The URL can be used to link to this page

Home My WebLink About01808. l~~pectioh. l.e~de~ mWr make o~ cause to be made reasonsble entrie~ upon and in~pectiona of the property, provided that Le~der ~hall give Borrower notice prior to any such in~pectio~ ~pecifying reasonable cause thenfor nlated to Lender's inte~t i~ the Froperty. 9. COpdeIpAA~I011. The proceed~ of e~y award or ciaim for damaQe~, direct or con~equential, in connection with eny oondemnation or other taking of the property, or part thereof, or for conveyance in lieu of rnndemnation, are hereby aasiQned a~d shall be paid to I.ender. In the event of a total taking of the Property. the pruceeds shall be applied to the sums aecured by thia Mort~age. with the escias. if any. pnid to Borrower. In the event of a partial taking ot the Property, unless Borrower and Lende~ otherwise agree in writir-~, then shall be applied to the sums secured by this Mortgage such proportion ot the proeeeds as u equal to that pwportion ahich the amount ot the sums eecured by this Mortgage immediately prior to the date of Laking beare Lo the fair market value of the Property immediately prior to the date of wking, with the balancti of the proceeds paid to Borrower. If the Property is abando~ed by Borrower, o: ii. eRer notice by I.e~der to Borrower that the oondemno~ oPfers to make an award or settle a claim for damages, Borrower fails to respond to Lender within ;~0 days aftsr the date euch notice is mailed, [.ender is authorized to collect and apply the proceeds. at [.ender s option, either to reatoretion or repair of the pwperty or to the sums secured by this Mortgege. Unless I.ender and Borrower otherwise agree in writing, any auch application of proceeds b principal shall not eutend or postpone the due date of the monthly inetallments referred b in paregraphs 1 and 2 hereof or chenge the amount of such instaUmente. t0. Rorrower Not Released. Exteneion of the time for paym ~nt or modification of amortization of the eums secured by thie Mortgage Krat:ted by l.ender to any succeaeor in intereet ot Borrowe~ shaU not operate to relesee, in any manner, the liability ot the original Borrower and I3orrower's successore in intereat. l.ender shall not be required to commence proc~ecdings againet such aucceasor or retuse to extend time G~r p~yrrwnr or otherwise modify amortization of thr aums sec~red by this Mortgage by reason of any demand made by lhe original Borrower and Rorrower's aucceasors in interest. 11. Forbearance by Lender Not a Weiver. Any forbearance by I.ender in exercieing any right or remedy hereunder, or otherwise afforded by ~pplicab;e lew, ehall not be e waiver of or preclude the exerciee of any euch right or remed_v. The procurement of inaurance or the payment of taxes or other liene or chargee by Gender ehall not be a waiver of Lender`e right to accelerate the maturity of the indebtednesa eecured by thie Mortgage. 12. Remedies Cumulative. All remedies provided in thie Mortgage are distinM and cumulative to any other right or remedy under this Morte~age or afforded by law or equity, and may be e:erciae~l ooncurrently, independently or aucceeeively. 13. 3ucceaeore and Aseigt~a Bow-d; Joint and Several Liability; Captions. Tfie rnvenants and agreemente herein oontained eha11 bind, and the rights hereunder shaU inure to, the reapective succeaeore and aaeigne of [.ender and Borrower, aubject to the provieione of paragraph 17 hereof. Al! covenanta and agreemente of Borrower ahall be joint and several. The captiona and headinga of the peragraphe of this Mortgage are for covenience only end are not to be used to interpret o~ define the provisione hereof. l4. Notice. Except for any notice required under applicable law to be given in another manner,la) any notice to Borrower provided forin thia Mortgage shall be given by mailing auch notice by certified mail addreaeed to Borrower at the Property Addrese or at auch other addreea as Borrower may deaignate by notice to Lender aa provided herein, and (b) any notice ta t.ender ahall be given by certified mail, return receipt requeated, to l.ender'a address etated herein or to euch other addreae as Lender may deaignate by notice to Borrower aei provided herein. Any notice provided for in thia Mortgage shall be deemed to have been given to Borrower or [.ender when given in the manner deaignated herein. 15: Uniform Mortgage; Goveraing Law; Severability. This form of mortgage combinea uniform rnvenanta for national uee end non- un~form covenanta wilh limited variationa by jurisdiction to rnnstitute a uniform security inatrument rnvering real property.7~ie Mortgage shall be Qovemed by the law of the juriadiction in which the Property is located. In the event that any proviRion or clauee of this Mortgage or the Note conflicta with applicable law, auch conilict ahall not afCect other proviaions of this Mortgage or the Note which can be given effeet without the conDicting proviaion, and to thia end the provisiona of the Mortgage and the Note are declared W be aeverable. 16. Borrower'e Copy. Borrower ehaU be furniahed a conformed copy of the Note and of thie Mortgage at the time of e:ecution or after recordation hereof. ~ ~ 17_ 'l~anefer of the Property; Assumption. !f all or any part of the Property or an intereet thernin is eold or tranaferred by Borrower without [,ender's prior written rnneent, excluding (a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purchase money security intereat [or houeehold appliancea, (c) a tranafer by devise, deecent or by operetion of law upon the death of e joint lenant or (d- the grant of any leasehold interest of three yeara or lese not rnntaining an option to purchaae, Lender may, at I~ndei s option, declare all the sums securea by thie Mortgage to be immediatelp due and payabie. Lender ahall have waived auch option to aocelerate if, prior to the aale or transfer, I.ender and the peraon to whom the Property ia to be nold or traneferred reach agreement in writing that the credit oteuch person is satisfactory to Lender and that the interest payable on the auma secured by thie Mortgage ahall be at auch rate as Lender ahall request. I[ I.ender hae waived the option to accelerate provided in this paragraph 17, and if Borrower s succeaeor in inlereat has executed a K~ritten asaumption aRreement accepted in writing by I.ender, Lender ehall release Borrower from all obligatione under thia Mortgage and the \'ote. If Ixn~er exercisea auch option to accelerate, I.ender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from thedate the notice ie rr.ailed within which Borrower may pay the sume declared due. If Borrower fails to pay such aums prior to the expiration of such period, l.ender may, without further notice or demand on Borrower, ~nvoke any remediea permitted by paragraoh 18 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 AUTHORIT-Y 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 t~IIAMI, 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. Lucie County, Florida, and Florida National Bank of Miami, ~~ available for examination by any party during l.egal business hours of each business day. Among 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 fur 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. ~ d~,)K J5~ P~~F 1V~ ~ ~ ~ . _ . x. __ .~ ~: _