of or preclude the exercise of any euch right or remedy. The pracurement of insurence or the payment of ta:ea or other liens or charges by Lender ehall not be a waiver of I.ender s right to accelerate the maturity of the indebtedneaa aecured by this Mortgage. 12 Remedles Cumulative. All nmedies pmvided in this Mortgage are distinct and cumulative to any other right or nm~edy under this Mortcage or affocded by law or equity. and aaay be e~ercise~l obncurrendy. independendy or suooeasively. 13. 3uccessors and Assi~as Bound; Joint and 3everal I.iability; Capttons.'17~e covenants and agreementa herein rnntained shall bind. and the righb hereunder shall inure to, the reapective eucceaeors and assigns of Lender and Borrower. subject to the pmvisions of paragraph 17 hereof. All covenants and egreemeats of Borrower shall be joint and eeveral. The captions and headings of the patagraphs of this Mortgage are for covenience only and are not to be used to interpret or define the provisions hereof. 14. Notice. E:cept for any notice required under applicable law to be given in another manner, (a) any notice to Eiorrower pmvided for in this Mortgage ehall be given by mailing auch notice by certified mail addreesed to Borrower at the Property Addreea or at euch other addres~ ae E3orrower may deeignete by notice to I.ender as provided herein, and (b) any notice to l.ender ahall be given by certified mail, return receipt requeated, to l.ender'a addreeB etated herein or to euch other addreas as [.ender may deeignate by notice to E3orrower an provided herein. My notice provided for in thie Mortgage ahall be deemed to have been given to Borrower or I.ender when given in the manner deeignated herein. 15. Uniform Mortgage; Governing Law; 3everability. This form of moctgagecombinea uniform oovenanta for national useand non- uniform rnvenanta with limited variationa by juriediction to rnnatitute a uniform eecurity instrument rnverin~ real pmperty.7l~is Mortgage ahaU be governed by the law of the juriadiction in which the Property ia located. In the event that any provision or clauee of thie Mortgage or the Note conflicta with applicable law, such conflict ahall not affect other proviaions of thie Martgage or the Note which can be Riven effect without the oonflicting provision, and to thia end the proviaiona of the Mortgaqe and the Note are declared to be aeverable. 16. Borrower'e Copy. Borrower ahall be furniahed a con[ormed copy of the Note and otthie Mortgage at the time of execution or after recordation hereof. 17. 'lYanefer ot the Property; Aeeumption._ If all or any part of the Property or an intereat therein ie eold or transferred by Borrower without l.endei e prior written conaent, excluding (a) the creation of a lien or encumbrance subordinate to thia Mortgage. (b) the creation of a purchase money eecarity intereet for houaehold appliancea, (c) a tranefer by devise, descent or by operation ot law upon the death of e joint tenant or (d) the grant of any leaeehold intereet of three years or less not oontaining an option to purchase. L.ender may, at Lender's option, declare all the aums secured by thie Mortgege to be immediately due and payable. Lender shall have waived euch option to aocelerate if. prior to the eale or tranafer, Lender and the person to whom the Property ie to be sold or transferred reach aqreement in writing that thecreditof such person is satiafactory to Lender and that the interest payable on the euma secured by this Mortqage shall be at auch rate sa Lender shall request. If Lender has waived the option to accelerate pmvided in thia paragraph 17, and if Borrower'a succesaor in intereat hae e:ecuted a written asaumption agreement accepted in writing by I.ender, [.ender ahall release Borrower from all obligationa under thia Mortgage and the \`ote. If I.ender exercisea auch option to accelerate, l.ender ehall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. . ~uch notice ahall provide a period of not less than 30 days from the date the notice ia mailed within which Rorrower may paY thesums declared due. If f3orrower fails to pay such sums prior to the expiration of such perind, l.ender may, without further notice or demand on Borrower, ~nvoke any remedies permitted by paragraoh IR 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 HOUSING FINANCE AUTHORITY OF ST. ; LUCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St. ~ Lucie County, Florida, in said Agreement having been assigned to FLORIDA NATIONAL 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- -.' ~nt to the Indenture, whichever shall be earlier, certain loan guidelines are imposed upon ~~ Uender which must be adhered to by Lender and Borrower, any default in which by Borrower ~ shall automatically accelerate all remaining unpaid installments remaining 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 ~usiness 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 VA-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 rate on the mortgage loan may be increased in the event of such an assumption, but only ~fter 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 ane 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 Cove~ant ~ 17, supra, the terms of this Covenant 17-A shall prevail. ~ R,.'1`~ ~~ 7 P!G'E~~, . 5 ' ~ , :~ .~~ = ,~ ~ -- - _ _~ . ~ ~~.a ~~~~ ~ _~.-~x~ ~ ., , , ~-.-~~ _