Loading...
HomeMy WebLinkAbout11488. Inapection. l.ender may make or cauae to be made reasonable entriea upon and inepections otthe pmpe~ty, provided that l.ende~ shall give Borrower notice prior to any such inspection specifying reaaonable cauee therefor related to l.ender'a intetest i~ the Property. 9. Condemnation. 'I1~e pra~ceds of any award or claim for damages, direct or consequential, in connection with eny oondemnation or other taking of the property, or part thereof, or for conveyance in lieu of condemnation, are hereby aseigned and shall be paid to [.ender. In the event ~f a total taking ot the Property, the pra~eede shall be applied to the sume secured by thie Mortgaga, with the e:ceas, ii any, paid to Borrower. in the eveat of a partial taking of the Property, unleea Borrower and l.ender otherwiae agree in writing. there ehall be apptied w ihe eume eecured by this Mortgage such proportion of the procecda ae ie equal to that proportion which the amount of !he aun~s secured by this Mortgage immediately prior ta the date of taking beare to thr fair market valueof the Property immediately priort~thedate of taking, with thp balancz ot the proceede paid to Borrower. If the Property is abendoned by Borrowe~, or if, after notice by l.e~der to E3orrower that the condemnor offers to meke an award or setile a claim for damages, Borrower faila to respond to l.ender within 3U daye afiter the date auch notice in mailed, I.ender is authorised tornllect and .4.j~Y~j =~~=° ~....~.. ~L, .^.: :.~ :~:..~ e:,y.'.:,:^, c".,wci w 7cew7dai~u ~i te}~au ui urc prupr~iy u[ I.U U1C tlUTAB BCCUfE~ D~/ ~IIB INIORg8g6. Unleae L.ender and Borrower othenviee agree in writing, any auch application of proceeds to principal ahall not extend or poetpone the due date of the monthly inatallments referred to in paragrapha 1 and 2 hereof or change the amount of euch irutallments. 10. Borto:ver Not Releas~d. F:xtenaion of the time for paym ~nt or modification of amortization of the auma secured by this Mortgage gr,inted by l.ender to any aucceasor in intepeat of Borrower shnil not operate to mlease, in any manner, the liability of the original Borrower and E3orrower's aucceaaora in internst. l.ender shnll not be required to commence proceed~nRe againat euch succeasor or rnfuse to extend time tor pnyment or uthervriae m«lify amortizatiun of the sum~ securcd by this MortgtiKe by retu:on of any demand made by the oriQinal Borrower :~nd Il.rn~~Pi s sucres~rs in interc~st. l 1. Forbearance by l,ender Not a Waiver. Any forbearance by l.ender in exerciaing any right or remedy hernunder, or otherwiae af:orded by appli~able law, shall not be a waiver of or preclude the exerciue of any auch right or remedy.l'he pmcurement of ineurance or the payment of taxes or other liena or chargea by l.ender ahall not be a waiver of l.ender'a right to accele~ate the maturity of the indebtednese aecur:d by this Mortgage. . 12 Remediee Cumulative. All remedies provided in thia Mort~age are distinct and cumulative to any other right or remedy under thia MortraKe or aftorded by law or equily, and may be exemised concurrently, independently or succeeaively. 13. Succeaeora and Asaigne I3ound; Joint and Several Liability; Captione. The covenante and agreements herein contained ahall bind, and the rights hereunder ehall inure to, the respective succexeors and assigna of l.ender and Borrower, siehject to the proviaione of paragraph 1 i hereof. All covenants and agreements of Rorrower ahn111-e joint and several. The captions and headinga of the paragraphs of this Mortgage are for covenience onl}~ and are not to 1w used to interpret or define the proviaiona hereof. 14. Notice. Except for any notire requireci under ~pplica!-le Is~v- to he Kiven in t~nnther mainner, la) any notim to 13orrower provided forin this ifortRage shall be given by mailing such notice by certified mail addreased u- Borrower at the Property Addreea or at auch other addresa ae linrrower may desiQnate by notice to l.ender as provided herein, and 1 b1 any notice to I.ender ahall be given by certified mail, return receipt requeated, to I.ender's address stated hernin or to such other addre~a as l.ender may drsignate by notice to I3orrower ax provided herein. Any notice pm~~ded for in this Morlgage shall be deemecl to ha~•e been given to Bormwer or t.ender when given in the manner designated herein. l:i. Uniform Mortqage; Governing l.aw; Severabi lity. This form otmortgaRe combines uniform covenants for national uae and non• uniform covenanta with limited variationa by jurisdiction to constitute a uniform security instrument cuverin~ real property. This Mortgage shaU be Qovemed by the 1aw otthe jurisdiction in which the Yroperty is located. In the event that any pro~~aion or clause of this 111ortgage or the \ote cuntlicts v~~th applirab~e law•, such cunilict shall not affect other provisiuns of this 111nrtKage or the Note which can t~e givrn ettect w~thout the cY,ntlictinK pro~•ision, and to this end the provisions ot the Murtgage and the Note are declared to he severable. 16. Borrower'e Copy. Horrower shall be furniehed a conformed copy of the Note and of this Mortgaqe at the time of execution or after recordation hereof. ' t 7. Tranefer of the Property; Asaumption. i[ all or any part ot the Property or an internat therein is sold or tranaferred by Borrower w~thout I.ender'a prior written consent, excludinR (a1 the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money security interest for houeehold appliances, Ic) a transfer by devise, d.scent or by operation of law upon the death of a joint tenant or (d1 the qrant of any lexsehold intemst of three years or leas not containing an option to purchase, l.ender may, at Ixnder'a option, declare all the sums secured by this Mortgage to be ~mmediately due and payable. t.ender ahall have waived auch option to accelerate if, prior to the sale or tranafer, I.ender and the person to whom thr Property is to be sold or trans[erred reach agreement in writing that the credit otauch person ia eatisfactory to l.ender and that the interest papable on the sums secured by this 1lfortKage shall be ~t such rate as I.ender ahall request. If [.ender h.1R K'11Yed thP option to accrler.itt~ pro~•ided in this paraQraph 17, and if Korrower's successor in interest has eaecuted a w~ritten assumption aKreement accepted in writing by [xnder, (.ender shal) release Rorrower from all obliKations under this Mortqage and the \ ote. 1 f I.ender exercises such option tn accele~ate, I.ender yhall mail Rorn~w~er notice of acceleration in accordance with paragraph 14 hereof. >uch notice sh:~ll pro~•ide• a period ui nnt It:ss th:~n :~1-c~;~t•s from thedate the n~~tice is rr.~iled w•ithin whic~h F3ormw•er map pa~ the sums declared due. If Borrower fails to p~y such cums pnur t~• the expiraUon of such peri~xi, I.ender may, without :urther notice or demand on ~3orrower, invoke anc remedies permitted b~~ paraRraoh I Fi h~~reof. 17-A. The proceeds of the loan evidenced by the pror-~issory 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, Fl~rida, in said Agreement having been assigned to FLORIDA NATIONAL BANK 4F _ 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 ,~ tir~e as all the Bonds shall have been fully paid or provision made for such payment pur•su- -~nt to the Indenture, whichever shall be earlier, certain ioan guidelines are imposed upon `~Lender which must be adhered to by Lender and Borrower, any default in which by Borrower ~ shall automatically accelerate all r~naining 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 d~ring legal business hours of each business day. Among other things, the loan guidelines in sai-d agreement provide as follows: "Mortgage loans, with the exception of FHA-insured o-• VA-guaranteed mortgage loans, may-not be assumed except by a r~erson 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- 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 a~y part or parts of Covenant l7, su~ra, the terms af this Covenant 17-A shall prevail. i .~^"~K-J~J f~!GE1~~;1 s :~ ~..~~ __-~~a , . : . . . . =~ ~ - - "_ . ..