The URL can be used to link to this page

Home My WebLink About1156~ 8. laspection. I.ender msy make or cause w be made reasonable eotriea upnn and inspections of the property, provided that l..ertde~ ~hal) give Borrower notice prior to any such ir~spection specitying ~easonable cause theretor releted to Lender's intereet in the Property. 9. Coademnatioa. The proceeds of any award or claim for damagea, dircct o~ conseque~tial, in rnnnection with a~y oondemnation or other teking of the property, or part thereot or tor conveyance in lieu of oondemnation, are hereby assigned and shall be paid to I.ender. In the event of a total taking of the Property, the proceede ehall be applied to the sums secured by this Mortgage, with the escees, if any, paid to Borwwer. In the event oi a partial takin~ ot the Piroperty, unleae Borrowe~ and Lender otherwise aRree in writing, there ehall be applied W the sums secured by thiu Mortgage such proportion of the proceeds aa ie equal to thet pmportion which the amount ottl~e eum~ eecvred by thia Mortgage immediately prior ta the date of taking beare to the fair market value of the Propeirty immediately prior to the date of tating, with the balanc~ of the pro~~eeds paid to Borrower. It the Property iF abendoned by Eiorrower, or if, afle~ notice by [~nder to Borrower thet the condemnor oPlen to make an award or settle a claim for damagea, Borrovrer fails to ~espnnd to l.ender within 30 days after the date auch notice is mailed, l.e~der ia authorized to rnllect and apply the proc~eeds, at Lender s option, either to restoration or repair of the property or to the sume eecured by this Mortgage. Uniess L.ender and Borrower otherwiee agree in writing, any auch application of proceede to principal shall aot e:tend or postpone the due date ot the mo~thly inatallments referred tA in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Bon~ower Not Releaeed. E:tenaion of the time for paymrnt or modification of amortization of the aums aecured by this Mortgage granted by I.eoder to a~y aucceasor in interest of Borrower shall not operate to releaae, in any manner, the liability of the original Borrower and Borrawer's succeasore in intereat. l.ender shal! nut be requind to commence proceedinga againet auch aucceasor or refuse to extend lime for payu~ei:t or c~therwise modify amnrtization of the ~uma seivred by this NortgaKr by reaeon of any demand made by the original i3orruwer nnd Born>w•er's successor. in interest_ i l. Forbearsncr by [.ender Not a Waiver. Any forbearance by I.ender in exercieing any right or remedy hereundcr, ar otherwiee afforded bp ap~,licable Iaw, shall not be a waiver of or preclude the exenise of any auch right or remedy. The procurement of insurance or the psyment of ta.~es or other liens or chargea by Lender ahall not be a waiver of I.ender'a right to accelerate the maturity of the indebtedneae aecured by this Mortgage. 12 Remedies Cumulative. Al) remediea pmvided in this Mortgage are distinct and cumulative to any other right or rnmedy unde~ thia :Nortrage or afforded by lavc or equity, and may be e:ercised concurrently, independently or eucceaeively. 13. Succeasors and 4saigna Bound; Joint and Several Liability; Captione. The covenanta and aRreementa herein contained ehall bind, and the righta hereunder ahall inure to, the reapective sutt~easors and asaigna of l.ender and E3orrower, subject to the proviaiona of paragraph I T hereof. All covenants and agreements of Borrower ehall be joint and aeveral. The captiona and headings of the paragrapha of this Mortgage are [or covenience only and are not to be used to interpret or define the provieiona hereof. 14. Notice. Except for aay noiirn requirrd under applicable law to be Kiven in another manner, la) any notice to I3orrower provided for in this Mortgage shail be given by mailing such notice by certified mail addresaed to f3orrower at the E'roperty Addrees or at such other addreae ae E3orrower may designate by notice to I.ender as pruvided herein, and (b) any notice to I.ender shall be given by certified mail, return receipt requeated, to Lender's address atated herein or to such other address as Lender may drsignate by notice W Borrower ax provided herein. Any notice pro~lded [or in this Mortgage ahall be deemed to have heen given to Borrower or I.ender when given in the manner deaignated herein. 1~_ CTniform :Hortgage; Governing I.aw: Severability. This form of mortgaRecombines uniform rnvenantalor national useand non- uniform covenants w~th limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be go~ emed by the law of the jurisdiction in which the E'mperty is~ocated. In the event that any prov~Aion or clauae of thia Mortg~ge or the lote con[licts v-~th applicab!e law, such conttict shaU not affect other pmvisions of this AtortKaqe or the Note which can be given effect w-ithout the cont7icting pro~vsion, and to this end the provisions of the Mortgage and the Note are declared to be aeverable. 16. Barrower'a Copy. Eiorrower ahall be furniahed a conformed copy of the Nute and of thia Mortqage at the time of execution or after recordation hereof. 17. Transfer of the Property; Asaumption. 1[ al) or any part of the Property or an interest thernin is aold or tranaferred by Borcower without Lender a prior written consent, e:cluding Ial the creation of a lien or encumbrance subordinate to thie Mortgage, tb) the creation of a purchase money security interest for household appliances, lcl a transfer by deviae, d:scent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest ot three years or leas not containing an option to pnrchaee, Lender may, at I.ender's option, declare all the aums securea by this Mortgage to be immiediately due and payable. Lender ahall have waived auch option to accelerate if, prior to t?~e sale or tranater, [.eader and the person to whom the Property ie to be sold or tranaferred reach agreement in writing that the credit of euch person is satisfactory to Lender and that the intereat payaAle on the sums secured by this AtortgaQe shall be at such rate as I.ender ahall request_ If I.ender has w•aived the option to accelerate provided in this paraKraph 1;, and if E3orrower's successor in interest has executed a w-ritten assumption agrc~ement accepted in vrritinK by l.ender, I.enJer shall releasr Borrower from all obliKations under lhis Dlortgage and the `ote_ . I[ I.ender exercises such optiun to accelerate. I.ender shatl mail Korrower notice of acceleration in accordance with paragraph 14 hereof. ~uch notice shall provide a period of not leas than:i(-da>s frum thedate the notice is rr.ailed within which Borrower may pay thesums declared due. If Borrovrer faits to pay such sums prior to the exp~ration uf such period, I.ender may, without further notice or demand on liorro~ver, ~n~oke any remedies permittecl by paraQraoh lA hPre~~f. 17-A. The proceeas 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 Lerxfer, the interest of the Housing Finance Authority of St. ucie County, Fiorida, in said Agreement having been assigned to FLORIDA NAT?ONAL BANK OF 1 IAMI, 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 ti~e 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 upan Lender which must be adhered to by Lender and Borrower, any default in which by Borrower ; shall automatically accelerate all re~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 during legal business hours of each business day. Arr~ong other things, the loan guidelines in said agreement provide as follows: "Mortgage loans, with the exception of FHA-insured or• YA-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 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 ioan 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 ~ ~ 11, supra, the terms of this Covenant 17-A shall prevail. ~,r~';K3~~ FaGE1157 ~ ; ~ ~ ~ ~ ~ _ _ . ~ - - . _ : _ - =~ _- . ~~~