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HomeMy WebLinkAbout2093 8. la~pectlon. Lender may make or cause to be made reasonable entries upon and inspoctiooe of the properiy, provided that Lender ~hall give Bormwer notice prior to any such inspection specifying reasonable cauae thera+for related to I.ender's intereat in the Property. 9. Condemnation. The proceeds of any awerd or claim for damages. direct or consequential. in connection with any oondemnation or other taking of the property, or part thereof. or foz rnnveyance in lieu of condemnation, are hereby aesigned and shell be paid to Lender. l~ the event of a tota- talcing of the Pmperty. the pcoceeda shall be applied to the awna secured by this Mortgage, with the eaoess, if any. paid to Borrower. In the event of a partial taking of the Property, unlees Borrower and I.ender otherwise agree i~ writing. there shaU be applied W the aums aecured by this Mortgage such proportion of the proceeds ae is equal to that proportion which the amount of the sums secured by thie Mortgege immediately prior to the date of taking beare to the fair market value of the Property immediately prior to the date of taki~g, with the balance of the proceede paid to Borrower. If the Property ie abandoned by Horrower, or if, aRer ~otice by Lende~ to Borrowe~ that the rnndemnor offers to make an award or setde a claim for damages, Borrower fails to reepond to l.ender within 30 daye aher the date such notice ie mailed. Lender is authorized to collect and apply the ptoceeds, at Lendei e option, either to reetoration or repair of the property or to the sume secured by this Mortgage. Unleee Lender and Borrower otherwise agree in writing, any auch application of proceeda to principal shall not extend or poetpone thedue date of the monthly inetallmente referred to in paragraphs 1 and 2 hereof or change the amouri: ~: euch installmenta. 10. Borrower Not Released. Exteneion of the time for paym:nt or modification of amortization of lhe auma eecured by thie Mortgage granted by lxnder to any aucceaeor in interest of Borrower shall not operate W release, in any manner, the liability of the or_gina) Borrower and Rorrower's Aucceasora in intereat. Lender shall not be required to commence proceedinga againet auch succeeaor or refuae to extend time for paymen/ or otherwise modify amortization of the suma secured by this Afortgage by reason uf any demand made by the original Borrower and E3orro~~er's aucceasore in interest. t 1. Forbearance Ay l.ender Not a Waiver. Any forbearance by Lender in e:errising any right or remedy hereunder, or otherwiee affurded by applicable law, ahall not be a waiver of or preclude the exercise of any auch right or cemedy_ The pmcorement of ineurance or the payment of taxte or ather liene or charges by Lender ehall not be a waiver of Lender'e right to accelerate the maturity of the indebted~eas aecured by thie 1~lortgage. 12 Remedies Gumulative. All remediea provided in thie Mortgage are distinct and cumulative to any other right or remedy under thie Mort~age or afforded by law or equity, and may be e:ercise~ rnncurrently, independently or succeeaively. 13. Succesaore and Aseigne Bound; Joint and Several Liability; Captione. The covenanta and aRreements herein contained ehall bind, and the rights hernunder ehall inure to, the respective aucceaeore and assigna of I.ender and Borrower, aubject to the provisione ot paragraph 17 hereof. All covenanta and agreementa of Borrower shall be joint and aeveral. The captions and headings of the paragraphs of this Mortgage are for covenience only and are not to be used to intetpret or define the ptovieione hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, la1 any notice to Eiorrower provided forin thie Mortgage shall be given by mailing such notice by certified mail addresaed to Borrower at the Property Addrese or at such other addreae as E3orrower may designate by notice to l.ender se provided herein, and (b) any notice to l.ender ahall be given by certi6ed mail, return receipt requeated, to I.ender's addresa stated hernin or to auch other addreas as Lender may designate by notice to Borrower an provided herein. Any notice provided for in thia Mortgage ahall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Unitorm Mortgage; Governing Law: Severability. Thia form of mortgage combinea uniform covenunte for national uee and non- uniform covenanta with limited variationa by jurindiction to conatitute a uniform security instrun~ent covering real property_ This Mortgage shall be go~erned by the law of the juriadiction in which the Property ia located. In theevent that any provieion o~clauae of this Mortgageor the Note conflicts with applicable law, such conflict shall not affect other proviaions of this Mortgage or the [~ote which can be given effect without the contlicting provision, and t,o thia end the provisiona of the Mortgage and the Note are declared to be aeverable. 16. Barrower'e Copy. E3orrower shal! be furniahed a conformed rnpy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. 'I~ansfer of the Property; Aseumption. If all oT any part of the Property or an intereat therein is eold or transferred by Borrower without Lender s prior written conaent, excluding (a) the creation of a lien or encumbrance aubordinate to this Mortgage, (b) the creation of a purchase money security intereat for household appliancea, (c) a transfer by devise, d~scent or by operation of law upon the death of a joint tenanL or ld) the qraet of any leasehold intereat of three years or leae not rnntaining an option to purchaee, Lender may, at Lender e option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender ehall have waived such option to accelerate if, prior to the sale or tranafer, l.ender and the person to whom the Property ia to be sold or traneferred reach agreement in writing that the credit oteuch peraon is satisfactory to Lender and that the intereat payable on the auma secured by thia Mortgage ahall be at auch rate as Lender ehall request. If l.ender has waived the option to accelerate provided in this paragraph 17, and if E3orrower'a succesaor in interest has executpd a written asaumption agreement accepted in w~riting by l.ender, I.ender shall release Borrower from all obligations under this Mortgage and the IVote_ If I.r~nder exercibes such option to accelerate, l.ender ahall mail Borrower notice of acceteration in accordance with paragraph 14 hereof. Such notice ahall provide a period of not leas than :30 days from the date the notice ia mailed within which Borrower may pav the auma declarcd due. If Bonower fails to pay euch sums prior to the expiration of such periud. I.ender m~+y, without further notice or demand on Eiorrower, ~nvoke any remediee permitted by paragraoh 1R hermf. ~-~ 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 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. ~ucie 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 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 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 any part or parts of Covenant 17, supra, the terms of this Covenant 17-A sHall prevail. ~~x J4J P!GE ~.V~~ ~';~K