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HomeMy WebLinkAbout03758. In~pection. l.ender may make or cawe to be made reaaonable eatria upoA and inapectione of the pmperty. provided that I.ender shall give Borrower notice priw to any such in~pection specifying reasoneble cawe therefor related to l.endei s interest in the Propetty. 9_ Condemnstlon. The proceed~ of any awerd or claim for dama~tes. direc! or rnt-sequential. in connection ~viW any oondemnation or other taking oi the pmperty. or part thereof, or for conveyanoe in lieu of oondemnation. are hereby assigned end shall be paid to Lender. In the event of a total takin~ of the Property, the proceeds shall be appiied to the sums secured by thie Mortgage. with the esea~. if any. paid to Borrower. In the event of a parbial taking of the Property, unkss Borrower and L.ender otherwise agroe in writin~, then shall be applied to the sums secnred by this Motigege such proportio~ ot the praxeds as is equal to thet proportion which the amount of the suma eecured by this Mortgage immediately prior to the dete of taking bears to the fair market value of the Property immediately prior b the date of taking. with the balanca of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notice by l.ender to Borrower that the condemnor offers to make an award or setde a claim for damages. Borrower faile to respond to I.ender within 30 days after the date such notice is mailed, [.ender ia authorized to collect and apply the procccds. at Lender's option, either to reetoration or repair of the pmperty or to the eums secured by this Mortgage. Unle~e I.eader and Borrower otherwise agree in writing, any euch application of pmceeds to principal shc~ll not extend or postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereoi or change the amount of auch insLaUments. lU. Borrowor Not Releaeed. E:teneion of the time for paymsnt or modification of amortization of the aume eecured by this Mortgage granted try l.ender to any auccesaor in interest of Borrower ahall not operate to releaae, in any manner, the liability of the orig~nal Borrower and I3orrower's aucceaeora in interest. I.ende~ shall not be required to rnmme~ce proceedinga againat euch aucceseor or refuse to extend time for payme~t or otherwise modify amortization of the aums secured by this Mortgage by reason of any demand made by theoriginal Borrower and Borruw~,t 3 w~r~.~ea.9or. ~n~intereat. l I Forbearance by I.ender Not a Waiver. Any forbearance by Lender in exerciqing any right or remedy hereunder, or otherwise afforded bv applicabte law, shail not be a waiver o[or preclude the e:erciae of any euch right or remedy. The prncurement of inaurance or the payment of taxea or other lie~e or chargea by Lender ehall not be a waiver oi I.ender'e rigint W acceterate the maturity of the indebtednesa secured by this Mortgage. ~ 12 Remediea Cumulative. All remedies provided in this Mortgage are dietinct and cumulative to any other right or remedy under thie Mortrage or afforded by law or equity, and may be e:ercise~i ooncurrently, independenlly or succeaeively. 13. Succeeeors and Aesigns Bound; Joint and 3everal Liability; Captions. The covenante and agreements herein contained shall bind, and the righte hereunder shall inure to, the respective aucceseore. end aaeigne of L.ender and Bonower, eubject to the provisione of paragraph 17 hereof. All rnvenante and agreemente of Borrower ehall be joint aad several. The captiona and headinge of the paragraphe of thia Mortgage are for rnvenience only and are not to be ueed to interpret or define the proviaiona hereof. 14. Notice. Except [or any notice required under applicable law to be given in another manner, (a) any notice to Borrower ptovided forin this Mortgage shall be given by mailing such notice by certified mail addreaeed to Bormwer at the Properiy Addreeaor at auch other addreee ae Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to Lender ahall be given by certified mail. return receipt requeated, to Lender's address stated herein or to auch other addreae aa Lender may deeignate by notice to Borrower ax provided herein. Any notice provided [or in this Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deaignated herein. 15. Uniform Mortgage; Governing I.aw; Severability. This formofr.zorl;;sgerosnbir.~ ~s~if~*sn ~ovenants for national ueeand non- uniform rnvenante with limited variations by juriadiction to rnnatitute a uniform security instrument rnvering real property.'I~is Mortgage sha21 be governed by the law of the juriediction in which the Property ia located. In the event that any provieion or clause of this Mortgage or the Note con}ticts with applicable law, auch conflict shall not affect other proviaions of this Morigage or the Note which can be given ettect without the conflicting pmviaion, and to this end the provieions ot the Mortgage and the Note are declared to be severable. 16_ Borrower'e Copy. Borrower ahal) be turnished a conformed rnpy of the Note and of thia Mortgage At the time of e:ecudon or after recordation hereof. 17. 'l~ansfer of the Property; Aseumption. If all or any part of the Property or an interest therein ia eold or traneferred by Borrower without Lendei s prior written conaent, excludinq (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money aecurity interest for houaehold appliancea, (c) a tranafer by deviae, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold intereat of three yeara or leas not containing an option to purchaee, I.ender mey, at L.ender a option, declare all the aums aecureu by this Mortgage tn be immediately due and peyable. [.ender ehall have waived auch option to accelerate if prior to the saleor tranafer, Lender and the peraon to whom the Property ie to be aold or transferred reac6 agreement in writing that the creditof auch peraon is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender ehall requeat_ If I.ender has waived the option to acrelerate provided in thia paragraph 17, and if Borrowei s successor in interest hae executed a written assumption agreement acc~epted in writing by Lender, Lenderahall release Borrower frarr. ~l! obligationg under this Mortgage and the Note. ~If Lender exercisea auch option to accelerate, l.ender ahall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice ahall provide a period of not less than 30 days from the date thenotice ia mailed within which Borruwer may pay theauma declared due. [f Borrower fails to pay such sums prior to the eapiration of auch period, Lender may, without further notice or demand on fSorrower, ~nvoke any remedies permitted by paraRraoh 18 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 ~ JISt. 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- L'ant 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, available for examination by any party during legal business hours of each business day. Among other things, the loan guideiines in said agreement provide as follows: "Mortgage loans, with the exception of FHA-insured or VA-guarant2ed 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 r~~ay 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 l7-A is in conflict with any part or parts of Covenant ~ 17, supra, the terms of this Covenant 11-A shall prevail. ~,~x349 PdGE 376 ~ s . , i ~ - - .} - ~._ ~ _.~ _~.~r_ - - _ ._ ~_~ . -- ~ ~.:,~~~-~