HomeMy WebLinkAbout03638. Iaspectioa. Lender may make or cauee to be made reasonable entries upon and inspections of the pmperty, provided that l.ender shall
give Borrower notice prior to any such inspection specifying reaeonable cause thetefor related to I.ender's interest in the Property.
9. Coadem.tetion. The proceeds of any award or clsim for damages, diroct or consequential, in connection with any oondemnation or
other taking of the property. or part thereof, or for conveyance in lieu of rnndemnatian, are hereby assigned and shall lw puid b Lender.
In the event oi a total taking of the Property. the proc~.rds ehall be applied to the sums secured by thia Mortgage, with the excess, if any,
paid to Borrower. l~ the event of a partial taking of the Property. unlees Borrower and l.ender otherwiee agree in writing. there shall be
applied to the sums secured by thie Mortgage such proportion of the proceede as is equal to that pmportion which the amount ot the sums
secured by thia Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of
taking, with the balan~~ of the proceede paid b Borrowes.
If the Property ie abandoned by Borrower, or if, aRer notice by l.ender to Eiorrowe~ that the oondemnor oftere to make an award or setde a
claim for damages, Borrower faile to respond to l.ender within 30 days after the date auch notice ie mailed, l.ender ia aulhorized to collect and
apply the proceede, at Gender a option, either to reatoration or repair of the property os to the eums eecu~ by thia Mortgage.
Unlesa I~nder and Horrower otherwise agrne in writinR. any auch application of pmceeda to principal ehall oot e:tend or poetpone thedue
date af the monthly inatallmente referred to in paragraphs 1 and 2 hereof or chnnge the amount of such installments.
10. Bo: rower I~ot Releaeed. Extenaion of the time for paym:~t or modification of amortization of the aums aecured by thie Mortgage
granted by I.ender to any auccesao~ in intereet of I3orrower ehall not operate to releae~e, in any manner, the liability of the originat Rorrower
s.^_d Bormwer a succe$xors in intereal. l.ender ahali not be required to commence proceedinga againat euch succesaor or refuse lo extend time
for payn~ent or otherwise modify amortization o[the auma aecured by this MortKage by reason of any demand made by the origina) Borrower
and Borrower's xucce~c~,rs in inte~esl.
1:. Forbearence by Lender Not e Waiver. Any forbearance by l.rnder in exerciaing any righC or remedy hereunder, or otherwiee
afforded ~y applicable law, ehall not be a waiver of or preclude the exemise of any euch right or remecly. The prc-curement of inaurance or the
payment of taxee or other liene or charges by'I.ender ehali not be a waiver of I.ender'e right to accelerate the maturity of the indehtedneae
secured by this Mortgage. ' ~
12 Remedies Cumulative. Al1 remediea provided in thia Mortgage are distinct and cumulative to any other right or remedy under this
Mortrage or atlorded by law or equity, and may be exercise~l rnncurrently, independently or succeeaively.
13. Succesaore and Aseigne Bound; Joint and Severat Liability; Captione. The covenants and agreemente herein rnnlained ahall
bind, and the righte hereunder ahall inure to, the respective sua,~eaeore and asaigns of I.ender and Rorrower, eubject to the proviaions ut
paragraph 17 hereof. All covenants a-±! agrecments of Borrewer shal! he joitiL and seveml. The captions and headinga of the paragraphe of
thie 111ortgage are for covenience only and am not to be used to interpret or define the provieione hereof.
14. Notice. Except for a~y nutice required under npplicable law to he Riven in another manner, (a> any notice to Borrower provided for in
thie Mortgage ahall be given by mailing auch notice by certified mail addresaed to E3orrower at the Properiy Addresa or at auch other addreae as
Borrower may designate by notice to Lender ae provided herein, and (b) any notice to I.ender ahall be given by certified mail, return receipt
requeated; to I.ender'a addrea~- atated herein or to such other addreas as l.ender may designate by notice to E3orrower ax provided herein. Any
notice pro~zded for in this hiottgage ahall be deemcd to have been given to E3~~rrower or I.ender when qiven in the manner deaignated herein.
15. Uniform Mortgege; Governing Law; Severability. Thia form of mortgagecombinea unilorm covenanta for nationa! uae and non-
uniform mvenants with limited variationa by juriadiction to conatitute a uniform security instrument covering rea) praperty.'I~is Mortgage
shall be governed by the law uf the jurixdiction in which the Property is located. In the e~~ent that any proviaion or clause otthis 111ortgage or
the Note conAicts with applicable law; such conflict shall not af~'ect uther provisions of this MortQage or the Note which can be given effect
w-ithout the conilicting ~rovision, and to this end the proviaiuns of the Mortgage and the Note are declared to be severable.
16. Barrower's Copy. E3orrower ahall be furniahed a confurmed copy of the Note and of thia Mortgage at the time of execution or atter
recordation hereof. ' •
17. 7Yanefer ot the Property; Aeeumption. If al) or any part of the Property or an intereat therein is aold or traneferred by Borrower
without Le4der's prior written conaent, excluding (a1 the creation of a lien or encumbrance subordinate to this 111ortgage, (b) the creation of a
purchase money se~urity intereat for houaehold appliancea, lc) a trana[er by devise, descent or by operation of law upon the death of a joint
trnant or (d~ the grant of any leasehold iqtereat of three years or less not containing an option to purchase, I,ender may, at l.ender'a option,
declare all the aums aecureu by this Mortgage to be immediately due and payable. l.ender sha1) have waived auch option to accelerate if, ptior
to the sale or tranafer, I.ender and the person to whom the Property is,to-be sold or transferrecl reach aRreement in writing that the credit of euch
peraon is satiafactury to l.ender and that the intercwt payable on the sums secured by this Mortgage shall be at such rate as Lender ahall
request. If I.ender has waived the option to accelerate provided in this paraKraph 17, and if liorrower's successor in interest has executed a
wTitten axsnmption agreement ascepted in writinQ by I.ender, I.enderAhaU releaseBorrowerfirom all obliKatii~na underthis;llortgageandthe
V ote_ , -
1 f Ixnder exercisex such option tn accelerate, l.ender shall mail Rorrower notice of acceleration in accordunce with paragraph 14 hereof.
Such notice ahall provide a period of not less th:~n :~(1 days from the date the notice is rr.ailed rrithin which Borrower may paY the suma declared
due. If Borrower fails to pay such sums prior to the expiration of such periud, I.ender may, without further notice or demand on Eiorrower,
~nvokeany remediex permitted by p~raKtraoh 1R hereof.
E 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.
~ucie County, Florida; in said Agreement having been assigned to FLORIDA NATIONAL BANK OF
IAMI, Florida, as Trustee under a trust iridenture 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
`~`Jant to the Indenture, whichever shall be earlier, certain loan guidelines are imposed upon
~~ Lender 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,
availab~e 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 mortgage
loans, may not be assumed except by a person or family which would have been
eligible for a mortgage loan originally under these ~uidelines 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 11-A is in conflict with any part or parts of Covenant
17, supra, the terms of this Covenant 17-A shall prevail.
~
~
~~~ _ _..
''r 349 FAGE 364
e~OK