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HomeMy WebLinkAbout0474 8. IA~~16C~~011. [.ender msy mal~e or cause b be made reaeonable e~tries upon and inepections oithe property, provided that I.ender shall give Borrower notice prior to any such uupectioa epecitying.reasonable cauee therefot related to I.eader'~ iaterest in the Property. 9. Condetnaatlon. The proceeds of aoy award or claim for damu~es. direct or con~equential, in connection with any o~ndemnation or other taking of ths pmperty, or past thereof, or tor conveyance in lieu of oondemnatio~, are hereby assigned and shaA be paid to Lender. [a the event o! a total taking of the Property, tha proceeds shall be applied to the sums secured by this Mortgage. with the esoew. it any. paid to Borrower. Ia the event of a partial taking of the Property. unless Bormwer ar~d Lender otherwise agree ia writing, there shaU be applied to the sums secueed by this Mortgage auch proportion of the proceeds as is equal to that propurtion which the amouat of the sums securrd by thie Mortgage immediately prior to the dete of taking bears to the lair market value of the Property immediately prior to the date ot enking, with the baleu~ce of the prooeeds paid to Borrower. If the Property is abandoned by Borrower, or if, aRer notioe by l.ender to Borrower that the oondemnor offers b make an award or setde a claim for damages, Borrower fails to respond b Lender wifhin 30 days after the date such ~otioe is mailed. Lender is authorized to collect and apply the proceeds. at I.end~'s option, either to reatoration or repair of the propeKy or to the sums secured by this Morfgage. Unleaa l.ender and Bocrower otherwise agree in writing, any such application of pmceeds b principal ahall not eattend or postpone the due date oi the monthly inetallmenfa referred to in peragraphs 1 and 2 hereof or change the adwuat of snch installmenta. !0. Borrower Not Released. Exte~sio~ of the time tor paym=nt or modificatio~ of amortization olthe aums secured by thie Mortgage granted by Lender to any succesaor in intereet of Borrower shell not operate to nlesae, in any menner. the liability of the original Borrower and Borrower'e Bucceaaora in intereat. Lender ahall not be required to oommence proceedings against such eucceaeor or ~e[use to e:tend time for paymcr-'. or otF.erwiae malify amortizalion of the auma aecured by thie Mortgage by reaeon of any demand made by the original E3orrower and F3orrower`a auccesaurs in interest. l 1. Forbearance by I.ender Not a Wetver. Any forbearence by I.ender in e:erciaing any right or remedy hereunder, or otherwise affarded bl appli~able 1aw, ehali not b~ a wsiver of or preclude ~he exercise of any euch right or remedy. 7~e pmcurement of inauranc~e or the paymeot of taxes or other liens or chargea by [.ender ehell not be a waiver of I.ender's right to accelerate the maturity of the iudebtedneas secured by thie Mortgage. 12 Remedies Cumulative. A11 remediea provided in thie Mortgage are distinct and cumulative to eny olher right or remedy under this Mortgage or afforded by law or equity, and may be e:erciee~i ooncurrendy, independently or eucceasively. 13. Succeseors and Aasigns Bound; Joint end Seversl Liability; Captiona. The covenante and agreemente herein oontained ehall bind, and the righta hereunder shall inure to, the ~pective eucceesore and assigne of I.ender and Borrower, eubject to the pmvieions ot paragraph 17 hereof. AU rnvenante and agreementa of Borrower shall be joint and aeveral. The captiona and headings ot the paraqrapha of this Mortgage are for rnvenience only and are not to be uaed to interpret or define the proviaions henwf. 14. Notice. Except for any notice required under applicable law to be given in anothcr manner, (a) any notice to Borrower provided for in this Mortgage ahall be given by mailing euch notice by certified mai! addreaeed to Borrower at the Property Addresa or at euch other addrese aa Borrower may deaignate by notice to Lender as provided herein, and (b) any notice to l.ender aha11 be given by certified mail, return receipt requested, to Lender's addrese atated herein or to such other addreas ae Lende~ may de8ignate by notice to Borrower as provided herein. My notice provided [or in thie Mortgage ahall be deem~d to have been given to Borrower or Lende: ~hen given in the manner designated herein. 15. Uni[orm Mortgage; Governing Law; Severebility. Thie form of mortgagecombinea uniform wvenante fornationel ueeand non- uniform rnvenants with limited variatione by jurisdiction to oonstitute a uniform eecurity inetrament oovering real pmperty_ Thie Mortgage ahall be governed by the law of the juriadiction in which the Property is located. In the event that any proviaion or clauae of this Mortgege or the Note conflicts with applicable law, auch conflict ahali not af~ect other provisiona of this Murtgage or the Note which can be given ef~ect without the conflicting provieion, and to thia end the proviaions of the Mortgage and the Note are declared to be eeverable. l6. Bflrrower's Copy. Borrower shall be furnished a rnnformed rnpy of the Note and of thia Mortgage at the time of execution or after recordation hereof. - 17. 'I~anefer of the Property; Aesumption. If alI or any part of the Property or an interest therein ia eold or traneferred by Borrower without [.ender e prior written coneent, excluding ~a) the creation of a lien or encumbrance aubordinate to thia Mortgage, (b) the creation of a purc!~aee money security intereet for houeehoid appliancee, (c) a tranafer by devise, d~cent or by operation of law upon the death oEa joint tenant or (d) the gfrant of any leasehold interest of three yeare or leee not rnntaining an option to purchaee, I.ender may, at Lender a option, declare all the eume aecurea by thie Mortgage to be immediately due and payable. Lender shall have waived auch option to accelerate if, prior to the eale or tranafer, I.ender and the peraon to whom the Property is to be i+old or traneferred reach agreement in writing that the credit of euch person is eatiafactory to Lender and that the intereet payable on the sums secured by thie Mortgage shall be at auch rate as Lender ahall request_ If Ixnder has waived the option to accelerate provided in this paragraph 17, and if Borrowei s aucceasor in intereat has executed a written asaumption agreement accepted in writing by l.ender, l.enderahall release Borrower from aU obligetiona underthia Mortgage and the Note. If Lender exercises auch option to accelerate, I.ender shall mail Bonower notice of acceletation in accordance with paragraph 14 hereof. Such notice ahall provide a period of not lesa than 30 days fmm the date the notice ia rr,ailed within which Borrower may pay the auma declared . due. If Borrower faila to pay euch sums prior to the expiration of such period, I.ender may, without further notice ot demand on Eiortower, invoke any remediea permitted by paragraoh 18 herenf ~l 17-A. The proceeds of the loan evidenced by the promissory note secured hereby have been ~procured by Lender pursuant to Loan Agreement between NOUSING FINANCE AUTHORITY OF ST. a~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 Nousing 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 examinatian by any party during 1ega1 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. ~~>;~ 350 P~~E 4 `~~ ~~:._-:.. - _ _.