HomeMy WebLinkAbout01628. Inspection. l.ender mey make or caw~e to be made reaeonable entrios upon and inspections oithe property, provided that I.endet shall
give Borrower notice prior to any such inspection speci[yi~g reasonable cawe tt~erefor releted to l.ender'~ intere~t in the Property.
9. Coademnatloa.'I~e procc~eds of any award or claim for damages, direM or co~~eque~tial, ia coanection with any oondemnation or
other taking of the property, or part thereof, or for conveyance in lieu o[ condemnation, are hereby as~igned snd ~hall be paid to Lender.
I~ the event of a wtal taking of the P~operty. the proceede shall be applied to the sums secu~ed by this Mortgage, with the e~ceces, ii a~y.
paid to Borrower. In the event of a partial taking of the Property. ualeas Borrower and Lender otherwise agree in writing, theoe shall be
applied to the sums secured by this Mortgage such proportion of the proceeds as ia equal to that pmportion which the amount of the sums
eecured by thie Mortgage immedintely prior to the date of takiag beate to the fair merket value of the Property immediately prior to the date of
taking, with the balance of the proceeds paid b Borrower.
If the Property is abandoned by Iiorrower, or if, aRer notice by Lender to Borrower that the condemnor oPters to make an award or setde e
claim for damages, Borrower fails to reapond to l.ender within 3Q deye aRe~ the date such notice is mailed, Lender ie euthorized to collect and
apply the pra.~eeds, at I.endei s option. either to restoration or rnpair of the property or to the sums secured by this Mortgage.
Unleas Lender and Borrower otherwise agree in writing, any such application of proceeds b principal shall not e:tend or postpone the due
date of the monthly installments referred to in paragraphs 1 and 2 hereof or change tha amount of sach installmente.
10. Borrower Not Released. E:teneion of the time for paymant or modification of amortization of the auma eecured by thie Mortgage
qranted by I.et~der to any succeaeor in internet of Borrower ehall not operate to releaee, in any manner, the liability of the original Borrower
and Borrower's auccesssore in intereet. l.ender shall not be required to rnmmence proccedinga againet auch aucceeeor or refuee to extend time
for payment or otherwise modify amortization of the suma secured by thie Mortgage by reaeon of any demand made by theoriginal Borrower
and Eiorrov-er s successors in intereat.
l 1. Forbtasance by Lender Not a Wai~er. Any forbearance by Lerder in exerrising any right or remedy htreunder, ar others~zse
afforded by applicable law, shall not be a waiver of or preclude the e:erciee of any such right or remedy. The pmcurement of ineurance or the
payment ot t~~ee or other liens or charges by Lender ehall not be a waiver of Lender'e right to accelerate the meturity of the i~debtedneea
aecured by thia Mrnrtgage.
12. Remediea Cumuletive. All remediea provided in thie Mortgage are distinct and rumulative to any other right or remedy under this
Mortrage or afforded by lew or equity, and may be e:erciee.l ooacurrendy, independently or eucceesively.
13. Successore and Aseigne Bound; Joint and Several Liability; Captione. The covenants and agreementa herein contained ahal)
bind, and the righte hereunder ehal! inure to, the reapective aucceesora and ausigne of Lender and Borrower, eubject to the provieione of
paragraph 17 hereof. All covenants and agreements of Borrower ehall be joint and eeverel. The captione and headinge of the paragraphe of
thie Mortgage sre for covenience only and are not to be used to interpret or define the pmviaione hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in
this Mortgage shall be qiven by mailing such notice by certified mail addreased to Borrower at the Property Addresa or at euch other addresa ae
Borrower may deaignate by notice to I.ender as provided herein, and ~b) any notice to Lender ahall be given by certi6ed mail, return receipt
requested, to Lender's addresa atated herein or to auch other addrees se I.ender may designate by notice to Borrower as provided herein. Any
notice provided tur in thie Mortgage ahall be deemed to have been given to Borrower or I~ender when given in the manner deaignated herein.
15_ Uniform Mortgage; Governing I.aw; 3everability. Thia form of mortgagecombinea uniform oovenants for national ueeand non-
uniform covenante with limited variations by juriadiction to mnatitute a uniform security inetrument covering rnal property. This Mortgage
shall be governed by the law of the juriadiction in which the Property is located. In the event that any proviaion or clause of this Mortgage or
the Note conflicta with applicable law, such conflict ahall not affect other proviaions of this [1~ortgage or the Note which can be pjiven eftect
without the contlicting provieion, and to this end the provieions of the Mortgage and the Note are declared to be aeverable.
16. Borrower'e Copy. Borrower ahall be fumiehed a conformed copy of the Note and of thia Mortgage at the time of execution or after
recordation hereof.
17. 'I~ansfer of the Property; Aseumption. If all or any part of the Property or an intereat therein is eold or traneferred by Borrower
without Lender s prior written conaent, e:ciuding (a) the creation of a lien or encnmbrance aubordinate to this Mortgage, (b) the creation of a
purchase money eecurity intereat for houaehold appliances, (c) a tranefer by deviae, d.~ecent or by operation of law upon the death of a joint
tenant or (d) the grant of any leasehold interest of three yeara or leae not rnntaining an option to purchase, Lender inay, at Lender'a option,
declare all the sums secured by this Mortgage to be immediately due and payable_ Lender shall have waived such option to accelerate if, prior
to the sale or tranafer, Lender and the person to whom the Property ia to be aold or trenaterred reach egreement in writing that the credit of such
pereon ie satiafactory to Lender and that the intereat payable on the suma aecured by this Mortqage ahall be at such rate as Lender ahall
~ request. If Lender hae waived the option to accelerate provided in thia paragraph 17, and it Borrower'a aucceasor in intereat hae e:ecuted a
written assumption aqreement accepted in writinq by I.ender, l.ender shall reles~ee Borrower from all obligations under thia Mortgage and the
Note_
It Lender exercises auch o~tion to accelerate, L.ender shall mail Borrower notice otacceleration in accordance with paragraph 14 hereof.
Such notice ahall provide a period of not lesa thAn :~ days from the date the notice ia mailed within which Borrower may pay theaums declered
due. If Borrower faila to pay auch sums prior to the expiration of such periud, Ixnder may, without further notice or demand on E3orrower,
~nvoke any remedies permitted by paragraoh IR 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 HOUSING FINANCE AUTHORITY OF ST.
~.~LUCIE COUNTY, Florida, and Lertder, 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 Irn~ienture, 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. 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:
"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.~nortgage 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.
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