HomeMy WebLinkAbout11528. I~spet, tion. I.ender may make o~ cause to be made reasonable entriee upon and inapectione of the property, prnvided that [.ender ehall
give Borrower ~otice prio~ tn any euch inepection specifying reasonable cauee therefo~ related to l.e~de~ a interest in the Property.
9. Condemnatlon. The proccede of any award or claim for damages, direct or consequential, in connection with any oondemnation or
othe~ taking of the pmperty, or part thereof, or tor conveyence in lieu oi condemnation, ere hereby aesigned and ehall be paid to I.ender.
I~ the event of a total taking of the Property, the proceeds shall be applied to the eume eecu~ed by this Mortgage, with the excess, if any,
paid to Borrower. In the event ot a partial taking ot the Property. unlese Rormwer and l.ender otherwiee agree in writing, there ehall be
applied to the aume secured by this Mortgage auch proportion of the proceede ae ie equal to that propoKion which the amount ot lhe aums
secunyl by thia Mort~age immediately prior to the date of taking bears to the fair market value o[the Property immediately priorb thedate of
taking, with the balanca ot the proceeds paid to Borrower.
lf the Property ia abandoned by &-rrower, or if, after notice by l.ender tu Borrower that the rnndemnor offera to make an award or eetde a
claim for damagea, Borrower faila to reepond to l.ender within 30 days after the date euch notice ia mailed, l.ende~ ie authorized to collect and
apply the procceda, at I.ender e option, either to reetoration or repair of the property or to the sums serure~d by this Mortgage.
U~leae I.ender and Borrower otherwise agree in writing, any auch application of pio~:eeds to principal ehali ~ot extend or postpone the due
date of the monthly inatalimente referred to in paragraphs 1 and 2 hereof or change the amount of euch inetaUments.
10. Borrower IVot Released. Extenaion af the time [or paymant or modification of amortization of the aums aecured by this Mortgage
Kranted by [.ender to any eucceasor in internet of 13orrower ahall not operete to release, in any manner, the liability of the original Borrowet
and 13orrower's aucceasora in iMereat. l.ender shall not t-e required to rnmmence proceedings againat auch aucceasor or refyae to extend time
fur payment or otherwise m~xtify amortizatiun of the Yums securcd by thia Mc~rtg.iKe by reax~-n of any demand made by the oriKina)13orrower
and liorttrver's suc.es.w~rs in intere~t.
1 I. Forbearance by l.ender Not a Waiver. Any forbearance by t.ender in exercisinR any right or remENy hernunder, or otherv~iee
aKorded by applicable taw, ahall not be a waiver of or preclude the exerciee ot any such right or remedy_ Thr pmcurement of insurance or the
payment ~-f fttzra or other liene or chargea by I.ender ahall not be a waiver of l.ender'a right to accelerate the maturity of the indebtednesa
secured by thie Mortgage.
12. Remedies Cumulative. Ali remediea pmvided in thie Mortgage are distinct and cumulative to any other right or remedy under thie
Morti~age or afforded by law or equity, and may be exerciecrl concurrently, independe~tly or aucceeeively.
13. Successors and Aseigns Bound; Joint and Se~eral I.iability; C~ptione. The covenants and agreements herein contained ahall
bind, and the righta hereunder ahall inure to, the respective auccesaora and assigns of l.ender and Borrower, aubject ta the pro~~aions of
paragraph 1? hereoL A:1 covenants and agreements of E3orrower ahAll be joint and several. The captiona and headinKs o[the paragraphe of
thia Morigage are for covenience only and are not W be used to interprnt or define the proviaiona hereof.
1 a. Notice. Except for any notice required under applicable law to be Ki~~en in nnother manner, ial any notice to Borrower pruvided for in
this MortAage shaU be given by mailing ~uch notice by certified mail addresaed to Borrower at the Yroperly Addreas or at auch other addreas as
Borrower may deaignate by notice to l.ender as provided herein, and Ib) any notice to l.ender shall be given bvi certified mail, retum receipt
requeated, to I.ender's address ataled herein or to such other addresa as Lender may deaignate by notice to &,rrower ax provided herein. Any
notice provided for in this Mortgage shail be deemed to have been given to I3orrower or l~ender when gi~~en in the mannei designated hernin.
I S_ Uniform Mortgege; Governing Law; Se~ erability. 7'his form of mortgage cc~mbines uniform covenants for national uae and non-
uniform covenants with limited variationa by juriadiction to constitute a uni[orm security instrument covering rnal proprrty. Thie Mortgage
ahall be Rovrrned by the la~- of the jurisdiction in which the Property is locnted. ln the event that any provision or clause of this lltortgage or
the Note conflicta with applicab!e law, such conflict shall not affect other provisions of this hturiRage or the Note which can be given effect
w~thout the rnntlictinK pro~~sion, and to this end the provisions of the MortgaRe and the Note are declared to be eeverable_
16. Barrower's Copy. Borrower shall be furnished a conformed rnpy o[ the Note and of this Mortgage at the time of execution or after
recnrdation hereo[.
17. 'Iti-anefer of the Property; Aesumption. If a!I or any part of the Property or an interest therein is aold or tranaferred by E3orrower
wilhout Lender's prior written conaent, exduding (a) the creation of a lien or encumbrar.ce subordinate to this Mortgage, (b) the creation of a
purchase money security interest for houaehold appliancea, lcl a tranafer hy devise, d.-~acent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold interrst ot three yeara or less not rnntaining an option to purchase, Lender may, at Lender'a option,
declare all the sums securea by this Mortgage to be immediately due and payable. Lender ahall have waived such option to accelerate if, prior
to the sale or tranafer. Lender and the person to whum the Property ia to be aold or tranafernd reach aQreement in writing that the credit of auch
person is satiafactory to I.ender and that the inter~t payahle on the sums secured by this MortKaKe shall be at such rate as Lender ahall
request_ If l.rnder has waived the uption to accelPrale provided in this paraKr~ph 17, and if E3orrow~er's successor in "snterePt has eaecuted a
wTitten assumption agreement accepted in writin~; by I.ender, l.rnder shal l release Kerruwer frum all ubliqations under this Mortqage and the
ti ote.
If I.ender exercises such option to accelerate, l.ender shall mail Borrur~er notice of acceleration in accordance with paragraph 14 hereof.
tiuch notice shall provide a period af not Icss th.~n 3(-days frc,m thedate the notice is mailed within which Rorn-wer may pay thesumsdeclared
due. If Borruwer Cails tr, pay such sums prior tn the exp~raUun of such period, l.ender may, without furttier noticY or demand on l3orrower,
~nvokeany remedies permittcd by paraKraoh 1R 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 NOUSING FINANCE AUTNORITY OF ST.
LUCIE COUNTY, Florida, and Lender, the interest of the Housing Finance Authority of St.
Lucie County, Florida, in ~aid Agreement having been assigned to FLORIDA NATIONAL BANK OF
~ j MIAMI, Florida, as Trustee under a trust indenture from said Housing Finance Authority of
~y+ 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 autanatically accelerate all remaining unpaid installments remaining due under the
promissory note secured hereby. A copy of the Loan Agreement is on file with Lender,
Nousing Finance Authority of St. Lucie County, Florida, and Florida National Bank of Miami,
available for examination by any p~rty 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 guidelines far 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 any part or parts of Covenant
17, supra, the terms of this Covenant 11-A shall prevail.
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