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HomeMy WebLinkAbout04008. IasPectioa. l.ender may make or cauee to be made reasonable entries upon and inspections of the property, provided that l.ender ahail give Borrower notice prior to any such inapection apecifying reaeonable cauae therefor related to l.ender's interest in the Property. 9. Condemnadon. The proceeda of any award or cla.im for damages. direct or rnnsequential. ia oonnection with any o~ndemnation or other takir~g ot the property, or part thereof, or for conveyance in lieu of rnndemnation. are hereby aaeigned and shall be paid to I.e~der. I~ the event of a total taking of the Properly, the proceede ahall be applied to the eume aecured by this tilortgage, with the ex.,~aa, if any, paid to Aorrower. [n the event of a pertial taking of the Property, unleae Fiorrower and I.ender otherwise agree in writing, there shall be aNp;ied to lhe sume secured by this Mortgage such proportion of the proceeda ae ie equal b that pmportion which the amount of the sums secured by tAia Mortgage immedietely prior to the date of taking bears to the fair market value otthe Property immediately prior to the date of taking, with the balanc~ of the proceede paid b Borrower. 1(the Property is abandoned by &-rrower, or if, aRer notice by l.ender to Borrower that the rnndemnor o~fera to make an award or settle a claim for damages, Borrower [ails to reepond to Lender withi~ 30 daya after the date auch notice ie mailed, I.ender ia authorized to rnllect and apply the proce~ds. at Lender s option, either to reetoration or repxir of the property or to the euma secured by this Mortqage. Unleas Lender and Borrower otherwiee agree in writing, any euch application of proceeda to principal ehall not e:tend or poetpone thcdue date of the monthly inetallmente referred to in paragraphe 1 and 2 hereof or change the amount of auch installments. 10. Borrower Not Released. Extenaion of the time for paymsnt or modification of amortization of the aums aecured by thie Mortgage ~raoted by l.ender to any aucceasor in intereat of Eiorrower ahall ~ot operate to releasc, in aoy manner, the tiability of the original Borrower and Borrower'a auccessora in intereat. [.ender ahall not be required to commence proceedings againet auch succeasor or refuee to extend time for pay~nrni ur uii-ri:::~r ~uodify amortizatio~ of the sums secured by this MortgaRe by reason of any demand made by theoriginal Borrower and Ebrmwer's succeaxors in interest. l l. Forbearence by Lender Not e Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or atherwiee afforded by applicable law. ehall not be a waiver of or preclude the exereise of any auch right or remedy. The pmcurement of insurance or the payment of ta:ea or other tiena or chargee by Lender ahall not be a waiver of Lender a right to accelerate the maturity of the indebtedneas secumd by thie Mortgage. 12 Remediea Cumulative. All remediea provided in thie Mortgage are diatinct and cumulative to any uther right or remedy under thia Mortrage or afforded by law or equity, and may be exerciae~i concurrently, independently or eucceaeively. 13_ Succeasors and Aseigns Bound; Joint and Several Liability; Captione. The covenante and agreementa herein contained ehall bind; and the righta hereunder shall inure to, the reapective auccessore and assigna of Lender and f3orrower, subject to the provieiona ot paragraph 1? hereoL All covenants and agrcementa of Borrower ahall be joint and aeveral. The captiona and headinge of the paragraphs of thia MortgagP are for covenience only and are not to be used to inLerpret or define the proviaiona hereof. 14. Notice. Except for n~y notire required under applicable law to be Qiven in ~nother manner, lp) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to E3orrower at the H~operty Addreas or at such other addreas ae f;orrower may designate by notice to [.ender as provided herein, and (b) any notice to l.ender ahall be given by certified mail, return receipt requested, to l~ender's address stated herein or to auch olher addreae ae Lender may deaiqnate by notice to E3orrower ax provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to F3orrower or I.ender when given in !he manner designaled herein. 15_ Uniform Mortgage; Governing l.aw; Severability. This form of mortgage combines uniform covenante for national uae and non- uniform covenants w~th limited variations by jurisdiction to constitute a uniform security instrun~ent covering real pmperty_ This Mortgage shali be govemed by the law of the jurisdiction in which the Property is located. In the event that any pmviRion or clause of this Dlortgage or the Note cunilicts w~th applicable law, such contlict ahull not affect other provisiona of this ~9ortRage or the IVote which can be given effect wdhout the contlicting provision, aud to thia end the provisions o[ the Mortgage and the Note are declared to be severable_ 16_ Borrower'e Copy. E3orrower ehall be fumiehed a conformed copy of the Note and of thia Mortgagr at ihe time of execution or after rec~:y±ation hereof. 17_ Transter of thP Property; Aseumption. If ~11 or any pa~t of the Property or an intereat therein is aold or traneferred by Borrower without Lender's prior written conaent, excluding la) the crnation of a lien or encumbrance aubordinate to thia Mortgage, (b) the cmation of a purchase money security interest for household appliances, fc) a transfer by devise, d2scent or by operation of law upon the death of a joint tenant or ld1 the grant ot any leasehold interest of three years or leas not eontaining an option to purchaee, Lender may, at Lender's option, declare all the sums securea by lhis Mortgage to be immediately due and payable. Lender ehall have waived auch option to accelerate if, prior , to the sale or tranefer, Lender and the person to whom the Property is to be sold or tranaferred reach agreement in writing that the credit of such pereon ia satisCactory to Lender and that the interest payable on the suma secured by this Mortgage ahall be at sych rate as Lender ahall request. If Lrnder has waived the option to acceler~~te pruvided in this paragraph 17, and if Borrower's succeasor in intereat has executed a w~ritten assumption aKreement accepted ir. writing by I.ender, l.enderahall release Borrower from a11ob1iRationaunderthis MortKage andthe ~ ~tote. ~ If I,ender exercises such option to accelerate. P.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. ~ Such notice shall provide a periud of not less th.in :i0 days from thedate the nutice is mailed within which Borrower may paY the suma declared ~ due. If Borrower fails to pay auch sums prior to the expiratic,n of such period, l.ender may, without further notice or demand on Borrower, ~ :n~oke any remedies permitteci by paraQraoh i!t hereof. ~~ yC17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been rocured by Lender pursuant to Loan Agreement between HOUSING FINANCE AUTHORITY OF ST. ~~UCIE 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 `~' h1IAMI, 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 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 Miarri, available for examination by any party during legal business hours of each business day. ; Among other things, the loan guideli.nes in said agreement provide as follows: "Mortgage~loans, with the exception of FHA-insured or VA-guaranteed mortgage loans, may not ~e 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- meRt has Lerminated. In the event a mortgage loan is assumed, lender may not charge or impose an asswnption 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. ;,~ ~ ~ ~~.~':x 3~8 ~~~E 814 a~.~x 349 ~N~E 401 E ~ ~~1~r.w:, ~ ~ • ~~OLri~ ~ °'~ ' - .~ s.'a~ .`,, - "_ __ ..'y ~~d'-'..a.~~'~Aftirs~asa~Tw3i~a-~-~.w.7= ~--~; _... _ ~~~'~'.