HomeMy WebLinkAbout20978. lnspection. [.ender may make o~ cause to be made reasunable eatriea~ upoo and inepecliune uf lhe pruprrly, pruvidnd that l.e~de~ shal)
give Bor~ower notice prior to any such inspection specifying reaeonable cauae therefor related to l.ender'a intereet in the Pwperty.
9. Condemnation. The proceeds of any award u~ claim for damages, direct or consequential, in cunnection with any oondemnation or
other taking of the property, or pxrt thereof, or for conveyance in lieu of condemnation, are hernby aeaigned end ehall be paid to I.ender.
In the event of a total taking ot the Properiy, the proceede ehall be applied to the eums eecund by thie Mortgage, with the exceas. if any,
paid to Borrower. In the event of a partial taking uf the Property, unleea Borrower and I.ender otherwiee agree in writing, there ehall be
applied to lhe auma secured by thie Mortgage auch proportion of the p~oceeds aa ia equal to that proportion which the amount of the euma
eecured by thie Mortgage immediately prior to the date of taking bears to the fair market valueof /he Properiy immediately prio~ to thedate of
taking, with the balance of the proceede paid to E;orrower.
If the Property ia abandoned by Borrower, or if, after notice by l.ender to I3orrower that the condemnur offera to make an award or eettle a
claim [or damagea, Borrower faila to reepond to Lender within 30 daye aRer the date such notice is mailed, l.ender is authorized to collect end
apply the proceeda, at [~ender'e option, either to matoration or repair uf the property or to the eums secured by thie Mortgage.
Unleas I.endec and Borrower otherwise agree in wtitinQ, any such application of proceeda to principal shall not eztend or poetpone the due
date of the monthly inetallmenta referred to in paragraphe l and 2 hereof or change the amnunt of such i~atallmente.
10. E3orrow~r Not Released. F.xteneion of the time for paym ~nt or modificalion of amortization of the suma eecured by this Mortgage
Kranteci by lxnder tu any succeasor in intereat of I3orrower ehaU not operate to mlease, in any manner, lhe li~bility of the original Borrower
and Borrower'a successors in interest. I.ender shall not be required to commence prcx~eedings aKainst such succexsur or retuse to extend time
fur payment or otherwise modify umurtizatiun of the sums sec•urtvl by this A1ortKaKe b~ rca~-o uf any demund made by theori{,~nal 13orrower
and fi~rrow~•r'~ ~ucri-c~cu:~ in interest.
i l. Forbearance by l.e~der Not a Waiver. Any fc~rbearunce by I.ender in exerciRing any right or remedy hereunder, or otherwise
afturded by applicuble iaw, shall not be a waive~ of or prc~lude the exercit-e of any such riRht or remedy. The procurement of inaurance or the
payment ot !axea or other liens or chargea by l.ender shall not be a waiver of l.ender s right to accelerate the maturity of the indebtednesA
secured by this Murt{tage.
12. Nemediee Cumulative. All remedieu provided in this Mortgage are dietinct and cumulative to any other right or remedy under thie
~turtrage or afforded by law or equity, and may be eaercise~l concurrently, independently ur aucceseively.
13. Succesaore and Aasigna Eiound; Joint and Severa) Liability: Captione. The covenante and agreements herein contained ehall
hind, and the rights hereunder ehal) inure to, the reapective successora and aseigna of I.ender and E3orrower, subject to the proviaione ot
paragraph 17 hereof. All covenan~g and aKreementa of fiormwer shall be joint and several. The captions and headinKs of the paragraphe of
this Mort{;age are [or .uvenience only and arn not G~ t~ used to interpret o~ define the proviaione hereof_
~ a. Notirn. F:xcrpt for a~v n~~ticv rcr~uired undPr applic~blr. law to be Kiven in anM hPr manner, lnf anp notice to fiorrower provided forin
this Mortkage shal) be ELiven by mnilinK such notice by ce~:ified mail addresseci to F3orrower at the I'ruperty Addreas or at such other addresa as
f~rrower ma~ desiRnate by nutice to l.ender as providevl herein, and Ibl any notice to I.ender ahall be given by certified mail, return receipt
rrquested, to t.ender'x addreas stated herein or to such other address as I.ender may drsignate by notice to I3nrrower as provided herein. Any
nutice pro~~drd for in this MortRaKe shall be deemed to ha~•e bern given to t3orrower or I.rnder when given in the manner designated herein.
l:i. Uniform Mortgage; Governing l.aw: Severability. This form o[mortgaKe:ombines uniform n~~enants for national uaeand non-
uniform covenants with limited variatinns by juriadiction to rnnstitute a uniform security instrument n~~ering real property. Thia Mortgage
.hall be Kovrrncd by the law of the jurisdictiun in which the 1'r~,perty is located. In the event thnt ant provision or clause of thia btortgage or
the Note contlicts with applicabte lav-, such conflict shall not affect other provisions of this MurtKage or the Note which can be given ef[ect
withuut the cv~ntlictinK pn-~-isiun, and to this end the pmvisions of the MortKaQe and the Note are declared to be severable.
16. Bflrrower's Copy. E3orrower shall be furniahed a conformctii copy of the Note and of thia Mortgage at the time of execution or after
recordation hereof.
17. Tranafer of the Property; 4ssumption. If all ~~r any part of the Property or an inte~st therein is sold ur transferred b~ E3orrower
x•ithout l.ender's prior written consent, excludinK ta) the creation of a lien or encumbrance sutwrdinate to this Mort~aQe, lb) the creation of a
purchase money security interest for huusehold appli:-nces, Ic) a transfer by deviae, d:scent or by operation of law upon the death of a joint
tenant or (d1 the grant of any leasehold internst of three years or lesx not containinK an option to pu~rhase, l.ender may, at l.ender's option,
declare all the sums securea by this Mortgage to be immediately due and payable. I.ender ehall have waived such option tu accelerate if, prior
tu the saleor tranafer, I.ender and the person tn whom the I'roperty is to be aold or transferred reach a~reement in vvriting that the credit of auch
person is satis[actory to I.ender and that thr intPrrst payable un the sums securecl hy thix 111ortKaKe shall be at such rate as l.ender shall
rryuc~t_ If Ixnder h.+s waivecl the option tu accr}er.~te pru~~ided in this para~traph t~, and if &~rr~~wer's succcssur in intereat has executed a
w~ritten assumptiun aKreement a~•cepted in w~ritinK by I.endrr. I.ender shall release Fi~>rrower from aU obliKatiuns underthis 1~lortQaKe and the
~ ote.
If l.ender exercises such optinn u~ accelerate. I.ender shall mai) liortow•er notice of acceleration in accordance with paragraph 14 hereof.
tiuch notice ahall pm~•ide a peric»1 of not Ies. th:~n :i(1 days from thedate the notice is mailrcl w•ithin which Bormwer may pa~ the sums declared
due. (f Borrower fails to pa~• such sums prior to thr rxpirah~~n ~~f such pen~~d. I.ender may, without further notice ~~r demand on Eiorrovrer.
~nvoke an~• remedies permittc~) b~• paraKr.~uh IK hc•r~~~f.
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
r 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 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,
N~using 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.
Among other things, the loan guidelines in said agreement provide as follows:
"Ftortgage 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 1oan."
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. "
J ?'~x 349 ~~~,~f 20~~f