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HomeMy WebLinkAbout01668. Ia~pection. l.ende~ may make or cawe to be made reason~blc cntries upo~ and inspections oithe property, provided that Lender ~hall give Borrower notice prior to any ~uch in~pection ~pecifying reasonable cnuse therefor related to Lender's intere~t in the Property. 9. Coademnwtioa.'[1~e proceeds of any award or claim for damages. direct or consequential. in connection with ar~y vondannstion or other taking of the pmperty. or part thereof, or for co~veyanoe in lieu ot condemnation, en hereby asaigned and ahall bs paid to l.ender. in the event of a total taking of the Property. the proceeds ahall be epplied to the sun-s ~ecured by thi~ Mortgage, aith the e:ceW. if any. paid to Borrower. Jn the event of a partial taking oi the Property, unle~s Borrower and Lender otherwise egree in writing, then shall be applied to the aums secured by thia Mortgege such pmportion of the pmceed~ as is equal to that proportion which the amount of the sums secured by this Mortgage immed~ately prior to the date ot teking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Pt~operty ie abandoned by Borrower, or if, aRe~ ~otice by I.ende~ to Borrower that the rnndemnor offen to make an award or eetde a claim !or damages, Borrower faila to reepond b Lender within 30 days atter the date such notice ie mailed, l.ender is authorized to collect and apply the proceeda, et I.ender s option. either to restoration or repair ot the property or to the eums secured by this Mortgage. Unleae Lendar and Borrower otherwise agree in writing, any such application of proceeds to principel shall not e:tend or paetpone the due date of the monthly installmente nferred to in paragraphs 1 end 2 hercof or chnnge the amount of such installments. !0. Borrower I~ot Released. E:tension of the time tor paymant or modification of amortization of the eume eecured by thie Murtgage granteci hy Lender to any aucceseor in intereat uf Borrower ahall not operate to release, in any manner, the liability of the original Borrower and Borrower'e eucceasors in intereat. (.ender ahall not be required to commence proceedings againat euch succeasor or refuee to e:tend time fo: paym~at or otl:erwriae n,odify am~rtization of the suma secured by this Mortgage by reason uf s-ny demand made by the original Borrower and Farrower's aucceasora in intereat. 11. Forbearance by l.ender Not a Waiver. Any forbearance by [.ender in exercising any righi or remedy hereunder, or otherr~zse aiTorded by appiicable law, ahall not be a waiver of or preclude the exerciae of any euch right or remedy. The pmcurement of inaurance or the payment of taxea or other liena or charges by Lender ehall not be a waiver of Lender e right to accelerate the maturity of the indebtedneae aecured by thia Mortgege. 12 Remediee Cumulative. All remedies provided in thie Mortgage are diatinM and cumulative to any other right or remedy under thia Mortrage or afforded by law or equity. and may be exercise~l ooncurrently. independently or eucceeeively. 13. Succeseora and Aseigne Bound; Joint and Several I.iability; Ceptione. The rnvenante and agreemente herein oontained ehall bind, and the righte hereunder ahall inure to, the respective succeeeors and aesigns of Lender and Borrower, eubject to the provieiona of paragraph 17 hereof. AU covenanta and agreementa of Borrower ehall be joint and eeveral. The captiona and headinga of the paragrephe of thia Mortgage are for covenience only and are not to be used to interpret or define the provieions hereof. 14. Notice. F.xcept for any notice required under applicable law to be given in another manner, (a) any notice to Borrower pmvided forin this Mortgage ahal) be given by mailing such notice by certified mail addreaeed to Borrower at the Property Addreae or at auch other addreea ea E3orrower may deaignate by notice to Lender as provided herein. and (b) any notice to Lender shaU be given by certi6ed mail, return receipt requeated, to Lender's address atated herein or to auch other addreas as Lender may designate by notice to Borrower an provided herein. Any notice provided for in thie Mortgage ehall be deemed to have been given to Borrower or Lender when given in the manner deeigneted herein. 15. Uniform Mortgage; Governing Law; Severability. Thia form of mortgage combinea uniform rnvenanta for national uee and non- uniform covenants with limited variations by juriadiction to rnnetitute a uniform eecurity instrument euvering real property. This Mortgage shail be governed by the law of the jurisdiction in whic~ the Property is located. In the event that any provieion or clauee of this Mortgage or the Note conflicts with applicable law, such conilict shall not af'fect other provieions of thia Mortgage or the Note which can be given effect without the conflicting proviaion, and to this end the provieiona of the Mortgage and the Note are declared to be eeverable. 16. Borrower's Copy. Borrower ahall be furniahed a conformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. 17.'IYanater of the Ptoperty; Aesumption. If all or any part of the Property or an intereat therein ie eold or tranaferred by Borrower without Lender's prior written conaent, e:cluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the crnation of a purchase money aecurity interest for houeehold appliancea, (c) a tranafer by deviae, d~ecent or by operation of law upon the death of a joint tenant or (d) the grant of any leaeehbld intereet of three yearo or leae not rnntaining an option to purchaee, LendeT may, at Lender's option, declare al! the eums aecurea by this Mortgage to be immediately due and peyable. Lender ahall have waived euch option to accelerate if, prior to the eale or tranafer, [.ender and the pereon to whom the Property ia to be aold or transferred rnach agreement in writing that the credit of euch peraon is eatiafactory to Lender and that the intereet payable on the sums secured by this Mortgage shall be at auch rate as Lender ehall request. If I.ender has waived the option to accelerate provided in thia paragraph 17, and if Borrower's succeeaor in intereat has e:ecuted a written assumption agreement acrepted in writing by I.ender, l.ender ehal) release Aorrower from all obligations under this Mortgage and the Note. I[ Lender exerciaes auch option to accelerate, I.ender ehall mail Rorrower notice of acceleration in accordance with paragraph 14 hereof. Such notice ahall provide a period of not less than 30 daya from thedate the notice ie rr.ailed within which Borrower may pay the euma declared due. If Borrower fails to pay such sums prior to the expiration of such periud, Ixnder may, without further notice or demand on E3orrower, ~nvokeany remediee permitted by paragraoh lA hereof. 17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been procured by Lender pursuant to Loan Agreenent 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 ~ tirre 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 autamatically 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. An~ong other things, the loan guidelines in said agreement provide as follows: "Mortgage loans, with the exception of FNA-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 assumec, 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. ~~~~K JJU P~GE 1UU